Snehal khanna Blog

SBI Chairman Ranjish Kumar said the bank has some exposure on Gitanjali Gems, owned by Mehul Choksi, uncle of Nirav Modi LATEST NEWS :  Countrys largest lender SBI today said it has an exposure of USD 212 million (about Rs 1,360 crore) in respect to letter of undertaking issued by Punjab National Bank to Nirav Modi, but does not have any direct exposure to the absconding jewellery designer. "We dont have any direct exposure on Nirav Modi but we do have some exposure on Punjab National Bank", State Bank of India Chairman Rajnish Kumar told reporters here today. He said the bank has lent USD 212 million to Modi on the basis of LoU issued by PNB. Kumar, however, said the bank has some exposure to Gitanjali Gems, owned by Mehul Choksi, uncle of Nirav Modi. Our exposure to Gitanjali is small we and we are not worried, Kumar said. When asked about the lender's exposure to the entire gems and jewellery sector, he said it is less than 1 per cent of the total dom...

RCom has also talked about monetising its real estate but that is easier said than done LATEST NEWS :  Anil-Ambani led Reliance Communications' offer to lenders to take control of the company by converting Rs 7,100 crore of its debt into a 51 per cent equity stake is perhaps the telecom major's best bet. If the latest rescue attempt goes through, lenders led by SBI will hold at least 51 per cent in the telco and promoters stake will be halved to around 26 per cent. RCom has said it will get about Rs 17,000 crore by monetising its assets. The plan includes selling its tower business, fibre network, and media convergence nodes and it will estimates another Rs 10,000 crore through real estate sales in eight cities. Post debt monetisation, the company said it would have only Rs 6,000 crore of debt left. Moreover, another Rs 4,000 crore taken from unsecured creditors like Ericsson needs to be negotiated with. So how prudent is this monetisation plan? Under its...

The insurance and reinsurance industry is the latest to join the palette of choice for equity investors in recent times LATEST NEWS   :    The IPO received bids for 17,06,99,808 shares against the total issue size of 12,47,00,000 shares, data available with the NSE showed. GIC Re is all set to emerge among the top 10 global reinsurers and figure among the 40 largest global corporates, both in terms of market capitalisation. From its current ranking of 12 largest global reinsurer, the company is set to grow to the 10th spot during the current fiscal, given its healthy growth rate, a market source said. At present, GIC Re is also the 3rd largest reinsurer in Asia. It is also likely be the second largest Indian entity in the financial sector PSU listed space after SBI, the source added. Alongside SBI, GIC Re is the country's leading MNC in financial sector with a global presence - it has branches in London, Dubai, Kuala Lumpur and a subsidia...

Savings bank deposits with SBI since June 2011, as with most other banks, earned an interest of 4% LATEST NEWS    :  State Bank of India (SBI) has introduced a two-tier interest rate structure on savings bank deposits. With effect from July 2017, a savings bank balance of over Rs 1 crore will earn an interest rate of 4% per annum (p.a.), while the ones with Rs 1 crore or less will earn an interest rate of Rs 3.5% p.a. The move sent the stock soaring 4% in intra-day deals to Rs 313 levels on the Bombay Stock Exchange (BSE). “The decline in the rate of inflation and high real interest rates are primary considerations warranting a revision in the rate of interest on saving bank deposits,” SBI said in a release. "This is a step in the right direction and I expect more banks to cut savings bank interest rates going ahead. That apart, SBI will also save on the interest costs going ahead. This is getting reflected in the stock reaction post the development," sa...

Latest news : The State Bank of India has finally declared the results of SBI Probationary Officer (PO) exam after a long unexpected delay. The exam was conducted on June 4, 2017 (Sunday). Students can check their results in the recruitment section of their official site. As all the students were keeping their finger crossed, the State Bank of India (SBI)    , in a surprising move, postponed the result in June. The results were expected to be out on June 19 (Monday). The official Notification on its website read: The result of Main Examination held on 4th June 2017 for recruitment of Probationary Officers in State Bank of India, which was tentatively scheduled to be declared on 19.06.2017, is under process and will be declared at a later date. Last year the results for the Exam, which was held on July 31 were declared on August 19. There are 2403 vacancies for the post of Probationary Officers as announced by the Bank for which it conducted the Examination. Eligible c...

The proposed move will be made compulsory from July 1, 2017 LATEST NEWS : State Bank of India (SBI) has proposed to introduce a scheme of verifying the identity of candidates applying for all its recruitment processes through Aadhaar cards. The scheme will be made compulsory from July 1, 2017. SBI Recruitment 2017 guidelines for applicants According to an official notification issued by the SBI Central Recruitment and Promotion Department, ascertaining the identities of candidates is critical for the fair conduct of recruitment process and prevention of impersonation. So while applying for appointment, it will be mandatory to furnish the 12-digit Aadhaar number . If a candidate is keen on applying has not received the number, he/she will have to furnish 28-digit Aadhaar enrollment ID. READ THIS: Planning to buy a smartphone? Here are the best ones priced under Rs 10,000 Why Aadhar? Pursuant to Section 57 of the Aadhaar Act 2016, SBI will use the Aadh...

Also says that note ban's impact could adversely affect its business Latest news : The country's largest lender, the State Bank of India (SBI), has expressed apprehensions that demonetisation may continue to result in slowing down of the economy and adversely affect its business. The government had discontinued Rs 500 and Rs 1,000 banknotes from November 9, 2016, and issued new Rs 500 and Rs 2,000 currency notes in exchange for the discontinued ones. The long-term impact of this move on the Indian economy and the banking sector is uncertain, SBI told institutional investors prior to its Rs 15,000-crore share sale through private placement. The effects of India's recent demonetisation decision are uncertain, which may adversely affect the bank's business, results of operations and financial condition, the bank said in the Preliminary Placement Document to investors while flagging the 'risk factors'. "The demonetisation has and may co...

This apart, SBI is also planning to come out with small value insurance, investments and flexible deposit schemes State Bank of India (SBI) will offer overdraft facility to nearly 7,00,000 account holders enrolled under the Pradhan Mantri Jan Dhan Yojana (PMJDY). The bank has opened nearly 100 million accounts under PMJDY so far. "We are looking at the transactions of the accounts under PMJDY, and gauging the number of accounts which can be provided overdraft facility. We have found, so far, some 7,00,000 accounts can be provided overdraft facility," said Arundhati Bhattacharya, chairperson, State Bank of India, at the Federation of Indian Chambers of Commerce and Industry (Ficci) Banking Conclave here today. This apart, SBI is also planning to come out with small value insurance, investments and flexible deposit schemes. "It is on account of inability of people to access banks, that several small deposit schemes flourished in places like West Bengal....

the charge of Rs 25 is applicable only for withdrawals from SBI Buddy through ATMs. Amid a public outcry in Kerala over a State Bank of India (SBI) announcement levying charges on ATM cash withdrawals from June 1, the largest public lender on Thursday clarified that the charge of Rs 25 is applicable only for withdrawals from SBI Buddy through ATMs. "Rs 25 per transaction charge is applicable only for mobile wallet app SBI Buddy using ATM. This is applicable only for State Bank Buddy customers," the bank said here in a statement. The clarification comes after the SBI in a notification indicated that all ATM withdrawals will be charged a fee of Rs 25, which was later replaced with the corrected notification. READ THIS: Solar power tariff sees unprecedented fall, tumbles to Rs 2.44 a unit The bank said that the number of free withdrawals from ATMs remained unchanged. Jan-Dhan account holders with the SBI can avail of four free withdrawals in a month fr...