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SBI Gen Insurance bets on cyber protection, eyes 30% jump in premium income
Posted on 11th October 2018
The domestic cyber insurance market is slowly gaining traction, with India bracketed alongside the US and China as among the world’s most cyber attack-prone countries.

“Although the cyber insurance market is still miniscule, Indian corporates have started to show interest in such products and have realised the prospective threats emanating from cyber hacking,” SBI General Insurance managing director and CEO, Pushan Mahapatra, told Business Standard in Lucknow.

YES Bank, DHFL, Goa Carbon, Philips Carbon gain over 40% from 52-week lows
Posted on 10th October 2018
Shares of YES Bank, Dewan Housing Finance Corporation, Goa Carbon, Philips Carbon Black and Infibeam Avenues have rallied more than 40% from their respective 52-week lows.

YES Bank was up 5% to Rs 237 in intra-day trade, extending its past two days 9% gain on the BSE, after the board of private sector lender inducted TS Vijayan, former chairman of Insurance Regulatory and Development Authority of India (IRDAI) and Life Insurance Corporation of India (LIC), and OP Bhatt, former CMD of State Bank of India (SBI), as external experts in the committee.

SBI triples target for purchase of good-quality asset portfolio from NBFCs
Posted on 9th October 2018
State Bank of India, the country’s largest lender, on Tuesday said it had tripled its target for purchase of loan portfolio from non-banking financial companies (NBFCs) and was looking for opportunities both in priority and non-priority sectors.

According to the bank’s internal assessment, there may be an opportunity to buy additional portfolio in range of Rs 200 billion to Rs 300 billion, SBI said in a statement.

SBI lowers ATM cash withdrawal limit to Rs 20,000 ahead of festive season
Posted on 1st October 2018
The State Bank of India (SBI) has lowered the ATM cash withdrawal limit to Rs 20,000 a day, from Rs 40,000. According to a report, the lower limit will be effective from October 31, in view of spurt in fraudulent transactions at ATMs and to encourage digital and cashless transactions. “In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal

SBI reviewing exposures to non-banking finance companies
Posted on 29th September 2018
India’s largest lender State Bank of India is currently reviewing its exposures to non-banking finance companies (NBFCs) and this review is expected to be completed within the next fortnight, a senior bank official said on Friday.

This review process assumes significance as IL&FS, a major infrastructure financing and construction company, has sent shock waves through the country’s NBFC sector when it defaulted on some of its debt obligations in recent weeks.

RBI may hike repo rate by 25 basis points in October: SBI report
Posted on 28th September 2018
The Reserve Bank of India (RBI) is expected to hike its key lending rate by 25 basis points in October, an SBI Ecowrap report said on Thursday.

According to the report, the expected rate hike might not be the last one in the current financial year.

SBI approves 4 pct stake sale in insurance arm for Rs 482 crore
Posted on 27th September 2018
State Bank of India (SBI) on Wednesday decided to offload 4% of its stake in SBI General Insurance, its general insurance arm, for Rs 482 crore to an alternative investment fund promoted by Axis AMC and Premji Invest.

Post this transaction, SBI General Insurance will be valued at around Rs 12,000 crore.

SBI in international bond market to raise nearly $500 mn in green bonds
Posted on 20th September 2018
The nation's largest lender State Bank of India Wednesday raised the first tranche of USD 650 million through a maiden green bond offering, which is part of its planned USD 3 billion in such funds for onward lending to green projects.

The five-year dollar money is priced at the US treasury plus 165 basis points, while from for an British investor the coupon will be 3 Libor plus 151 bps.

SBI to raise $500 million in maiden green bond sale
Posted on 19th September 2018
The country’s largest lender State Bank is in the international bond market to raise nearly USD 500 million in green bonds, making it the maiden issuance for the lender.The tenor of the bonds is expected to be five years and the notes are to be issued by the bank’s London branch.

With this issue SBI will become compliant with the global standards as prescribed by the Climate Bonds Initiative, a global not-for-profit investor-focused organisation.

SBI to recover dues worth over Rs 3,900 crore by selling 8 NPAs
Posted on 18th September 2018
The country’s largest lender State Bank of India will sell eight non-performing assets to recover dues worth over Rs 3,900 crore and has invited bids from asset reconstruction companies (ARCs) and financial institutions (FIs). “In terms of the bank’s revised policy on sale of financial assets in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated,” the bank said in the bid document on its website.

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