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India’s largest bank, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<a href="http://www.businessinsider.in/topic/SBI">SBI</a>) is currently facing a lot of backlash for imposing penalty on customers for non-maintenance of minimum balance in their accounts. However, it has justified the <keyword id="512003" type="UNKNOWN" weightage="100" keywordseo="penalties">penalties</keyword> by saying that it’s needed to balance the "burden" of managing a large number of <a href="http://www.businessinsider.in/shocking-rs-74610-croredeposited-in-jan-dhan-accounts-after-note-ban/articleshow/56850719.cms">Jan Dhan accounts</a>, which are opened with no frills, not even these penalties. 
 
The bank also said that the government has not sent any "formal communication" for re-considering the penalty, and it will be reconsidered only if government says so. 
 It was only last week that <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> reintroduced these penalties along with <a href="http://www.businessinsider.in/have-a-sbi-account-get-ready-to-pay-extra-if-you-deposit-cash-more-than-three-times-a-month/articleshow/57489720.cms">revised rates</a> on other banking services, to be charged from April 1. 
 "Today, we have lot of burden such as we have 11 crore financial inclusion or <keyword id="6393559" type="UNKNOWN" weightage="100" keywordseo="Jan-Dhan-accounts">Jan Dhan accounts</keyword>. To manage such a large number of Jan Dhan accounts, we need some charges. We have considered many factors and after analysing carefully, we have taken this step," SBI Chairman <a href="http://www.businessinsider.in/topic/Arundhati-Bhattacharya">Arundhati Bhattacharya</a> told reporters. 
 
Also read: <a href="http://www.businessinsider.in/Demonetization-digest-People-depositing-above-Rs-2-5-lakhs-started-receiving-show-cause-notices-and-other-stories/Top-bankers-including-SBI-Chief-Arundhati-Bhattacharya-had-no-clue-of-demonetization/slideshow/55510487.cms">Top bankers including SBI Chief Arundhati Bhattacharya had no clue of demonetization</a> 
 
<a href="http://www.businessinsider.in/SBI-chairperson-Arundhati-Bhattacharya-is-5th-most-powerful-woman-in-finance-on-Forbes-list/articleshow/52641242.cms">Bhattacharya</a> also said that all banks have minimum balance requirements and penalties, and comparatively, SBI has the lowest requirement. She added that only SBI had decided to withdraw the penalty in 2012. 
 
(Image source: InsideIIM)

Penalty required to bear costs of Jan Dhan accounts, says SBI

<keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) has offered to have a one-time settlement of the Kingfisher Airlines loan issue with India’s former liquor baron Vijay Mallya. However, the bank would like him to agree that he would repay the outstanding principal amount along with some interest and legal fees. 
 
To this, Mallya has put some conditions which are said to unacceptable to the bank, as said by SBI chairman Arundhati Bhattacharya. 
 
Bhattacharya told a parliamentary panel, set up for scrutinizing amendments to debt recovery laws, that in the past, SBI has aggressively tackled the matter and is now open to reaching one-time settlements, only if he offers to repay the principal along with a reasonable amount of interest. 
 
However, she said that while Mallya had expressed his willingness to have a settlement, he had laid down some of his conditions which were not acceptable to the country’s largest bank, which led the consortium of PSBs that had approached the court for an order against Mallya. 
 
However, when contacted by <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-willing-to-settle-kingfisher-loan-issue-with-vijay-mallya/articleshow/53041063.cms">TNN</a>, Bhattacharya said, "Parliamentary committee proceedings are privileged communications and I cannot comment or communicate on the same." 
 
<a href="http://i.huffpost.com/gen/4161714/images/o-VIJAY-MALLYA-facebook.jpg">Image source</a>

SBI offers one-time settlement of Kingfisher loans but Mallya has some conditions

Government is considering giving a one-year extension to <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> chief <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> amid the lender's consolidation with its associate banks. 
 
"There is a need for continuity at a time when the process of consolidation is going on," sources told an agency. 
 
In this regard, the government is looking at the proposal of granting extension to the current chairperson whose three-year term comes to an end this month, sources added. 
 The government has also received views of the <keyword id="2748088" type="UNKNOWN" weightage="20" keywordseo="Bank-Board-Bureau">Bank Board Bureau</keyword> (BBB) on the extension issue and an order in this regard is expected in the next few days, according to the news agency. 
 Earlier this year, the <keyword id="6355513" type="ORGANIZATION" weightage="20" keywordseo="cabinet">Cabinet</keyword> gave its nod for the merger of <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) and its associate lenders and <keyword id="6560712" type="UNKNOWN" weightage="20" keywordseo="Bharatiya-Mahila-Bank">Bharatiya Mahila Bank</keyword> (<keyword id="423104" type="ORGANIZATION" weightage="20" keywordseo="BMB">BMB</keyword>) that would make the state-owned lender a global-sized bank. 
 SBI has five associate lenders -- <keyword id="229649" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Bikaner">State Bank of Bikaner</keyword> and Jaipur, <keyword id="6560713" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Travancore">State Bank of Travancore</keyword>, State Bank of Patiala, State Bank of Mysore and <keyword id="143585" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Hyderabad">State Bank of Hyderabad</keyword>. 
 
Among the associate banks, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore are listed. 
 
The merged entity will become a banking behemoth, which could compete with the largest in the world, with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over USD 555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers. 
 
SBI had said that all its associate banks and BMB will be merged into it that will add an additional Rs 8 lakh crore to its assets. 
Presently, SBI has close to 16,500 branches, including 191 foreign offices across 36 countries. 
 SBI first merged <keyword id="82725" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Saurashtra">State Bank of Saurashtra</keyword> with itself in 2008. Two years later, State <keyword id="269823" type="COMPANY" weightage="20" keywordseo="Bank-of-Indore">Bank of Indore</keyword> was merged with it.

SBI chief Arundhati Bhattacharya may serve for another year

State Bank of India (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>), India's largest public sector lender, has set up a fund worth Rs 200 crore dedicated for investment in IT innovations and start-ups. 
 
The fund would be extending up to Rs 3 crore for all India-registered companies so that they can promote their business in India using IT for banking. 
 "We have created an entity to promote and ensure usage of the funds for the right purposes, the entity could have one or more technical experts on board for advisory roles. The team would provide legal and financial assistance to startups as and when required,"" <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword>, chairman of SBI told <a href="http://economictimes.indiatimes.com/small-biz/policy-trends/state-bank-of-india-creates-a-dedicated-rs-200-crore-fund-for-startups/articleshow/52777274.cms">ET</a>. 
 
Bhattacharya also spoke about a single window banking relationship support to be offered to start-ups by SBI. It would be provided to start-ups through its dedicated Bangalore branch; the bank has been operational for last 6 months, and has already added more than 200 clients. 
 
She added that she realises the potential that nimble financial technology companies possess regarding banking services that customers want, and that future success depended on collaboration and not only competition. 
 
Talking of the fintech sector, she said that cost of small transactions should be minimised and banking should be made smoother by removing unwanted processes that erupt the way for smooth functions. 
 
<a href="http://i.huffpost.com/gen/3640590/images/o-ARUNDHATI-BHATTACHARYA-facebook.jpg">Image source</a>

SBI creates a dedicated start-up fund of Rs 200 crore

State Bank of India (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) Chairperson <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> has said that the bank was mulling the option to issue Employees Stock Option Plan (<keyword id="120103" type="PERSON" weightage="80" keywordseo="Esop">ESOP</keyword>) this year. “We are now considering an ESOP, which is basically something where you give an option and they exercise the option at a later date depending upon what is the share price in the market. So, we are looking at that ESOP scheme,” said Bhattacharya. 
	SBI was earlier considering issuing Employees Stock Purchase Scheme (<keyword id="462746" type="ORGANIZATION" weightage="80" keywordseo="ESPS">ESPS</keyword>) – a share purchase scheme. “At that point, SBI’s shares were at a very low price,and it would have made sense. Since then, prices have improved, and it is difficult for our employees to purchase this,’’ she said.<o:p></o:p>

	This would be based on ‘performance parameters.’ “If you perform as per the target given to you, then you will get a certain number of options, which will be locked in for a period of time, say one year. And then subsequent to that one year, you will exercise the option if you find the value has gone up. If it hasn’t gone up, you can allow it to lapse,” she said.<o:p></o:p>

	“My intention is to make it available to all. I think we all need to work as one team. Therefore, it would be nice if we can give it to everybody. But we have to find out performance parameters for every job. That is a big job. So, we are looking at how that can be done,” she added.<o:p></o:p>

SBI Considering Employees Stock Option Plan

PM Modi's move to scrap out old Rs 500 and Rs 1000 notices have invited criticisms from <a href="http://www.businessinsider.in/?r=US&amp;IR=T">various quarters</a>. With the<a href="http://www.businessinsider.in/?r=US&amp;IR=T"> SBI chief </a><keyword id="6379603" type="PERSON" weightage="20" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> saying that even top bankers had no idea of this move to economists signaling a staggering growth in the next quarter, this move seems to be one that the government never expected it to be. However, good thing is there are news reports coming from around the country that people having deposited unexplained amount of money above Rs 2.5 lakh are already sent show cause letters by the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> dept. 
 
Here are the details of demonetization consequence recently.

Demonetization digest: People depositing above Rs 2.5 lakhs started receiving show cause notices and other stories

The finance ministry has initiated the process for finding new chief of the country's largest lender <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) as Arundhati <keyword id="721" type="PERSON" weightage="100" keywordseo="Bhattacharya">Bhattacharya</keyword>'s extended term comes to an end on October 6, according to PTI. "Department of Financial Services has communicated to Banks Board Bureau the emerging vacancies at the top level of <keyword id="44530" type="COMPANY" weightage="20" keywordseo="PSU">PSU</keyword> banks which will have to be filled during course of the year," a senior finance ministry official said. This also includes chairman and one managing director of the SBI, which alone has markshare of more than 20 per cent. Bhattacharya will complete her four-year term as chairperson of SBI on October 6. Besides chairman, SBI has four managing directors looking after different departments. The post assumes significance as the bank has recently merged five associates and the Bharatiya Mahila Bank (<keyword id="423104" type="ORGANIZATION" weightage="20" keywordseo="BMB">BMB</keyword>) pushing SBI into the league of top 50 banks globally in terms of assets. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and <keyword id="6560713" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Travancore">State Bank of Travancore</keyword> (SBT), besides BMB, merged with SBI with effect from April 1. The process of integration would at least take a year. The government had in February approved the merger of these five associate banks with SBI. Later in March, the Cabinet approved merger of BMB as well. SBI first merged <keyword id="82725" type="COMPANY" weightage="20" keywordseo="State-Bank-of-Saurashtra">State Bank of Saurashtra</keyword> with itself in 2008. Two years later, State <keyword id="269823" type="COMPANY" weightage="20" keywordseo="Bank-of-Indore">Bank of Indore</keyword> was merged with it. For the fourth quarter ended March 2017, the bank reported more than doubling of its net profit on the back of increased lending and reduction in provisioning for bad loans. Net profit of the bank on standalone basis rose to Rs 2,814.82 crore for the March quarter as against Rs 1,263.81 crore in the same period of previous fiscal 2015-16. For the entire fiscal ended March 2017, the net profit of the bank improved by 5.36 per cent to Rs 10,484 crore as against Rs 9,951 crore in the previous fiscal. With stock prices inching up, SBI has lined up share sale through which it intends to raise Rs 15,000 crore during the current fiscal. It is in the process of appointing six merchant bankers for managing its proposed share sale. The central government holds 62.22 per cent stake in the bank as of March 2017.

Who is becoming SBI’s new chief after Bhattacharya?

In a shock to the authorities, <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>’s loans worth Rs 11,700 crore have been locked up as NPAs because of 1,164 defaulters having willfully decided not to repay. 
 
These 1,164 cases of wilful default have been identified, and the total outstanding loan amount comes out to be Rs 11,705 crore, said the data collated by the Finance Ministry. 
 
The bank itself has declared Kingfisher Airlines and its guarantors UB Holdings and Vijay Mallya as wilful defaulters in November, which owes it Rs 1,600 crore. 
 
A total of 13 FIRs have been lodged against wilful defaulters with loans of Rs 13.10 crore. 
 
At the end of the December quarter, the gross NPAs of SBI were calculated to Rs 72,791.73 crore, while for the same period in last fiscal, the amount was Rs 61,991.45 crore. 
 
It has led to a deep fall in the profitability of the bank, given that the consolidated profit sank 67% to Rs 1,259.49 crore for the quarter. SBI Chairman <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> had said that bad loans are expected to further increase in the coming quarter, which may hit its profitability even more. 
 
<a href="http://www.dsource.in/resource/history-graphic-design-india/recent-times/images/800/24.jpg">Image source</a>

SBI's Rs 11,700 crore locked as NPAs with 1164 wilful defaulters

MUMBAI: <keyword id="160270" type="CITY" weightage="80" keywordseo="The-State-Bank-of-India">The State Bank of India</keyword> (SBI) has emerged a <keyword id="2517653" type="UNKNOWN" weightage="60" keywordseo="surprise-market-leader">surprise market leader</keyword> in mobile banking, accounting for half of all mobile transactions in the country. Although traditionally new generation private banks and foreign banks have been the early adopters of alternative platforms, the 208-year-old Indian bank is preparing to leapfrog its customers directly from branches to mobiles as part of its strategy to reach out to the unbanked and decongest branches. 
 
The bank has over 1.15 crore mobile banking users, which is larger than the mobile banking customer base of large banks in the West. Only a couple of Chinese banks have more mobile banking customers. The number is expected to rise dramatically as the ratio of mobile banking customers rises from 4.5% at present to 12% in two years and possibly 60% after three years as the bank completes its channel integration. 
 "Message-based banking, where you don't even need smartphones, has just been launched (in India). I do believe that once this is understood by people, there will be an explosion of activity in the mobile space. This is what the future holds," said SBI chairman <keyword id="6379603" type="PERSON" weightage="80" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword>. She said mobile banking will also play a large part in the role of the yet-to-be-launched payment banks with which SBI plans to have tie-ups. 
 The aggressive promotion of alternative channels is part of the bank's strategy to decongest branches, which are expected to come under even more pressure as the bank opens over 1.5 crore new accounts under the <keyword id="71" type="POSITION" weightage="80" keywordseo="Prime-Minister">Prime Minister</keyword>'s <keyword id="6392137" type="UNKNOWN" weightage="80" keywordseo="Jan-dhan-Yojana">Jan Dhan Yojana</keyword> . 
 
At present, customers can access the bank through "State Bank Anywhere" - the bank's Smartphone app which is integrated with Internet banking. The service which is expected to be used by the masses is "State Bank Freedom", which can be accessed by all kinds of phones. 
 
 
 
"We see a business opportunity in payment banks as they can dovetail into the main bank by acting as a customer touchpoint for us. As to promoting a payment bank ourselves, we will see what the opportunities and regulations are like. If you are a promoter, there is a restriction on how much you can use it," said Bhattacharya. 
 
To reduce the crowd at the branches, SBI has approached all state governments, asking them to accept payments online instead of insisting on a challan from the SBI. 
 
"A lot of it is also for small value remittances. We are offering regular remitters a 'green remit card', which enables him to swipe his card in a cash deposit machine, deposit the cash and send money instantly," said Bhattacharya.

SBI Has 50% Share In Indian Mobile Banking

Mumbai, Mar 18 () The US-headquartered cloud-based customer relationship management software provider Salesforce has appointed Arundhati Bhattacharya, the past chairman of State Bank of India, as the chairperson and chief executive of its India operations, say sources aware of the development. Bhattacharya, 64, will be based in Mumbai and will join Salesforce India on April 20 and will lead its growth and expansion across the market, the sources told . She will report to Ulrik Nehammer, the general manager for Asia Pacific region. While Salesforce could not be reached for confirmation, Bhattacharya refused to comment saying the matter is private. Bhattacharya was the first woman to lead the more than two centuries-old State Bank of India, which controls over a quarter of the nation's banking system. She retired in 2017 after a one-year extension, spending four decades in various roles and then moved onto the international payment platform Swift India as its chairman, a position she still occupies. Under Bhattacharya, SBI has grown exponentially partly by the merger of the five associate banks and partly because of a good growth environment. The bank has also undergone drastic changes under her chairmanship by technology adoption under her watch which also saw the launch of the bank's digital banking platform Yono. Salesforce provides an array of cloud storage and digital services to clients in India, which it sees as a one of its fastest growing markets. Salesforce will create over 5 lakh jobs and around USD 67 billion in new business revenue in India through 2024, according to a 2019 report by International Data Corporation, while the domestic cloud application market is slated to grow 21 per cent to over USD 1.4 billion in 2020, according to a recent Gartner report. BEN MRMR

Salesforce India hires ex-SBI chief Bhattacharya as CEO

The State Bank of India will initiate consolidation in the banking industry by combining its five associate banks as it prepares to fund the economy. The move will enhance the asset base of <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> to Rs 21.9 lakh crore and add 5,658 branches to its current number of 15,143 branches. The combined market share will rise to 24% from the current 19%. 
 SBI’s five associates include the <keyword id="6560713" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Travancore">State Bank of Travancore</keyword>, the <keyword id="143585" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Hyderabad">State Bank of Hyderabad</keyword>, the <keyword id="4376212" type="COMPANY" weightage="100" keywordseo="State-Bank-of-Patiala">State Bank of Patiala</keyword>, the State Bank of Bikaner and Jaipur and the State Bank of Mysore. 
 
“When I came in, there were a number of fires in the parent itself. So if you have to do something, first you need to look at the mother ship. Once the mother ship is in a better form, then obviously, you can start looking at other areas. So I think that time has come or it is approaching,” said SBI chairperson Arundhati Bhattacharya. 
 
She called for changes in a number of laws enacted by the previous UPA government like the Land Acquisition Act and the Companies Act. 
 
“While it (the Land Acquisition Act) has done a good thing to ensure that landowners get adequate compensation, the process has become long (the relief and rehabilitation process is too difficult to negotiate). In the new Companies Act, there are various features that make it so draconian that it is difficult to source independent members of the board,” she said.

SBI To Merge Five Associate
Banks With Itself

State Bank of India (<keyword id="13222" type="CITY" weightage="60" keywordseo="SBI">SBI</keyword>) Chairperson Arundhati Bhattacharya has said that the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) is unlikely to cut interest rate in the next <keyword id="6357126" type="ORGANIZATION" weightage="100" keywordseo="monetary-policy">monetary policy</keyword> review. 
 
“The fact of the matter is that all the parameters are indicating that there will be further fall in inflation. Between November and January with the base effect it might go up a little bit. But by March it will be well below whatever the glide path that is indicated by the RBI. RBI governor has indicated that he will be data driven… may be by the end of the fiscal (cut in the interest rate by RBI),” she said. 
 “Base effects will also temper inflation in the next few months only to reverse towards the end of the year. The Reserve Bank will look through base effects,” RBI Governor <keyword id="6358908" type="PERSON" weightage="60" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> had said in his monetary policy announcement on September 30. 
 
The RBI is scheduled to come out with its bi-monthly policy announcement on December 2.

You Searched For "sbi arundhati bhattacharya" and got 12 results

Penalty required to bear costs of Jan Dhan accounts, says SBI

BI India Bureau

SBI offers one-time settlement of Kingfisher loans but Mallya has some conditions

BI India Bureau

SBI chief Arundhati Bhattacharya may serve for another year

BI India Bureau

SBI creates a dedicated start-up fund of Rs 200 crore

BI India Bureau

SBI Considering Employees Stock Option Plan

BI India Bureau

Demonetization digest: People depositing above Rs 2.5 lakhs started receiving show cause notices and other stories

BI India Bureau

Who is becoming SBI’s new chief after Bhattacharya?

BI India Bureau

SBI's Rs 11,700 crore locked as NPAs with 1164 wilful defaulters

BI India Bureau

SBI Has 50% Share In Indian Mobile Banking

TOI

Salesforce India hires ex-SBI chief Bhattacharya as CEO

PTI

SBI To Merge Five Associate Banks With Itself

BI India Bureau

RBI May Not Cut Rate In Next Policy Review: SBI

BI India Bureau

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