SBI to overhaul transaction banking business
.jpg)
The country's largest lender, State Bank of India, plans to overhaul its transaction banking business, which will include involving trade finance and IT platform-based servces for liquidity management.
It will hire a strategic advisor for restructuring the business, which covers products and services across the National Banking Group, including government business, mid-sized and large-sized corporates.
A senior SBI official said the unit is crucial in increasing fee-based income and also helps keep interest-free money held in current accounts within the SBI system.
The ecosystem of one large corporate client consists of vendors & suppliers and clients. These may also hold banking relationship with the SBI group.
The cycle for payments is shrinking as electronic transfers take centrestage in corporate transactions. The bank plans to revamp the processes and product offerings to retain its edge, especially in the highly competitive business segment where private and international banks also have significant presence, the official said.
The Transaction Banking Unit (TBU), with special focus on Cash Management Products, Trade Finance and Supply Chain Finance, started working in a full-fledged manner during theyear 2009-10. SBI provides cash management services to corporate customers through 1,450 branches at 757 centres nationwide.
The assignment, spread over seven months, will involve development of strategy to serve customers better and improve sales of transaction banking.
The consultant will adivse the organization structure incorporating - front end, middle office and back end, besides setting up the transaction banking vertical for the bank.
Keeping in mind the competitive landscape, the advisor is also expected to develop best-in-class products and solutions for different customer segments and industries.
The assignment also includes designing an operating model to deliver best in class customer services and also ensure optimal pricing for TBU products.
Other Latest News
.webp)
At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
.webp)
Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
.webp)
The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
.webp)
Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
.webp)
Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
.webp)
.webp)
.webp)
.webp)
.webp)
