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SBI fixes plans for six stressed power assets; RBI deadline ends Monday
Posted on 24th August 2018
State Bank of India (SBI) has chalked out resolution plans for about half a dozen stressed power assets. But their future is still uncertain as other lenders are yet to come on board even as the Reserve Bank of India’s deadline for beginning insolvency proceedings ends on August 27. SBI is the lead lender, with an exposure of Rs 700 billion to these companies.

GDP could grow at 7.7% in Q1, take a hit on weak farm growth: SBI
Posted on 23rd August 2018
Lending major State Bank of India (SBI) on Wednesday said that its Composite Leading Indicator (CLI) has hinted a GDP growth of 7.7 per cent during the first quarter of 2018-19.

The bank has developed -- SBI CLI -- to detect early signals of turning-points in economic activity by taking the basket of 18 leading indicators.

SBI charges for non-maintenance of minimum balance unfair: Report
Posted on 21st August 2018
The State Bank of India’s (SBI’s) charges for the non-maintenance of minimum balance were unreasonable, a report by a professor at the Indian Institute of Technology-Bombay has said.

The SBI started charging fees for non-maintenance of minimum balance from April 2017, after a gap of five years, the monthly fees ranged between Rs 20 and Rs 100 till September 2017 and were later slashed in October last year.

SBI Life eyes 25% growth in FY19, leans on Ulip, pure protection products
Posted on 18th August 2018
SBI Life Insurance, a JV between State Bank of India and BNP Paribas Cardiff S. A., is targeting to grow its new business premium (NBP) by 25 per cent in 2018-19.

The growth will be driven by Ulip and pure protection products.

SBI puts fresh set of NPAs worth Rs 383 crore up for sale
Posted on 17th August 2018
State Bank of India (SBI) has put on sale a fresh batch of non-performing assets (NPAs) worth Rs 383 crore, days after it put on the block two accounts with a total outstanding of Rs 2,490 crore. Most of the accounts are being offered for sale on a full-cash basis. The latest set of seven NPAs put on sale includes four Kolkata-based accounts and one each from Bhubaneswar, Ludhiana and Mumbai. The largest of these accounts is Ludhiana-based Yogindra Worsted (Rs 68.33 crore), for which the reserve price has been set at Rs 28.13 crore.

SBI shares continue to fall; down over 3 per cent
Posted on 14th August 2018
New Delhi: Shares of State Bank of India continued to fall for the second straight session on Monday, dropping over 3 per cent after the lender reported a hefty loss of Rs 4,876 crore for the June quarter.

The stock went down 3.17 per cent to end at Rs 294.80 on BSE. Intra-day, it slumped 4.15 per cent to Rs 291.80. At NSE, shares of the company fell 2.54 per cent to close at Rs 296.70.

SBI posts third straight quarterly loss at Rs 48.76 bn on higher provisions
Posted on 11th August 2018
State Bank of India (SBI) reported a net loss of Rs 48.75 billion for the April-June 2018 period (Q1), its third straight quarterly loss, on account of huge provisions for erosion in value of its investment in bonds and an increase in operating expenses due to wage revision and enhanced limits for gratuity.

However, its asset quality profile improved with a fall in bad loans and improvement in provision for stressed assets. Also, its net interest income (NII) and margins were better in Q1 compared to the same quarter last year.

SBI to sell 4% of its existing shareholding in SBI General Insurance
Posted on 10th August 2018
The State Bank of India (SBI) has informed the stock exchanges that its board is looking to sell 4 per cent of its existing shareholding in SBI General Insurance to a non-promoter entity through small parcel share sale (SPSS). SBI General, formed in 2010, is a joint venture between SBI and the Insurance Australia Group.

SBI plans to expand user base for Yono to 250 million in next 2 years
Posted on 9th August 2018
State Bank of India (SBI) is planning to expand the user base for its Yono (you only need one) to 250 million in the next two years. The country’s largest lender is also planning to integrate Yono and buddy, its mobile wallet.

At present, 2.5 million users are registered under Yono, the digital platform offering financial services, lifestyle products and services of the SBI.

SBI YONO payment app targets 250 million users in two years
Posted on 8th August 2018
Mumbai: State Bank of India (SBI) has set a target to increase the user base for its app YONO (You Only Need One) by 100 times to 250 million in two years, chairman Rajnish Kumar said on Wednesday. Speaking to reporters after launching its new payment solution on Wednesday, Kumar said registered users for YONO have reached 2.5 million. “For YONO, we have big plans and our target is very ambitious for the next two years,” he added.

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