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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

<keyword id="22661695" type="General" weightage="20" keywordseo="Regulatory-moves" source="Orion">Regulatory moves</keyword> discouraging <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' <keyword id="22661696" type="General" weightage="20" keywordseo="derivative-market-bets" source="Orion">derivative market bets</keyword> may help the <keyword id="59197" type="General" weightage="20" keywordseo="banking-system" source="Orion">banking system</keyword> garner the much-needed <keyword id="6496248" type="General" weightage="20" keywordseo="deposits" source="Orion">deposits</keyword>, <keyword id="46004" type="General" weightage="20" keywordseo="SBI-Chairman" source="Orion">SBI Chairman</keyword> <keyword id="1937145" type="General" weightage="20" keywordseo="Dinesh-Kumar-Khara" source="Orion">Dinesh Kumar Khara</keyword> has said. Khara said the budget announcements like the tweaks on the short-term and long-term capital gains will not lead to much gains from a deposit accretion perspective. "<keyword id="20031465" type="General" weightage="100" keywordseo="FO" source="keywords">F&amp;O</keyword> (future and options) kind of things are being discouraged for the retail (investor) by the regulator. Those who are resorting to such kind of an instrument, they might come back to the banking system," Khara told PTI over the weekend. It can be noted that concerns over losses incurred by 90 per cent of investors in the derivative trades have led to fears of household savings being blown in speculation rather than being deployed for productive purposes among policymakers. As per <keyword id="20033427" type="General" weightage="20" keywordseo="capital-markets" source="keywords">capital markets</keyword> regulator Sebi, retail investors lost Rs 52,000 crore in such activity in FY24 alone which necessitates a clampdown. Sebi has come up with a seven-point plan to reduce such trades, while some moves in the Union Budget are also targeted to reduce such activities. For the last three years, the deposit growth is unable to keep pace with credit expansion, and Khara said the money is going into alternative avenues like capital markets. He, however, stressed that the bank account is the primary avenue for parking the savings and continue to attract interest, and reminded that there was a phase of deposit growth trailing credit growth in 2011 as well witnessed by the banking system. At present, concerns are being raised about the wedge between the deposit and credit growth leading banks to go slower on granting loans, which can be be detrimental for the overall economic growth. <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SBI" meta.hostid="153" meta.entityid="SBI">SBI</keyword>, the country's largest lender which commands over a fifth of market share, is targeting a credit growth of 15 per cent in FY25 and a deposit growth of 8 per cent, Khara said. Stating that the bank will try to get the deposit growth at 10 per cent, he made it clear that the credit growth target can be achieved even with a slower pace of deposit growth of 8 per cent due to its liquidity position. The bank chose to deploy excess deposits in the past into its investment book and is currently unwinding the same as it caters to the credit demand, Khara said. He said the bank's liquidity coverage ratio stands at 128 per cent and it has decided to keep it over 110 per cent.

Discouraging retail play in F&O may help banks garner deposits: SBI Chairman

Bankers welcomed Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>'s budget proposals as being growth accretive, and hailed the focus on capital expenditure while continuing with fiscal consolidation. On the critical question of revival in private capital expenditure, which has been lagging for several years now, private sector lender <keyword id="13918428" type="DOMAIN" weightage="20" keywordseo="kotak-mahindra-bank" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="kotak mahindra bank" meta.entityname="Kotak Mahindra Bank Ltd." meta.entityid="12161" meta.seoname="kotak-mahindra-bank-ltd">Kotak Mahindra Bank</keyword>'s whole time director <keyword id="818755" type="General" weightage="80" keywordseo="kvs-manian" source="Orion">KVS Manian</keyword> opined that it will take another 12 months to revive even though corporates have been investing off and on lately. “No bad news is good news. It is a fairly decent budget. The FM has maintained a fair balance on fiscal prudence, sustainability and ease of doing business,” Manian told PTI after the presentation of the budget. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="sbi" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sbi" meta.entityname="State Bank of India" meta.entityid="11984" meta.seoname="state-bank-of-india">SBI</keyword> chairman <keyword id="2003868" type="General" weightage="80" keywordseo="dinesh-khara" source="Orion">Dinesh Khara</keyword> said the budget is growth accretive, fiscally prudent and consumption supportive. “The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and Agriculture will broad base credit growth,” Khara added. He also said that the “reasonable Government borrowing numbers” will support lower interest rates and the move towards a clutter free new tax regime will significantly spur consumption. Banking industry's lobby grouping Indian Banks Association's chairman A K Goel said the increased capital expenditure could help in further increasing the demand for bank funds and the Agriculture Accelerator Fund woill also be helpful. <keyword id="686923" type="General" weightage="80" keywordseo="umesh-revankar" source="Orion">Umesh Revankar</keyword>, the executive vice chairman of <keyword id="12730794" type="DOMAIN" weightage="20" keywordseo="shriram-finance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="shriram finance" meta.entityname="Shriram Finance Ltd." meta.entityid="13106" meta.seoname="shriram-finance-ltd">Shriram Finance</keyword> said the income tax benefits announced will boost purchasing power for middle-class consumers. "I believe the announcements made will trigger a pick-up in credit off take for small enterprises, the consumption-driven two-wheeler business and lending to transportation," he added. Non-bank lender Tata Capital's managing director and chief executive <keyword id="128186" type="General" weightage="80" keywordseo="rajiv-sabharwal" source="Orion">Rajiv Sabharwal</keyword> said the strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy. American lender Bank of America's country head Kaku Nakhate said allowing foreign banks to conduct acquisition financing from GIFT City is a welcome step and also hailed the dual budget proposal for a single window clearance for IFSCA, SEZ, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, SEBI and GSTN at GIFT City. KPMG's national head of tax, <keyword id="309284" type="General" weightage="80" keywordseo="rajeev-dimri" source="Orion">Rajeev Dimri</keyword>, also welcomed Finance Minister Nirmala Sitharaman's measures for ensuring that the relaxations given to common taxpayers have not derailed fiscal math, and the government has stayed on the path of fiscal consolidation. Pointing out to the Goods and Services Tax revenue accretion over the last few months, he said the taxpayers should be credited for the performance. The budget rightly “rewards” the taxpayers for their commitment, Dimri said. LuLu Financial Holdings Managing Director Adeeb Ahamed said the budget is focussed with equal focus on traditional and emerging sectors. Adeeb, who has significant investments in India's financial services sector through LuLu Forex and LuLu Finserv, said the move to ramp up the credit guarantee scheme for MSMEs will give a fillip to enabling faster access to financial services. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/first-impressions-samsung-galaxy-s23-s23-plus-and-s23-ultra-go-heavy-on-photography-and-gaming/articleshow/97532856.cms?utm_source=social_sticky_amp&amp;utm_medium=social_sharing&amp;utm_campaign=Click_through_social_share">First Impressions: Samsung Galaxy S23, S23 Plus, and S23 Ultra bet big on photography and gaming</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

Bankers say private capex will take one more year to revive

<keyword id="1397102" type="General" weightage="20" keywordseo="Public-sector-bank-stocks" source="Orion">Public sector bank stocks</keyword> have rallied more than 25 per cent post their stellar Q2 financial results with net profit jumping by 50 per cent. Union Bank of India stock price is up by 60.8 per cent over the last month among the PSU bank stocks. Bank of India is up by 56.1 per cent during the month while UCO Bank is up by 32.4 per cent. The Nifty PSU Bank index made a new 52-week high on Friday. The index was up by 21.35 per cent last month. Amber Pabreja, Founder and CEO of Trendlyne, said the Nifty PSU Bank index has rallied more than 25 per cent after public sector banks delivered strong Q2 results - a sign of investor confidence. Loan growth has jumped by double digits. "We should keep in mind, however, that interest rates are on the rise, and deposits are growing relatively slowly. This means more expensive loans and lower net interest margin growth in the coming quarters. It will be a riskier environment for the banks," he said. "Overall, PSU banks will need to keep a close eye on their asset quality, especially as we head into FY24. And investors will have to become more selective with their picks. I expect major banks to stay resilient. State Bank of India (SBI), for example, reported a net NPA ratio of less than 1 per cent (.8 per cent for September 2022 quarter), and its earnings are expected to grow by 33 per cent in FY23 as per Trendlyne's consensus estimates," Pabreja said. S&amp;P Global Market Intelligence said in a report that Indian banks will gain from tailwind of rising rates as credit growth stays steady. Rising interest rates will continue to help Indian banks in the rest of the fiscal year ending March 31, 2023, after high credit growth and stronger margins helped propel earnings. Five of the six biggest banks by assets in India reported an increase in net income for the fiscal second quarter ended September 30, the report said. Vinod Nair, Head of Research at Geojit Financial Services, said, "The rally of PSBs was triggered by the strong earnings growth announced in Q2 results. It provided a good set of number with high provision coverage and improvements in asset quality. Combined net profit of 12 PSBs is up by 50 per cent on a Y-o-Y basis to Rs 25,685 crore. " Nair said the upgrade in outlook demanded improvement in valuation. There was a strong arbitrage opportunity due to heavy disparity between the valuation of private and public sector banks. However, due to sharp rally, P/B ratio has increased to 0.9x from 0.5x, narrowing the valuation gaps and limiting the performance on a short to medium-term. Banks took advantage of the higher interest rate environment to bolster their net interest margins, while previous efforts to reduce their nonperforming assets resulted in lesser loan loss provisions, their recently released earnings reports showed, S&amp;P Global Market Intelligence said. The second quarter results of private sector, as well as public sector banks, were "picture perfect", said Tusharika Aggarwal, research analyst, Asia-Pacific dividend forecasting at S&amp;P Global Market Intelligence. "I remain fairly confident in the banks' earnings for rest of the year. The interest rate hikes, although the quantum will decline, would still benefit Indian banks. And because credit growth is increasing, so despite high-interest rates, net interest income will grow," Aggarwal said. While lending rates have increased on aggregate with growing demand, interest rates offered to depositors have risen more slowly, Aggarwal said, adding that the gap, along with lower credit loss provisions, has resulted in better return on assets for banks. Ajit Kabi, Banking Analyst at LKP Securities, said, "The outperformance of public banks was evident as the fundamentals are getting stronger. The recapitalisation had improved the capital requirement which led the banks to grow the balance sheet. The credit growth reported was the highest in the decade. The deposit growth was also above the market growth rate. The large public banks (SBI, BoB, Canara Bank) have gained market share." On the asset quality front, the GNPA/NNPA level reduced significantly with ample provision buffers. The contingent provision for the bank seems adequate and above regulatory requirements against the restructured pool. The outperformance across yardsticks and inexpensive valuation has driven the rally in recent times. The rally is likely to continue for public banks as their balance sheet is at a sweet spot to grow with minimum asset quality hiccups, Kabi said. S&amp;P Global Market Intelligence said bank credit growth picked up for both public and private sector banks in the first half of fiscal 2022-2023, according to Reserve Bank of India data released in September. Private sector banks' credit growth for the fiscal first half came to 20.4 per cent, compared to 13.9 per cent for public sector banks. The central bank expects gross domestic product growth at 7 per cent in the current fiscal year ending March 31, 2023, and to ease to 6.5 per cent in the next fiscal year, dampened by further monetary tightening in the central bank's fight to control inflation. Manoj Kumar Dalmia, Founder and Director, Proficient Equities, said PSU bank stocks have been in a rally recently pertaining to good quarters and increased credit uptakes due to festive demand. The banks are also poised well, having improved asset quality. Despite the rally, many PSU banks are available at a reasonable valuation ranging from 0.5-1.0 Price/BV and investors can accumulate them with a long-term perspective. Some PSU banks to look for could be Canara Bank and Union Bank of India. Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares and Stock Brokers, said, "With robust credit growth, improving net interest margin (typical during the early phase of a rate hiking cycle), adequate coverage ratios, and no major signs of asset quality deterioration, we are fundamentally positive on the banking sector. "However, with the overstretched credit-to-deposit ratio, either the credit growth rate or the net interest margin of the private sector banks are likely to deteriorate. With very significant excess investment in government securities over statutory requirements, public sector banks are better off which explains the recent strong rally." After a sharp fall in deposit and credit shares to private banks, there are signs that PSUs may get back a part of it. There has been relative improvements in the return ratios as well. Meanwhile, large valuation differences continue. These factors also seem to be driving the rally, he added. S&amp;P Global Market Intelligence said the key surprise in banks' fiscal second quarter results was a 25-basis-point quarter-over-quarter expansion in NIM. It added, however, that even as this trend is working favourably now, it will increase the procyclical nature of earnings and will be a concern later when rates begin declining. Most banks reported faster credit growth as they ride on rising demand for loans. However, deposit growth is lagging and may push up funding costs later, Nikita Anand, associate director at S&amp;P Global Ratings, said. "We note that deposit growth is lagging credit growth, leading to higher loans-to-deposit ratios, which is positive for margins. However, with higher term deposit rates, there is likely to be some movement of funds from savings deposits to terms deposits. This could lead to some rise in cost of funds," Anand said. Some bank chiefs said they have started looking at ways to keep NIMs intact. Dinesh Khara, chairman of State Bank of India, said the bank will continue to open more savings bank accounts to attract low-cost funds and offer remunerative rates on term deposits to customers. "We are very mindful in terms of increasing our interest rates on the term deposits. So, I think, hopefully our effort will be to sustain the NIM," Khara said during the bank's November 5 earnings call. State Bank of India reported a rise in fiscal second-quarter net profit to Rs 147.52 billion from Rs 88.89 billion, while Bank of Baroda's net profit for the period rose 56.8 per cent year-over-year to Rs 34 billion from Rs 21.68 billion. Punjab National Bank, however, reported that its net profit for the quarter fell 55.3 per cent to Rs 4.94 billion as the state-run lender increased provisions for nonperforming assets by 30.9 per cent year-over-year to Rs 35.33 billion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-post-negative-returns-this-week-as-autos-drag-psu-banks-surge/articleshow/95607400.cms" style="">Sensex, Nifty50 post negative returns this week as autos drag – PSU banks surge</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/three-out-of-seven-companies-out-from-trillion-dollar-club/slidelist/95607217.cms">Three out of seven companies out from trillion dollar club</a>

PSB stocks on 52-week high riding on record profits, double-digit loan growth

<ul><li><keyword id="1553175" type="General" weightage="80" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword> is in talks with its lenders for a loan recast.</li><li>The telco last month opted for the adjusted gross revenue (AGR) dues moratorium.</li><li><keyword id="6354955" type="General" weightage="20" keywordseo="kumar-mangalam-birla" source="Orion">Kumar Mangalam Birla</keyword> may infuse $150 million into Vodafone Idea.</li></ul>Vodafone Idea and <a href="https://www.businessinsider.in/business/telecom/news/airtel-opts-for-agr-dues-moratorium-becomes-the-second-telco-to-do-so/articleshow/87254202.cms">Airtel</a> last month opted for the adjusted gross revenue (AGR) dues moratorium that was announced by the government as part of the <a href="https://www.businessinsider.in/business/telecom/news/telecom-relief-package-airtel-vodafone-idea-get-four-year-moratorium-on-agr-dues/articleshow/86227218.cms">telecom relief package</a>. By opting for the moratorium, Vodafone Idea was able to free up its cash-flow by up to ₹60,000 crore for four years, putting it in a better position to recover from its woes. According to a <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/vodafone-idea-in-talks-with-banks-for-loan-recast/articleshow/87616740.cms?from=mdr">report</a> by The Economic Times (ET), now Vodafone Idea is in talks with its lenders, including a consortium led by the State Bank of India (SBI), its biggest lender for a recast of loans. "After the government extended relief to the telco, lenders believe that uncertainty over its future is over for now," said an official aware of the discussions to ET. Vodafone Idea is reportedly looking for a stay on its interest payments, lower rates or a longer payment tenure. Banks have an exposure of ₹28,740 crore to Vodafone Idea, of which, SBI alone has an exposure of ₹11,000 crore. <cmsannotation type="cmsannotation" annotationid="What is a loan recast?" comment="subhead" text="What is a loan recast?">What is a loan recast?</cmsannotation> A loan recast is restructuring of a loan, offering concessions such as stay on interest, longer repayment tenure, lower interest or a combination of these. Banks’ exposure to Vodafone Idea: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of loan book </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDFC First Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,240 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.90% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.40% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,500 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.65% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.44% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.43% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,700 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.23% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,300 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.21% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,000 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.09% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Nomura Vodafone Idea has reportedly also informed its lenders that it has resumed talks with global investors to raise funds. The funds will be used by the telco for infrastructure improvement. As per <a href="https://www.livemint.com/companies/news/birla-may-infuse-at-least-150-mn-into-vodafone-idea-this-month-11635879044507.html">reports</a>, Aditya Birla Group chairman Kumar Mangalam Birla may infuse $150 million into the company, followed by <keyword id="137231" type="General" weightage="20" keywordseo="vodafone-group" source="Orion">Vodafone Group</keyword> which is expected to monetise a part of its stake in Indus Towers and invest it into Vodafone. The AGR dues moratorium and reports of fresh investments have also boosted the confidence of banks in Vodafone Idea. "There is no reason for us to be really concerned. They have plans which they are working on in terms of raising capital, etc, and also increasing the investment in technology. So, that account is back on track,” <a href="https://www.financialexpress.com/industry/provisions-plan-banks-stay-cautious-on-vodafone-exposures/2363215/">said</a> SBI Chairman Dinesh Khara. Business Insider India has written to Vodafone Idea and is awaiting a response. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-need-tariff-hikes-agr-moratorium-might-not-be-enough-say-analysts/articleshow/86285450.cms">Vodafone Idea and Airtel need tariff hikes, AGR moratorium might not be enough, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-welcome-telecom-relief-package-but-analysts-are-divided-on-whether-it-is-enough/articleshow/86252002.cms">Airtel, Vodafone Idea and Jio welcome telecom relief package, but analysts are divided on whether it is enough</a> <a href="https://www.businessinsider.in/business/telecom/news/yes-bank-sbi-and-others-want-vodafone-idea-to-be-saved-heres-why/articleshow/86196076.cms">Yes Bank, SBI and others want Vodafone Idea to be saved, here’s why</a>

After relief from Indian government, Vodafone Idea reportedly turns to banks for a loan recast

Kolkata, May 7 () The country's largest lender SBIhas decided to extend the RBI-approved moratorium to thecash-strapped NBFC sector to help them tide over the crisis,its MD Dinesh Kumar Khara said on Thursday.The RBI has allowed banks to extend moratorium toborrowers of term loans of all kinds for three months --March, April and May."SBI has taken a decision to extend the moratoriumallowed by RBI to the NBFC sector which is facing severeproblem of cashflow," Khara said.The bank would extend the moratorium to the Non-Banking Financial Companies (NBFCs) on a case-to-case basisafter assessing their cash budgets and examining the need forextending it, he told ."Just to ensure that there is no gap in the cashflowand help them tide over the contingency, SBI has taken such adecision," Khara said.Earlier, the State Bank of India extended 10 per centemergency COVID response contingency loan to all kinds ofborrowers to an extent of Rs 200 crore each, he said.Reserve Bank Governor Shaktikanta Das on Mondayreviewed liquidity position and ways to promote lending to theMSME sector during a meeting with representatives of NBFCs andmutual funds amid the lockdown induced by the COVID-19pandemic.Operations of NBFCs have commenced from Monday as thegovernment eased restrictions for the lockdown.Some of the issues discussed during the meetingincluded availability of liquidity from banks and otherfinancial institutions and post-lockdown strategies for supplyof credit, including working capital, to MSMEs, traders andbottom of pyramid customers in semi-urban, rural and urbanareas, the RBI said.Implementation of three months moratorium on repaymentof loan instalments announced by the RBI, and strengtheninggrievance redressal mechanisms were also discussed.The governor acknowledged the critical role of NBFCs,including micro finance institutions (MFIs), in deliveringlast mile credit, and the importance of mutual funds infinancial intermediation, RBI said in the statement.The RBI governor on Saturday had met heads of publicsector and private sector banks asking them to step up theirlending towards the MSME sector. dc SOM BJSOM SOM

SBI to extend moratorium to NBFCs

<ul><li>In the Asian market, the <keyword id="90570" type="ORGANIZATION" weightage="20" keywordseo="SGX-Nifty">SGX Nifty</keyword> was trading 0.35% higher at 7:49 am, indicating a green start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst mixed cues from the global markets, the Indian equities are likely to open on a muted note. In the Asian market, the SGX Nifty was trading 0.35% higher at 7:49 am, indicating a green start for Nifty50. However, the US markets ended Tuesday lower with a sell-off in some of the biggest technology companies. This came after US President Donald Trump called off negotiations with Democratic lawmakers on coronavirus relief legislation until after the election. Also, commentary from Fed chair Jerome Powell who warned that US’ economic recovery remains far from complete, and The Dow Jones Industrial Average shed over 375.88 points, whereas the S&amp;P 500 was down over 1.40%. These are the stocks to watch out for during the trading session on October 7: Reliance Industries (RIL) Relentless fund raise continues at Reliance Retail. The Abu Dhabi Investment Authority has invested ₹5,512.50 crore in Mukesh Ambani’s Reliance Retail for 1.20% equity stake. The shares of RIL ended flat yesterday. TCS I-T behemoth TCS will kickstart the earnings season later today. Q2 earnings are expected to be healthy, led by <a href="https://www.businessinsider.in/business/corporates/news/tcs-expected-to-post-higher-revenue-and-margins-led-by-a-streak-of-deal-wins-over-the-last-three-months/articleshow/78511834.cms">deal wins</a>. All eyes will be on the buyback announcement as well. The shares of TCS ended 0.45% higher yesterday. SBI The government has appointed SBI’s senior-most Managing Director, Dinesh Kumar Khara, as the chairman of the country’s largest lender. Khara will replace Rajnish Kumar, who completed his three-year term on Tuesday (October 6). The shares of SBI ended 1.56% higher yesterday. Bajaj Finance The non-banking finance company, Bajaj Finance informed investors that its consolidated deposit book rose by 22.5% to ₹21,600 crore as of September 2020. In a regulatory filing, the company said it acquired 1.2 million (12 lakh) new customers during the July-September quarter. The shares of Bajaj Finance ended 3% higher yesterday. Dixon Tech Dixon Tech subsidiary Padget Electronics has been chosen as the domestic mobile manufacturing partner in the production linked scheme; the company informed investors. It said it applied for two slots and won one. The shares of Dixon Tech ended 1.36% lower yesterday. VA Tech Wabag The water treatment company Va Tech Wabag<a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/c77e7e43-1f8b-4f88-9fa7-4a7df0abf367.pdf"> informed investors</a> that it had dissolved its Brazilian arm VA Tech Wabag Brazil Servicos De Agua E Saneamento Ltda, Brazil. The shares of VA Tech Wabag ended 1.46% lower yesterday. Matrimony.com The management of the match-making website clarified that during the conference, they said they were expecting double-digit growth for ‘billing’ (sales) and not for revenue in the matchmaking business. The shares of Matrimony.com ended 0.74% higher yesterday. Majesco and Zee Learn Majesco and Zee Learn will remain in focus ahead of their financial results due later today. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/house-lawmakers-say-facebook-google-apple-and-amazon-are-monopolies-that-need-to-be-more-heavily-regulated-and-potentially-broken-up/articleshow/78524642.cms" data-type="tilCustomLink">House lawmakers say Facebook, Google, Apple, and Amazon are monopolies that need to be more heavily regulated — and potentially broken up</a> <a href="https://www.businessinsider.in/politics/world/news/trump-tells-his-team-to-end-stimulus-negotiations-until-after-the-election/articleshow/78524017.cms" data-type="tilCustomLink">Trump tells his team to end stimulus negotiations until after the election</a>

Top stocks to watch — SBI, RIL, TCS, Bajaj Finance, Dixon Tech and others

Mumbai, Feb 25 () The second largest card issuer SBI Cards &amp; Payment Services, which is hitting the primary market with a Rs 9,000-crore initial public offering, has set the price band for the share sale at Rs 750-755. The IPO, opening on March 2 and closing on 4, comprises fresh issue of equity shares aggregating to Rs 500 crore and an offer for sale where promoters will offload nearly 13 crore shares. Promoters SBI and Carlyle Group will offload 3.73 crore shares and 9.32 shares respectively. SBI holds 74 per cent in SBI Card and the rest by the Carlyle Group and they will pare their stakes by 4 per cent and 10 per cent respectively, SBI Managing Director Dinesh Khara told reporters kicking of the IPO roadshow. SBI Card's market share in terms of the number of credit cards outstanding is 18 per cent. The pure-play credit card company's gross NPA stood at 2.47 per cent in December 2019 compared to 2.44 per cent in March 2019 and 2.83 per cent in March 2018, he said. SBI Card managing director and chief executive Hardayal Prasad attributed the spike in gross NPAs in March 2018 to the entry into new markets post-demonetisation but it did not generate the desired results. "We were testing some waters but it didn't work out the way we were thinking and the delinquency went up to 2.8 per cent. We have worked assiduously in terms of reducing the numbers, and 2.4-2.5 per cent is what we are continuously looking at and would like to maintain it," Prasad said. SBI Card was launched in October 1998 by SBI and GE Capital but in December 2017, GE sold back its stake to State Bank of India and the Carlyle Group. Talking about the merchant discount rate (MDR), Khara said MDR has not been removed for credit cards but only for debit cards. MDR is the fee collected by banks from merchants processing the transactions. Last December, Finance Minister Nirmala Sitharaman had said no MDR charges would be applicable on transactions through RuPay and UPI platforms from January 1, 2020. HV MRMR

SBI Cards & Payment Services sets IPO price band at Rs 750-755

New York, Elon Musk-run <keyword id="6360701" type="DEFINITION" weightage="20" keywordseo="spacex">SpaceX</keyword> has launched its 12th Starlink Mission which brings its internet-beaming satellite constellation to just under the 800 it needs to deliver moderate coverage in North America. "Once these satellites reach their target position, we will be able to roll out a fairly wide public beta in the northern US and hopefully southern Canada," <keyword id="2723572" type="PERSON" weightage="20" keywordseo="SpaceX-CEO">SpaceX CEO</keyword> <keyword id="6355315" type="UNKNOWN" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> said in a tweet. "Other countries to follow as soon as we receive regulatory approval". It is expected that there will be gigabit speeds on offer, meaning up to 1Gbps Internet speeds, with a fairly low latency of up to 25ms. Starlink plans to offer these Internet services for around $80 per month, which is priced at par if not lower than similar speed broadband plans in most countries, including India. With the latest launch from the Kennedy Space Center in Florida on Tuesday, SpaceX has launched 775 Linux-powered Starlink satellites to date. Starlink has been running a private beta since July in parts of the northern US and while it has had coverage of southern Canada, services there are pending regulatory approval, according to reports. However, the private beta was largely limited to SpaceX employees, according to TechCrunch. Starlink satellites orbit Earth at an altitude of about 500 kms, far closer to Earth than traditional conventional satellite broadband services. SpaceX recently presented the Federal Communications Commission (FCC) <keyword id="10016358" type="UNKNOWN" weightage="20" keywordseo="starlink-internet">Starlink internet</keyword> performance tests showing it was capable of download speeds of between 102Mbps to 103Mbps, upload speeds of 40.5Mbps to not quite 42Mbps, and a latency of 18 milliseconds to 19 milliseconds. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/sbi-new-chief-dinesh-khara-shares-his-stance-on-restructuring-capital-raising-hiring-and-more/articleshow/78534234.cms">SBI’s new chief Dinesh Khara shares his stance on restructuring, capital raising, hiring, and more</a> <a href="https://www.businessinsider.in/policy/economy/three-new-natural-gas-marketing-reforms-introduced-by-union-cabinet-to-reduce-dependence-on-imports/articleshow/78532983.cms">Three new natural gas marketing reforms introduced by Union Cabinet to reduce dependence on imports</a> <a href="https://www.businessinsider.in/careers/news/new-h-1b-visa-rules-make-it-more-expensive-and-harder-to-hire-workers-from-india-but-they-may-not-hold-ground/articleshow/78531040.cms">New H-1B visa rules make it more expensive and harder to hire workers from India — but they may not hold ground</a>

You Searched For "Dinesh Khara" and got 9 results

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

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Bankers say private capex will take one more year to revive

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PSB stocks on 52-week high riding on record profits, double-digit loan growth

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After relief from Indian government, Vodafone Idea reportedly turns to banks for a loan recast

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SBI to extend moratorium to NBFCs

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Top stocks to watch — SBI, RIL, TCS, Bajaj Finance, Dixon Tech and others

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SBI Cards & Payment Services sets IPO price band at Rs 750-755

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Billionaire Elon Musk is gearing up to beam cheaper high-speed Internet with Starlink public beta

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