Page 39 - Sbi

SBI General FY23 net profit jumps 40% to Rs 184 cr, premium up by 17.6%

SBI General Insurance, the unlisted arm of State Bank, on Friday said its net income surged 40 per cent year-on-year to Rs 184 crore in FY23 on a gross written premium income of Rs 10,888 crore. The company said it could sustain the strong growth momentum through the year, as visible from the 40 per cent jump in net profit and 17.6 per cent growth in gross premium over the 12 trailing months. It said the year also saw its market share rise to 4.21 per cent with over 22 crore customers. The solvency ratio stood at 1.72x, marginally higher than the regulatory mandate of 1.5x, the company said. The privately held arm of the nation's largest bank did not offer a detailed financial statement, such as investment gains/loss, the combined ratio, which is the key profitability metric for a general insurer, investment details and other numbers. The managing director and chief executive Kishore Kumar Poludasu said the year saw the company achieve the milestone of being one of the early compa

RBI to come up with new rules on classification of accounts as fraudulent

The new rules will reportedly give the borrower a personal hearing before they are declared a wilful defaulter

IT drags benchmarks lower for 3rd day; Sensex dips 159pts, Nifty near 17600

CLOSING BELL: Infosys, TCS and HCL Technologies, down 1.3 - 2.4 per cent, collectively accounted for a loss of 156 points on the BSE Sensex.

Stocks to Watch: SBI, ICICI Lombard, ONGC, Reliance, Oil India, Zydus Life

Stocks to Watch: ICICI Lombard General Insurance reported a 39.6 per cent surge in net profit in the January-March quarter (Q4) of FY23

TMS Ep414: SC fraud ruling, office spaces, markets, overseas citizenship

Why does SBI want SC to clarify its fraud account ruling? Will Indian offices get repurposed as apartments? Are logistics stocks worth your money? What is Overseas Citizenship of India? Answers here

State Bank of India board approves raising of $2 billion from bonds in FY24

SBI will raise $2 billion through foreign currency bonds in 2023-24 in single or multiple tranches

Top headlines: Sideloading apps in iOS 17, India Inc gears for Covid spike

Business Standard brings you top headlines at this hour

SBI Foundation hands out Rs 30 lakh grant in Shark Tank-like pitch fest

Fund given to eight fellows working on projects around health, governance, inclusion, farming

State Bank of India to consider raising $2 billion via offshore bonds

The board will meet on April 18 to consider the fund raising

Top headlines: Likely profitable Q4 for India Inc, rural FMCG sales up

Business Standard brings you the top headlines at this hour

SBI Foundation commits Rs 3 mn grant to eight select social ventures

SBI Foundation, the CSR arm of State Bank of India (SBI) on Sunday committed Rs 30 lakh as a grant to 8 ventures who work at the grassroot level to bring change in the lives of rural population. The selection for the grant is done on the basis of projects submitted by fellows of SBI Youth for India programme, and depending on the assessment, grant is pledged during 'SBI YFI Sahyog - The Pitch Fest', SBI Foundation CEO and Managing Director Sanjay Prakash told PTI. Four top winning ideas are given support of Rs 6 lakh each while four runners-up are given Rs 1.5 lakh each, he said after the selection process on Sunday. Last year, he said, the Foundation had given a grant of Rs 20 lakh to selected few social enterprises both under non-profit and for-profit ventures by the SBI Youth for India (YFI) Alumni. Under SBI YFI programme started in 2011, he said, around 100 professionals or fresh graduates are selected as fellows, who join hands and foster change with rural communities and NGO

SBI loan fraud: SC permits bank to respond to reply of pvt firm chairperson

The Supreme Court has permitted SBI to file a rejoinder to the reply of Suman Vijay Gupta, a citizen of the Dominican Republic and chairperson of a Mumbai-based private company, who was stopped from travelling to the UAE because of a case in which she is accused of defrauding the bank of Rs 3,300 crore. The top court had on March 16 taken up for urgent hearing the appeal of the State Bank of India against a Bombay High Court order permitting Gupta, the chairperson of Ushdev International Limited (UIL), to travel abroad on furnishing a personal undertaking that she will come back to face legal proceedings here. The Solicitor General (Tushar Mehta) submits that the applicant (Gupta) who took up the citizenship of the Dominican Republic after the declaration of her account as Non Performing Asset (NPA), has been permitted to travel by the impugned orders dated March 10, and 14 March 2023 of a Division Bench of the High Court of Judicature at Bombay... Pending further orders, there shal

Mutual fund AUM surges 5% in FY23; SBI widens lead, shows data

The industry growth in FY23 was much lower than that of FY22, when the AUM grew over 20 per cent on the back of a strong market rally and record fresh investments

Embattled Adani Group trumpets stable ties with international lenders

Several of the banks already have business relationships with the group, ties which the conglomerate has previously pointed to as a sign of its strength to counter Hindenburg's allegations

SBI to find out reasons behind outage, ensure such event don't recur

Surge in digital payments in the past few years has highlighted the need for banks to raise the capacity of their digital platforms

SBI digital services impacted due to tech glitch, resolved later

Earlier in the day some customers complained in social media that they were unable to access net banking, Unified Payment Interface (UPI) of SBI

SBI's online banking services impacted for 'few hours' due to tech glitch

The country's largest lender SBI's online banking services were impacted for a few hours due to a technical glitch on Monday, inconveniencing scores of customers. SBI, which serves nearly a fourth of the over 130 billion Indians, admitted to a "technical glitch" on Monday. Many customers took to social networking sites to voice their concerns of service disruptions. Customers complained of inability to access the bank's 'Yono' banking app and also undertake any banking transactions online during the period while some said that services have been impacted since late last week itself. "We regret to inform you that due to a 'technical glitch', some of our digital services were impacted for a few hours on April 3, 2023. "However, the issue stands resolved, and the digital services are live and restored," the bank said in a late evening statement. Details about the exact issue, services impacted and the total duration of the downtime were not disclosed. In the past, the RBI had penal

PSBs transfer Rs 35,012 cr unclaimed deposits to RBI; SBI tops list

Among the PSBs, SBI tops the list with an unclaimed amount of Rs 8,086 crore, while Punjab National Bank has Rs 5,340 crore and Canara Bank has Rs 4,558 crore

Banks tier II bond issuance surges 3.5 times in FY23, shows data

The issuance of tier II as well as Tier I bonds was marked by increase in the coupon on instruments reflecting hardening of interest rates and tight liquidity

Godrej group and SBI sign a strategic MoU to deepen partnership

"Together, we aim to unlock opportunities for financial inclusion and build a long-term, sustainable franchise, helping drive India's growth story forward"