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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.

SBI's chief financial officer Charanjit Surinder Singh Attra resigns

State Bank of India (SBI) on Monday said its Chief Financial Officer Charanjit Surinder Singh Attra has put in his papers. "... we submit that Charanjit Surinder Singh Attra, Chief Financial Officer, has resigned from the services of the bank, the resignation is accepted by the appropriate authority with effect from close of the business hours on 30th June 2023," the bank said in a filing to stock exchanges. In another filing, the country's largest lender informed about appointment of four director on the bank's central board for a period of three years. Two of the directors, Ketan Shivji Vikamsey and Mrugank Madhukar Paranjape, have been re-elected. The other two directors who have appointed are Rajesh Kumar Dubey and Dharmendra Singh Shekhawat. Shares of SBI shares rose 5 per cent to close at Rs 572.80 apiece on BSE.

Govt authorises sale of 27th tranche of electoral bonds from Monday

The decision comes ahead of assembly elections of Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana, and Mizoram

Women needed in boardrooms, needs mindset change: Arundhati Bhattacharya

The representation of women in corporate boardrooms needs to be "far more", and it will involve a change of mindsets, determined action and focus, Arundhati Bhattacharya, the top boss of Salesforce India and former Chairperson of SBI has said. Bhattacharya smashed the glass ceiling in 2013 when she became the first woman to lead State Bank of India (SBI) in the bank's over 200-year history. She retired from SBI in 2017 and went on to reinvent herself with a brand new career innings at the helm of cloud-based service provider Salesforce India in 2020, as Chairperson and CEO. Speaking with PTI, she said Indian businesses need to see digital transformation as a "must have" and not merely as something good to have. Organisations that have inefficient processes, data residing in silos and manual processes, or skill gaps will fall behind, unless they adopt tech and digital, she advocated. Every single sector - be it healthcare, automotive or manufacturing presents an opportunity for ...

SBI to acquire 20% stake of SBI Capital Markets in SBI Pension Funds

State Bank of India (SBI) on Tuesday said it will acquire an entire 20 per cent stake of SBI Capital Markets in SBI Pension Funds. The stake transfer would be subject to all regulatory approvals, SBI said in a regulatory filing. The Executive Committee of the Central Board (ECCB) of the bank has accorded approval for acquiring the entire 20 per cent stake held by SBI Capital Markets Ltd in SBI Pension Funds Pvt Ltd, it said. SBI Pension Fund is the largest pension fund manager out of 10 managing about Rs 3,59,040.81 crores of assets under management (AUM) with around 37 per cent market share as of May 31, 2023. It manages over 48 per cent market share of AUM in the private sector.

SBI to revamp Wealth Management biz, rope in consultant to firm up roadmap

Plans to grow by three-fold from current Rs 2.95 trillion

Lenders appoint SBI Caps as advisor for Rs 2,000 cr debt resolution of VIPL

Lenders of Vidarbha Industries Power Ltd (VIPL), a subsidiary of Reliance Power, have appointed SBI Caps as an advisor for its debt resolution process, sources said. As per the terms of reference, SBI Caps will invite bids for the sale or one time settlement (OTS) of VIPL debt. It will also lay down evaluation criteria and recommendations for the anchor bidder. SBI Caps will follow a fair and transparent process to ensure the resolution of VIPL's over Rs 2,000 crore outstanding debt, said a source close to the development. The responsibility of conducting the Swiss Challenge process to maximise the recovery for lenders will also lie with SBI Caps, they said. The deadline to complete the resolution process by SBI Caps is September 30. The terms of reference say that SBI Caps, while executing the process, will ensure compliance with the RBI guidelines of June 8, 2023, for the sale of VIPL debt and OTS. The appointment of SBI Caps comes at a time when VIPL lenders have received thr

SBI presents dividend cheque of Rs 5,740 crore to Finance Minister

State Bank of India (SBI) on Friday paid a dividend of Rs 5,740 crore for the financial year 2022-23 to Finance Minister Nirmala Sitharaman. The dividend cheque was presented by SBI chairman Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi. "Smt @nsitharaman receives a dividend cheque of Rs 5,740 crore for FY 2022-23, which is the highest-ever dividend given by State Bank of India to Govt of India for a financial year, from Shri Dinesh Kumar Khara, Chairman -@TheOfficialSBI. Secretary - @DFS_India Shri Vivek Joshi is also present on the occasion," the finance minister's office said in a tweet. SBI had declared a dividend of Rs 11.30 per equity share (1,130 per cent) for the financial year ended March 31, 2023. For the full 2022-23, SBI's net profit increased 59 per cent to Rs 50,232.45 crore. The profit in the 2021-22 fiscal was Rs 31,675.98 crore.

State Bank of India, LIC, two other sponsors to dilute stake in UTI MF

According to sources, these entities have approached merchant bankers to advise on stake sales

PNB, LIC, SBI and BoB looking to seek formal bids for stake sale in UTI AMC

These entities have already appointed merchant bankers to initiate the sale process in UTI AMC

IT stocks shine in lacklustre trade; Sensex ends 99 pts higher

CLOSING BELL ON JUNE 12, 2023: The Nifty reclaimed the 17,600 level; In the broader market, BSE Midcap index advanced 0.5 per cent, and Smallcap added 0.7 per cent on Monday.

Stellar show by banks, but will it continue?

There are challenges ahead. It won't be easy for the banking sector to put up a better performance every quarter

SBI gets board approval to raise Rs 50,000 crore through bonds in FY24

In April, the SBI board had approved funds raising of $2 billion through foreign currency bonds in 2023-24 in single or multiple tranches

Domestic GDP growth on firm footing, growth slightly revised upwards: SBI

Country's largest commercial lender State Bank of India (SBI) said that domestic GDP growth is now on firm footing with urban demand showing good traction, while the lagging rural demand is a cause of concern. The apex bank has also revised GDP growth marginally upwards from 6.4 per cent to 6.5 per cent for the current financial year. In its 'Ecowrap' research report, SBI said that the GDP growth forecast of the apex bank RBI for the current fiscal has undergone some change since April 2023. While RBI had projected GDP growth at 6.4 per cent in April, this has been slightly revised upwards to 6.5 per cent for the current fiscal, as announced in the latest Monetary Policy Committee (MPC) meeting which concluded on June eight. Inflation for the current financial year has been pegged by 5.1 per cent by the apex bank, perceived to be above the tolerance band of RBI at four per cent. The report said that the series of rate hikes in the recent past had resulted in falling unemployment r

Nearly 80% Indians depositing Rs 2,000 notes instead of exchanging: Report

Back in May 2023, the central bank said that it would withdraw Rs 2,000 notes from circulation and allowed people to exchange or deposit these notes latest by September 30, 2023

SBI to factor in climate finance risk: Chairman Dinesh Kumar Khara

The gross non-performing assets (GNPA) ratio of green industrial loans, however, has been higher during the same period, especially for PSBs, it said

Stocks to Watch today, June 6: Adani Group, SBI, Maruti, HUL, Sejal Glass

Top Stocks to Watch on June 6, 2023: Adani Group said it has made a full prepayment of $2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms

SBI Cards and Payment Services to raise Rs 3,000 crore through NCDs

The board approved raising of funds by way of issuance of NCDs in one or more tranches, on a private placement basis

SBI to enhance use of AI, ML by deploying NextGen Data Warehouse, Data Lake

SBI on Monday said it has proposed to enhance the use of business analytics and AI/ML in decision-making and operations by deploying NextGen Data Warehouse and Data Lake and exploring new partnerships with fintechs and NBFCs for co-lending. The country's largest lender, in its annual report posted on stock exchanges on Monday, said it deploys the most advanced technologies like artificial intelligence (AI), machine learning (ML) and business analytics, among others, to augment its product offerings to enhance customer delight each time without exception. The bank's standalone net profit during fiscal 2022-23 rose by over 58 per cent to Rs 50,232 crore from Rs 31,676 crore in FY2022. "... the bank has registered significant improvements on the asset quality front, provision coverage ratio, RoE/RoA, NII and NIM, while also giving highest standalone profit in FY2023 by any listed corporate, domestically," State Bank of India (SBI) said. SBI Chairman Dinesh Kumar Khara, in his message

UTI, SBI MFs lead small town footprint due to strong branch presence

Table-topper UTI MF prides itself on the distribution network it has created in B-30 locations