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State Bank of India (SBI) has informed BSE that the bank's board at a meeting held on Friday approved sale of 3.9 percent stake in SBI Life Insurance Company at a price of Rs 460 per share, subject to all regulatory approvals. SBI holds a total stake of 74 percent in SBI Life Insurance.
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State Bank of India chief Arundhati Bhattacharya said RBI Governor Urjit Patel-led Monetary Policy Committee‘s status quo on rates was disappointing as the market was expecting a 25 basis point cut. Oil prices and a likely rate hike by the US Federal Reserve would have played a role in MPC‘s decision-making process, she added.
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The number of transactions and amount deposited in banks following demonetisation is on a downward trajectory, says Rajnish Kumar, MD of SBI. He believes the overall deposits could not have yet touched the highly-speculated Rs 11 lakh crore figure.
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Speaking to CNBC-TV18 the state-owner bank's CFO Anshula Kant said the MCLR has been on a decline over the last few months considering weak credit offtake and fund inflows. She sees possibility of a steeper reduction in MCLR going forward.
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In an interview with CNBC-TV18, Suresh Ganapathy of Macquarie Capital Securities said that unsecured loans and consumer durables are likely to see higher non-performing assets (NPAs) in the NBFC sector.
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Speaking to CNBC-TV18 Arundhati Bhattacharya State Bank of India Chairman said the lender had seen transactions of around Rs 1 lakh crore transactions on Sunday. Out of which 80 percent is deposits, she said.
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State Bank of India last week had cut MCLR by 15 basis points which brought down its home loan interest rate to a six- year low of 9.1 percent. Commenting on the rate cut, Rajnish Kumar, Managing Director at SBI said as home didn‘t increase significantly in the past one year, SBI expects the two-month offer to help people buy their dream home.
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Sources tell CNBC-TV18‘s Nisha Poddar that SBI is meeting today to take stock of the bank‘s exposure to Tata Group companies in case there are write-offs.
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A security breach at some ATM branches has led to breach of security information of various card holders. The country‘s largest public lender State Bank of India (SBI) has cancelled 6,25,000 cards as a precautionary measure.
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NIIF-RDIF will invest in 20 projects in the next 3-4 years, says Kirill Dmitriev, Chief Executive Officer of RDIF on the sidelines of the Brics summit event in Goa. The NIIF-RDIF joint fund worth USD 1 billion will lead to USD 10 billion worth of investments in India.
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Speaking to CNBC-TV18, State Bank of India's Chairman Arundhati Bhattacharya said that the Essar deal will get the group's debt to move to another organisation and believed it was a good deal with Rosneft. “I am hoping it will help Essar Group to bring down leverage and stress they have in other accounts.â€
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In an interview with CNBC-TV18, Arundhati Bhattacharya talked about her priorities during the remainder of her term, how much of the Reserve Bank's 1.75 percent rate cut SBI had passed on to customers and the bank's plan to sell non-core assets.
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Speaking to CNBC-TV18 Rajnish Kumar, MD, SBI said that through this arrangement it is expecting a last mile connectivity. “Their (Rel Jio) distribution network is huge,†he said, adding that there are certain limitations of a payment bank.
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G Padmanabhan, Non-Executive Chairman of Bank of India said banks will be able to pass on the rate cuts given the mark-to-market gains we are sitting on, and the success seen in cleaning up a reasonable amount of bad assets.
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Sajen Peter, an independent director of State Bank of Travancore and a former additional chief secretary to the Kerala government, has objected to the way the bank's merger with parent State Bank of India being done.
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If one wants to play the banking space through PSUs then SBI is the best idea to own, said MB Mahesh of Kotak Institutional Equities.
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Anshula Kant, Deputy Managing Director and CFO of SBI said move is part of the the bank's plans to raise capital.
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While recovery in the banking sector will be attainable in less than 5 years, real challenge is to create more employment in today's time, SBI chief Arundhati Bhattacharya told banking conference moderator Latha Venkatesh.
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Larger gains from the merger of associate banks will be seen only over 1-2 years, B Sriram, MD and Group Executive- National Banking at State Bank of India.
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While many cost synergies may arise out of the merger, being a public sector bank, it cannot fire redundant employees, notes Parag Jariwala of Religare Capital, adding, pension-related costs will also inch up.
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Speaking to CNBC-TV18, Arvind Subramanian, Chief Economic Adviser to the Government of India, clarified that he had recommended a range of standard Goods and Services Tax rate between 17 percent and 19 percent.
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NHAI has seen bidding complete for 50 projects, awarded 11 and has invited 15 bids this financial year, says NHAI Chairman Raghav Chandra, adding, NHAI has a construction target of more than 10,000 km of roads for FY17.
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For the first time, funds of this scale have been assigned to the solar sector in any country, said Anurag Mundra, Joint Managing Director and Chief Financial Officer of Ujaas Energy.
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With monsoon playing well and implementation of 7th Pay Commission, growth trajectory is coming back in the economy, says VG Kannan, Managing Director of SBI.
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The senior management's focus will now shift from recovering SBI's non-performing assets (NPAs) issues to the 7 branches merged and its 70,000 employees, says Hemindra Hazari of hemindrahazari.com.
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