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Showing posts with the label SBI

Rajnish Kumar to be new SBI chairman

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Kumar is at present one of the four managing directors at SBI, looking after the National Banking Group Current Affairs News   :  Rajnish Kumar  become  on Wednesday named  the new  chairman of  country bank  of India (SBI), the  country ’s  biggest  lender. He  would  take over from  modern-day  Chairman Arundhati Bhattacharya, who will complet e  her  4 – yr   time period  on Friday. Rajnish Kumar , 59, is at introduce one of the four overseeing chiefs at SBI, caring for the National Banking Group — which covers the retail, SME and horticulture business verticals. He had joined the bank in 1980. The Appointments Committee of the Cabinet affirmed his arrangement as the SBI director for a time of three years from the date of assuming control over the charge on or after October 7, a request issued by the Department of Personnel and Training (DoPT) said. Handling the issue of p...

SBI Life Insurance lists at 5% premium to IPO price of Rs 700

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The stock listed at Rs 735, a 5% premium against its initial public offer price of Rs 700 per share on the National Stock Exchange. SBI Life Insurance  Company made a quite debut by listing at Rs 735, a 5% premium against its initial public offer (IPO) price of Rs 700 per share on the National Stock Exchange (NSE). At 10:02 AM; the stock was trading at Rs 734 on the NSE. It hit a high of Rs 740 and low of Rs 730 so far. A combined 11.5 million shares exchanged hands on the NSE and BSE. The company’s Rs 8,400 crore IPO was subscribed 3.587 times. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 12.56 times, while that of non-institutional investors received 70% subscriptions and retail investors 85%, data available with the NSE showed. SBI Life is a joint venture between India’s largest lender State Bank of India and BNP Paribas Cardif, the insurance holding company of France. SBI Life Insurance   IPO   is the largest priva...

SBI reportedly writes off bad loans of Rs 7,016 cr; Cong rakes up issue in Parliament

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The clean-up drive saw the bank forgoing almost Rs 1,201 crore in dues owed by Vijay Mallya's defunct Kingfisher Airlines The  State Bank of India  has cleaned up non-performing assets worth Rs 7,016 crore from its books by writing off loans given to 63 wilful defaulters, Daily News & Analysis reported on Wednesday. Of the 63 accounts, 31 have been partially written off and six shown as NPAs. The clean-up drive saw the bank forgoing almost Rs 1,201 crore in dues to Vijay Mallya’s defunct Kingfisher Airlines, which is at the top of the list of wilful defaulters. In other words, loans given to Kinfsiher Airlines will no longer be shown in the bank’s balance sheet, though the airline has outstanding dues of almost Rs 1,201 crore. Some of the other prominent defaulters who feature in the write-off list are KS Oil (Rs 596 crore), Surya Pharmaceuticals (Rs 526 crore), GET Power (Rs 400 crore) and SAI Info System (Rs 376 crore). The Congress party immediately reacted to...

SBI clerk prelims results & main exam call letters released

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SBI clerk prelims results & main exam call letters released The  SBI Clerk Results  have been announced after a long wait for the prelims exam held in the month of May &  JUNE.IT  was part of the clerk recruitment to fill Junior associate & Junior agriculture associate posts in State bank of India.SBI had advertised to fill 17000+ clerk vacancies across various states in the month of April 2016. The results for preliminary exams held on May 22, 28, 29 & June 4, 5 have been released now. Normally, candidates are provided a website link to login using their registration number & password/ date of birth to check result Status will display whether the specific person has qualified qualified or not. But this year, you cannot check SBI clerk result status online.Because there is no such link on their website. Instead, the bank has activated the link to download call letters for main exams.Only those who clear the prelims are eligible to ap...

United payments system to make mobile wallets redundant: Report

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United payments system to make mobile wallets redundant: Report The report, by city-based Centrum Broking, stated that   mobile wallet   services like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and standalone operator Paytm will be redundant with the massive adoption of the UPI. "Mobile banking has taken the country by storm, growing by 212% growth in value terms in February 2016 over the same period in 2015 and by 131% in volume. "If the UPI adoption continues mobile wallets like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and Paytm will be redundant," a Centrum Broking said in a report titled- 'Banking Transactions - Technological Disruption'. The report attributed the RBI push to adopt UPI as an effort to lower the cash economy. Quoting RBI data, the report said the cash floating in the system is about 18% of the GDP, making the country one of the most cash-dependent economies in the world. "T...

SBI launches card-less payment solution for offline transactions

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SBI launches card-less payment solution for offline transactions     State Bank of India, the country's largest public sector bank, has launched a mobile payment solution that will enable customers to make digital payments at offline stores by scanning a QR (quick response) code on their smartphones. The service has been launched in Bengaluru with a sizable number of merchants and will soon expand into other cities. Dubbed   mVisa , the solution is a card-less way for customers to pay for goods at offline stores, and will be available to all SBI credit card, debit card and net banking users. The solution which is bank agnostic will be accessible to customers through the company's SBI Anywhere app. "This cost effective digital offering will not only provide our large base of consumers with an easy, convenient and secure payment product but will also facilitate small merchants with any-time payment, thereby changing the way businesses transact and customers pay,...

I am not an absconder, haven't fled from India: Vijay Mallya

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Industrialist Vijay Mallya today came out in defence of his decision to go abroad, stating that he had not fled from India.  Rubbishing claims that he had absconded from India, Mallya said that as an international businessman, he travels a lot to and fro from India. ALSO READ:  Mallya showed zero debt in Rajya Sabha affidavit   Show full Article  Tweets by Vijay Mallya

Lock-in your investments in small savings schemes

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The revision of interest rates on small savings schemes would make them unattractive to small investors in the current interest rate scenario. Along with cutting the interest rates on short-term savings instruments by 0.25 per cent, the government has also made them market-linked, which will be revised every quarter.  The labour ministry, on the other hand, raised the interest rate on employees’ provident fund (EPF) by a meagre five basis points to 8.8 per cent. Read Full Article Over Here :  Business Standard News

RBI to maintain status quo: Poll

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Bankers and economists expect the Reserve Bank of India (RBI) to maintain status quo in its sixth monetary policy on Tuesday even as room for more rate cuts could open once the  Union Budget  is through on February 29. ALSO READ:  NITI Aayog To FinMin: Stay On Fiscal Consolidation Road Map Govt Calls All Party Meeting To Seek Views On Rescheduling Budget Session   In a pre-policy poll done by Business Standard of 10 institutions, all but one expect RBI to keep its policy repo rate unchanged at 6.75 per cent. Bank of America-Merrill Lynch economist Indranil Sen Gupta, though, expected there were compelling reasons for the central bank to execute a 25 basis point (bps) cut on February 2 and pause thereafter.  Read Full Article Over Here :  Business Standard News  

Banks want govt to focus on public spending over fiscal deficit road map

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Banks and financial institutions pitched for a delay in the fiscal deficit road map and for more focus on greater public spending to ensure economic revival, at a pre-Budget meeting with Finance Minister Arun Jaitley on Tuesday. The institutions also wanted incentives to encourage cashless transactions through debit/credit cards and rationalisation of interest rate of small savings schemes.  Read Articles   Read our full coverage on Union Budget

L&T, SBI, BHEL, Axis Bank, ICICI Bank at 52-week lows: Is there hope in 2016?

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China, crude oil and other global events have been impacting Indian markets since early 2015. Nearly half of the broad based Nifty index stocks are trading at their 52 week lows. Shankar Sharma of First Global in an interview with CNBC TV18 said that the state of global stock markets in January 2016 eerily resembles the one witnessed in January 2008 – when equity markets topped out after a multi-year bull run.  Read Articles