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Bidders cold to SBI’s Essar Steel loan sale
Posted on 23rd January 2019
Mumbai: State Bank of India’s (SBI) latest effort to sell loans given to Essar Steel Ltd has stalled, as potential buyers baulk at the bank’s demand for a pound of flesh from the same loan’s bankruptcy resolution.

According to three people aware of the matter, the sale of Essar Steel loans worth ₹15,431 crore comes with a precondition that caps the profit a winning bidder can make through bankruptcy resolution at 18%; the difference accruing from any higher profit must go to SBI.


SBI in talks with PEs, hedge funds to sell Rs 15,431-crore Essar loan
Posted on 19th January 2019
State Bank of India (SBI) is in talks with a clutch of hedge funds and private equity (PE) players to sell its Rs 15,431-crore loan to Essar Steel.

The bank, also the lead lender for Essar Steel, announced on Wednesday that it was putting its exposure for sale on January 30.


SBI-led consortium of lenders likely to bag biggest stake in Jet Airways
Posted on 17th January 2019
Even as the talks between Jet Airways and its lenders are learnt to have reached a stage of finality, the Naresh Goyal-led company issued an official statement to scotch any speculation around its foreign partner Etihad offering to raise its stake at a steep discount.

The statement, which came after the airline stock fell 7.95 per cent, closing at Rs 271 on the BSE,


SBI puts on sale Essar Steel loan of Rs 15,431 crore
Posted on 16th January 2019
Mumbai: With last minute-litigation delaying recovery of Essar Steel loan, State Bank of India (SBI) on Wednesday put on sale its Rs 15,431-crore exposure to the steelmaker on a full-cash basis. In the sale notice on its website, the bank said the aggregate reserve price for the bidding has been set at Rs 9,588 crore.

These include categories like working capital, term loan, corporate loan, export performance bank guarantee (EPBG) and standby letter of credit (SBLC).


SBI inches closer to raise $1.4 billion via share sale; hires Kotak Mahindra Bank, others as bankers
Posted on 10th January 2019
State Bank of India, the country’s largest lender, has selected underwriters for an institutional share sale that could raise at least 100 billion rupees ($1.4 billion), people with knowledge of the matter said. The government-run lender picked Bank of America Corp., CLSA Ltd. and HSBC Holdings Plc to arrange the offering, according to the people, who asked not to be identified because the information is private.

Nifty PSU Bank index hits 4-month high; SBI, Canara Bank up 3%
Posted on 8th January 2019
Shares of public sector undertaking (PSU) banks continued their upward journey with Nifty PSU Bank index hitting a four-month high on Tuesday on the expectation of decline in bad loans.

Nifty PSU Bank index, the largest sectoral gainer, was up 2.6% at 3,192 levels, trading at its highest level since September 6, 2018, on the National Stock Exchange (NSE). In comparison, the Nifty Bank and Nifty Private Bank index were up 0.6% each, while the benchmark Nifty 50 index was up 0.32% at 02:19 pm.


Cash-strapped Jet Airways defaults on debt payment to banks led by SBI
Posted on 1st February 2019
Debt-laden Jet Airways Ltd has delayed the payment to a consortium of Indian banks, led by State Bank of India Ltd, the airline said late Tuesday.

The payment of interest and principal instalment was delayed "due to temporary cash flow mismatch" and the company is in talks with the consortium. The deadline for the payment was Dec. 31, 2018, Jet said in a statement.


Old SBI ATM cards will be invalid in few hours. How to apply for EMV chip-based cards
Posted on 31st December 2018
New Delhi: State Bank of India (SBI) will permanently block debit/ATM and credit cards of its account holders, who have not upgraded from magstripe to the new EMV chip cards. As the 31 December deadline set by Reserve Bank of India (RBI) ends today, account holders with magstripe cards will be denied services at ATMs.

SBI account holder duped of Rs 6.8 lakh via UPI app: What happened and how can you avoid such frauds
Posted on 29th December 2018
An account holder of the State Bank of India (SBI) has been duped of Rs 6.8 lakh. According to a Times of India report, the resident of Uttar Pradesh's Noida lost more than Rs 6 lakh after the money was transacted seven times from his bank account during the last two months.

More than 10 lakh employees go on strike to protest tri-bank merger
Posted on 26th December 2018
Services of state-owned banks are expected to be impacted on Wednesday due to a nation-wide strike call given by unions to protest the proposed amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda to reduce their bad loans. This will be the second bank strike in less than a week.

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