SBI-led consortium set to bail out Yes Bank: Sources
NEW DELHI: Public sector lender SBI along with some other financial institutions will bail out capital-starved Yes Bank, with the government giving the go-ahead, sources said on Thursday. In a day of rapid developments, which also included a board meeting of SBI, there were reports that LIC has been asked to team up with the […]
State Bank of India conducts mega e-auctions of 1,000 properties
NEW DELHI: Country’s largest lender, the State Bank of India (SBI) on Wednesday conducted a mega electronic auction of commercial, retail and residential properties to recover dues and said that it will notify the successful bidders in the coming days. The SBI had earlier taken to Twitter to announce this, saying: “Mark your calendar to […]
Peninsula Land defaults on Rs 2.35 crore loan payment to SBI
NEW DELHI: Ringing in the New Year on a sour note, real estate companies are defaulting as Peninsula Land, a unit of Ashok Piramal Group, defaulted in the payment of Rs 2.35 crore on a secured term loan worth Rs 177.72 crore from the State Bank of India. The worrisome part is that the default […]
Not all is gloomy! SBI chairman nudges industry to borrow and invest in economy
NEW DELHI: SBI Chairman Rajnish Kumar on Saturday nudged industry leaders to enrich their borrowing capacity so as to boost investment in the economy, asserting there is no dearth of funds and most of the banks will be in a better position by March-end as far as stressed assets are concerned. He also said that […]
SBI Q2 profit surges six-fold to Rs 3,375 crore
NEW DELHI: The country’s largest lender SBI on Friday reported a nearly six-fold jump in its consolidated net profit to Rs 3,375.40 crore for the second quarter ended September 30. The bank’s net profit was Rs 576.46 crore in the July-September quarter of previous fiscal. Its total income of the entire SBI group rose to […]
SBI to move RBI to offer fixed-floating rate home-loans
LEH: The largest lender State Bank of India (SBI) will be seeking clarifications from the Reserve Bank of India (RBI) whether it can offer long-term home loans with fixed rates in the beginning and convert the same into floating rates later, chairman Rajnish Kumar has said. The move comes after the Reserve Bank has mandated […]
SBI chief slams ‘selfish’ private sector bank for Altico crisis
NEW DELHI: State Bank of India (SBI) chairman Rajnish Kumar has slammed a “selfish” private sector lender for the crisis at Altico Capital, as its unilateral move to secure its own money can potentially cause troubles to the wider financial system. The realty-focused non-banking lender Altico, which owes over Rs 4,500 crore to the system […]
Eight of top-10 most valued firms lose Rs 89535 crore in m-cap
NEW DELHI: Eight of the 10 most valued Indian companies suffered a combined erosion of Rs 89,535 crore in market valuation last week, with SBI emerging as the biggest drag. In the top-10 list, only Tata Consultancy Services (TCS) and HUL saw gains in their market capitalisation (m-cap) for the week ended Friday. Reliance Industries […]
RBI imposes Rs 50 lakh fine on SBI
NEW DELHI: State Bank of India (SBI) on Saturday said the Reserve Bank has imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds. The RBI in exercise of the powers conferred under various sections of the Banking Regulations Act, has imposed a penalty of Rs 50 lakh on […]
SBI reports Rs 2,312 net profit in Q1
NEW DELHI: The country’s largest bank State Bank of India (SBI) on Friday posted a standalone net profit of Rs 2,312.02 crore for the first quarter of current fiscal, mainly driven by higher income and reduction in bad loans. The bank had reported a loss of Rs 4,875.85 crore in the April-June quarter of 2018-19. […]
SBI Managing Director Anshula Kant appointed MD and CFO of World Bank
NEW DELHI: Anshula Kant, managing director of the State Bank Of India (SBI), has been appointed as managing director and chief financial officer of the World Bank, its president David Malpass announced on Friday. As Managing Director and Chief Financial Officer, Kant will be responsible for financial and risk management of the World Bank Group, […]
Jet Airways insolvency: Airline invites claims from creditors by July 4
NEW DELHI: The resolution professional for Jet Airways, which was admitted to the NCLT last week for bankruptcy, has invited claims from all creditors to the grounded airline. The airline owes over Rs 8,500 crore to a consortium of 26 banks led by State Bank, and over Rs 13,000 crore to the tens of hundreds […]
Jet Airways case: SBI’s no to Etihad’s demands for open offer waiver, slots
NEW DELHI: State-run SBI Friday said Etihad Airways had sought waiver of open offer and assurance of flying slots for take over of Jet Airways, but the lenders to the debt-ridden carrier had no authority to accommodate the relaxations sought. State Bank of India (SBI) chairman Rajnish Kumar had on Thursday defended the lenders’ decision […]
Rs 2-trillion bank frauds in 11 years: ICICI Bank, SBI report maximum cases
NEW DELHI: Of over 50,000 frauds that hit banks in India in the last 11 fiscal years, the ICICI Bank, State Bank of India (SBI) and HDFC Bank reported highest number of cases, according to an RBI data. Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping […]
SBI to link home loans to repo rate from July
NEW DELHI: After linking its short-term loans and large savings deposits rates to the repo rate, the largest lender State Bank of India (SBI) on Friday said it will introduce repo-linked home loans from July. The lender has also reduced interest rate on cash credit account (CC) and overdraft (OD) customers with limits above Rs […]
Etihad, two others submit financial bid for Jet Airways
NEW DELHI: The State Bank of India-led consortium of lenders to Jet Airways Friday said it has received bids from Etihad Airways and from a few unsolicited parties to acquire stake in the grounded airline. The consortium of 26 lenders, which now owns 51 percent in the airline, had invited expressions of interest between April […]