Tag: state bank of india

HC deplores “administrative arrogance” of SBI officials, BFSI News, ET BFSI

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Chennai, The Madras High Court has deplored the “administrative arrogance” on the part of the officials of the leading premier public sector bank State Bank of India towards its customers. What prompted Justice S M Subramaniam, who slammed the bank officials, was a statement of the officials that the customers (in this case the stamp vendors) are at liberty to approach any other bank for their transactions.

“The above statement in the counter filed by the State Bank of India is to be construed as an irresponsible one. The SBI is a public sector bank and the authorities are the public servants. The petitioners are depositing cash in the government accounts on behalf of the government through Treasury Challans issued to them.”

“The statement portrays the ‘administrative arrogance’ on the part of the authorities in exercise of their powers and the tenor of the statement is a threat to the public administration, as the stamp vendors have no option but to deposit money only in government accounts at SBI branches,” the judge said and directed its Assistant General Manager to initiate appropriate disciplinary proceedings by conducting an enquiry and find out on what circumstances such statements were allowed to be made in the counter affidavit filed before the High Court.

The judge also directed the bank’s general manager to sensitize his subordinates in this regard to develop good conduct with the customers and the citizens. These employees/officials must be reminded that from and out of the transactions through the customers and citizens, their salaries are paid. Thus, they are expected to maintain good conduct always and honour the rights of the customers, the judge added.

The judge made the observations while allowing a batch of writ petitions from the stamp vendors, who prayed that the SBI authorities waive off fully the cash handling charges collected from them in pursuant to an official communication from the State Treasury authorities issued in March 3, 2016 and consequently forbear the relevant SBI branches in the City from collecting any cash handling charges forthwith from the petitioners for purchase of stamp papers.

The judge declared the collection of cash handling charges from the stamp vendors/petitioners by the SBI as illegal and without any authority and directed it not to do so, while the stamp vendors deposit cash in government accounts through treasury challans.

The highest authority of the SBI was also directed by the judge to communicate this order, along with necessary circular/instructions, to all SBI branches and upload the same in its official website, to enable the citizens to know their rights. PTI COR SA APR APR



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Mcap of 6 of top-10 valued companies jump more than Rs 1.18 lakh cr, BFSI News, ET BFSI

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Six of the 10 most valued companies together added Rs 1,18,383.07 crore in market valuation last week, with major contribution coming in from Reliance Industries Limited. During the last week, the 30-share BSE benchmark jumped 619.07 points or 1.03 per cent.

While Reliance Industries Limited, Tata Consultancy Services, Infosys, HDFC, Bajaj Finance and Kotak Mahindra Bank were the gainers, HDFC Bank, Hindustan Unilever Limited, ICICI Bank and State Bank of India emerged as laggards.

The valuation of Reliance Industries Limited zoomed Rs 59,437.12 crore to reach Rs 16,44,511.70 crore.

Infosys added Rs 29,690.9 crore to take its market valuation to Rs 7,48,580.98 crore. HDFC’s valuation gained Rs 17,187 crore to Rs 5,41,557.77 crore and that of Tata Consultancy Services jumped Rs 5,715.04 crore to Rs 13,03,730.66 crore.

The market capitalisation (mcap) of Kotak Mahindra Bank rose by Rs 3,301.84 crore to Rs 4,11,183.32 crore and that of Bajaj Finance by Rs 3,051.17 crore to Rs 4,57,355.51 crore.

In contrast, the valuation of HDFC Bank Ltd diminished by Rs 22,545.39 crore to Rs 8,60,436.44 crore. State Bank of India’s market valuation declined by Rs 17,135.26 crore to Rs 4,56,270.76 crore.

The valuation of Hindustan Unilever Limited dipped by Rs 3,912.07 crore to reach Rs 5,65,546.62 crore and that of ICICI Bank by Rs 3,810.99 crore to Rs 5,39,016.40 crore.

In the ranking of most valued firms, Reliance Industries Limited was leading the chart followed by Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank, Bajaj Finance, State Bank of India and Kotak Mahindra Bank. PTI SUM MR



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Banks, auto stocks drag Indian shares as inflation fears weigh, BFSI News, ET BFSI

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BENGALURU – Indian shares ended lower on Thursday, weighed down by losses in banking and automobile stocks, with investor sentiment also soured by broad worries about inflation triggered by a big jump in U.S. consumer prices.

The blue chip NSE Nifty 50 index closed down 0.80% at 17,873.60, while the benchmark S&P BSE Sensex lost 0.72% to end at 59,919.69.

The markets have struggled to build on momentum from a slight festival-led rebound seen last week following October’s correction, with the main indexes on track to end lower for the current week.

Data on Wednesday showing U.S. consumer prices surged at the fastest pace since 1990 last month reverberated across global markets, driving a slide in both Asian and European shares.

On investors’ radar is India’s October retail inflation reading on Friday, with a Reuters poll of 43 economists forecasting inflation likely hovered near a six-month low.

In Mumbai trading, the Nifty Bank Index fell 1.19% to record its fourth straight session of losses. State-run lender State Bank of India was down 2.8% and was among the top percentage losers on the Nifty 50.

The Nifty Auto Index ended 1.18% lower, snapping a four-session streak of gains. Eicher Motors and Tata Motors shed more than 1.4% each.

Among individual stocks, shares of Zomato added 3.6% after the company posted quarterly revenue that more than doubled as orders on its food delivery business zoomed.

Consumer goods maker Godrej Consumer Products fell as much as 3.2% after missing September-quarter profit estimates.

Conglomerate Piramal Enterprises was down 3.9% after its quarterly profit, revenue fell.



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The story behind Former Chairman Pratip Chaudhary’s arrest, BFSI News, ET BFSI

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Hospital PMO Dr JR Panwar said the condition of Chaudhuri, who is a patient of hypertension, is stable.

Pratip Chaudhary, former State Bank of India chairman, was arrested last Sunday for a loan scam involving a hotel project in Jaisalmer, Rajasthan, dating back 14 years.

Chaudhary’s bail plea was rejected, and after spending a day in jail, he was admitted to Jawahar Hospital in Jaipur last Wednesday due to restlessness.

The loan scam

In 2007, the state-owned bank had sanctioned a loan of Rs 24 crore to Godawan Group for a constructing a hotel in Jaisalmer. The properties were worth Rs 200 crore. The Group was unable to repay the loan as the project could not be completed and Dilip Singh Rathore, group owner, passed away in April 2010.

The loan was declared a non-performing asset in June 2010.

Chaudhary has been alleged to have “connived” with Alchemist Asset Reconstruction Company, and violated Reserve Bank of India norms to declare the loan an NPA, and sold company property for Rs 25 crore. Chaudhary retired as SBI chairman after a two-year term in September 2013.

Harendra Singh Rathore, son of Dilip Singh and current promoter of Godawan Group, pointed out that Chaudhury joined the board of Alchemist ARC in October 2014.

A complaint was registered with Rajasthan Police in 2015, which was closed after it was stated a “civil matter” between individuals.

However, following a protest petition filed by Harendra Rathore in 2016, which challenged the police action and investigation, Chaudhuri was arrested on last Sunday.

The order was issued on February 12, 2020, but execution was held up by the COVID-19 pandemic.

Chaudhary did not follow proper procedure in the auction of the properties and did it in a hurry, the court order said, adding that the entire process appears to be a “conspiracy”, hatched along with officials of Alchemist, to acquire the properties.

The properties were given away at a much lower price than the reserve price and Chaudhary misused his position, because the project was declared an NPA much before time, the order added.

Latest developments

Alok Dhir of Alchemist ARC, who is the other accused in the case, got transit anticipatory bail on Friday from the Delhi High Court. He will not be arrested till Tuesday.

Chaudhury has been charged under sections 420 (cheating and dishonesty including delivery of property), 409 (criminal breach of trust by public servant, or by banker, merchant, or agent) and 120B (criminal conspiracy) of the Indian Penal Code.

The bank, defending Chaudhary, said in a statement that the sale followed the laid-down process in line with the policy of the bank. SBI said it took various steps for completion of the project as well as recovery of dues but it did not yield the desired results. Hence, the dues were assigned to an ARC in March 2014.

The borrower was put through the Insolvency and Bankruptcy Code process by the ARC, and the asset was acquired by a non-banking financial company in December 2017, the bank had said in the statement.



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M-cap of eight of top-10 most-valued companies jumps over Rs 1.18 lakh cr, BFSI News, ET BFSI

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New Delhi, Nov 7 (PTI) Eight of the top-10 most valued companies together added Rs 1,18,930.01 crore in market valuation last week, with Tata Consultancy Services and State Bank of India (SBI) emerging as the lead gainers. Last week, the BSE benchmark gained 760.69 points or 1.28 per cent.

A special one-hour Muhurat trading session was held on Diwali (November 4) to mark the beginning of the traditional Hindu calendar year, called ‘Vikram Samvat’.

Markets were closed on Friday on the occasion of ‘Diwali Balipratipada’.

Reliance Industries Ltd and ICICI Bank were the only laggards from the top-10 list.

The market valuation of Tata Consultancy Services zoomed Rs 40,782.04 crore to reach Rs 12,98,015.62 crore.

SBI added Rs 25,033.54 crore taking its valuation to Rs 4,73,406.02 crore.

The valuation of Infosys jumped Rs 17,158.49 crore to Rs 7,18,890.08 crore and that of HDFC gained Rs 10,153.08 crore to Rs 5,24,370.77 crore.

Bajaj Finance added Rs 7,502.68 crore taking its valuation to Rs 4,54,304.34 crore.

The market capitalisation (m-cap) of Hindustan Unilever Ltd jumped Rs 6,978.29 crore to Rs 5,69,458.69 crore and that of HDFC Bank rallied Rs 6,453.41 crore to Rs 8,82,981.83 crore.

Kotak Mahindra Bank‘s valuation went higher by Rs 4,868.48 crore to Rs 4,07,881.48 crore.

In contrast, the market capitalisation of Reliance Industries Ltd (RIL) declined Rs 24,612.17 crore to Rs 15,85,074.58 crore.

ICICI Bank’s valuation dipped Rs 13,680.32 crore to Rs 5,42,827.39 crore.

In the ranking of top-10 firms, RIL remained the most-valued company, followed by Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever Limited, ICICI Bank, HDFC, State Bank of India, Bajaj Finance and Kotak Mahindra Bank.



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SBI chief, BFSI News, ET BFSI

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India is ready to move into the next orbit of growth with the hugely successful implementation of the COVID-19 vaccination program, State Bank of India (SBI) Chairman Dinesh Kumar Khara said on Saturday.

The kind of vaccine drive the country has seen makes all the Indians proud, especially because the domestically produced vaccine is being used in a big way, Khara said at the India Pavilion at EXPO2020 Dubai.

“Actually, it (rapid vaccination) has enhanced the confidence level of the common man as well as the economy,” he said.

India recently achieved a major milestone in its vaccination programme against COVID-19 as the cumulative vaccine doses administered in the country surpassed the 100-crore mark.

“The country has lived through one of the most challenging times and has come out of it in a very successful manner that gives the confidence that going forward, the journey should be rather easy, and we should be having a huge opportunity for growth… which I am sure will go a long way in terms of meeting the common man’s aspirations,” he said.

The credit growth in the economy was quite muted for almost two years, he said, expressing hope that the capacity utilisation will improve, and help revive investment demand in the corporate sector.

“The government has done a wonderful job by continuing its focus on infrastructure investment, which has gone a long way in terms of giving a push to the core sectors of the economy. And with private corporate sectors coming with the investment, the economy will certainly move to the next orbit of development,” he added.

On the India Pavilion, Khara said it is presenting the real India, which is full of opportunities, to the whole world in an impressive manner.



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SBI posts 67% rise in Q2 net to ₹7,627 crore

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Significant improvement in asset quality and lower loan-loss provisions helped State Bank of India  post highest-ever quarterly standalone net profit in the second quarter at ₹ 7,627 crore.

Resolution of the DHFL account, which allowed the  bank to write-back provisions amounting to ₹4,000 crore, also supported SBI’s bottomline.

The net profit in the second  quarter  ended September 30, 2021 was 67 per cent up year-on-year (yoy) vis-a-vis year-ago quarter’s ₹4,574 crore.

Slippages down

Slippages were about 52 per cent lower yoy at ₹4,176 crore in Q2FY22 against ₹15,666 crore in the first quarter (Q1FY22) ended June 30, 2021.

Dinesh Kumar Khara, Chairman, emphasised that the bank could pull back the first quarter’s retail segment slippages.

“This is the reason for the much lower slippages and also the accounts are performing well.

“Also, our ground level forces have also improved collections. Our collection efficiency stands at about 95 per cent,” he said.

The net interest income  was up about 11 per cent yoy to ₹31,184 crore (₹28,181.50 crore in the year-ago quarter).

Other income, including profit/loss on sale of assets, profit/loss on revaluation of investments (net), earnings from foreign exchange and derivative transactions, recoveries from accounts previously written off, dividend income, etc., declined about 4 per cent yoy to ₹8,208 crore (₹8,528 crore).

Loan-loss provisions declined 52 per cent yoy to ₹2,699 crore against ₹5,619 crore.

GNPA position improves

GNPA position improved to 4.90 per cent of gross advances as at September-end 2021 against 5.32 per cent in the preceding quarter.

Net NPAs position too improved to 1.52 per cent of net advances against 1.77 per cent in the preceding quarter.

As at September-end 2021,domestic advances increased about 5 per cent yoy to ₹ 21,56,055 crore. Foreign offices advances were up about 16 per cent yoy to ₹3,74,722 crore.

Within domestic advances, retail personal advances saw a 15 per cent yoy growth; agriculture (about 2 per cent) and SME (about 1 per cent). However, corporate advances de-grew about 4 per cent.

Khara attributed the muted scenario in corporate advances to working-capital limit utilisation continuing to be low.

“However, credit demand appears to be on the rise with increasing economic activities across India. Corporates too have started planning for future investments, which will create demand for credit going forward,” he said, adding that SBI will see an overall credit growth of 9-10 per cent in FY22.

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SBI net profit up 67% in Q2, chairman says asset quality significantly improved, BFSI News, ET BFSI

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The State Bank of India, India’s largest lender, today reported a standalone net profit of Rs 7,626 crore, up 67% on year, the highest ever for the bank.

A year ago, the bank reported a net profit of Rs 4,574 crore. On a sequential basis, the profit rose 17% from Rs 6,504 crore in the June quarter.

The bank’s asset quality has significantly improved, chairman Dinesh Khara said at the earnings announcement.

Gross non performing assets came in at 4.90% in the September quarter, lower than 5.32% in the June quarter and 5.28% in the year ago quarter.

Meanwhile, the net NPA ratio stood at 1.52% for the quarter.

The net interest income (NII) – the difference between interest earned and expended – rose 10.6% to Rs 31,184 crore in Jul-Sep.

The non interest income fell 3.7% to Rs 8,207 crore compared with Rs 8,527 crore a year ago.

Khara highlighted that the capacity utilisation of manufacturing is still very low. Advances rose by just 6.17% over last year, driven by personal retail advances, up 15.17% on year, and foreign office advances, up 16.18% on year.

Domestic advances grew 4.61%, with home loans, which constitute 24% of domestic advances, rising 10.74% on year.

Total deposits grew nearly 10% on year, current account deposits grew 19.2% and saving bank deposits grew 10.55%.



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SBI launches pre-approved 2-wheeler loan ‘SBI Easy Ride’ on YONO, BFSI News, ET BFSI

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State Bank of India has announced the launch of a pre-approved 2-wheeler loan scheme ‘SBI Easy Ride’ on its mobile banking app YONO. Eligible customers can apply for the loan through the app for an amount up to Rs. 3 lakhs, at a competitive interest rate of 10.5% per annum onwards, for a maximum tenure of four years.

“We believe this digital loan offering would help customers in buying their chosen two-wheeler. The product will also position the bank at the initial stage of a customer’s life cycle by offering a two-wheeler loan, and thereafter upgrade the relationship along with their growth,” chairman Dinesh Khara said.

The minimum loan amount has been fixed at Rs 20,000. The loan availed will be disbursed directly into the dealer’s account, and loans of up to 85% of the on-road price of the vehicle can be availed under this scheme.

Since its launch in 2017, YONO has more than 42 million registered users, and the bank has partnered with over 110 e-commerce players in more than 20 categories.



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