Page 23 - Sbi

Tata Group retains top spot as India's most valuable brand at $28.6 billion

India's most valuable brands 2024: Tata Group nears $30 billion mark, Taj remains India's strongest brand, while HDFC's merger boosts brand to third position

SBI raises Rs 10,000 cr via 15-year infrastructure bonds at 7.36% coupon

The coupon of 7.36 per cent represents a spread of 21 basis points (bps) over the corresponding government bond curve

SBI General Insurance appoints Naveen Chandra Jha as its new MD & CEO

SBI General Insurance Company on Wednesday announced the appointment of Naveen Chandra Jha as its new Managing Director and Chief Executive Officer. He was nominated by the parent company, State Bank of India, for the position. He succeeds Kishore Kumar Poludasu. Jha has been associated with the State Bank of India since 1994 and has held several key positions during his tenure. Prior to his current role at SBI General Insurance, Jha served as Deputy Managing Director of SBI. During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has also allotted ESOP (Employee Stock Ownership Plan) to employees and consequently, the bank's stake has decreased from 69.95 per cent to 69.11 per cent.

SBI raises Rs 10,000 cr via infrastructure bond issuance to fund projects

State Bank of India (SBI) on Wednesday raised Rs 10,000 crore through its fifth infrastructure bond issuance. The country's largest lender raised the funds at a coupon rate of 7.36 per cent. The issue attracted overwhelming response from investors with bids in excess of Rs 19,884 crore and was oversubscribed by around four times against the base issue size of Rs 5,000 crore, SBI said in a regulatory filing. The total number of bids received was 143, indicating wider participation with heterogeneity of bids, it said. The investors were across provident funds, pension funds, insurance companies, mutual funds, corporates etc, it said. The proceeds of bonds will be utilized in enhancing long-term resources for funding infrastructure and affordable housing segments, it said. "Based on the response, the bank has decided to accept Rs 10,000 crore at a coupon rate of 7.36 per cent payable annually. This represents a spread of 21 bps over the corresponding FBIL G-Sec par curve," it said.

Co-lending committee to submit report to finance ministry by next month

After the committee submits the report, the Department of Financial Services is expected to formulate guidelines to boost the co-lending space

FSIB to conduct interviews for chairman's position of SBI on Saturday

FSIB will recommend the name and the final decision would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi

SBI plans to open 400 new branches across country in FY25: Chairman Khara

As part of the network expansion plan, State Bank of India (SBI) is planning to open 400 branches across the country in the current financial year. The country's biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches were launched. "Somebody asked me if 89 per cent of digital and 98 per cent transactions were happening outside the branch, whether the branch is required anymore. My answer is yes. It is still required because there are newer areas which are emerging," SBI Chairman Dinesh Kumar Khara told PTI in an interview. There are certain services like most of the advisory and wealth services that can be offered only from the branch, he said. "We will be identifying locations where the opportunity exists, and in those locations, we plan to open branches. Almost 400 branches we plan to add this year," he said. SBI has a network of 22,542 branches across the country as of March 2024. Asked about the monetisation of subsidiaries, Khara said that SBI wo

Rs 26 trillion of India's economy formalised in FY16-FY23, says SBI

According to the World Bank data, at 2017 international prices, 44% of India's population spent less than $3.65 per day

SBI pays Rs 6,959 crore dividend to govt, BoM gives Rs 857 crore for FY24

The country's biggest lender State Bank of India (SBI) on Friday paid a dividend of Rs 6,959 crore for the financial year 2023-24 to the government. The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi. "Smt @nsitharaman receives a dividend cheque of Rs 6959.29 crore for FY 2023-24 from @TheOfficialSBI Chairman Shri Dinesh Kumar Khara," the finance ministry said in a post on X. SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs 11.30 per equity distributed for the previous year. During 2023-24, the bank earned a record consolidated net profit of Rs 67,085 crore against Rs 55,648 crore in the preceding year.

Bring InvITs within ambit of bankruptcy law for recoveries: SBI MD

The long-term nature of assets has to be supported by long-term liabilities or there has to be take-out financing. This is starting to happen with the rise in Real Estate Investment Trusts and InvITs

Get InvITs under purview of bankruptcy law: SBI MD Ashwini Kumar Tewari

Infrastructure investment trusts (InvITs) are enjoying immunity from insolvency proceedings and should be brought under the Insolvency and Bankruptcy Code, a top official from SBI said on Friday. Ashwini Kumar Tewari, the managing director of the bank, said lenders need the assurance of being able to recover their dues from InvITs in case of a default and added that they are in touch with the Reserve Bank and the government on the same. "We need to bring these trusts, which are bankruptcy remote, within the purview of the IBC because that will go a long way in giving us the assurance that this is like any other asset," Tewari said, addressing an NBFC event organized by industry lobby Assocham here. He elaborated that at present, the primary responsibility of an InvIT or a special purpose vehicle under it is towards the trust holders and there are "gaps" which need to be filled. "This space needs clarification; this space needs assurance to the lenders that in case there is a (lega

SBI to raise up to Rs 20,000 cr via long-term bonds to fund infra projects

The bonds to be issued in tranches depending on market conditions

State Bank of India to raise up to Rs 20,000 cr via long-term bonds in FY25

During the last financial year, SBI raised a total of Rs 20,000 crore through the sale of 15-year infrastructure bonds

SBI plans to raise Rs 10,000 cr via infrastructure bonds, say bankers

This will be the lender's first bond issuance and the country's first infrastructure bond sale this financial year

State Bank of India indicates another 10-15 basis points MCLR hike

Loans to companies are linked to the MCLR, which depends on the cost of the funds of a bank. Retail loans are linked to the external benchmark lending rate (EBLR)

SBI expects 14-15% credit growth in current fiscal, says Chairman Khara

Given the current economic growth rate, SBI is expecting 14-15 per cent loan growth during the fiscal year 2024-25, the bank's chairman Dinesh Kumar Khara said. "Normally the way we look at it is that the GDP growth rate plus inflation and 2-3 per cent over that. That gives us the number around 14 per cent or so," Khara told PTI in an interview. "Hence, 14-15 per cent credit growth depends upon the opportunities available for lending, and it meets our risk appetite. We will be happy to grow at this pace," he said. As far as deposits are concerned, he said, it grew by 11 per cent last year. "And we have some elbow room available in terms of excess SLR and which ensures that we don't have any pressure on us to raise the deposit rates for supporting our loan-to-deposit ratio," he said. The bank has an excess Statutory Liquidity Ratio (SLR) between Rs 3.5 lakh crore and Rs 4 lakh crore. "Incidentally, I may add here that our loan-to-deposit ratio is around 68-69 per cent only. That l

SBI to monetise subsidiaries after scaling up their biz: Chairman Khara

SBI Chairman Dinesh Kumar Khara has said the lender would wait for its subsidiaries like SBI General Insurance and SBI Payment to further scale up their operations before monetising them. Scaling up of their operation will increase valuation and ensure better returns for the parent State Bank of India (SBI). When it comes to subsidiaries, their monetisation would be through the capital market, he told PTI in an interview. "The subsidiaries, which would be eligible for this kind of route, would be essentially our SBI General and may be at some stage, SBI Payment Services, but as of now, we don't have any such plan," he said. "Maybe, we would like to scale them up a little more, and then we will think in terms of going to the capital market for monetising our holding in these companies. But not in the current financial year," he added. During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has

SBI sanctioned 20,000 digital small biz loans up to Rs 50 lakh since Dec

State Bank of India (SBI) has sanctioned around 20,000 loans of Rs 10 lakh to Rs 50 lakh for small businesses as part of a digital lending pilot that started in December, a senior official said on Friday. Having been satisfied with the results of the pilot, under which a customer can get a loan sitting at home, the country's largest lender is now broadening the loan amounts to Rs 5 crore, Deputy Managing Director Surendra Rana said at a banking conference organised by IMC here. "We rolled out the Rs 10-50 lakh model in December and I am happy to share that we have already sanctioned around 20,000 loans through this process and this is working very smoothly. Now, we are escalating it to Rs 5 crore," he said. A customer journey starts with scanning a QR code from anywhere, grants some approvals and SBI uses data repositories to come back with a sanctioned amount in a maximum of five days, he said. The remarks from the official come days after the bank announced that lending to small

Deposit rates at peak; will move downwards in medium term: SBI Chairman

State Bank of India (SBI) Chairman Dinesh Kumar Khara has said that deposit rates have peaked and will move southward in the medium term. The country's largest lender also said the RBI may start easing the interest rate cycle from the third quarter of the current financial year. Last week, the Reserve Bank of India (RBI) left its key interest rates unchanged for the eighth time in a row, keeping the focus on inflation amid robust economic growth. "We are hoping that in the third quarter starting from October, perhaps there would be some possibility of inflation trajectory moving towards 4 per cent, and that will be the right time when we can expect some interest cut (from RBI)," he said. Some central banks from advanced economies like Switzerland, Sweden, Canada and the Euro area have begun their rate easing cycle during 2024. On the other hand, market expectations of a rate cut by the US Federal Reserve, which was higher earlier, have moderated subsequently. As far as the intere

State Bank of India to scale up global operations through GIFT City

Diversify in trade finance through supply chain funding to MNCs