Page 18 - Sbi

BS BFSI Summit: SBI's Nitin Chugh backs 'happy friction' to reduce fraud

SBI's Nitin Chugh introduces the concept of 'happy friction' - a system of checks and balances to protect vulnerable accounts and reduce cybercrime

BFSI Summit: Fear in people main factor behind cyberfraud, says SBI's Chugh

In cybersecurity, social engineering refers to manipulating a victim to gain control over a computer system or steal personal and financial information

SBI economists see Q2 GDP growth slowing down to 6.5% this fiscal

Economists at the country's largest lender SBI on Wednesday said they see Q2 real GDP growth slowing down further to 6.5 per cent in the September quarter of this fiscal year. Amid concerns over the country's economic growth rate and if it is slowing down, the analysts said they expect FY25 growth to come "closer to" 7 per cent. It can be noted that the April-June period saw the real GDP expanding by 6.7 per cent, the lowest in 15 quarters. This led to a slew of analysts revising their expectations on growth to below 7 per cent for the fiscal and some also wonder if India is in a cyclical growth slowdown. "There is some incipient pressure evident on the domestic economy. Basis our analysis of 50 meaningful leading indicators (both consumption as also demand centric), a dip looks plausible across select cohorts of agri, industry and services in Q2," the SBI economists said. It said aggregate demand continued to grow albeit with a slower momentum than in the preceding quarters and ..

BFSI Summit: Banks driving deposits with value-added services, says Setty

Slowdown in unsecured loan growth due to rising risk rates: SBI chief

'All focus on deposit mobilisation': SBI Chair CS Setty at BS BFSI Summit

SBI Chairman C S Setty discusses deposit mobilisation, challenges, and value addition at the Business Standard BFSI Insight Summit

Cybercrime alert: PIB warns customers against fake 'SBI Rewards' app

PIB has clarified that SBI never sends links or APK files via SMS or WhatsApp for redeeming rewards

Mcap of 6 of top 10 most valued firms up Rs 1 trn; State Bank, ICICI on top

The combined market valuation of 6 of the top-10 most-valued firms surged Rs 1,07,366.05 crore last week, with State Bank of India and ICICI Bank becoming the biggest gainers. Leading stock exchanges BSE and NSE conducted a one-hour special 'Muhurat Trading' session on the occasion of Diwali on November 1, marking the start of the new Samvat 2081. Last week, the BSE benchmark climbed 321.83 points, or 0.40 per cent. While Reliance Industries, ICICI Bank, State Bank of India, ITC, Hindustan Unilever, and Life Insurance Corporation of India (LIC) were the gainers, Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, and Infosys faced erosion from their market valuation. The valuation of State Bank of India jumped Rs 36,100.09 crore to Rs 7,32,755.93 crore. ICICI Bank added Rs 25,775.58 crore to Rs 9,10,686.85 crore in its market valuation. LIC's valuation surged Rs 16,887.74 crore to Rs 5,88,509.41 crore and that of Reliance Industries soared Rs 15,393.45 crore to Rs 18,12,12

Returned assets of over Rs 185 cr to banks in loan fraud case, says ED

The Enforcement Directorate Wednesday said it has "returned" assets worth more than Rs 185 crore to a State Bank of India (SBI)-led consortium of banks which were allegedly cheated through a loan fraud by a Chandigarh-based pharma company. The case pertains to Surya Pharmaceutical Ltd., undergoing liquidation currently, its directors and promoters named Rajiv Goyal and Alka Goyal who caused "wrongful loss" worth Rs 828.50 crore to the banks, it said. The ED filed a criminal case against the accused company and its promoters taking cognisance of a CBI FIR. The agency said in a statement that loan was obtained by the company using "fabricated" documents such as invoices, transport details, lorry receipts etc. for issuance of Inland Letter of Credits (ILCs) and this money was subsequently "layered and siphoned off" by Surya Pharmaceutical Ltd. using a web of bank accounts of group companies and shell entities. This caused a loss of Rs 828.50 crore to the lending banks headed by SBI, i

SBI's newly appointed chair C S Setty targets unbanked in expansion plans

As it seeks to build out deposits, the bank is also planning to add branches in areas where it has no presence, according to Setty

SBI, Exim Bank helping Africa's businesses by filling trade financing gap

The State Bank of India and the India Exim Bank are helping businesses in African countries to fill the gap in trade finance, the South African heads of the two organisations told the India Entrepreneurs Forum (IEF) here. The event was initiated by Consul General of India Mahesh Kumar who said it is the first of a series of ongoing engagements with the IEF. We did this to assist all companies doing trade or some form of other business with India in their capacity building because generally for bigger businesses they are able to sort out their trade financing needs. For smaller business, a lot of issues look very difficult and insurmountable and they find the complexities of the trade world very bewildering sometimes, Kumar said. CEO of State Bank of India (SBI) Ashutosh Kumar and Shyamashish Acharya, Resident Representative at the Johannesburg Representative office of India Exim Bank, both explained the benefits of using their services in dealing with import and export trade between

Solex Energy partners with SBI to provide finance for solar projects

Solex Energy on Saturday said it has partnered with State Bank of India (SBI) to offer solar financing options for commercial, industrial, and institutional customers. As part of the partnership, SBI will offer solar financing through loans up to Rs 10 crore for solar projects under its Surya Shakti Solar Finance Scheme across India, Solex Energy said in a statement. "The collaboration aims to make solar energy accessible, affordable, and a driving force for India's renewable energy future. The partnership will accelerate the growth of solar energy and empower our clients and channel partners to adopt solar solutions and drive business expansion swiftly," Solex Energy Chairman & Managing Director (CMD) Chetan Shah said. While Solex Energy will offer end-to-end support to customers -- from site evaluation and design to obtaining regulatory approvals -- SBI will provide a digital platform that ensures a hassle-free loan application process for financing solar projects. Various ...

Income disparity declines 74.2% among those earning up to Rs 5 lakh: Study

There has been a cumulative 74.2 per cent decline in income disparity coverage for those earning up to Rs 5 lakh annually between fiscal years 2013-14 and 2022-23, said a State Bank of India (SBI) report on Friday. To paraphrase the "often myth of worsening inequality" in India, the research report from the Economic Department of SBI has analysed the income disparity curves of assessment years (AY) 2014-15/FY14 and AY24/FY23. A comparison of disparity in income during AY15 and AY24 shows that there is a clear rightward shift in the income distribution curve, signifying people in lower income brackets are increasing their income to converge towards their share in population, it said. "Our analysis shows that there has been a cumulative 74.2% decline in income disparity coverage for those earning up to Rs 5 lakh. This shows the continuous efforts of Govt are reaching the bottom of pyramid that is leading to increase in income of 'lower income group' people," said the report titled 'H

SBI to outsource running of 40% of onsite ATMs, marking largest such order

Lender to issue proposal in 45 days, had 63,580 such machines in FY24

State Bank of India to raise Rs 5,000 cr through AT-I bonds this week

The issue size is Rs 2,000 crore, with a green shoe option of Rs 3,000 crore

SBI gave unsecured loans to firms and is now floundering: JKC tells SC

JKC argued that SBI had previously granted loans to companies without sufficient security, which led to their financial troubles

SBI short-term loan interest rates reduced as MCLR changed by 25 bps

The MCLR-based rates have been adjusted to fall within the range of 8.20% to 9.1%. The overnight MCLR is at 8.20%, while the rate for the one-month is reduced from 8.45% to 8.20%, a dip by 25 bps

SBI plans to enhance limit under instant loan scheme for MSME sector

To ensure easy and adequate credit availability to the MSME sector, the State Bank of India (SBI) is planning to enhance the threshold under the instant loan scheme from the existing Rs 5 crore. 'MSME Sahaj - End to End Digital Invoice Financing', provides solutions ranging from applying for the loan, documentation and disbursement of the sanctioned loan within 15 minutes, without any manual intervention. "We have, last year, introduced a business rule engine based, data based assessment of the credit limits up to Rs 5 core. Anybody walking into our MSME branch has to give only their PAN and approval for sourcing GST data, we can give approval in 15-45 minutes," SBI Chairman C S Setty told PTI in an interview. Simplification of the MSME credit is something that the bank is emphasising on and making lending cash flow based backed by the CGTMSE guarantee, he said. This reduces the need for collateral, which would enable a lot of people to come into the formal MSME borrowing system, h

SBI-led panel against 18% GST on co-lending; submits report to FinMin

Says co-lending should be restricted to priority sector lending and not extended to other areas

Maldivian President Muizzu's visit to India: Key outcomes

Maldivian President Mohamed Muizzu’s visit to India brings a new chapter in their diplomatic relationship.

SBI is Nomura's top pick, says PSB well set to deliver on asset quality

Nomura has reaffirmed its 'Buy' rating for SBI, maintaining a target price of Rs 980. This target suggests a potential upside of approximately 25per cent from the previous closing price of Rs 781.