Page 50 - Sbi

SBI hits Rs 5 trillion market capitalisation; shares touch record high

State-owned lender, State Bank of India (SBI) hit the Rs 5 lakh crore market capitalisation on Wednesday after its shares touched a record high of Rs 564.45.

One in every six MSME loans under ECLG scheme turned into NPAs: Report

The National Credit Guarantee Trustee Company Ltd (NCGTC) declared that 1.6 million accounts or 16.4 per cent of the total 9.8 million loans disbursed have been converted to NPAs

Analysts bullish on banks, defence-related plays in the PSU pack

The rally in PSU pack thus far in CY22 was mostly led by stocks from the banking and defence-related verticals, while those of oil & gas and metals & minerals did not contribute much

S&P affirms State Bank of India's 'BBB-' rating on improving asset quality

The rating agency also affirmed the short-term issuer credit rating 'A-3' and maintained stable outlook for the rating

GMR Warora Energy signs pact with lenders to recast Rs 3,000 cr loans

Loans would be repaid progressively over 15 years, giving the company additional time of about seven years to extinguish the liability

Amid rising credit demand, SBI  looks for a revamp to increase deposits

The State Bank of India is planning to revamp its current and savings accounts, salary accounts, and transaction banking businesses

F&O Strategy: Nandish Shah of HDFC Securities recommends Bull Spread on SBI

The technical and derivatives analyst recommends buying SBI 550 Call and simultaneously selling 570 Call for the September series.

SBI dishonours cheque after misreading Kannada numeral; fined Rs 85,000

A State Bank of India branch has been fined Rs 85,177 by the Dharwad District Consumer Grievances Redressal Forum for dishonouring a cheque after failing to properly recognise a Kannada numeral on it. Vadirajacharya Inamdar issued an SBI cheque for Rs 6,000 to Hubli Electricity Supply Company Limited (HESCOM) towards his electricity bill on September 3, 2020. HESCOM had its account in Canara Bank and therefore the cheque was sent to the SBI branch at Haliyal in Uttara Kannada district of Karnataka for clearance. The cheque was filled in Kannada including the numerals. The SBI branch in Haliyal wrongly identified the Kannada numeral nine as six and, therefore, dishonoured the cheque. The numeral nine indicated the month of September, but the bank read it as June. Inamdar, an English lecturer in the Government PU College in Hubballi, approached the Consumer Forum with his complaint. On Wednesday, the Forum consisting of President Ishappa Bhute and members V A Bolishetti and P C Hir

Stocks to Watch: NDTV, Dr.Reddy's, IndiGo, SBI, Zee, Consumer Firms

Stocks to Watch Today: NDTV open offer to start from October 17. IndiGo's co-promoter Rakesh Gangwal likely to sell up to 2.8 per cent stake in open market.

SBI sells largest AT-1 tranche at lowest rate for any bank so far this year

The bank had notified an amount of Rs 7,000 crore to be raised through a single tranche of AT-1 bonds in order to augment capital.

WAARE partners with SBI to finance projects for consumers, channel partners

/ -- WAAREE, India's largest Solar Panel manufacturer, has entered into an Agreement with SBI for availing unsecured financing for solar projects through Surya Shakti Solar Finance Scheme and providing working capital for Channel Partners under EDFS (Electronic dealer finance scheme). WAAREE intends to leverage over 500 Cr of a credit line through Surya Shakti Solar Finance Scheme and provide a digital platform for hassle-free journey to loan applicants for financing solar projects. WAAREE enjoys the largest footprint across India through its Channel partner network, which caters to the customer base in the remotest corner of the country. This unsecured financing facility shall be extensively used by Commercial Institutions, Industries, Resorts, hotels, Manufacturing Units, Warehouses for adopting solar as their new energy source. Hence boosting solar penetration across India, aiding our country's energy security and accelerating decarbonization of power. The entire ecosystem has bee

Top public sector banks may soon end wait on trade settlement in rupee

Finance ministry to meet stakeholders on Wednesday

HDFC Bank, SBI AT-1 rates set to influence pricing of other issuances

The bonds will have a call option from the fifth year onwards and are rated AA+ by CRISIL, CARE and India Ratings, sources said

HDFC Bank targets nearly Rs 1-trillion deposit mop-up every quarter

In the recent roadshows, the bank's management sounded confident of its ability to deliver both loan growth as well as deposit growth, a report by Macquarie Research said on Monday

Bad loan recovery process can get worse

Apart from creating a distinction between financial creditors and operational creditors, the latest Supreme Court judgment also leads to the creation of a new category of default - temporary default

India is likely to become third largest economy by 2029: SBI report

As per the SBI report, India had surpassed the UK as the fifth largest economy as early as December 2021 itself

Day after Q1 GDP data, a spate of forecast cuts by banks, institutions

Moody's cut its forecast to 7.7%, from 8.8%, citing dampening economic momentum in the coming quarters on rising interest rates, uneven monsoon, and slowing global growth

SBI slashes India's FY23 growth forecast to 6.8% on way-below Q1 numbers

Chief economist at State Bank of India has revised downward the full-year growth forecast to a low 6.8 per cent from 7.5 per cent earlier for FY2023, citing "the way below GDP numbers for the first quarter". The National Statistical Office on Wednesday released the Q1 growth numbers which showed a consensus growth of 13.5 per cent, pulled down by the poor show of the manufacturing sector, which reported a paltry 4.8 per cent expansion in the first three months of FY23, negating the robust show by the services sector. Consensus forecast was 15-16.7 per cent of which the RBI made the highest forecast of 16.7 per cent. SBI group chief economic adviser Soumya Kanti Ghosh had also forecast a 15.7 per cent growth for the first quarter. The economy from the gross value added (GVA) also fared much lower than forecast, logging in only 12.7 per cent. At 13.5 per cent, real GDP growth has declined by 9.6 per cent sequentially, but the seasonally adjusted real GDP growth series shows pick-up

SBI to sell Anamika Conductors' bad loan account to recover Rs 102 cr

Country's largest lender SBI will sell non-performing loan account of Anamika Conductors through e-bidding in late September to recover dues of Rs 102 crore. Anamika Conductors has an outstanding of Rs 102.30 crore. SBI has put the reserve price for the e-auction, scheduled to be held on September 28, 2022, at Rs 22.13 crore. SBI said in terms of its policy on transfer of stressed loan exposures, it is placing the loan account of Anamika Conductors for transfer to eligible ARCs/banks/NBFC/FIs. The bank, however, said it reserves the right not to go ahead with the proposed transaction or modify any terms and conditions at any stage, without assigning any reason. Founded in 1988, Anamika Conductors is a Jaipur-based company engaged in manufacturing of aluminium conductor wire, aluminium alloy conductors and power cables. It also has presence in wind energy production with mills situated in Rajasthan and Maharashtra.

Jammu and Kashmir to Kerala, SBI executives are at every corner office

At least three PSBs have former SBI executives as MD & CEO at present - Sanjiv Chadha of Bank of Baroda, Partha Pratim Sengupta of Indian Overseas Bank and Soma Sankara Prasad of UCO Bank.