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New Delhi: The central government has approved the appointment of a new Chairman and <keyword id="19899229" type="General" weightage="20" keywordseo="Managing-Director" source="keywords">Managing Director</keyword> of the <keyword id="19934368" type="General" weightage="100" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) as the current Chairman, <keyword id="20944427" type="General" weightage="20" keywordseo="Dinesh-Kumar-Khara" source="keywords">Dinesh Kumar Khara</keyword>, is set to retire on August 28. According to a notification by the Department of Personnel &amp; Training, the Appointments Committee of the Cabinet (ACC) on August 6 approved the proposal of the Department of Financial Services for the appointment of <keyword id="22230591" type="General" weightage="20" keywordseo="Challa-Sreenivasulu-Setty" source="keywords">Challa Sreenivasulu Setty</keyword> as chairman of SBI. The ACC has approved the appointment of Setty, 59, the current Managing Director (MD) of SBI as the new Chairman of the country's biggest lender, for a period of three years, effective from the date he assumes office, on or after August 28, 2024. The government order states, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for the appointment of Shri Challa Sreenivasulu Setty (DOB: 26.09.1965), Managing Director (MD), State Bank of India (SBI) as Chairman, SBI for a period of three (03) years w.e.f. the date of assumption of charge of the office, on or after 28.08.2024." Additionally, Rana Ashutosh Kumar Singh, the current Deputy Managing Director (DMD) of SBI, has been appointed as the new Managing Director. His appointment will take effect from the date he assumes office. The government order read, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Rana Ashutosh Kumar Singh, Deputy Managing Director (DMD), State Bank of India (SBI) as Managing Director (MD) in SBI with effect from the date of assumption of office." According to SBI, Challa Sreenivasulu Setty joined the Board of SBI as Managing Director in January 2020 and currently oversees International Banking, Global Markets, and Technology wings of the Bank. He has previously headed the Retail &amp; Digital Banking vertical and various task forces/committees formed by the Government of India. Setty holds a Bachelor of Science in Agriculture and is a Certified Associate of the Indian Institute of Bankers. He began his career with SBI in 1988 as a Probationary Officer. Over his three-decade-long career, he has gained rich experience in corporate credit, retail, digital, and international banking, as well as banking in developed markets. Setty has also held key positions within SBI, including Deputy Managing Director - Stressed Assets Resolution Group, Chief General Manager, and General Manager in the Corporate Accounts Group, Deputy General Manager in the Mid-Corporate Group, and Vice President &amp; Head (Syndications) at SBI's New York Branch. (ANI)

Centre approves appointments of new Chairman, Managing Director of State Bank of India

Mumbai, Jan 21 () The State Bank of India (SBI) on Tuesday said Challa Sreenivasulu Setty has taken charge as the Managing Director of the bank, effective January 20. 
 Prior to this role, he was designated as the Deputy Managing Director at the bank, handling stressed assets portfolio, a press release said.
 Setty has over three decades of experience in various functional areas of banking and held various positions at SBI, including Vice President and Head (syndications) in New York branch, Deputy General Manager (commercial branch), Indore and General Manager (corporate account group), Mumbai branch.
 He had joined as Probationary Officer in 1988 in SBI's Ahmedabad Circle. 
 Setty's appointment was approved by the Personnel Ministry on Monday.
 The ministry also appointed Sanjiv Chadha as MD and CEO of Bank of Baroda, L V Prabhakar as MD and CEO of Canara Bank and A K Das as MD and CEO of Bank of India. HV RVK

Setty takes charge as MD of SBI

New Delhi, May 30 () The Banks Board Bureau (BBB) on Saturday recommended names of Ashwini Bhatia, M V Rao and P P Sengupta for the post of managing director of three state-owned lenders -- State Bank of India, Central Bank of India and Indian Overseas Bank, respectively. Bhatia is currently serving as deputy managing director (DMD) at SBI, while Rao is executive director with Canara Bank. The bureau members interfaced with 20 candidates from nationalised banks on May 30 for the position of managing director in State Bank of India and the position of MD and CEO of Indian Overseas Bank and Central Bank of India, an official statement said. Bhatia will be appointed in place of P K Gupta who superannuated on March 31, while Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year. Sengupta, currently DMD SBI, will replace Indian Overseas Bank MD and CEO Karnam Sekar, who retires on June 30. With this exercise, the government has completed the process of appointment of head of PSU banks for the current fiscal. The decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. BBB, the headhunter for state-owned banks and financial institutions, is headed by former Department of Personnel and Training Secretary B P Sharma. The Prime Minister, in 2016, approved the constitution of BBB as a body of eminent professionals and officials to make recommendations for appointment of whole-time directors as well as non-executive chairpersons of public sector banks (PSBs). It was also entrusted with the task of engaging with the board of directors of all PSBs to formulate appropriate strategies for their growth and development. Besides, it was asked to frame strategy discussion on consolidation based on requirement. The government wanted to encourage bank boards to restructure their business strategy and also suggest ways for their consolidation and merger with other banks. DP BAL

BBB recommends Ashwini Bhatia for post of SBI MD

New Delhi, Mar 4 () SBI Life Insurance on Wednesday said it has re-appointed Sanjeev Nautiyal as managing director and chief executive officer of the company.The Board of Directors of SBI Life Insurance Company Limited at theirmeeting held on March 4, 2020 has approved the re-appointment of Sanjeev Nautiyal as Managing Director &amp; Chief Executive Officer (MD &amp; CEO) of the company with effect from March 10, 2020, it said in a regulatory filing.The re-appointment is subject to approval of Insurance Regulatory and Development Authority of India (IRDAI) and members of the company.Nautiyal has more than 32 years of experience in the field of banking.Presently, he holds the grade of Deputy Managing Director at State Bank of India and is deputed as Managing Director and Chief Executive Officer of the SBI Life since March 10, 2018. KPM KPM BALBAL

SBI Life re-appoints Sanjeev Nautiyal as MD, CEO

New Delhi, Jun 15 () <keyword id="6534999" type="UNKNOWN" weightage="20" keywordseo="sbi-card">SBI Card</keyword> on Monday announced the launch of Video Know Your Customer (VKYC) feature to ensure zero contact, hassle-free customer onboarding process. This launch is in line with <keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword> Card's endeavour to establish an end-to-end paperless, digital sourcing and onboarding process, India's largest pure-play credit card issuer said in a release. "VKYC launch will not only have a substantial impact on fraud reduction, but it will also reduce cost of the KYC process by nearly half," it said. With social distancing being the new normal, VKYC enables a customer to undergo a completely presence-less journey, without the need to physically interact with anyone. As per the release, VKYC process uses techniques such as facial recognition, dynamic verification code, live photo capture facial recognition, and geotagging among others, as mandated by RBI guidelines, making it more safe and secure than physical KYC process. "We are a technology driven company and have made strategic investments to create state-of-the art infrastructure, both at the back end and front end, to improve our user experience. Technology has been meticulously deployed to digitise the customer journey at every step and make the entire process seamless," said Hardayal Prasad, MD and CEO, SBI Card said. He further said that in a scenario, where social distancing has become the norm, this feature holds immense relevance for the customers. "We expect it to gain significant traction." SBI Card has launched VKYC following recent RBI guidelines permitting Video based Customer Identification Process (V-CIP) as a method of establishing customer identity together with e-sign process.

SBI Card launches VKYC feature to ensure zero contact with customer

New Delhi, Feb 13 () There is a need for greater oversight on banks, but overreach by probe agencies must be avoided, SBI Managing Director Arijit Basu said on Thursday. "...when you are working with public money you need to be overseen and you have to have a Central Vigilance Commission or a Central Bureau of Investigation, but there should not be overreach. I think the government also in the recent past has taken a lot of measures to assure the bankers," Basu said. With a view to protect prudent decision making of bankers, the government last month took a slew of decisions, including doing away with personal responsibilities of MD and CEO of public sector banks (PSBs) for compliance in dealing with large value frauds committed by bank officials. Considering the complexities involved in the commercial decisions of managers in public sector firms, the Central Vigilance Commission set up the Advisory Board for Banking and Financial Frauds (ABBFF) for a mandatory first level examination on suspected frauds in excess of Rs 50 crore, involving public servants of GM rank and above, before investigations begin. In order to boost staff morale and reduce scope for harassment, Finance Minister Nirmala Sitharaman had also directed PSB heads to clear long-pending vigilance cases against their officials for alleged malpractices. The banks should form a panel headed by a general manager (GM) and it should either take decision to pursue the case with a timeline or close the file of long-pending vigilance cases, she had instructed. Talking about the current levels of non-performing assets (NPAs), Basu said banks should have been cautious in some cases. "There are two aspects to the reasons as to why this (non-performing assets) happened. One of them is rooted in the economy of the country...the other cause was the fact that when this was being done, there were certain accounts in certain cases where the banks should also have been much more cautious," he said. The gross non-performing asset ratio of commercial banks is seen rising to 9.9 per cent by September 2020 from 9.3 per cent as on September 2019, according to the baseline scenario in a macro-stress test conducted by the Reserve Bank of India. Basu also said the worst is behind the banking sector in terms of NPAs. "In a major way, the Insolvency and Bankruptcy Code has really helped us see that the ecosystem gets cleaned up. The legacy accounts, which were there, most of them have been addressed," Basu said at the Times Now Summit here. He further said the retail credit growth of SBI is seen at around 18 per cent. DP CS KPM ABMABM

SBI MD Arijit Basu bats for greater oversight on banks, sans overreach by probe agencies

New Delhi, Mar 16 () Yes Bank on Monday said it has approved reconstitution of its board with Prashant Kumar as the new MD &amp; CEO. Kumar, former chief financial officer and deputy managing director of State Bank of India, is currently overseeing the troubled private sector lender as RBI-appointed administrator. The other board members will be Sunil Mehta, former non-executive chairman of Punjab National Bank, as the non executive chairman of Yes Bank, Mahesh Krishnamurthy and Atul Bheda as non-executive directors. SBI will have the right to nominate two directors on the board of directors of Yes Bank. "The reconstitution of the board of directors of the Bank as set out, shall take effect immediately after the expiry of seven calendar days from the date of cessation of the moratorium in accordance with paragraph 11 of the Scheme," Yes Bank said in a regulatory filing undersigned by the bank's administrator Kumar. The administrator has been appointed by the Reserve Bank of India under Section 36ACA(2) of the Banking Regulation Act, 1949 with effect from March 6, 2020. The affairs, business and property of Yes Bank are currently managed by Kumar. Yes Bank said it has also amended the memorandum and articles of association of YES Bank Limited to reflect the application provisions of the Reconstruction Scheme. The moratorium on Yes Bank, placing a withdrawal limit of Rs 50,000 on deposits, is to be lifted by 6 PM on March 18, 2020 which is much before the original date of April 3. The bank on March 5 was put under moratorium by RBI due to serious financial mismanagement under its former MD &amp; CEO Rana Kapoor, who currently is in the custody of probe agencies, as well as failure to raise enough capital to keep afloat. The board of the bank was superseded with immediate effect, and other financial activities such as granting new loans, investment, among others, were also curbed. As per the bank's rescue plan outlined by RBI, SBI will have a stake of 49 per cent in Yes Bank through capital infusion of Rs 7,250 crore. Private lenders ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank, Bandhan Bank, Federal Bank and mortgage lender HDFC Ltd have also infused capital in cash-strapped Yes Bank. KPM RVK

Yes Bank okays board reconstitution; Prashant Kumar to be new MD & CEO

<ul><li>The Reserve Bank of India (RBI) has a new ‘scheme’ to revive Yes Bank. </li><li><keyword id="64190" type="POSITION" weightage="20" keywordseo="RBI-Governor">RBI governor</keyword> <keyword id="6359111" type="UNKNOWN" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword> told reporters that it will be unveiled ‘shortly’. </li><li>He added that the one-month time period is the outer limit of the time required for RBI’s plan to be successful.</li><li>Shortly after the announcement, former deputy MD and CFO of State Bank of India Prashant Kumar took charge as YES Bank's administrator. </li></ul>The <keyword id="8873513" type="UNKNOWN" weightage="20" keywordseo="yes-bank-crisis">Yes Bank crisis</keyword> continued to unravel as Reserve Bank of India (RBI) governor, Shaktikanta Das, told the press that a new ‘scheme’ is on the cards to rescue the private bank. It will be unveiled ‘shortly’. After issuing a one-month moratorium last night which limits withdrawals from Yes Bank to ₹50,000, Das claims that the country’s top bank has a market-based plan to revive the troubled bank. “We naturally have a market-based resolution of the problem. A bank-led or investor-led resolution of a problem is preferable,” he told reporters. According to him, the one-month time limit will be more than enough for RBI to implement its plan. “It will be done very swiftly, it will be done very fast. 30 days, which we have given, is the outer limit,” he said. Shortly after the announcement, former deputy MD and CFO of State Bank of India Prashant Kumar took charge as YES Bank's administrator. The issue of RBI’s timing Some have criticised the RBI for taking too long to come to Yes Bank’s aid, however, Das claims that the RBI’s timing is appropriate. “There is always a question why RBI asked prematurely, or why it took so long… When we found that we should not wait any longer, RBI decided to intervene. Therefore, I think the timing is quite appropriate,” he said. “You have to give time to the bank, to the management to whatever steps or efforts they need to take. The bank did try over the last several,” he added. Yes Bank’s shares plummeted today morning when markets opened reacting to the news of the moratorium. India’s largest bank State Bank of India (SBI) said that it has ‘in-principle approval’ from the board to invest in the private bank. 
 
 
 
 
 
 
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 See also: <a href="https://www.businessinsider.in/finance/news/rbi-may-have-to-bailout-yes-bank-if-it-fails-to-raise-2-billion-by-march-14/articleshow/74438627.cms">RBI may have to bail out Yes Bank if it fails to raise $2 billion by March 14</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price falls 25% after RBI limits withdrawals</a>

RBI has a new 'scheme' to rescue Yes Bank — will be released shortly, says Shaktikanta Das

<ul><li><keyword id="9586347" type="UNKNOWN" weightage="20" keywordseo="Ashwini-Kumar-Tewari">Ashwini Kumar Tewari</keyword> will take over as the new MD and CEO of the Company with effect from August 1, 2020 for a period of two years.</li><li>In a regulatory filing on Thursday SBI Cards said that Prasad's resignation comes into effect from the close of business on July 31.</li><li>SBI Cards and Payments Services' MD and CEO Hardayal Prasad has resigned from the post owing to this voluntary retirement from the State Bank of India and Ashwini Kumar Tewari has been appointed the new MD and CEO.</li></ul> SBI Cards and Payments Services' MD and CEO Hardayal Prasad has resigned from the post owing to this voluntary retirement from the State Bank of India and Ashwini Kumar Tewari has been appointed the new MD and CEO. In a regulatory filing on Thursday SBI Cards said that Prasad's resignation comes into effect from the close of business on July 31. Ashwini Kumar Tewari will take over as the new MD and CEO of the Company with effect from August 1, 2020 for a period of two years. The filing said that the board on Wednesday approved the "appointment of Ashwini Kumar Tewari as Managing Director &amp; CEO (nominated by State Bank of India) of the company with effect from August 1, 2020 for a period of two years, subject to all the requisite approvals including approval of the shareholders at the ensuing Annual General Meeting. This is to further confirm that Tewari is not related to any of the directors of the company". Shares of the company on the BSE are currently trading at Rs 706.05, higher by Rs 14.15 or 2.05 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/jio-glass-akash-ambani-and-isha-ambani-announce-reliances-latest-product-which-offers-holographic-video-calls/articleshow/76977640.cms">Jio Glass – Akash Ambani and Isha Ambani announce Reliance’s latest product which offers holographic video calls</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-16-increase-leads-to-surge-in-infosys-share-price-too/articleshow/76973619.cms">Wipro share price 16% increase leads to surge in Infosys share price too</a> <a href="https://www.businessinsider.in/science/health/news/moderna-covid19-vaccine-will-be-in-final-stages-of-human-trial-starting-july-27/articleshow/76972580.cms">Moderna's COVID-19 vaccine will be in final stages of human trial starting July 27</a>

SBI Card CEO resigns, Ashwini Kumar Tewari to takeover

<ul><li>Sensex gained 0.59% to 38,273.73 points during the initial trade.</li><li> The Nifty50 rose 0.59% to 11,314.00. </li><li>These are the top stocks that are buzzing the D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Despite the mixed cues from global markets, Indian stock market opened on a positive note on Tuesday with the BSE Sensex gaining 0.59% to 38,273.73 points during the initial trade. The Nifty rose 0.59% to 11,314.00. On the Nifty50 chart, Grasim, ONGC, Eicher, Titan and UPL Limited were among the top gainers - rising as much as 5%, whereas, Indusind Bank, Tech M, JSW Steel were among the top losers. These are the top stocks that are buzzing on D-street today. Tata Motors gained nearly 2% during the morning trade <div type="image" title="Tata Motors August 18" msid="77605551" hostid="261"></div> Tata Motors gained nearly 2% during the morning trade after the company refuted claims of stake sales in its premium car segment JLR. The company said there is adequate liquidity with the company to manage its operations and capital expenditure. Yes Bank gained 3% during the early trade hours <div type="image" title="yes Bank August 18" msid="77605556" hostid="261"></div> Yes Bank shares gained 3% during the early trade hours after the bank in a notice to shareholders for the AGM said that it is looking at trebling up stock options to be granted to senior executives to 22.5 crore, which can be seen as a move to retain talent. SBI Cards up over 2% <div type="image" title="SBI cards August 18" msid="77605595" hostid="261"></div> The share price of SBI Cards was trading up over 2% after the company said it raised ₹500 crore via 5.75% 2023 bonds. Bandhan Bank gains nearly 2% <div type="image" title="Bandhan Bank August 18" msid="77605647" hostid="261"></div> Bandhan Bank shares gained nearly 2% after the Reserve Bank of India (RBI) lifted the restriction regarding the remuneration of Bandhan Bank’s MD and CEO after the promoter shareholding was brought down to 40% in line with the central bank’s norms. In September 2018, the RBI, among other restrictions, said that the remuneration of the MD and CEO of Bandhan Bank stands frozen at the existing level in view of non-compliance with RBI’s licensing norms for new private sector banks. Britannia gains nearly 2% during early hours of trading <div type="image" title="Britannia shares August 18" msid="77605697" hostid="261"></div> FMCG major Britannia gained nearly 2% during early hours of trading after the company said its board has declared an interim dividend of ₹83 per share for the current fiscal and approved issue of bonus debentures. Reliance Industries trades 2% higher <div type="image" title="RIL August 18" msid="77605757" hostid="261"></div> Reliance Industries shares were trading 2% higher after the Supreme Court asked Centre to clarify its stand on why Reliance Jio, which is earning revenue by sharing Reliance Communication’s (RCom) spectrum be not asked to pay the AGR related dues to the government. The Supreme Court will continue hearings in the AGR case today. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-today-ril-sbi-cards-hal-manappuram-airtel-bandhan-bank-britannia/slidelist/77603872.cms" data-type="tilCustomLink"> Top stocks to watch today— RIL, SBI Cards, HAL, Manappuram, Airtel, Bandhan Bank and more</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-byjus-investor-lightspeed-india-closes-its-third-fund-with-275-million/articleshow/77603896.cms" data-type="tilCustomLink">OYO, Byju's investor Lightspeed India closes its third fund with $275 million</a>

Top stock movers on Dalal Street today — Tata Motors, SBI Card, Bandhan Bank, RIL, Britannia

New Delhi, July 2 () Public sector Indian Overseas Bank (IOB) on Thursday said its managing director and chief executive Karnam Sekar retired on June 30. The lender in a regulatory filing said "Karnam Sekar has demitted office as MD &amp; CEO of the bank on June 30, 2020, being the date of his superannuation". Karnam had joined the bank as an OSD (officer on special duty) and whole-time director on April 1, 2019 and was elevated as MD and CEO on July 1, 2019 after the retirement of Subramaniam Kumar. Sekar was appointed as OSD of IOB after merger of Dena Bank and Vijaya Bank into Bank of Baroda. He was MD and CEO of Dena Bank since September 21, 2018. Prior to that, he was deputy managing director and chief credit officer in State Bank of India, heading its Highest Credit Committee. In SBI, he was also responsible for formulating loan policy of the bank. Sekar had joined State Bank of India as Probationary officer in December 1983. IOB posted a standlaone net profit of Rs 143.79 crore in the last quarter of fiscal ended March 2020, as it was able to bring down its bad loan proportion significantly. KPM MKJ MKJ

Karnam Sekar retires as Indian Overseas Bank MD & CEO

New Delhi, May 11 () The challenging situation due to coronavirus pandemic will further push credit card transactions, a senior SBI Card official has said.He also said that now people will spend more to upgrade their homes as staying indoors is becoming inevitable."It is little early to say how the credit card industry is going to pan out. I have always been a big votary of digital payments. I think that opportunities will come back. Given whatever is the economic condition, I think transaction through credit cards will continue to see a rise," SBI Card MD and CEO Hardayal Prasad told in an interview.Assuming that the lockdown is removed in some places on May 17, the businesses will come back to normal to say about in 2-3 months, he added."After demonetisation, there was a big push towards the credit card industry, I think this (pandemic) is going to be even bigger than demonetisation."After demonetisation, cash was converted into digital (money/ transactions)...even if I get 5 per cent of that, that will be phenomenal. So, we are concentrating on what we can convert. Your cash spend can actually be your card spend. Now, if you are going to stay more time at home and you are not going out, you probably will look at more avenues also to make your house a better place," Prasad said.As people will stay more at home, they will vie for better products, may be a bigger televison set, a bigger fridge as they are not eating out and cooking at home, he added."So, we are looking at that kind of trend also to be emerging. People will feel that let's make home a better place, this is now my workplace and office as also this is the place where I live, so they will upgrade their homes if they are working (more) from homes," he said.Card spends towards travelling, staying at hotels, summer vacations, cinema and entertainment will be reduced, he said, adding the business is going to be a little challenging assuming things will get back to normal by October."Then there are lot of festivals also in between. In India, festivals play a major role in terms of spends. Looking at travel, I am told 60-80 per cent of their business happens during the summer, that will not happen now," said the CEO.However, he expressed confidence that some of the lost ground will be met as the big sales come up during winter festivals and new year.SBI Card is also looking at avenues such as co-branded cards where a lot of business proposition looks feasible, however, those with airlines will continue to see challenges for the time being.The company has co-branded card with the Apollo Hospitals group and hence people can get doctors' advice as well as pharmacy purchases online.Also, there is scope in the education sector as lot of people are now opting for online courses."Suddenly, there is massive uptick taking place in online education sector. Also, during Akshaya Tritiya, we also saw for the first time ever that there was almost Rs 5-6 crore purchase online on the jewellery side."If people are aware of the brand and products, they can do online purchases," Prasad said.SBI Cards and Payment Services Ltd, under the brand name SBI Card, has registered 28 per cent growth in credit cards to 1.05 crore in fiscal ended March 2020.SBI Card, promoted by the country's largest lender State Bank of India in a joint venture with the Carlyle Group, registered a jump of 44 per cent in its net profit to Rs 1,245 crore during 2019-20 as against Rs 865 crore in the preceding fiscal due to robust growth in cards number, spends and receivables.Improvement in cost to income ratio and fall in bad loan ratio to little over 2 per cent by March 31, 2020 also helped in posting good numbers.Recognising the unprecedented challenges in the economic situation due to COVID-19, the credit card company has created specific the virus related provision of Rs 489 crore.Prasad hoped that things may get back to track if companies move out from China to India alongside the government efforts to contain the economic fallout due to the pandemic."May be these can also propel the economy to rebound in a very strong way. So I think all these things have to be looked for some more time and to see what more the RBI and government can do so that the economy bounces back," Prasad said. KPM BALBAL

Pandemic to push credit card transactions further: SBI Card CEO

New Delhi, Feb 7 () Hero Electric on Friday announced partnership with State Bank of India to provide dealer network inventory financing solutions. This partnership will allow Hero Electric to widen its reach in the country, thereby extending its pan India customer base, the company said in a statement. Hero Electric aims to have 1,000 dealerships across the country this year and the partnership will allow existing dealers to invest more and encourage new dealers to sprout across the country, it added. Commenting on the tie-up, Hero Electric CEO Sohinder Gill said, "We are pleased to have SBI as our partner and we are confident that their expertise and nationwide presence will allow our dealer network to seamlessly expand their business and manage cash flows through attractive rates on inventory financing." Moreover, Gill said,"It will empower the dealers to cater to a wider customer base and achieve their sales target efficiently." SBI MD (Retail &amp; Digital banking) PK Gupta said, Hero Electric are the pioneers in promoting clean and emission free mobility and through the partnership "we as the leading bank of India will also be contributing to the government's vision of adopting green mobility". "Lending support to the brand's widespread dealer network will allow the brand to access SBI's pan India network for best financing solutions to its dealers across India," Gupta added. Hero Electric said the partnership with SBI will help the brand's products make inroads in Tier 3 and Tier 4 markets and raise awareness around electric mobility. The company said it plans to take its current 620 touch-points to 1,000 by end of 2020. It also plans to ramp up production capacity of its electric scooters to 5 lakh units annually with a focus on low-speed scooters for last mile connectivity. RKL SHWSHW

Hero Electric ties up with SBI for dealer inventory financing

New Delhi, Jun 10 () The country's largest lender State Bank of India has invited applications from eligible candidates for the post of Chief Financial Officer (CFO) on contract basis at a salary package of Rs 1 crore, three times more than its chairman's. As per the recruitment notice, the position is for a contract period of three years and the annual CTC (cost to company) and perks would be Rs 75 lakh to Rs 1 crore. Interestingly, the salary of SBI chairman was Rs 29.5 lakh in 2018-19. "Minimum 15 years' post qualification work experience (as on 01.04.2020) in overseeing financial operations, preferably accounting and taxation matters, in banks/ large corporates/ PSUs/ FIs/ financial services organizations, of which 10 years should be in bank or financial institutions (of which five years should be at senior management level)," it said. This is for the first time, the bank is recruiting the CFO from outside its experienced talent pool of top management. Earlier, the CFO used to be from the bank's senior management. Currently, the CFO position is held by Chalasani Venkat Nageswar, a Deputy Managing Director of the bank. Its past CFO Anshula Kant is now managing director and chief financial officer of the World Bank. As MD and CFO, Kant is responsible for financial and risk management of the World Bank Group. Last month, one of SBI's deputy managing directors, Anil Kishora, was picked as vice-president of New Development Bank. According to a senior bank official of a public sector bank, the government in the past tried to rope in private sector people to head large state-owned banks but it did not yield the desired result. Besides, SBI has invited applications from eligible candidates for the post of Data Protection Officer. The bank has not specified the salary but said the CTC is not a limiting factor for a suitable candidate. DP MR

SBI invites applications for CFO post; offers annual package of Rs 1 cr

<ul><li>In the last 10 years, the insurance industry has adapted itself to the fast-paced internet world and has become hassle-free. </li><li><keyword id="3463335" type="PERSON" weightage="20" keywordseo="pushan-mahapatra">Pushan Mahapatra</keyword>, MD and CEO, <keyword id="6400643" type="UNKNOWN" weightage="20" keywordseo="SBI-General-Insurance">SBI General Insurance</keyword> walks us through the evolution of <keyword id="6512638" type="UNKNOWN" weightage="20" keywordseo="insurance-sector">insurance sector</keyword> and shares what the future of <keyword id="3779111" type="PERSON" weightage="20" keywordseo="digital-insurance">digital insurance</keyword> in India will look like. </li></ul>The insurance sector has endured an evolution over the past years, which has largely impacted the direction of the industry and shifted its traditional expectations. Due to a range of dynamic external influences from technology to socioeconomic factors to government policies, these macro trends are poised to continue, changing the insurance industry along with it. Since its inception, insurance industry has grown stronger as the sector adopted itself to increased awareness, innovative products, and more distribution channels. Though there has been a growth in premiums at the industry level, the insurance penetration level in India is still very low as compared to other countries in the world, thereby providing ample opportunity for all insurers in the ecosystem to grow. With over 460 million internet users, India is the second largest online market, ranked only behind China. By 2021, there will be about 635.8 million internet users in India, most of the digital population in India are mobile internet users. This has resulted in people who are adopting more digital mediums to interact and with the backing of the government to push for the digital India movement, the insurance industry is also adopting digital technologies in presence. The use of web-based technologies as an Insurance service delivery medium has added new elements to service dissemination. Escalation in self-service technologies has provided customers with multiple choices for using the services offered by insurers. The online service attributes of ‘convenience’ and ‘ease of use’ are being given priority by insurers for designing web-based services Future of digital insurance New digital platforms support micro duration and atomisation of insurance by item. In a digital era where the customer needs are ever-changing, insurance providers need digital infrastructure to introduce, evaluate, and adopt new products/technologies/business models. Building such infrastructure in-house will be costly and slower. Integrating with third party systems like hospitals to evaluate medical data for underwriting, evaluating the wellness of a policy holder in terms of fitness and his need during the entire customer lifecycle would ensure better products and pricing. Also, use of telematics systems in auto-insurance would change vehicle insurance from class-based pricing to driver behaviour-based pricing. Distribution through E-Tailors, Web aggregators and fintech companies are expected to witness an upward momentum in coming years In addition, Insurers in India are gradually adopting digital medium to provide their services keeping in view the millennials as well as rural penetration. Use of digital medium instead of physical distribution are much more feasible for them to reach out to the end users as well as increase insurance penetration. We are also witnessing improved quality data (IIB, IRDAI) availability for insurers for better underwriting decisions and service efficiency. - By Pushan Mahapatra, MD and CEO, SBI General Insurance Also see: <div type="Article" hostid="261" msid="73046703" title="Top stocks to buy in 2020, recommended by experts" mstype="2" mssubtype="0"></div>

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