Monday, May 20

Tag: SBI

India’s leading escooter player Ola Electric raises $385 Mn
FUNDING

India’s leading escooter player Ola Electric raises $385 Mn

Bengaluru, 27th Oct 2023: Ola Electric, a leading player in the electric vehicle (EV) industry, has recently secured an impressive funding amount of Rs 3,200 crore. This substantial investment comes from prominent investors, including Temasek and State Bank of India (SBI). In an official statement, Ola Electric proudly announced the successful conclusion of this funding round, led by Temasek and SBI. The company plans to allocate these funds towards the expansion of its EV business, as well as the establishment of India's inaugural lithium-ion cell manufacturing facility. This facility will be situated in Krishnagiri, Tamil Nadu. Looking forward, the Bangalore-based firm is eager to accelerate its growth trajectory in the EV market. Ola Electric aims to achieve this by ramping up it...
SBI to Pick up 49 pc Stake in Yes Bank
ACQUISITION

SBI to Pick up 49 pc Stake in Yes Bank

India's leading government bank State Bank of India (SBI) will pick up 49 percent stake in the crisis-ridden Yes Bank under a government-approved bailout plan, with Finance Minister Nirmala Sitharaman assuring that depositors' money is safe. A day after imposing moratorium on Yes Bank and restricting withdrawals, the RBI on Friday evening issued a draft reconstruction scheme for the private sector lender and said SBI has "expressed its willingness" to make an investment. Earlier in the day, SBI Chairman Rajnish Kumar met the finance minister. A former SBI CFO has already been appointed administrator of the Yes Bank, whose board has been superseded. "The investor bank shall agree to invest in the equity of the reconstructed bank to the extent that post infusion it holds 49 per cen...
Best Mutual Funds to Invest in India amidst Volatility
Market

Best Mutual Funds to Invest in India amidst Volatility

While there are many investment platforms online that allow investing in mutual funds within minutes, the question about which mutual fund to invest in persists. To help you decide, we have compiled a reviewed the best mutual funds to invest based on their past performance, that you can consider. Axis Midcap Fund ReviewThe Axis Midcap Fund is rated moderately high risk but has a lower risk compared to the benchmark. The fund has managed huge outperformance relative to the index and the category average as compared to peers. This is due to the fund’s tilt towards large cap and a strong emphasis on quality mid-caps while avoiding small-cap. 1 Year3 Year5 yearAxis Midcap Direct Plan Growth15.0%13.1%13.4%Category Average0.6%6.3%NA Note: As on October 16, 2019; Category...
Indian Government Bank will Sell 26% Equity of its Payment Services
INDIA

Indian Government Bank will Sell 26% Equity of its Payment Services

State Bank of India (SBI) Saturday said Hitachi Payment Services (HPY) has agreed to pick up 26 percent stake in SBI Payment Services Private Limited (SPSPL), a card acceptance and digital payment platform. The same deal announcement were also done in 2018 but somehow it didn't happen. After allotment of the shares, SBI shareholding in SPSPL will become 74 per cent from existing 100 per cent, the bank said in a statement. However, it did not disclose the financial details of the deal. The JV will provide various payment options to customers and merchants focusing on areas such as the rollout of a nationwide card acceptance infrastructure, quick response (QR) code acceptance, Unified Payment Interface (UPI), mass transit sector and e-commerce businesses. At the end of FY1...
State Bank of India appoints Arijit Basu as Managing Director
News

State Bank of India appoints Arijit Basu as Managing Director

The appointment committee at cabinet has appointed Arijit Basu as the managing director of country's largest lender State Bank of India. Basu will finally fill in the position that was vacant since the elevation of Rajnish Kumar as Chairman. The new appointment will make SBI have four managing directors. As per governemnt's official statement, Arijit Basu has been appointed as the managing director with effect from the date of taking over charge till his superannuation in October 2020. A graduate in in Economics and a Master of Arts in History, Basu joined SBI first in 1983 as a probationary officer. He has handled several key positions in various cicles of SBI including the bank office at Tokyo. Basu has served as Chief Executive Officer at SBI Life Insurance for four years. Mean...
NBFC Annapurna Finance raises Rs. 155 Cr from OJIF
FUNDING

NBFC Annapurna Finance raises Rs. 155 Cr from OJIF

Bhubaneshwar based non-banking financial company Annapurna Finance Pvt Ltd. has raised Rs. 155 crore from Oman Joint Investment Fund (OIJIF), a private equity fund backed by India's largest State Bank of India. OJIF is a joint venture between SBI and Oman’s State General Reserve Fund which has recently announced the second close of its second fund called "OJIF II" with commitments of $230 million. The funding amount will be used by Annapurna Finance to expand its microfinance operations boosting its strong presence in eastern India and focus on rural customers. Moreover, the company also has plans to diversify itself into newer asset classes and invest in technology to increase operational efficiency. Annapurna is promoted by social activist Gobinda Pattanaik who said that company...
Indian Public Sector Bank Modify Investment Rules for Fintech Startups
INDIA

Indian Public Sector Bank Modify Investment Rules for Fintech Startups

India's largest public sector bank, State Bank of India (SBI) which has failed to invest in fintech startups despite earmarking funds, is now gearing up to modify rules that can kickstart the infusion, as reported a top company official. The bank which has designated Rs 50 crore to invest in fintech startups is now going to modify rules to plough in more money that can favour the growth of more companies like online retailer Flipkart and ride-sharing app Ola, which define the country's dexterity. Rajneesh Kumar, Chairman at SBI said over an event, We are a public institution and investments in startups are generally considered very risky. We understand that traditional way of investing will not work. Kumar has informed that bank already has a board-approved policy that promotes fin...
21 PSBs Witness Loss of Rs. 25,775 Cr due to Bank Frauds in FY 2018
News

21 PSBs Witness Loss of Rs. 25,775 Cr due to Bank Frauds in FY 2018

Twenty-one government banks have witnessed a big loss which amounted to Rs. 25,775 crore due to frauds in the banking sector during the financial year 2017-18. The highest amount of loss has been incurred by Punjab National Bank (PNB) totaling Rs 6461.13 crore during the fiscal that ended on the 31st March this year. This was told by Chandrasekhar Gaud to the Press Trust of India, who had filed the RTI with the Reserve Bank of India. The reply which was sent to him did not mention any details regarding any particular case of banking fraud. At present, the Central Bureau of Investigation is scrutinizing one of the biggest baking frauds presumably involving Nirav Modi and Mehul Choksi (diamond merchants) and PNB officials. The investigating agency has filed two charge sheets in the spe...
SBI To Sell 49% Stake in Investment Arm SBI Capitals
INDIA

SBI To Sell 49% Stake in Investment Arm SBI Capitals

Country's largest public sector bank, State Bank of India (SBI) is selling 49% stake in its investment banking subsidiary SBI Capital Markets ( SBI Caps) while looking for a joint venture. The stake sale will be a part of 20,000 crore capital raising exercise by the lender of fiscal 2019 to fund growth. The Bank is looking forward to a merger with its advisory businesses of SBI Caps. Chairman Rajnish Kumar said, "This year, we will be looking at bringing in a partner for SBI Caps. We will be shedding 24-49% stake.” Moreover, the bank is also proposing to sell its 3 to 5 % stake in SBI General Insurance in FY 18. Kumar also added that they are looking forward to SBI Caps as a pure investment bank. Additionally, SBI had got its subsidiary Life listed through an offer for sale of its ow...
Lending Firm Raises 30 Crore Debt Funding From SBI
FUNDING

Lending Firm Raises 30 Crore Debt Funding From SBI

Gurugram based fintech platform Aye Finance raises another Rs. 30 crores debt funding from India's leading public sector bank State Bank of India (SBI). Earlier Aye Finance raises Rs 30 crores as debt financing from BlueOrchard Finance Ltd. Also, this is the second time that the SBI has extended a debt facility to Aye to lend more money to micro and small-scale enterprise financing in India. Aye finance is equity funded by three marque investors Accion, SAIF Partners, and LGT. The lending firm is looking to raise additional USD 20-25million by the end of the current quarter.   Aye presently provides its service to over 10 states and boasts 72 branches in India so far. In the FY 17-18, it provided over 40,000 loans which were largely thanks to the customization of their pro...
SBI Increases Interest rates on Fixed Deposits
Market

SBI Increases Interest rates on Fixed Deposits

The largest public lending organisation in the country ,State Bank of India (SBI) has brought in a bundle of good news for investors as it has hiked interest rates on fixed deposits with different maturity tenures starting from 2 to 10 years. The new interest rate bracket for SBI fixed deposits ranges between 6.6 and 6.75 percent.For fixed deposits under Rs. 1 crore subjected for two-three years tenure, the new rate has been changed to 6.60% from earlier 6.50%.On similar lines, term deposits ranging between 3 to 5 years can now be availed at 6.70% interest than existing 6.50% People who are looking for long term investment i.e for 5 to 10 years, will now be able to avail interest rates of 6.75% from 6.50%.However,no change has been made for fixed deposits ranging from 7 days to 2 yea...