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MasterCard appoints former SBI chief Rajnish Kumar as chairman

Veteran banker will have non-executive advisory role and guide Mastercard's South Asia executive leadership team

Lenders in talks to sell debt-laden Jaiprakash Associates loans to NARCL

Delay of over 5 years in debt resolution via IBC prompts the move

SBI Mutual Fund agrees to invest Rs 410 crore in Nazara Technologies

Nazara Technologies on Thursday said the country's largest mutual fund SBI MF has agreed to invest Rs 410 crore in the company by subscribing to its preferential allotment of equity by way of private placement. The gaming and sports media platform said the shares carry a face value of Rs 4. The company will issue 57,42,296 shares at a price of Rs 714 per share, aggregating to Rs 409.99 crore, to SBI Mutual Fund by way of preferential issue on a private placement basis. The funds will be invested via three schemes of SBI Mutual Fund, namely SBI Multicap Fund, SBI Magnum Global Fund and SBI Technology Opportunities Fund, it said in a statement. Earlier this week, Nithin and Nikhil Kamath of Zerodha invested Rs 100 crore in the company. The issue is an addition to the issuance of up to 14,00,560 fully paid-up shares approved by the board on September 4, both together aggregating to an amount not exceeding Rs 510 crore, the company said. The fund will be utilised to invest in funding

SBI to take YONO to US, looks at 5% loan growth in global operations

Its global loan book had expanded by 7.44 per cent YoY till the end of June 2023

Samsung announces offers on Galaxy A54 5G, A34 5G ahead of festive season

Launched at Rs 30,999, the Galaxy A34 5G is now available at Rs 26,999 after cashback offers from Samsung

Credit demand to remain robust, to clock about 14% growth: SBI chairman

YONO 2.0 rollout by FY24-end; app fetches Rs 100 crore in fee income every qtr

Yono app fetches Rs 100 crore in fee income every quarter: SBI Chairman

Yono, the mobile app of the State Bank of India, fetches Rs 100 crore in fee income every quarter by selling products from the parent's subsidiaries, and the digital loan book will be close to Rs 30,000 crore this fiscal, according to a top official. The nation's largest lender, which is into the 217th year of operations, launched the app in 2014. Since then, it has gone on to become such a runaway success that as much as 85 per cent of banking transactions are done through Yono, State Bank of India (SBI) Chairman Dinesh Kumar Khara said on Tuesday. He was speaking at a session at the fifth global fintech summit here. "I am happy to share that Yono gets us Rs 100 crore in fee income every quarter by selling the just commoditised products from our subsidiaries such as the life and general insurance arms, mutual fund and others," Khara said. According to him, when it comes to lending, especially pre-approved personal loans, during the past two fiscals, it has sold as much as Rs 21,0

AP, SBI ink deal to upgrade, establish 7,500 micro food processing units

The Andhra Pradesh Food Processing Society (APFPS) and the State Bank of India (SBI) have entered into an agreement on Tuesday to upgrade and support the establishment of at least 7,500 micro food processing units in the state. This agreement will be executed in the ongoing 2023-24 fiscal under the Prime Minister Formalisation of Micro Food Processing Enterprises (PMFME) scheme. This partnership with a financial powerhouse like SBI will provide a significant boost to micro food processing enterprises in the state, said APFPS Chief Executive Sridhar Reddy in a press release, adding that maximum number of units will be covered. As part of this deal, SBI will offer collateral-free loans of up to Rs 10 lakh to eligible beneficiaries, following the guidelines of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) under the Agri Infrastructure Fund. SBI has already sanctioned over 500 loans under the PMFME scheme in the previous fiscal, emerging as a major lending ..

FSIB recommends Vinay Tonse for MD position in State Bank of India

The final decision about the appointment will be taken by the government of India

Monetary policy, rate transmission are asymmetric, says SBI report

In comparison, the shorter tenure - 3-year AAA corporate bond has seen a 31 basis points decline in spread as the market is unlikely to have factored in adequate risk premium

State Bank of India announces introduction of UPI interoperability on CBDC

The State Bank of India (SBI) on Monday said it has implemented UPI interoperability in its digital rupee, called Central Bank Digital Currency (CBDC). With this move, the bank aims to deliver unprecedented convenience and accessibility to its customers, SBI said in a statement. This cutting-edge feature, accessible through the 'eRupee by SBI' application will empower SBI CBDC users to effortlessly scan any merchant UPI QR code for swift and secure transactions, it said. SBI was among the first few banks to participate in the RBI's retail digital e-rupee project in December 2022. "The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptance and utilization of digital currencies in everyday transactions," it said. This integration will be a game changer for the digital currency ecosystem, it said, adding, the move is the outcome of our unwavering commitment to pushing the boundaries of digital innovation to accelerate the transition to a

SBI Card unveils additional features on its super-premium card 'AURUM'

The card also offers 1-year Club Mariott membership as a welcome gift

SBI's e-rupee can be accessed via UPI now: How it works and what this means

This feature is accessible through the 'e rupee by SBI' application and allows SBI CBDC users to scan merchant UPI QR codes for transactions.

Equity mutual fund SIPs boost distributors' income; AUM rise modest

Revenue from commissions saw double-digit growth in FY23

SBI Apprentice Recruitment 2023: All you need to know about 6160 posts

In accordance with the Apprentice Act of 1961, the State Bank of India (SBI) has issued a recruitment notice inviting candidates to apply for engagement as apprentices

Fitch retains SBI, 5 other PSB' rating at BBB, with stable outlook

Fitch Ratings on Thursday affirmed the ratings of the nation's six public sector lenders, including State Bank of India (SBI) and Bank of Baroda (BoB), at BBB- with stable outlook. The other banks which the agency rated BBB- with stable outlook are Punjab National Bank, Canara Bank, Bank of India, and Union Bank of India. The rater has also affirmed these banks' viability rating at BB and its government support rating of BBB-. On retaining the long-term issuer default rating of SBI, the agency said the rating is support-driven, with the government support rating (GSR) above the viability rating (VR). SBI's GSR is the same as the sovereign rating of BBB- with stable outlook, reflecting the agency's view that SBI has the highest probability of extraordinary state support among the banks. The stable outlook mirrors that on the sovereign's own rating, it added. Revising the operating environment score of the bank to BB+ from BB, the agency said it reflects the view of structural ...

Fitch affirms SBI's long term rating at 'BBB' on asset quality, loans

Agency revises outlook for lender's asset quality score from 'stable' to 'positive'

Centre considers raising retirement age for public sector bank heads, MDs

State Bank of India Chairman Dinesh Khara is likely to get an extension as the government is considering relaxing the retirement age of chiefs of all public sector banks and LIC. The proposal before the government also includes hiking the retirement age limit of managing directors of public sector banks (PSBs) to 62 years, from the current 60 years, a senior government official said on Saturday. Veteran banker Khara took over as the chairman of SBI in October 2020 for three years. Under existing norms, the SBI chairman can hold the post until the age of 63 years. Khara attains 63 years in August next year. "There is a discussion to increase the age limit for retirement of chiefs of PSBs and Life Insurance Corp (LIC). Simultaneously, discussions are on for raising superannuation age for managing directors of PSBs to 62 years from 60 years," the official said. A final decision is yet to be taken on the retirement age for heads of PSBs and LIC, the official added. Currently, the ...

State Bank of India set to measure carbon risk of its Rs 33 trn loan book

The bank plans to engage a consultant or advisor to measure the carbon footprint in its domestic lending portfolio according to internationally accepted norms

SBI to enroll customers into social security schemes using Aadhaar

The country's largest lender State Bank of India on Friday introduced a facility to allow customers to enrol in social security schemes by just furnishing an Aadhaar card. SBI Chairman Dinesh Khara unveiled the new feature -- which will be available at the bank's Customer Service Points (CSPs) -- that aims to make the process of enrolling in various social security schemes simpler. Customers visiting CSPs will need only their Aadhaar cards to enrol in schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana, the Pradhan Mantri Suraksha Bima Yojana, and the Atal Pension Yojana, the bank said in a statement. Customers will no longer need to carry their passbooks to the CSPs for such purposes, it said. The aim of the new feature is to empower every section of society by removing barriers for accessing financial security, Khara said, adding that this is expected to significantly widen the coverage of social security schemes.