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Government Banks’ Losses Crossed Rs 87,000 This Year

11Jun By Gauri SinghNo Comments

INDIA

Government Banks’ Losses Crossed Rs 87,000 This Year

The fiscal 2017-18 showed losses for the public sector banks crossing a tremendous amount of Rs 87,300 crore, with Punjab National Bank on the top with a fraud contaminated amount of nearly Rs 12,283 crore. Our country consists of over 21 public sector banks and among them, only two banks have shown profitability during the financial year 2017-18, namely Indian Bank and Vijaya Bank. Indian Bank showed the highest profit of Rs 1,258.99 crore and on the other hand, Vijaya Bank’s profit was Rs 727.02 crore. The Delhi-based Punjab National Bank is losing its balance under a fraud amounting around Rs 14,000 crore, reportedly being carried out by Nirav Modi and associates, and has shown a net loss of Rs 12,282.82 crore in the previous financial year. The bank had posted a profit of Rs 1,3...

NBFC Annapurna Finance raises Rs. 155 Cr from OJIF

7Jun By Lavina TolaniNo Comments

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...

5Jun By Lavina TolaniNo Comments

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...

SBI To Sell 49% Stake in Investment Arm SBI Capitals

23May By Lavina TolaniNo Comments

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...

27Dec By PriyankaNo Comments

FUNDING

Lendingkart Raises Rs 25 Cr. In Debt Funding From SBI

Online money lending platform Lendingkart has recently raised Rs 25 crore debt funding from State Bank of India. In a press release, Lendingkart said that the funding is in the form of cash credit facility which will allow the company to draw the amount over separate tranches as and when required. This investment also marks the entry of public sector banks in a rush to reach out to more borrowers by backing up startups in the field. Earlier, Lendingkart got backed up by private banks- Yes Bank and Kotak Mahindra. “We feel extremely privileged to have partnered with India’s largest bank which also shares the same vision of supporting the unbanked SME (small and medium enterprise) sector,” said Harshvardhan Lunia, co-founder and chief executive officer at Lendingkart. “SBI, being...

Indian Banking Shares Surge On Government’s $32.4B Recapitalisation Plan

25Oct By RishabhNo Comments

Market

Indian Banking Shares Surge On Government’s $32.4B Recapitalisation Plan

Indian banking shares soared on Wednesday, sending indexes to record highs after the cabinet approved a $32.43 billion plan to recapitalise its state banks over the next two years, although bonds fell given the injection will be funded with debt. State Bank of India, the biggest lender, rose more than 20 percent, while Punjab National Bank, the second biggest state-run lender, surged more than 33 percent. Also Read Know Why Zomato Base President Resigned Within 8 Months of Joining The benchmark NSE Nifty rose as much as 1.3 percent to a record high of 10,340.55, while the BSE Sensex climbed as much as 1.6 percent to a record high of 33,117.33. Bonds fell, with the benchmark 10-year bond yield up 3 basis points to 6.81 percent from its previous close. ...

SBI in Association With BSNL Launched Digital Wallet ‘State Bank MobiCash’

17Dec By PriyankaNo Comments

News

SBI in Association With BSNL Launched Digital Wallet ‘State Bank MobiCash’

The country’s largest lender State Bank of India (SBI), in partnership with Bharat Sanchar Nigam Limited (BSNL), Saturday launched its mobile wallet application ‘State Bank MobiCash’ for feature as well as smartphones. The new wallet services will initially be available in Punjab, Rajasthan, Haryana and Bihar and expanded pan-India by the end of December. MobiCash will allow users to deposit cash through BSNL retail outlets and withdraw funds from their account. SBI already has an application named SBI Buddy for smartphone users. With the large network of BSNL and SBI, this wallet will reach the remotest areas of the country, in line with the government's digitisation mission, said Finance Minister Arun Jaitley who launched the wallet. быстрый займ без отказа на картузайм по см...

SBI Launched mVisa, a Mobile-Based Payment Solution App

7May By NitishNo Comments

News

SBI Launched mVisa, a Mobile-Based Payment Solution App

State Bank of India (SBI), India's largest commercial bank launched mVisa, a mobile-based payment solution app. The app would enable customers to make cashless payments simply by scanning the unique merchant quick response (QR) code at shopping outlets. mVisa is a mobile based payments solution that would facilitate payments by scanning the QR code from the merchant's mobile. SBI customers, including debit card holders and internet banking customers who have transaction rights, can now make payments to merchants by scanning the code. This would eliminate the need to swipe physical cards at a card swiping machine. "With availability of smart phone increasing by leaps and bounds, Mobile-based payments in India have to rise in a big way. Introduction of mVisa, a convenient scan and pay-...