Cyber security has become a hot-button topic particularly after demonetisation gave a huge filip to digital payments. However, banks have still not put in adequate security measures to prevent cyber fraud.
The State Bank of India (SBI) merger with its five associate banks is likely to close the door to future job recruitments at the merged entity.
In a bid to shore up cash-strapped public sector banks, the government today injected Rs 22,915 crore capital in 13 lenders including SBI, Indian Overseas Bank and Punjab National Bank and promised to release more funds depending upon their performance.
If bad loans are blighting their assets, soon payment banks will be stealing their low-cost deposit bases, as State Bank Chairman Arundhati Bhattacharya said the other day. This means their cost of funds will rise as competition for funds gets sharper, making it even tougher for them to provide for bad loans through higher profitability.
State Bank of India Chairman, Pratip Chaudhuri said that he was unlikely to be a part of the bank's next annual general meeting.
Aashish Tater picks Max India and State Bank of Travancore (SBT) as his multibaggers. He feels these two stocks will yield high returns in future.
State Bank of India expects a net profit of up to Rs 15,000 crore in this fiscal, against Rs 11,700 crore in the last financial year.