Search Result for : State Bank Of India Sbi

PTI SBI Chairperson Arundhati Bhattacharya today claimed that nearly Rs.1.20 lakh crore has been deposited during the last 15 days after demonetisation of high denomination notes.Replying to a specific question on the impact of demonetisation on the bank's performance, Bhattacharya told reporters tonight at the city airport that about Rs 1.20 lakh crore has been deposited by the public during the 15 days. Asked about the performance during this quarter, in view of this sudden surge of deposits, she said the performance will be better and the bank would be doing good business, since one-third of the total amount deposited after demonetisation was in SBI. About the problem of availability of Rs.100 and Rs.500 notes, Bhattacharya said as far as Rs.100 notes were ...

Sheela Mamidenna Indian public was in for another shock from the government after the PM Narendra Modi’s announcement of scrapping the Rs.500 and Rs.1000 currencies on November 8. Popular media reported that State Bank of India (SBI) had written off Rs.7000 crores in loans to 63 of its top willful defaulters, including the debt held by high-flying liquor baron, Vijay Mallya. The Finance Minister and SBI were quick to disregard the notion by saying that a ‘write-off’ didn’t mean a ‘waiver’. Technically, the banks try to keep their books clean and in that process they try to recalibrate 'toxic debts' or debts that take a long time to recover. In other words the bank transfers the bad loans into another category. Does this mean ...

Deepak Kumar 6 lakh SBI (State Bank of India) debit cards have been blocked due to a suspected security breach in their financial data . Termed to be one of the largest debit card replacement in the country, the country’s nationalised bank and other major private banks are taking all steps to stem any potential trouble. The steps taken by banks include asking their customers to change their PIN numbers of their debit-cum-ATM cards. This got escalated to the level wherein banks have changed cards when customers did not comply with changing their PIN numbers, a bank official revealed. HDFC has asked its customers not use the ATM’s of other banks. Apparently card network companies like NPCI, MasterCard and Visa had sent ...

The Dollar Business Bureau  Reserve Bank of India (RBI) had made a strong case to provide further capital to public sector banks (PSBs) in order to deal with the issue of stressed assets and get back to a situation from which they can begin creating internal accruals. “Indian banks got into stress before implementation of Basel III and revised IFRS which provide protection against system level stresses...So we have to find more capital for supporting banks today. Of course government of India has supported entire AQR (asset quality review) exercise that we have done,” said N S Vishwanathan, Deputy Governor of RBI on Tuesday, while speaking at an ASSOCHAM event in New Delhi. “The Government of India has been providing support and required capital to the ...

The Dollar Business Bureau   Canada's Brookfield Asset Management on Wednesday committed Rs.7,000 crore to buy bad loans in India in collaboration with SBI. "The JV will independently evaluate and invest in various stressed assets, and will rely on Brookfield's operational expertise to manage recapitalized businesses," a joint statement said.  SBI said it has pledged up to 5% of its investments into stressed assets, and its joint venture with Brookfield will motivate involvements from other lenders at a later stage. At present, the commercial banks’ stressed loans have reached over Rs. 8.2 lakh crore. Banks are creating in-house departments or selling their loans to ARCs (asset reconstruction companies) to deal with bad loans. ARCs issue, security receipts to the commercial banks in exchange of the loans ...

The Dollar Business Bureau   State Bank of India (SBI) has partnered with Society for Innovation and Entrepreneurship (SINE) to promote innovation by start-ups in the financial sector. SINE is the technology business incubator hosted by Indian Institute of Technology (IIT) Bombay. A memorandum of understanding (MoU) was signed at SBI’s Global IT Centre by IIT Bombay Director Professor Devang Khakhar and SBI Deputy Managing Director and Chief Information Officer Mrutyunjay Mahapatra in Mumbai on Tuesday. According to the bank, this MoU is a first of its kind in India which will help in the evaluation of start-ups operating out of and promoted by SINE for engagement with SBI in the commercial exploitation of new age digital concepts, products and services. The country’s largest bank has commenced ...

The Dollar Business BureauThe alliance of State Bank of India with five of its associates will give shape to a new entity, which is expected to enter the list of top 50 banks across the world in terms of assets.   The merger of SBI with State Bank of Hyderabad, State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur and Bharatiya Mahila Bank received a nod from the Union Cabinet on Wednesday. While the deposit base of the entire bank system accounts for Rs.97 lakh crore, the new entity will command a deposit base worth Rs. 21.5 lakh crore. The main reason for taking the merger ahead, according to SBI, is cost saving and synergies. Arundhati Bhattacharya, Chairman, SBI, stated ...

The Dollar Business Bureau The Reserve Bank of India on Monday launched a new scheme ‘Sustainable Structuring of Stressed Assets’ (S4A) which allows lenders to divide the stressed loans into sustainable and unsustainable portions.  Under sustainable portion, banks need to divide the existing debt of a company into sustainable (a share which can be serviced by the company even if cash flows remain the same as now) and ‘unsustainable’ which can be converted into equity or compulsory convertible debentures. To smoothen things the Govt will take the help of an independent agency to ascertain the economic viability of the project and the resolution plan. The aim of this scheme is to permit banks to rearrange stressed loans of over Rs.500 crore including accumulated interest ...