| State Bank of India Related news |
SBI Life Insurance net profit up 14%
Posted on 30th July 2014 |
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Private life insurer SBI Life Insurance posted a year-on-year rise of 14 per cent in net profit for the first quarter of FY15. The insurer posted a net profit of Rs 241 crore, against Rs 212 crore during the corresponding quarter of last year. Total premium grew 17 per cent to Rs 1,676 crore during the period. The collection of renewal premium recorded a growth of 32 per cent at Rs 937 crore over the corresponding quarter of last year. |
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SBI mulls share sales in insurance, asset-management units
Posted on 28th July 2014 |
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Mumbai: State Bank of India (SBI), the country’s largest lender, is considering share sales in its insurance and asset-management units to meet tighter capital requirements. “We are in talks with our joint-venture partners regarding the listing of the insurance units,” chairman Arundhati Bhattacharya said in an interview at her office in Mumbai on 25 July. The lender is also in discussions with Paris-based Amundi Asset Management, which holds a stake in SBI Funds Management Pvt. Ltd, for a potential equity issue, she said without elaborating as a final decision has yet to be made. |
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RBI likely to maintain status quo in August policy: SBI chief
Posted on 25th July 2014 |
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State Bank of India Chairperson Arundhati Bhattacharya on Thursday said the Reserve Bank is likely to keep interest rate intact in its upcoming monetary policy review next month. "I think status quo is more likely," she said when asked what her expectation was from RBI policy review. On capital requirement, Bhattacharya said: "There are various scenarios, various requirements...at this point of time when the credit growth is not too much I am not seeing any immediate requirement. But going ahead, of course there will be requirement on the capital front." |
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Banks moving ahead to declare KFA as wilful defaulter
Posted on 25th July 2014 |
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The government today said some banks have initiated the process of declaring debt-ridden Kingfisher Airlines as wilful defaulter. “Some banks have already started the process,” Financial Services Secretary G S Sandhu said when asked as to whether the banks are going to declare Kingfisher Airlines and its promoter Vijay Mallya as wilful defaulter. Once declared wilful defaulter, criminal proceedings can be initiated against promoters and directors of the company. |
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SBI cuts some deposit rates
Posted on 16th July 2014 |
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Mumbai: State Bank of India (SBI) on Tuesday said it will reduce interest rates on some deposits effective from Friday. The bank has cut deposit rates of Rs.1 crore or more in two buckets by 25 basis points each. One basis point is one-hundredth of a percentage point. The bank will pay 6.25% interest on deposits of Rs.1 crore or more in the seven days to 60 days bucket, down from 6.50%, while deposits in the 61 days to less than one year bucket will yield 6.75%, down from 7%. |
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Bankers welcome CRR, SLR leeway on infra loans
Posted on 12th July 2014 |
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Top bankers have welcomed the finance minister’s announcement in the Union Budget on infrastructure loans. It has met an old demand. The minister said banks would be exempted from maintaining the cash reserve ratio (CRR), statutory liquidity ratio (SLR) and priority sector lending target on funds raised to finance infra loans. |
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Finance ministry looking at public banks' consolidation
Posted on 2nd July 2014 |
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Consolidation of state-owned banks is back on the government's agenda with the finance ministry evaluating the feasibility of the proposal. A call will be taken shortly on whether Finance Minister Arun Jaitley should announce the government's intent to go ahead with the mergers in the coming Budget. |
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BSE Sensex up 225 points; SBI, Tata Power, HDFC Bank, ICICI Bank top gainers
Posted on 30th June 2014 |
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The benchmark BSE Sensex bounced back by 225 points in early trade on fresh buying in banking, capital goods, consumer durables, power and realty stocks on the back of higher Asian cues. Asian stocks firmed up ahead of a packed week of economic data that will test investor hopes for a pick-up in the US as well as the global economy. |
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State-owned banks get busy evaluating non-core assets
Posted on 26th June 2014 |
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Mumbai: Nudged by the finance ministry, public sector banks have started valuing their non-core assets to divest stake when suitable buyers are found. Non-core assets are investments by banks not related to lending and borrowing. These investments lie in the bank’s treasury books. |
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Sensex, Nifty up over 1%, index heavyweights lead the rally
Posted on 24th June 2014 |
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Markets extended gains in noon deals with the benchmark indices at day highs, led by gains in realty, power and consumer durable companies. At 1400 hrs, the Sensex was up 377 points at 25,409 and the Nifty advanced nearly 100 points to trade at 7,590. |
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