Page 21 - Sbi

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

Karnataka govt pauses decision for 15 days on PNB and SBI request

The statement further noted that on August 16, 2024, both banks submitted written representations to the government, requesting an additional 15-day period to resolve the matter

K'taka puts circular prohibiting dealings with SBI, PNB on hold for 15 days

The Karnataka government on Friday kept its circular in abeyance for 15 days, which prohibited all business transactions with the State Bank of India (SBI) and the Punjab National Bank (PNB). The decision came after Chief Minister Siddaramaiah considered the two banks' requests. A government circular issued on August 12 ordered all its departments, boards, corporations, public sector units and universities to withdraw all their deposits and investments in the SBI and the PNB and stop transacting any business with these institutions. "After considering the banks' requests, the Honorable Chief Minister has directed officials of the Finance Department to keep the circular in abeyance for 15 days," the state government said in a release. It said that putting the previous circular on hold "will allow the banks sufficient time to address the issues and redress the concerns of the government." The government is committed to ensuring transparency and accountability in all its dealings, sa

Adani Group pledges 51% stake in Navi Mumbai Airport for Rs 12,770 cr loan

The Adani Group announced the financial closure for the NMIAL project in March 2022, following SBI's commitment to underwriting the entire debt requirement of Rs 12,770 crore

SBI, Punjab National Bank in talks with Karnataka to resolve issues

One incident involved PNB's Rajajinagar branch, where the Karnataka State Industrial Board had fixed deposits of approximately Rs 25 crore, but PNB released only Rs 13 crore on maturity

SBI hikes interest rates by 10 bps; EMIs on loans set to increase

SBI's one-year MCLR, which directly influences many loan types, has risen from 8.85% to 8.95%

Karnataka directs all govt depts to suspend transactions with SBI, PNB

One incident involved PNB's Rajajinagar branch, where the Karnataka State Industrial Board had fixed deposits of Rs 25 crore, but PNB released only Rs 13 crore on maturity, citing pending court cases

SBI may sell 24% stake in YES Bank by March 2025, says report; shares fall

According to a Reuters report, SBI is planning to sell its 24 per cent stake in YES Bank, worth Rs 18,420 crore ($2.2 billion) by the end of March 2025

SBI aims to sell its YES Bank stake worth $2.2 billion by March-end

YES Bank was restructured by the RBI in March 2020 with the help of a consortium of local banks after its financial health deteriorated

SBI warns job seekers about fake job offer scams

SBI cautions youth against scammers using WhatsApp, SMS, and Email to lure them with fake job offers, urging vigilance and verification

Fed's September rate cut unlikely to alter RBI stance: Rajeev Radhakrishnan

Radhakrishnan notes that global central banks' potential policy easing could further bolster demand

Govt panel approves CS Setty appointment as SBI Chairman for 3 yrs period

The government on Tuesday appointed C S Setty as Chairman of the country's biggest lender State Bank of India (SBI) for a period of three years. Setty, currently senior most MD of the bank, will replace incumbent chairman Dinesh Kumar Khara on August 28. The Appointments Committee of the Cabinet ACC has approved the proposal of the Department of Financial Services for the appointment of Challa Sreenivasulu Setty as chairman of SBI for a period of three years with effect from the date of assumption of charge, a government order said. Khara will be superannuating on August 28, when he turns 63, the upper age limit for the position of SBI chairman. Besides, the government has also appointed Rana Ashutosh Kumar Singh to take over as managing director (MD) at SBI. SBI, the country's largest lender, has a chairman assisted by four MDs. Singh, currently DMD, will serve as MD on June 30, 2027, the age of superannuation, another order said. Setty, who also headed various task forces and