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HDFC Bank overtakes SBI in CRISIL's corporate banking ranking for 2023

For middle market corporates, HDFC Bank again topped the list of 2023 Leaders among local banks, and joined ICICI Bank as the year's joint Greenwich Quality Leaders

SBI Caps asks ARCs to make final offers for Vidarbha Industries' debt

Aditya Birla ARC has joined hands with Varde Partners of Singapore to acquire the company's debt, said a banking source

SBI, other PSBs to fund Adani's Rs 34,000 cr PVC project in Mundra

Mundra Petrochem, an arm of Adani Enterprise has set its eyes on installing the plant with an annual capacity of one million tonnes in the first phase at a total cost of $2.5 million

RBI likely to maintain status quo in upcoming monetary policy: SBI Chairman

CPI inflation can be perceived as an aberration

RBI likely to maintain status quo in upcoming monetary policy: SBI Chairman

State Bank of India (SBI) Chairman Dinesh Khara on Wednesday said the Reserve Bank of India is likely to maintain status quo in the upcoming monetary policy. "As a bank we don't don't expect rate cut, status quo is likely to be maintained by the RBI," he said at an event organised by industry body CII here. The next meeting of the Monetary Policy Committee of the Reserve Bank of India is scheduled to be held on August 8-10, 2023. In its June 8, policy review meeting, the Reserve Bank of India left its key interest rate unchanged for a second straight policy meeting but signalled that it wants to see inflation moderate more while keeping an eye on the monsoon.

SBI to set up trustee company to manage corporate debt market dev fund

State Bank of India (SBI) will set up a trustee company, which will be its wholly-owned subsidiary, for managing the Corporate Debt Market Development Fund (CDMDF). SBI Funds Management Ltd has been identified as the investment manager cum sponsor of the fund. In a regulatory filing on Tuesday, SBI said it has approved setting up the trustee company as a wholly-owned subsidiary of the bank for managing the fund. The proposal is also subject to regulatory approvals, the filing said. SBI has a 62.53 per cent stake in SBI Funds Management Ltd. The setting up of the CDMDF was announced by markets regulator Sebi earlier this year. The fund will act as a backstop facility for purchase of investment grade corporate debt securities to instil confidence amongst the participants in the corporate bond market during times of stress. It will also help enhance secondary market liquidity by creating a permanent institutional framework for activation in times of market stress. In times of marke

State Bank of India raises its lending rate by 5 bps across all tenures

State Bank of India (SBI), country's largest lender, has raised its marginal cost of funds based lending rate (MCLR) by 5 basis points (bps) across all tenures, a move that will lead to an increase in EMIs for borrowers. With the increase, EMIs will go up for those borrowers who have availed loans on MCLR, not for those, whose loans are linked to other benchmarks. The revised MCLR rate is effective from July 15, as per the information posted on SBI website. With the revision, one-year MCLR has increased to 8.55 per cent, from the earlier 8.50 per cent. Most of the loans are linked to the one-year MCLR rate. An overnight, one-month and three-month MCLR rose by 5 bps to 8 per cent and 8.15 per cent, respectively, whereas a six-month MCLR increased to 8.45 per cent. At the same time, two-year MCLR also increased by 5 bps to 8.65 per cent, while three-year MCLR rose to 8.75 per cent. From October 1, 2019, all banks, including SBI, have to lend only at an interest rate linked to an .

State Bank of India raises Rs 3,101 crore through AT1 bond at 8.1%

There is no pressure for lenders to raise capital at any price. Its capital adequacy is comfortable, and it can wait for better pricing in the coming months

Weak demand for SBI perpetual bonds as investors seek higher returns

Questions around the viability and pricing of perpetual bonds resurfaced after similar securities were written off as part of the rescue of Credit Suisse in March

Sensex ends range-bound session 274 pts up; financials weigh, IT, RIL gain

CLOSING BELL ON JULY 11, 2023: The NSE Nifty ended 84 points or 0.4 per cent higher, while the Bank Nifty and Nifty Financial Services declined 0.2 per cent and 0.4 per cent, respectively on Tuesday.

SBI to sell 2% equity stake in IPO-bound NSDL through offer for sale

State Bank of India (SBI) on Monday said it proposes to sell 2 per cent stake by offloading 40 lakh shares in depository organisation NSDL. The bank intends to participate in an Initial Public Offering (IPO) of National Securities Depositories Limited (NSDL), SBI said in a regulatory filing. SBI holds 5 per cent stake in the NSDL while it intends to divest 2 per cent in the Offer For Sale (OFS) subject to the terms of the proposed IPO, it said. NSDL is a depository set-up to carry on, regulate and manage the business of providing depository and clearing and settlement services in respect of securities and instruments of all kinds. It has three operating segments -- depository, database management services, and banking services.

SBI seeks to raise Rs 10,000 cr in tier-I bonds, wary about spike in yields

Offering slated for coming week; bank to decide on actual issuance based on yield level in the market, which hardened in the last two weeks

Make hay while the sun shines

It's time for the government, the majority owner of public-sector banks, to reap the benefit of the rally in bank stocks

Defense ministry digitises NCC, opens zero balance accounts of all cadets

The NCC integrated software can be used from the time of enrolment till exit registration as alumni and even helps maintain records for cadets for future employment opportunities

State Bank of India rejigs senior leadership roles to boost dominance

State Bank of India, the country's largest lender, is re-jigging its senior leadership positions with at least four key executives getting new roles, according to people familiar with the matter

Sensex ends 33 pts down in choppy trade; HDFC duo drops 3%, Maruti up 3.5%

Closing Bell on July 5, 2023: The Nifty50 ended at 19,399 level, up 10 points or 0.05 per cent, rising for a seventh consecutive session

Stocks to Watch on July 3: HDFC twins, TMB, auto shares, SBI, Balaji Amines

Stocks to Watch on Monday, July 3: Post the approval of the merger between HDFC Bank and HDFC, the trading window in HDFC Ltd will remain closed till July 13

SBI launches 34 Transaction Banking hubs nationwide to drive growth

State Bank of India, on Saturday, launched 34 Transaction Banking Hubs at 21 district centres across the country with an aim to provide quick and efficient Transaction Banking solutions to customers.Dinesh Khara, the chairman of the SBI, inaugurated the hubs, on the occasion of the 68th foundation day of the bank.As part of the transformational journey of Transaction Banking services and Current Account-related offerings, the bank's goal is to meet all customers' needs and provide comprehensive solutions for their transaction, payment, and collection requirements under one roof, read SBI press release.The newly launched hubs will be staffed by product specialists who will also assist business customers with their other financial service needs by leveraging the 'Power of One' within the SBI Group by enabling seamless connectivity with different business verticals and subsidiary companies.On the occasion, Chairman Khara acknowledged the successful turnaround by onboarding over 2000 ...

SBI starts 34 transaction banking solutions hubs, 21 district centres

SBI raised Rs 1,000 cr in current account deposits at centres under revamped systems

SBI appoints Kameshwar Rao Kodavanti as CFO with effect from July 1

State Bank of India on Saturday announced appointment of Kameshwar Rao Kodavanti, who has been with the bank since 1991, as its Chief Financial Officer (CFO). Kodavanti replaces Charanjit Surinder Singh Attra who has resigned from the post. "Kameshwar Rao Kodavanti has been appointed as CFO of State Bank of India with effect from July 1, 2023," the country's largest lender said in a filing to stock exchanges. He has been working with State Bank of India since August 1991 and has experience in fields of banking, forex, finance, and accounting. He is a qualified chartered accountant.