SBI

SBI ‘kisan mela’ on July 18

State Bank of India (SBI) will organise ‘kisan melas’ in 875 rural and semi-urban branches spread across Karnataka on July 18. It is an initiative of the bank to connect with farmers and resolve their grievances. The bank also plans to offer Kisan Credit Cards to farmers. The bank will also make farmers aware of the benefits of timely renewal of KCC account & usage of KCC Rupay Card.

Recommendations for the post of MD in PSB

Bank Boards Bureau has recommended names of 15 officials for the posts of MD and CEO in several public sector banks. The bureau has recommended Anshula Kant, the current deputy managing director of SBI for the post of MD in the bank. The post was vacant following the resignation of B. Sriram as the MD of the bank. The other 14 names recommended include 6 current DMDs of SBI.

B.Sriram resigns as SBI MD

SBI managing director B. Sriram has resigned from his post after being appointed as the chief executive of IDBI Bank. The news assumes significance amid reports that Life Insurance Corporation of India (LIC) is weighing acquiring a majority stake in the debt-ridden IDBI Bank. Sriram is the longest-serving public sector bank MD and has wide experience, including in stressed assets management.

Arjit Basu: New MD of State Bank of India

23 : The appointments committee of the cabinet has appointed Arijit Basu as the new Managing Director of State Bank of India till October 31, 2020. Prior to this, Basu was heading the corporate accounts group as the Deputy MD. SBI’s Managing Director B. Sriram will take charge as the MD and CEO of IDBI Bank after existing Chief MK Jain got recently appointed as the RBI Deputy Governor.

HDFC Bank increases lending rate by 10 bps

HDFC Bank , the second largest private sector lender of the country, increased its marginal cost of fund-based lending rate (MCLR) by 10 basis points (bps) across various loan tenures. As a result, its one-year MCLR is now at 8.4%. The move comes after all major banks, including State Bank of India (SBI) and ICICI Bank, increased MCLR by an equal amount.

PM Modi launched 3 Indian digital payment apps

Prime Minister Narendra Modi launched the International Rupay Card, Bhim app and UPI enabled remittance App by State Bank of India in Singapore. The RuPay digital payments system was linked up with Singapore’s 33-year-old Network for Electronic Transfers (NETS). Singapore branch of the SBI is the first to launch this new mode of remittance in collaboration with NPCI.

SBI allows cash withdrawl at PoS Terminals

To beat the cash crunch, SBI is allowing debit cardholders withdraw money from its Point of Sale terminals without any charges.According to RBI, a customer can withdraw Rs 1,000 in tier 1 & 2 cities, whereas Rs 2,000 can be withdrawn in tier 3 to tier 6 cities per day per card. SBI has over 6 lakh PoS machines of which nearly 5 lakh machines are enabled to dispense cash to its customers.

Kotak Mahindra became 2nd most valuable bank

Kotak Mahindra Bank Ltd beat India’s largest lender State Bank of India (SBI) for the first time to become the second most valued bank in the country.HDFC Bank Ltd remained country’s most valuable bank with a market capitalization of ` 5.04 trillion. Kotak Mahindra Bank has a market capitalization of ` 2,22970.40 crore.

Kotak Mahindra Bank Pips SBI to Become India’s 2nd Most Valuable Bank

Shares of private lender Kotak Mahindra Bank Ltd beat India’s largest lender State Bank of India (SBI) for the first time to become the second most valued bank in the country. Data from BSE showed that Kotak Mahindra Bank has a market capitalization of Rs2,22,560.69 crore after its shares rose 1.7%. SBI market capitalization stood at Rs. 2,22,043.74 crore. Its shares were trading at Rs248.80 on BSE, down 1% from its previous close. Uday Kotak is the Executive Vice Chairman and Managing Director of Kotak Mahindra Bank. Its headquarters in Mumbai. HDFC Bank Ltd is the country’s most valuable bank with a market capitalisation of Rs5.04 trillion.

SBI sets up 60 ‘sbiINTOUCH’ digital branches

SBI has set up 60 digital branches, called ‘sbiINTOUCH’, across the country.SBI has set up these branches in partnership with Dimension Data, a global technology integrator and managed services provider. The digital branches aim to help SBI expand its reach with increasing profitability. It will offer services like instant loan approvals, assistance in choosing investment portfolios.

SBI launches UK subsidiary

The SBI has announced the launch of its UK subsidiary, SBI (UK) Limited, with an initial capital commitment of 225 million pounds from its parent entity.SBI became the first foreign bank in the UK to ringfence its retail division from its wholesale business. SBI operates seven branches in London.

SBI to invest in hydropower project

SBI will be investing a total of Rs 80 billion in the ‘Arun III’ hydropower project of Nepal, which will produce 900 megawatts of electricity.The SJVN, which has been awarded with the construction of the mega power project of Nepal, has made an informal agreement with the SBI to acquire the investment as a loan. The mega project is targeted to be completed by 2022’s September.

Sanjeev Nautiyal is the MD & CEO of SBI Life

SBI Life Insurance Company Limited appointed Sanjeev Nautiyal as its new MD and CEO.Sanjeev Nautiyal started his career with State Bank of India in 1985 as a probationary officer in bank’s Lucknow circle. In the immediately preceding assignment, he was the Chief General Manager of the bank’s Ahmedabad circle.He is a Certified Associate of the Indian Institute of Bankers (C.A.I.I.B).

MoU signed between SBI and IMGC

SBI and India Mortgage Guarantee Corporation (IMGC) signed a pact to offer mortgage guarantee scheme for prospective non-salaried and self-employed home loan customers. The offering will help increase home loan eligibility up to 15% within the regulatory norms. The applicant can avail higher finance based on risk grade of the borrower, by opting for IMGC default guarantee cover.

SBI slashes minimum balance charges

State Bank of India, SBI has cut down the charges for non-maintenance of average minimum balance in its savings accounts by up to 75 percent. The new charges, which will benefit about 25 crore bank customers, comes into effect from 1st of next month. Pradhan Mantri Jan Dhan Yojana, basic savings bank deposit account, and accounts of pensioners and minors are exempted from these charges.

PNB And ICICI Bank Increases MCLR Rates

The Punjab National Bank (PNB) and ICICI Bank hiked the MCLR rates for loan borrowers. Taking a cue from SBI, country‘s second-largest private sector lender ICICI Bank also raised the one-year MCLR from 8.2% to 8.3%. The PNB, which is at the centre of Nirav Modi fraud also increased one-year MCLR to 8.3% from 8.15%.

SBI steeply hikes deposit rates

SBI steeply raised the retail and bulk deposits rates for various maturities by up to 0.75% with immediate effect. This is the third pricing revision in past four months by the bank. For retail deposits, below ` 1 crore, rates have been increased by up to 0.50%, while for deposits maturing in one year to less than two years, the pricing has been raised by 0.15% to 6.40% from 6.25% earlier.

State Bank of India set for UK restructuring

SBI is set for a major restructuring of its business in UK from April.SBI’s UK operations will transform into a subsidiary named State Bank of India UK Limited from April 1. It means that all retail branches of SBI in UK will fall under a new UK-incorporated banking entity instead of their previous status as overseas branches of the Indian entity. SBI operates 7 branches in London.

SBI launches global customer service centre

State Bank of India has launched its Global NRI Centre (GNC) in Kochi, a one-stop customer service point for all NRI banking-related activities.Through its GNC, SBI aims to centralise operations which are currently spread across 16 circles, 92 NRI branches in 66 different locations and several NRI-intensive branches. SBI has a strong NRI customer base of over 33 lakh as on January 31.

SBI has over Rs 20,000 Crore bad loans

SBI wrote off bad loans worth Rs 20,339 crore in 2016-17, the highest among all the public sector banks, which had a collective write off of Rs 81,683 crore for the fiscal.The data pertains to the period when the associate banks of SBI were not merged with it. Besides SBI, Punjab National Bank had a write-off of Rs 9,205 crore in 2016-17, followed by Bank of India (Rs 7,346 crore).

SBI posts a quarterly loss for in 17 years

India’s largest lender State Bank of India (SBI) on Friday reported a loss of ?2,416.4 crore for the December quarter, marking its first quarterly loss in at least 17 years.The bank had reported a standalone profit of ?2,610 crore in the corresponding quarter last fiscal.The bank’s net interest income during the quarter rose to ?18,688 crore.

SBI to launch credit card for farmers

The State Bank of India, through its subsidiary SBI Cards & Payments Services Pvt Ltd, will offer credit cards to farmers.The project has been initiated on a pilot basis in Gujarat, Rajasthan and Madhya Pradesh, and depending on the success of the pilot run, it will be launched nationally. The new credit cards for the farmers will have a credit limit with a credit period of 45 days

SBI, NABARD signs agreement

SBI and NABARD have signed an agreement with five NGOs in Bengal for the promotion of 2,500 joint liability groups in select districts of the State.JLGs are informal groups of 4-10 members engaged in similar economic activities and willing to jointly undertake the responsibility to repay loans taken by the group from a bank.NABARD is headquartered in Mumbai with branches all over India.

BPCL SBI Card launched

SBI Card and Bharat Petroleum has announced the launch of the BPCL SBI Card – the most rewarding fuel co-branded credit card in the country.The BPCL SBI Card will offer up to 70 litres of free fuel per year to cardholders.Cardholders can earn rewards and save on fuel at 14000 Bharat Petroleum fuel stations across the country. It has been launched on the Visa platform.

SBI Starts State Bank Rewardz Scheme

SBI has introduced a loyalty program named State Bank Rewardz for its valued customers.It gives the customers several opportunities to earn reward points and earn many times faster at Max Get More partner outlets.Thus, one can become a member of the State Bank Rewardz Loyalty Program and earn points every time one spend.

SBI releases report on oil price hike

The Economic Research Department of State Bank of India has released a report on oil price hike and how unlikely it is to impact the Current account deficit (CAD) and how inflation could stretch fiscal. The report is authored by Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser of SBI. The report depicts oil price hike and its impact on the Current account deficit (CAD) and inflation.

SBI Cuts Lending Rate across maturities

The country’s largest lender State Bank of India (SBI) slashed benchmark lending rate by 0.05 percent across maturities. The reduction in the marginal cost of funds based lending rate (MCLR) came after a gap of almost 10 months. The move by the SBI will trigger the rate cut by other lenders. With the reduction, the MCLR for one year has come down to 7.95 percent from 8 percent.

SBI ties up with Escorts

SBI announced that it has entered into a tie-up with Escorts Ltd to finance farmers for the purchase of Escorts tractors. As per the terms of the tie-up, farmers across India, who wish to purchase Powertrac and Farmtrac brand tractors manufactured by Escorts, will be provided finance facility by SBI at competitive interest rates. This will help a large number of small and marginal farmers.

SBI launches ‘2nd SBI Digital Hackathon’

SBI has launched second edition of its Hackathon, named ‘Digitize For Bank’. Hackathon will be held from 1st – 12th November, 2017. This Hackathon seeks to bring out innovative ideas and solution based on digital technologies and automation to counter challenges faced by Banking sector such as identity fraud, problems with signature validation and lack of multi-form authentication.

SBI Foundation commits Rs. 10 cr for CSTM

SBI Foundation granted Rs. 10 crore for the conservation and restoration of Chhatrapati Shivaji Maharaj Terminus of Mumbai. SBI Foundation will provide Rs. 10 crore for the project under the “SBI-Project Swachh Iconic CSMT”. It is a UNESCO World Heritage site. By this project, the CSR arm of SBI aims to contribute in development and preservation of world heritage structures.

Odisha government signs MOU with SBI

Odisha government signed a MoU with SBI, for integration of SBI e-Pay with the cyber treasury. This MoU is an initiative by the Odisha government to facilitate revenue collection from citizens through digital banking platform. The SBI e-Pay is the payment aggregator service wing of SBI. It facilitates online payment of government dues by the customers of any public or private sector banks.

SBI waives closure charges

SBI has waived off account closing charges for all savings bank customers under the condition that their account has existed for over a year. Earlier, the bank used to deduct a sum of Rs. 500, along with the applicable GST, in the form of account closing charges. Closure of regular savings bank account by a basic savings bank deposit account holder will also not attract any closure charges.

SBI lowers min balance

SBI has lowered the minimum average monthly balance, requirement in a savings account to Rs. 3,000 from Rs. 5,000 and also revised downwards penalties for non-adherence. Bank has decided to treat metro & urban centres in the same category. Bank has also decided to exempt pensioners, beneficiaries of social benefits from govt & minors from the requirement of minimum balance in savings account.

SBI to teach bankers

SBI is planning to throw open its new banking personnel training institute for employees of other banks in India & other South East Asian countries. The institute will impart leadership training to people in the mid-managemnet level & above with thrust on risk mitigation, banking regulation and technology. The focus will be on action-based and result-oriented research and capacity building.

Team to track loan default resolutions

State Bank of India has set up a team of experts to deal with the resolution process of at least 32 defaulters. All these cases have been identified by Reserve Bank of India in its 2 lists of around 40 defaulters sent to banks. SBI has exposure to at least 20 accounts that are part of 2nd list of defaulter accounts. The move to set up a dedicated team is to ensure quicker decision making.

SBI Life Insurance gets Sebi approval

SBI Life Insurance has received approval from the Securities and Exchange Board of India for an IPO of up to Rs 8,400 crore. The IPO will involve 120 million secondary shares, or 12% of the insurer’s equity capital. State Bank of India, which currently owns 70.1% of the insurer, will sell 80 million shares and BNP Paribas Cardif, holder of a 26% will sell 40 million.

SBI’s Intelligent Chatbot

SBI is currently beta-testing its intelligent assistant called SIA – SBI Intelligent Assistant. SIA is a chatbot which is aimed at handling customer queries & help guide them through various retail products & services offered by SBI. Chatbot has been developed by Allincall, a startup backed by IIT B. It makes use of machine learning & bot experience to be able to respond to customer queries.

SBI debit cards now on Samsung Pay

SBI debit cards have been integrated with Samsung Pay, which allows payments by waving Samsung smartphone near cash register instead of swiping a card. SBI has 270 million active debit cardholders, of which 130 million cardholders will be immediately eligible to make payments through Samsung Pay. Samsung Pay works on point-of-sale terminals through its magnetic secure transmission technology

SBI, Carlyle to acquire GE Capital stake

SBI & Carlyle Group will acquire GE Capital Group’s entire 26% stake in SBI Card. SBI Card is a joint-venture b/w SBI Cards & Payment Services and GE Capital Business Process Management Services, which issue credit cards & process card transactions. Following the transaction, SBI & Carlyle will own 74% & 26% in each of the 2 entities. At present, SBI owns 60% in the joint venture.

UTI MF first to bring IPO

UTI Mutual Fund has become the first domestic asset management company (AMC) to bring an IPO. The listing plan of the country’s sixth-largest fund house had hit a block, with the SBI and the Life Insurance Corporation of India trying to wrest control over the AMC. The UTI MF had average assets under management of ` 1.37 lakh cr in March quarter.

Mahila E-haat Ties with India Post, SBI

The Women and Child Development Ministry has tied up with India Post and State Bank of India. Its objective is to offer more payment options to buyers and simplify shipping of products bought from Mahila E-haat. The tie-up with India Post will help women selling products on the forum. Mahila E-haat”, launched in March, was set up for the socio-economic empowerment of women.

Ola Teams up with SBI, PNB

Ola cabs partners with lenders like SBI & Punjab National Bank to ease cash crunch. Cash dispensing through swipe of debit cards at POS machines was introduced at around 3,700 petrol pumps. The same is being replicated by Ola on a test basis in its cabs in Kolkata & Hyderabad. Taxis with a bank officer and POS machine are parked at different locations & dispense cash of ` 2,000 per card.

SBI employee dies in bank

A 51-year-old employee of State Bank of India, handling the cash counter at a city branch died. He collapsed during a rush of people who had come to exchange the demonetised currency notes, a bank official said. The deceased, identified as Rampantula Venkatesh Rajesh, was a customer service assistant at the Gandhi Nagar branch of SBI.

Anuradha Rao is MD, CEO of SBI Mutual Fund

SBI Mutual Fund has appointed Anuradha Rao as its Managing Director and Chief Executive. Prior to this, Rao was Deputy Managing Director at SBI handling New Business Portfolio.

Dinesh Kumar Khara appointed as MD of State Bank of India

The Department of Personnel and Training of State Bank of India (SBI) has announced the appointment of Mr. Dinesh Kumar Khara as its Managing Director (MD). His appointment has been done by the Appointments Committee of Cabinet (ACC) for a period of three years, extendable by two years after the review of his performance. Presently he is working as MD and Chief Executive Officer of SBI Funds Management Pvt Ltd.

Current Events November 2015 – bank

•SBI’s Arundhati Bhattacharya remains the most powerful businesswomen in India. ICICI Bank’s Chanda Kochhar (2nd) and Shikha Sharma of Axis Bank (3rd).
•RBI fixes gold bonds issue price at
` 2,684 per gram
Minimum limit : 2 grams, Maximum limit: 500 grams, interest – 2.75%.
•RBI includes Bandhan Bank in second schedule list, eligible for loans from the central bank
Industrial Bank of Korea and Korea Exchange Bank Co Ltd. have been included in the second schedule.
•HDFC & YES Bank to list bonds on London Stock Exchange (LSE).
•Nation’s first low-income state infrastructure equity partnership or Neev fund launched by PM Narendra Modi in UK
•Troika has been inked with Centre, Andhra Pradesh and World Bank. worth $75 million (` 500 crore) credit deal for the Andhra Pradesh Rural Inclusive Growth Project “egg bowl of Asia” rural project.
•Asian Development Bank (ADB) finance to India-Bangladesh electricity network with $120 million loan.
•Axis Bank joined hands with Tata-SIA joint venture airline Vistara to launch travel credit card.
•Hong Kong and Shanghai Banking Corp. Ltd (HSBC) will close its private banking business in India.
• Union govt. appointed a panel to interview candidates for the post of Deputy Governor of the Reserve Bank of India.
•World Bank launched a $500 million market-based scheme designed to help developing countries pay for emission reductions and combat climate change
•State Bank of Travancore (SBT) launched a ‘Housing for All (Urban): Mission 2022’ to provide affordable housing to families belonging to the economically weaker sections/low-income groups in the urban centres – ` 3 lakh.
• RBI Governor Dr. Raghuram Rajan appointed as Vice Chairman on BIS (Bank for International Settlements) Board.
•SBI to launch mobile wallet ”Batua” for feature phone users to existing as well as non-SBI customers.