Page 8 - Sbi

SBI report warns of freebies time-bomb, urges SC to cap such spends

With states after states competing to offer freebies, a report has suggested that the Supreme Court-led panel could cap such welfare schemes at 1 per cent of the state's GDP or 1 per cent of its own tax collection. Citing the examples of just three states, a report penned by Soumya Kanti Ghosh, the group chief economic adviser to State Bank of India, said annual pension liabilities of the poor states of Chhattisgarh, Jharkhand and Rajasthan are estimated at Rs 3 lakh crore. When looked in relation to these states own tax revenue, pension liabilities are quite high for Jharkhand, Rajasthan and Chhattisgarh at 217, 190 and 207 per cent respectively. While for states contemplating the change, it would be as high as 450 per cent of own tax revenue in case of Himachal Pradesh, 138 per cent of own tax revenue in case of Gujarat and 242 per cent of own tax revenue for Punjab, which is also planning to revert to the old pension system wherein the beneficiaries pay nothing. Ghosh also point

MPC after-effect: SBI, ICICI Bank, YES Bank, BoI raise lending rates

The hike in lending rates shall be applicable to home loans and consequently, equated monthly instalment payments made by customers.

Adani Enterprises secures funds to build Ganga Expressway at Rs 23,000 cr

The company has secured debt worth Rs 10,238 crore and will make a capital infusion of Rs 6,826 crore

SBI files 'insolvency petition' against Jaiprakash Associates in NCLT

JAL is involved in cement manufacturing, engineering and construction, expressways, real estate, hospitalities, wind/thermal power plants at various locations all over India.

Stocks to Watch: Harsha Engineers, Britannia, Coal India, Anupam Rasayan

Stocks to Watch: Harsha Engineers will make its debut on the bourses today. The issue price is fixed at Rs 330 per share. As per IPO Watch, the stock can list with a 50 per cent premium

Customers must report unauthorised transactions immediately: SBI chief

Warning against mounting cyber crime cases across the country, State Bank of India (SBI) Chairman Dinesh Kumar Khara said customers should be informed to report any unauthorised transaction immediately so that it can be checked timely. Khara asserted that customer service should be given the utmost priority and urged customers of the bank to remain aware for checking the rise of cybercrime cases. "They should inform them that unauthorized transactions, if any, should be immediately informed to toll-free number 18001-2-3-4 so that proper action can be taken on time," an SBI release said on Friday. The SBI chairman arrived here on Thursday to take part in various Corporate Social Responsibility (CSR) initiatives of the lender. He also explained how the bank is providing a high level of service to customers through the YONO app and other digital mediums. Khara appreciated the use of YONO among the customers and said "we are giving better service to the customers through digital ...

Gains ahead for SBI: Higher NIM could lead to double digit earnings growth

A recovering economy may lead to higher credit demand from corporates, despite rising rates and there are signs that retail consumption is picking up

Amazon Great Indian Festival goes live; check what's new this year here

During the Amazon Great Indian Festival 2022, the e-commerce giant is claiming to sell products from over a million sellers

SBI least efficient in Asia-Pacific due to high cost-to-income ratio: Study

State-owned lender had the highest cost-to-income ratio, according to S&P Global Market Intelligence

IndusInd Bank and RBL Bank increase MCLR days ahead of MPC meeting

MPC has increased the repo rate by 140 bps cumulatively since May in an effort to rein in inflation

Stocks to Watch: Wipro, SBI, Reliance, SpiceJet, PNB, Sugar, Asian Hotels

Stocks to Watch Today: In the F&O space, Ambuja Cements, Can Fin Homes, Delta Corp, Escorts, PVR and RBL Bank are in F&O ban period on Thursday.

CBI arrests ABG founder Rishi Agarwal in Rs 22,842-cr bank fraud case

The CBI arrested the founder-chairman of ABG Shipyard Limited, Rishi Kamlesh Agarwal, on Wednesday in connection with an alleged bank fraud of more than Rs 22,842 crore, officials said. The Central Bureau of Investigation (CBI) had booked Agarwal, a former chairman of the company, and others for the alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act, they said. The company was sanctioned credit facilities from 28 banks and financial institutions led by the ICICI Bank, with the State Bank of India (SBI) having an exposure of Rs 2,468.51 crore, the officials said. A forensic audit by Ernst and Young has shown that between 2012 and 2017, the accused colluded with each other and committed illegal activities, including diversion and misappropriation of funds and criminal breach of trust. The funds were used for purposes other than for which they were released by

SBI raises Rs 4,000 crore via tier-2 bonds at cutoff rate of 7.57%

Lender claims overwhelming response from investors, with bids of Rs 9,647 crore; issue oversubscribed 5x against base size of Rs 2,000 crore

NCLT adjourns Bajaj Hindusthan bankruptcy petition to December 7

In an order dated September 14, the NCLT asked Bajaj Hindusthan to file a reply to the SBI petition in three weeks

SBI asks exporters to trade with Bangladesh in rupee, taka: Report

"The country is facing a shortage of foreign currency due to higher import bills and weaknesses of Bangladeshi taka against dollar in recent times," the SBI said

Recession fears hit equities; Sensex sinks 1,093 pts, Nifty gives up 17,550

CLOSING BELL: PSU banks, auto, IT, metal, and realty stocks plunged the most on the bourses. Their respective indices on the National Stock Exchange declined between 2 and 4 per cent

Stocks to Watch: Adani Ports, Tata Power, UPL, SBI, Tata Motors, Patanjali

Stocks to Watch: State Bank of India (SBI) has clarified that it has not been identified as a nodal bank for handling Russia-related rupee transactions

State Bank of India may sell Rs 4,000 crore tier-2 bond next week

Canara Bank raised Rs 2,000 crore worth of AT1 bonds at a rate of 7.99 per cent, taking its total issuance of such bonds so far in the year to Rs 4,000 crore

State Bank of India ready to open rupee trade account with Russian banks

A vostro account is opened by a domestic bank with a foreign correspondent bank to act as an agent for the domestic bank

SBI clarifies it's not a nodal bank for Russia-related transactions

The country's largest lender, State Bank of India (SBI) on Thursday clarified that it has not been identified as a nodal bank for handling Russia-related transactions