Business Standard

State Bank of India News

CRR reduction will help banks facing low deposit growth: SBI MD Tewari

Lowering the cash deposit ratio or the proportion of deposits which banks are mandatorily required to park with the RBI will help the lenders facing low deposit growth, SBI Managing Director Ashwini Kumar Tewari said on Monday. Conversations for such a cut are on, he told reporters here, clarifying that the country's largest lender does not need such a reduction as it is well placed on the liquidity front. There has not been any formal request for a CRR cut made either, he added. Speaking at an event organised by domestic rating agency Careedge, Tewari said, "We have to look at various avenues for helping tide over the challenge posed by lower deposit growth", and specifically mentioned a request to get bank deposits at par with capital market investments while referring to CRR and SLR. To a question on whether the bank has sought a CRR cut, he said, "We have not sought any formal dispensation, but it is a conversation we continue to have. I don't think there is any move to do this

CRR reduction will help banks facing low deposit growth: SBI MD Tewari
Updated On : 22 Jul 2024 | 5:15 PM IST

RVNL, Angel One, Dixon, ITC, SBI: Strategies for Budget 2024 stocks

Stocks in focus ahead of Union Budget 2024: These 11 stocks across sectors are likely to be in focus in anticipation of measures to be announced by the finance minister Nirmala Sitharaman on Tuesday,

RVNL, Angel One, Dixon, ITC, SBI: Strategies for Budget 2024 stocks
Updated On : 18 Jul 2024 | 9:31 AM IST

State Bank of India launches spl scheme 'Amrit Vrishti' to garner deposits

SBI's Amrit Vrishti offers 7.25% on deposits for 444 days

State Bank of India launches spl scheme 'Amrit Vrishti' to garner deposits
Updated On : 16 Jul 2024 | 6:38 PM IST

SBI raises Rs 10,000 crore at a coupon of 7.36% in 15-year infra bonds

Several other state-owned lenders such as Canara Bank and Bank of India are also planning to raise funds through infrastructure bonds

SBI raises Rs 10,000 crore at a coupon of 7.36% in 15-year infra bonds
Updated On : 10 Jul 2024 | 6:07 PM IST

State Bank of India invites EoIs for stressed exposure in Amul Industries

Entities submitting EoIs will be allowed to conduct due diligence on the asset by August 5, following which binding bids will be invited during the e-auction on a 100 per cent cash basis

State Bank of India invites EoIs for stressed exposure in Amul Industries
Updated On : 08 Jul 2024 | 5:22 PM IST

CS Setty: Soft spoken village boy set to occupy SBI's corner office

CS Setty is currently looking after international banking, global markets & technology portfolios

CS Setty: Soft spoken village boy set to occupy SBI's corner office
Updated On : 30 Jun 2024 | 8:43 PM IST

Geopolitics remains by far the biggest risk to markets, says Chris Wood

Back home, the midcap segment, Wood said, remains vulnerable to a correction. He believes there will also be a temptation for investors to tilt the portfolio more towards consumption plays

Geopolitics remains by far the biggest risk to markets, says Chris Wood
Updated On : 28 Jun 2024 | 2:10 PM IST

FSIB to conduct interviews for chairman's position of SBI on Saturday

FSIB will recommend the name and the final decision would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi

Image
Updated On : 24 Jun 2024 | 8:51 PM IST

SBI pays Rs 6,959 crore dividend to govt, BoM gives Rs 857 crore for FY24

The country's biggest lender State Bank of India (SBI) on Friday paid a dividend of Rs 6,959 crore for the financial year 2023-24 to the government. The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi. "Smt @nsitharaman receives a dividend cheque of Rs 6959.29 crore for FY 2023-24 from @TheOfficialSBI Chairman Shri Dinesh Kumar Khara," the finance ministry said in a post on X. SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs 11.30 per equity distributed for the previous year. During 2023-24, the bank earned a record consolidated net profit of Rs 67,085 crore against Rs 55,648 crore in the preceding year.

SBI pays Rs 6,959 crore dividend to govt, BoM gives Rs 857 crore for FY24
Updated On : 21 Jun 2024 | 10:46 PM IST

Bring InvITs within ambit of bankruptcy law for recoveries: SBI MD

The long-term nature of assets has to be supported by long-term liabilities or there has to be take-out financing. This is starting to happen with the rise in Real Estate Investment Trusts and InvITs

Bring InvITs within ambit of bankruptcy law for recoveries: SBI MD
Updated On : 21 Jun 2024 | 7:08 PM IST

SBI to raise up to Rs 20,000 cr via long-term bonds to fund infra projects

The bonds to be issued in tranches depending on market conditions

SBI to raise up to Rs 20,000 cr via long-term bonds to fund infra projects
Updated On : 19 Jun 2024 | 4:39 PM IST

State Bank of India to raise up to Rs 20,000 cr via long-term bonds in FY25

During the last financial year, SBI raised a total of Rs 20,000 crore through the sale of 15-year infrastructure bonds

State Bank of India to raise up to Rs 20,000 cr via long-term bonds in FY25
Updated On : 19 Jun 2024 | 2:12 PM IST

State Bank of India indicates another 10-15 basis points MCLR hike

Loans to companies are linked to the MCLR, which depends on the cost of the funds of a bank. Retail loans are linked to the external benchmark lending rate (EBLR)

State Bank of India indicates another 10-15 basis points MCLR hike
Updated On : 17 Jun 2024 | 5:34 PM IST

SBI to monetise subsidiaries after scaling up their biz: Chairman Khara

SBI Chairman Dinesh Kumar Khara has said the lender would wait for its subsidiaries like SBI General Insurance and SBI Payment to further scale up their operations before monetising them. Scaling up of their operation will increase valuation and ensure better returns for the parent State Bank of India (SBI). When it comes to subsidiaries, their monetisation would be through the capital market, he told PTI in an interview. "The subsidiaries, which would be eligible for this kind of route, would be essentially our SBI General and may be at some stage, SBI Payment Services, but as of now, we don't have any such plan," he said. "Maybe, we would like to scale them up a little more, and then we will think in terms of going to the capital market for monetising our holding in these companies. But not in the current financial year," he added. During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has

SBI to monetise subsidiaries after scaling up their biz: Chairman Khara
Updated On : 16 Jun 2024 | 2:08 PM IST

SBI sanctioned 20,000 digital small biz loans up to Rs 50 lakh since Dec

State Bank of India (SBI) has sanctioned around 20,000 loans of Rs 10 lakh to Rs 50 lakh for small businesses as part of a digital lending pilot that started in December, a senior official said on Friday. Having been satisfied with the results of the pilot, under which a customer can get a loan sitting at home, the country's largest lender is now broadening the loan amounts to Rs 5 crore, Deputy Managing Director Surendra Rana said at a banking conference organised by IMC here. "We rolled out the Rs 10-50 lakh model in December and I am happy to share that we have already sanctioned around 20,000 loans through this process and this is working very smoothly. Now, we are escalating it to Rs 5 crore," he said. A customer journey starts with scanning a QR code from anywhere, grants some approvals and SBI uses data repositories to come back with a sanctioned amount in a maximum of five days, he said. The remarks from the official come days after the bank announced that lending to small

SBI sanctioned 20,000 digital small biz loans up to Rs 50 lakh since Dec
Updated On : 14 Jun 2024 | 6:10 PM IST

India Inc seeking Rs 5 trillion credit to fund capex: SBI Chairman Khara

State Bank of India Chairman Dinesh Kumar Khara has said there is a growing demand for credit from the corporate sector and loans worth Rs 5 lakh crore are in the pipeline. Unlike the past few years, when the corporates had sufficient cash surplus on their balance sheet, they have started looking for credit to fund working capital requirements and capacity expansion, he told PTI in an interview. "Now we have come to a stage where they (corporates) have started approaching banks for augmenting their capacity or for working capital purposes. Of course, this I can say with confidence because when we look at our unavailed term loan percentage, it has come down from 25 per cent to 18 per cent and when we see the working capital utilisation, even that has improved," he said. So, all these are confirming that private sector opportunities are going to be there and SBI will be in a position to create value for the sector, he said. At the same time, he said, "When we look at our pipeline for

India Inc seeking Rs 5 trillion credit to fund capex: SBI Chairman Khara
Updated On : 13 Jun 2024 | 3:37 PM IST

State Bank of India to scale up global operations through GIFT City

Diversify in trade finance through supply chain funding to MNCs

State Bank of India to scale up global operations through GIFT City
Updated On : 11 Jun 2024 | 7:46 PM IST

SBI launches 'SME Digital Business Loans', to sanction loans in 45 minutes

Waives of financial statement requirement for SME loans below Rs 50 lakh

SBI launches 'SME Digital Business Loans', to sanction loans in 45 minutes
Updated On : 11 Jun 2024 | 7:33 PM IST

MSME loans will be 'focal point' for growth over next 5 years: SBI

SBI, the country's largest lender, on Tuesday said small business lending will be the "focal point" for growth and profit for the next five years. The state-owned lender launched a product christened "SME (small and medium enterprises) Digital Business Loans", under which loans will be sanctioned in 45 minutes. "MSME (micro, small and medium enterprises) advances have been identified as the focal point for the bank's growth and profitability over the next five years," an official statement said. The bank is aiming to broaden credit accessibility for small businesses in the coming months by extending availability across all partner customer service point touchpoints and via QR codes at outdoor touchpoints in the coming months, the statement said. For the year ended on March 31, 2024, the bank's overall SME book grew by over 20 per cent to Rs 4.33 lakh crore and gross non performing assets in the book came down to 3.75 per cent from a peak of 9.43 per cent in FY20. The newly launche

MSME loans will be 'focal point' for growth over next 5 years: SBI
Updated On : 11 Jun 2024 | 5:02 PM IST

Rate sensitive shares trade firm as RBI keeps repo rate unchanged at 6.5%

At 10:40 am; Nifty Bank, Nifty Financial Services, Nifty Private Bank, Nifty PSU Bank, Nifty Auto and Nifty Realty index were up in the range of 0.60% to 1.07%.

Rate sensitive shares trade firm as RBI keeps repo rate unchanged at 6.5%
Updated On : 07 Jun 2024 | 11:23 AM IST