Page 19 - Sbi

FSIB recommends Rama Mohan Rao Amara for Managing Director of SBI

FSIB, the headhunter for directors of state-owned banks and financial institutions, on Monday recommended Rama Mohan Rao Amara for the position of managing director of State Bank of India (SBI). Amara is currently Deputy Managing Director of the bank. He will fill the vacancy created due to elevation of C S Setty as chairman of the country's largest lender. The Financial Services Institutions Bureau (FSIB) interviewed 9 candidates for the position of managing director of SBI, FSIB said in a statement. "Keeping in view their performance in the interface, overall experience and the extant parameters, the Bureau recommends Rama Mohan Rao Amara for the position of MD in SBI," it said. The SBI board is headed by Chairman assisted by four managing directors. With the selection of Amara, SBI will get its fourth MD. The final decision on FSIB's recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by former secr

Competition for deposits but no rate war, says SBI chief C S Setty

SBI is aiming to get 90 per cent of its retail unsecured loans from the digital channels, going forward, Setty said

SBI fighting for deposits through 'service quality', says C S Setty

The lender will try to understand the pain points of customers such as staff shortage

SBI working on new version of digital banking platform: Dinesh Khara

Former SBI Chairperson Dinesh Khara on Thursday said the country's largest lender is working on a new version of its digital banking platform to take care of its customers' requirements and preferences. In his special address at the Global Fintech Fest 2024 here, Khara, who superannuated on Thursday, also said that a banker should always keep risks in mind, even though people tend to ignore the risk but that shouldn't happen. "We had envisaged YONO only as a retail solution and initially it was thought to replace internet banking but when we launched it, we thought that it should be much more than that, (as) it serves all banking and financial needs today. We're working on YONO 2.0 where it should be made more modular and faster in terms of processing," Khara said. Stating that YONO has 80 million registered users today with almost 10 million users logging in at the platform each day, he said in many respects, it would be a record of sorts across the globe. Last year, the platform

SBI's mega tier II debt issue may boost fundraising via such notes: Bankers

On Wednesday, India's largest lender SBI raised Rs 7,500 crore ($894.1 million) through 15-year tier II bonds, with a 10-year call option at 7.42 per cent coupon

SBI manager, gym trainer held in Rs 175 cr cyber fraud case in Telangana

Fraud uncovered after numerous complaints on the National Cybercrime Reporting Portal

Will strive to make SBI most valued financial institution: Chairman Setty

State Bank of India (SBI) will strive to become the most valued financial institution and also increase its net profit, the lender's new Chairman, C S Setty said on Wednesday as he asserted that this is India's decade. Soon after taking charge of the nation's largest bank, Setty assured employees that all efforts would be made to grow SBI into the 'Best Bank' in the country. As of today, he said in his message, SBI proudly serves over 50 crore customers, with market leadership positions across products and has achieved 1 per cent Return on Assets on arguably the country's largest balance sheet. "Since the start of this decade, our global rank among banks has moved up 35 positions from 52 to 17 in terms of market capitalization," he said thanking his predecessors. "It is now our turn to build on this foundation, to grow SBI into the 'Best Bank' in the country. "We have to strive to become the most valued financial institution, increase our net profit to reach new milestones, reinfo

Market correction may drive deposit growth for banks: SBI MD Tewari

Tewari said that the deposit and credit gap is expected to correct next year as per the SBI's research

SBI to focus on neglected, small-ticket deposits to boost liquidity: MD

The lender will focus on accounts under a government scheme called 'Jan Dhan', or people's wealth, that provides access to various financial services to low income groups, Tewari said

SBI raises Rs 7,500 cr via tier 2 bonds to meet regulatory needs, others

May look at another round of Tier II bond issuance as yields soften

Challa Sreenivasulu Setty takes over as SBI Chairman, succeeds Dinesh Khara

Challa Sreenivasulu Setty on Wednesday assumed charge as Chairman of the country's largest lender State Bank of India (SBI). He succeeds Dinesh Khara, who superannuated from services of the bank at the closing of business hours on Tuesday, SBI said in a regulatory filing. Prior to becoming chairman, Setty was the senior-most managing director of the bank. As per the convention, the chairman is appointed from a pool of serving managing directors of SBI. Usually, the senior-most managing director becomes chairman of the bank. Setty, who also headed various task forces/committees formed by the Government of India, had earlier looked after the bank's retail and digital banking portfolio. A Bachelor of Science in Agriculture and a Certified Associate of the Indian Institute of Bankers, Setty began his career with SBI in 1988 as a Probationary Officer. Across a career spanning over three decades, he has rich experience in corporate credit, retail, digital and international banking and

SBI Chairman Dinesh Khara retires after record profits; CS Setty takes over

Dinesh Khara's tenure saw SBI's profit leap from Rs 20,410 crore in FY21 to Rs 61,077 crore in FY24, a 200 per cent increase, earning him the title of 'profit king'

Current account deposits, retail asset quality challenges for new SBI chair

Maintaining loan growth momentum, protecting margins may not be easy as interest rate cycle changes

Yes Bank relieves country head of financial markets Amit Sureka from duties

Yes Bank, where Indian lenders collectively own a 34 per cent stake and the State Bank of India (SBI) is the largest shareholder with a 24 per cent interest, has been seeking a new promoter

GDP growth rate likely to decline to 7.1% in Q1, say SBI economists

Economists at the country's largest lender SBI on Monday joined other watchers forecasting a slip in the economic growth and estimated India's real GDP growth to come at 7.1 per cent for the June quarter. The economists said the growth in gross value added (GVA) will fall below 7 per cent to 6.7-6.8 per cent for the April-June period this fiscal when compared to the year-ago period. "As per our 'Nowcasting Model', the forecasted GDP growth for Q1 FY25 would be 7.0-7.1 per cent, and GVA is at 6.7-6.8 per cent with a downward bias," the economists said. It can be noted that the real GDP growth had come at 7.8 per cent in the June quarter last year and the preceding March quarter. A slew of analysts have been pointing to a moderation in economic activity in the June quarter, mainly driven by softer manufacturing and lower government spending due to the general elections. The report also said that given the uncertain global growth outlook and the softening inflation, there is a space f

Bank of Baroda raises Rs 5,000 crore via 10-year infra bonds at 7.3%

A dealer at a state-owned bank said that the 10-year government securities yields have fallen, resulting in a lower cut-off rate for BoB than State Bank of India

SBI's Dinesh Khara era ends, his successor CS Setty has new challenges

With Dinesh Khara's legacy of stock market's love for State Bank of India, his successor CS Setty faces the task of sustaining this momentum while war for deposits continues on the banking turf

SBI can support loan growth, lower deposit growth not a challenge: Khara

Amid concerns over the continuing gap between deposit and loan growth, SBI Chairman Dinesh Khara on Friday said it is not posing any challenges for the country's largest lender as it is able to support the uptick in advances. The bank is unwinding a part of its excess investments in government securities to arrange the required resources to support the loan growth, Khara told reporters here. It can be noted that for nearly two years, the deposit growth is trailing the credit expansion for the banking system, and SBI has also been seeing the same trends in its business. Some experts have been opining that this is due to flow of savings into higher yielding capital market alternatives, while some like SBI's own researchers also called the concerns a "statistical myth", saying the overall quantum of incremental deposits has been higher than advances since FY22. Asked about how concerning the situation is at present, Khara said, "We are in a position to support our loan book growth wel

From SBI to BoB: Banks woo customers with special schemes as deposits fall

Customers are increasingly looking at alternative investment avenues, such as the capital markets, in search of better returns

Incremental deposit growth outpaced credit growth since FY22: SBI Research

Myth of flagging deposit growth appears as just a statistical myth with credit growth outpacing deposit growth being tom-tommed as a deceleration in deposit growth, the research report said