The Financial Services Institutions Bureau (FSIB) on Saturday recommended Challa Sreenivasulu Setty for the role of Chairman of the State Bank of India (SBI). Currently, Setty is one of the managing directors of the bank. Sharing an official notification, the FSIB said, “Keeping in view their performance in the interface, their overall experience and the…
Ashwini Kumar Tewari, the managing director of SBI, advocated on Friday that infrastructure investment trusts (InvITs) should no longer enjoy immunity from insolvency proceedings and should instead be brought under the Insolvency and Bankruptcy Code. He emphasised the importance for lenders to have assurances of recovering their dues from InvITs in case of defaults. Tewari…
The State Bank of India (SBI), India’s largest lender, has raised its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps), equivalent to 0.1 per cent, across all loan tenures. This adjustment is expected to result in higher equated monthly instalments (EMIs) for borrowers who have opted for loans tied to the…
SBI Q4 Result: India’s largest state-owned bank, the State Bank of India (SBI), posted a standalone net profit of Rs 20,698.35 crore, marking a 24 per cent increase year-on-year (Y-o-Y), driven by elevated interest income and reduced provisions. This surge contrasts with the previous fiscal’s March quarter when the bank reported a net profit of…
Senior citizen term deposits have become increasingly popular in the last five years, a research report by the State Bank of India revealed. The study said that the contribution for the deposits has doubled in recent years to touch 30 per cent in the 2023-24 fiscal year (FY24) and stands at Rs 34 lakh crore. …
State Bank of India (SBI), the largest public sector bank in India, on Thursday declared a hike in its annual maintenance charges for debit cards, with an increment of Rs 75 set to take effect from April 1, 2024, according to information provided on the SBI website. The announcement by the public sector lender specifies…
The National Payments Corporation of India on Thursday said it granted approval to One97 Communications Limited (OCL), Paytm’s parent entity, a third-party application provider (TPAP) licence. This move comes as Paytm’s banking unit faces closure, necessitating alternative arrangements for facilitating payments. The TPAP licence empowers Paytm to continue offering payment services through its app, utilising…
The National Highway Authority of India (NHAI) has updated its list of authorised banks and financial institutions for issuing FASTags, omitting Paytm Payments Bank Ltd (PPBL). This development follows the Reserve Bank of India’s (RBI) directive to PPBL to cease most banking operations by February 29, with an extended deadline until March 15, due to…
State Bank of India (SBI) has filed an application with the Supreme Court requesting an extension until June 30 to reveal specifics regarding each electoral bond cashed by political parties, according to PTI report. The bank argues that retrieving information from various data repositories and matching donor identities to their contributions is a time-intensive task…
State Bank of India, which saw a sharp 35 per cent fall in its December quarter net profit due to a one-time expenditure towards increased salaries and pensions, said the burden will jump to around Rs 26,000 crore by March this year. The country’s largest lender on Saturday reported a steep decline of 35 per…
