Page 37 - Sbi

Private banks register higher growth in deposits vs PSBs; rise 9.6% YoY

For the first time, HDFC Bank registered a total deposit of Rs 3.24 trillion, not quite close to SBI's deposits but still a sign of strong growth in terms of deposits

SBI Card plans to raise Rs 3,000 cr from debentures to fund business growth

SBI Card on Tuesday said it plans to raise up to Rs 3,000 crore by issuing debentures to fund business growth. The decision to consider and approve the proposal for raising funds through the issuance of non-convertible debentures (NCDs) aggregating to Rs 3,000 crore would be taken in June 5 board meeting, SBI Card said in a regulatory filing. This fundraising would be done through private placement in one or more tranches over a period of time, it added.

Delhi HC rejects plea against RBI, SBI notice on exchange of Rs 2,000 notes

Petition says says exchange without a requisition slip and ID is arbitrary and irrational; RBI counsel says banking regulator's notification was a statutory exercise, not demonetisation

SBI raises $750 mn via bonds on India INX under its $10 bn MTN programme

SBI, the country's largest public sector lender, on Monday raised USD 750 million under its USD 10 billion Global Medium Note programme to fund its overseas business growth. The fund was raised at INX's Global Securities Market (GSM), GIFT International Financial Services Centre (IFSC) at Gandhinagar from global investors. The bonds were issued through SBI's London Branch to fund offshore business growth and were priced competitively. This demonstrates strong investor confidence in the country's largest bank and paves the way for a strong pipeline of foreign currency bond issuances this year, it said. Commenting on the listing, SBI chairman Dinesh Khara said the success of the issue highlights the strong investor base SBI has created for itself in the offshore capital markets. The issuance received huge participation from several marquee accounts across geographies resulting in the largest spread compression amongst all USD Indian bond issuances during the current year, it said.

Robust LIC, SBI results exposed Congress conspiracy to weaken them: BJP

The BJP on Friday cited the strong financial performance of the government-run LIC and the State of Bank of India to assert that it has exposed the Congress' "conspiracy to weaken these institutions and harm the country". BJP leader and former Union minister Ravi Shankar Prasad said though the Congress claims to support the public sector, it ran a negative campaign targeting the Life Insurance Corporation of India and the State Bank of India. He noted that the Life Insurance Corporation profit in the March quarter stood at Rs 13,428 crore, a rise of 466 per cent. The SBI profit in 2022-23 was Rs 50,232 crore, a rise of 58 per cent, the BJP leader said. The Congress has been constantly running down these organisations as part of its "conspiracy" but their robust results have exposed the party, Prasad said.

SBI penalised for sending bills to man despite credit card's expiry

A Delhi consumer forum has directed the SBI Cards & Payments Services Pvt. Ltd. to pay Rs 2 lakh to a person here for sending him bill even after his card's expiry and blacklisting him for non-payment of the charges. The New Delhi District Consumer Disputes Redressal Forum comprising its president Monika A Srivastava and members Kiran Kausal and Umesh Kumar Tyagi directed the company to pay the amount to M J Anthony, a former journalist, for "deficiency in providing services". The forum noted that the company had blacklisted him in the CIBIL system of the wilful defaulters maintained by the RBI, which resulted in the rejection of his applications for credit cards from another bank where he had maintained regular account for nearly two decades. "This Commission is of the view that the SBI Cards & Payments Services Pvt. Ltd. has been deficient in providing services to the complainant and though the damage/loss occasioned to the complainant in terms of credit rating cannot be ...

Public sector banks' total dividend payout 58% higher than in FY22: Report

Three out of 12 PSBs namely SBI, Bank of Baroda, and Canara Bank, declared a three-digit dividend during the year

Withdrawal of Rs 2,000 to have favourable impact on deposits, says SBI

An SBI study on Tuesday said the withdrawal of Rs 2000 currency note is likely to be a non-event but it will have a favourable bearing on liquidity, bank deposits and interest rates. The 131-day window to exchange junked 2000 rupee currency notes opened on Tuesday with a mixed bag of small queues and confusion at some banks over the requirement of officially valid identity cards like PAN or Aadhaar, and official forms. Unlike November 2016, when old 500 and 1000 rupee notes - constituting some 86 per cent of the currency in circulation - were banned overnight, resulting in sarpantine ques outside bank branches across the country, this time no crowding is being witnessed. The SBI's research report 'Ecowrap' expects that almost the entire amount of Rs 3.6 lakh crore in the form of Rs 2000 will come back to the banking system (the report assumes 10-15 per cent of the total Rs 2000 notes are in currency chests). "Even though the impact of Rs 2000 rupee note withdrawal is a non-event, .

HC reserves order on plea against notification for Rs 2000 notes exchange

RBI tells Delhi High Court withdrawal of Rs 2000 notes is not demonetisation but statutory exercise

SBI General unveils 'Surety Bond Bima' for infrastructure projects

SBI General Insurance, the non-life insurance arm of State Bank of India (SBI), on Tuesday announced the launch of the General Surety Bond Bima (Conditional & Unconditional)' insurance product. Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as the principal (contract awarding authority). The product is designed to provide protection against breach of terms and conditions by the contractors either during the bidding stage or during the performance stage of a project, SBI General said in a statement. The Surety insurance product consists of a wide range of bonds, such as bid bonds, advance payment bond, performance bond, and retention money bond, it said. The product caters to the requirements of a diversified group of contractors, many of whom are operating in today's increasingly volatile environment, he said while launching the product. Additionally, the statement said, there are two variants available

Order reserved on PIL against allowing Rs 2K note exchange without ID proof

The plea had also sought a direction to the RBI and SBI to make sure that Rs 2000 notes are deposited in respective bank accounts only, so that people having black money could be identified

Jet Airways case: NCLAT to pass order on JKC's plea against SBI on May 30

In the Jet Airways case, appellate tribunal NCLAT on Monday said it will pass the order on May 30 on the winning bidder Jalan Kalrock Consortium's plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore. Amid continuing differences between lenders of bankrupt-Jet Airways and the consortium, the appellate tribunal also asked both parties to cooperate with each other for implementation of the resolution plan for the airline. Debt-ridden Jet Airways, which flew for 25 years, shuttered operations on April 18, 2019. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021. However, the plan is yet to be implemented, resulting in uncertainty over the future of the once-storied carrier. On Monday, a two-member bench of the National Company Law Appellate Tribunal (NCLAT) concluded its hearing on the interim ...

SBI slow in procurement from GeM portal; lags behind smaller counterparts

India's largest lender SBI was quite slow in procuring goods and services from government-owned GeM portal in 2022-23 and lagged behind smaller counterparts, including Canara Bank and Punjab National Bank, according to the government data. Canara Bank emerged as the largest buyer among the state-owned lenders in 2022-23, making total purchases of Rs 592.82 crore from the portal, the data showed. Punjab National Bank (Rs 164.57 crore) was the second largest, followed by Indian Overseas Bank (Rs 159.82 crore), State Bank of India (Rs 158.22 crore), Indian Bank (Rs 111.59 crore), Bank of India (Rs 63.81 crore), Bank of Baroda (Rs 48.63 crore), Union Bank of India (Rs 37.03 crore), Bank of Maharashtra (Rs 10.26 crore), Punjab and Sind Bank (Rs 9.98 crore), UCO Bank (Rs 5.30 crore) and Central Bank of India (Rs 4.54 crore) in 2022-23. The SBI did not respond to an email query on the subject. The GeM portal was launched on August 9, 2016, for online purchasing of goods and services by al

State Bank of India sets Rs 2,000 currency note exchange cap at Rs 20,000

No form or identity proof needed to exchange Rs 2,000 notes, says SBI

SBI slow in procurement from GeM portal; lags behind counterparts in FY23

India's largest lender SBI was quite slow in procuring goods and services from government-owned GeM portal in 2022-23 and lagged behind smaller counterparts, including Canara Bank and Punjab National Bank, according to the government data. Canara Bank emerged as the largest buyer among the state-owned lenders in 2022-23, making total purchases of Rs 592.82 crore from the portal, the data showed. Punjab National Bank (Rs 164.57 crore) was the second largest, followed by Indian Overseas Bank (Rs 159.82 crore), State Bank of India (Rs 158.22 crore), Indian Bank (Rs 111.59 crore), Bank of India (Rs 63.81 crore), Bank of Baroda (Rs 48.63 crore), Union Bank of India (Rs 37.03 crore), Bank of Maharashtra (Rs 10.26 crore), Punjab and Sind Bank (Rs 9.98 crore), UCO Bank (Rs 5.30 crore) and Central Bank of India (Rs 4.54 crore) in 2022-23. The SBI did not respond to an email query on the subject. The GeM portal was launched on August 9, 2016, for online purchasing of goods and services by al

Jalan Kalrock Consortium moves NCLAT to stop SBI for invoking guarantee

The appellate tribunal will hear the matter on May 22

What's capping rally in SBI shares despite record net profit in Q4FY23?

India's largest state-owned bank, State Bank of India, reported standalone net profit of Rs 16,694.51 crore for Q4FY23

Stocks to Watch today, May 19: ITC, Thomas Cook, Zomato, Nexus REIT, IndiGo

Stocks to Watch on Friday: ITC Limited reported a 21.4 per cent YoY growth in standalone net profit at Rs 5,086.9 crore for the March quarter

Godrej Agrovet, SBI partner to offer loans to palm oil farmers: Report

Godrej Agrovet's Oil Palm Business on Thursday said it has partnered with the State Bank of India (SBI) to offer loans to oil palm farmers for setting up micro irrigation facility and install fencing to protect crops from cattle and improvement of tube well at their oil palm farms. Introduced with an objective of aiding oil palm growth by improving Fresh Fruit Bunches (FFB) productivity, it will act as a catalyst to maintain juvenile gardens during the gestation period of the first 5 years, Godrej Agrovet said in a statement. "The partnership with SBI is a testament of our company's efforts to improve farmer's confidence in sustainable oil palm farming. With no income visibility during the long gestation period, this partnership will aid bridge the gap for their finance needs during the initial years," Godrej Agrovet CEO, Oil Palm Business, Sougata Niyogi said. He further stated that the implementation of National Mission on Edible Oils - Oil Palm (NMEO-OP) has generated a new sense

Well-equipped to deal with ECL framework: SBI Chairman Dinesh Khara

Non-NPA provisions of bank over Rs 35,500 crore