State Bank of India is aggressively trying to grab a piece of the business in the digital commerce space.

The country's largest lender on Wednesday signed a memorandum of understanding with Amazon to develop payment and commerce solutions for customers and small businesses.

India’s manufacturing sector witnessed a modest growth in May, but going ahead “weak demand conditions” may persist that could have a negative impact on the industrial output numbers, says an SBI research report.

The SBI Monthly Composite Index, a leading indicator for manufacturing activity in Indian Economy, inched up from 46.8 in April 2015 to 53.8 in May 2015. However, the outlook is bearish.

State Bank of India (SBI) has agreed to refinance R5,000 crore of loans to Adani Power subsidiaries — Adani Power Maharashtra (APML) and Adani Power Rajasthan (APRL) — using the 5/25 scheme, sources aware of the development told FE. IDBI Bank is also expected to join the consortium to refinance a part of the debt.

“SBI has recently cleared the proposal with a 15-month moratorium on interest payments,” sources told FE.

State Bank of India (SBI), the country’s largest lender, will resume next month the mega e-auctions for properties, acquired from borrowers following defaults.

Gaining from its experience with a similar auction in March 2015, the bank will hold separate auctions for retail (predominantly residential units) and commercial properties.

India's largest private sector lender ICICI Bank is set to expand its Chinese presence with the opening of a branch this weekend in Shanghai, China's biggest city and a major global financial hub.

The branch is likely to be inaugurated on Saturday by Prime Minister Narendra Modi, who is on a three-day visit to China. ICICI Bank's Managing Director and CEO Chanda Kochhar will also be present.

Mumbai: The government will create a favourable environment to prevent any future stress in the power, steel, roads and ports sectors, top government officials said on Tuesday after a meeting with top bankers.

The officials met bankers at the Reserve Bank of India (RBI) headquarters to discuss about 85 large projects worth about Rs.3.5 trillion. About 4% of these projects have already been marked as bad debt.

NEW DELHI: Brokerage Reliance Securities in a note on Tuesday set the target price for the largest state-run lender SBI to Rs 240. The brokearge in a report cited that the stock closed below its 200-day simple moving average (SMA) on Monday, down 3.1 per cent.

The stock closed below its 200-day SMA of Rs 278 for the day. On Tuesday, the scrip was quoting 2 per cent higher.

When a consortium of lenders to Kingfisher Airlines led by State Bank of India took possession of the Rs 100-crore Kingfisher House in Mumbai’s Vile Parle, it thought at least a part of its dues could be recovered. Until the income-tax (I-T) department issued a notice forbidding the auctioning of the building, claiming first lien. SBI has now written to the finance ministry seeking its intervention, sources aware of the development told FE.

“The bank has written to the ministry suggesting that it be allowed to auction the property and then share the proceeds with the I-T department,” a source said, adding that the ministry has not yet called for a meeting to sort it out. The bank has also asked how it should proceed in future recoveries as the I-T department always says it has the first claim.

State Bank of India's plan to raise up to Rs 15,000 crore ($2.4 billion) via a share sale will now likely take place in June instead of April due to a fall in the lender's stock price, three sources directly involved in the process told Reuters.

Shares of the country's biggest lender by assets have fallen 8.5% since February-end.

Life Insurance Corporation of India (LIC) boasts nearly a tenth of ownership in listed banks in the country. As per data compiled by FE, the insurance giant’s latest cumulative possession in 33 listed banks is more than 9% and valued at close to R83,069 crore, based on Friday’s closing prices.

The latest ownership as of March 2015 is considered for the compilation, barring six for which data were available as of December 2014.

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