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

<ul><li>In the changing of the guard at India’s largest bank, the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>), <keyword id="2003868" type="PERSON" weightage="20" keywordseo="Dinesh-Khara">Dinesh Khara</keyword> will replace <keyword id="254056" type="PERSON" weightage="20" keywordseo="Rajnish-Kumar">Rajnish Kumar</keyword> as the new chairman.</li><li>Khara was the first choice of India's headhunter for state-owned banks, the Bank Board Bureau (BBB).</li><li>With Khara becoming chairman, his post as Managing Director will become vacant for which the BBB has recommended Swaminathan Janakiraman.</li></ul>The government has approved the appointment of Dinesh Khara as the chairman of India’s largest bank, the State Bank of India (SBI). The three-year tenure of Rajnish Kumar, who currently holds the post, comes to an end today. Khara was recommended by the Bank Board Bureau (BBB), which is tasked with identifying heads of public banks. He is the senior most among the four managing directors at the bank and was in charge of global banking and subsidiaries of the bank. With the change of guard at SBI, his slot as Managing Director will now be open to a new candidate. Another Managing Director position will also become available by the end of the month when Arijit Basu will complete his term. The BBB has already shortlisted two individuals to fill up posts. For Khara’s post they’ve recommended Swaminathan Janakiraman who is currently the Deputy Managing Director in charge of Finance at SBI. And, for the vacancy left by Basu, they’ve pitched Ashwini Kumar Tewari, who was recently named the MD and CEO of SBI’s subsidiary, SBI Card, in August. In the reserve list, BBB has named Prakash Chandra Kandpal and Alok Kumar Choudhary for the Managing Director vacancies. The final decision of who will finally take up the posts will be decided by the government with inputs from the Reserve Bank of India (RBI). SEE ALSO: <a href="https://www.businessinsider.in/tech/news/malware-infiltrates-the-defenses-of-common-antivirus-softwares-like-mcafee-kaspersky-symantec-and-others/articleshow/78515377.cms">Malware infiltrates the defenses of common antivirus softwares like McAfee, Kaspersky, Symantec and others</a> <a href="https://www.businessinsider.in/science/space/news/andrea-ghez-is-the-fourth-woman-to-win-the-nobel-prize-for-physics/articleshow/78514164.cms">Andrea Ghez is the fourth woman to win the Nobel Prize for Physics — found the first signs of the supermassive black hole at the center of the Milky Way</a> <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">TCS expected to post higher revenue and margins led by a streak of deal wins over the last three months</a>

Dinesh Khara steps in as new SBI chairman as Rajnish Kumar's term comes to an end

Indian Banks' Association (IBA) on Friday said Union Bank of India's MD and CEO <keyword id="4360345" type="PERSON" weightage="20" keywordseo="Rajkiran-Rai">Rajkiran Rai</keyword> G has been elected as the association's chairman for the term 2020-21. "The managing committee of IBA at its meeting held on October 16, 2020 elected Rajkiran Rai G, Managing Director and CEO, Union Bank of India as the chairman, IBA for the term 2020-21," a release said. State Bank of India's Chairman <keyword id="1937145" type="PERSON" weightage="20" keywordseo="Dinesh-Kumar-Khara">Dinesh Kumar Khara</keyword> has been elected as the deputy chairman of the association. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-q2-earnings-impact-by-moratorium-restructuring-and-npa-loans/articleshow/78702092.cms">HDFC Bank likely to remain ahead of peers in second quarter — all eyes on loan restructuring, moratorium, and asset quality</a> <a href="https://www.businessinsider.in/careers/news/hcl-to-hire-more-jobs-and-increase-wages-over-next-three-months-9000-more-freshers-to-be-onboarded-by-march/articleshow/78696285.cms">HCL Tech to hire ‘significantly’ and bring back wage hikes over the next three months — 9,000 new freshers likely to be onboarded by March</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-beats-guidance-clocks-in-4-5-jump-in-revenue-during-second-quarter/articleshow/78693542.cms">HCL Tech beats guidance — clocks-in 4.5% jump in revenue during second quarter</a>

Union Bank of India MD & CEO Rajkiran Rai is new chairman of IBA

<ul><li>In his first interaction as the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>) chairman, <keyword id="2003868" type="PERSON" weightage="20" keywordseo="Dinesh-Khara">Dinesh Khara</keyword> asserted that his top priorities are the safety of the bank’s employees and customers as well as maintaining the quality of the bank’s balance sheets. </li><li>He also shared that SBI is quite comfortably placed to handle the restructuring requests that have come in so far.</li><li>When it comes to raising capital, Khara said the bank is yet to approach the capital market and that the decision will depend on the trading traction in coming days.</li></ul>Dinesh Khara held his first press conference today as the new chairman of India’s largest banking entity, the State Bank of India (SBI). He shared his top priorities, as well as his take on restructuring and capital raising plans. Considering the impact of the coronavirus pandemic, Khara stated that his top three concerns are the safety of employees, safety of customers and maintaining the quality of the bank’s balance sheet. On SBI’s readiness for restructuring of loans Maintaining the balance sheet is part and parcel of the upcoming restructuring exercise that has been approved by the Reserve Bank of India (RBI). According to Khara, not too many corporates have reached out but the traction for personal loan restructuring is high. “We’re closely observing the behaviour of people who are showing interest in going for restructuring. Whatever numbers we have seen till now and given our quality book, it is very much manageable,” he told reporters. However, with the new restructuring guidelines, the bank does not have a clear view of which new cases of non-performing assets will need resolution. On SBI’s capital raising Any money the bank needs, after the board approved capital raising of ₹20,000 crore back in June, has been done using Tier-I and Tier-II options. But when it comes to raising capital from the equity market, it’s still a watch-and-watch game with the deadline still five months away. “The kind of credit growth we are seeing, we feel we are quite comfortably placed as of now. We would like to reach out to the capital market for any preventive capital raising as when we see traction on trading of our assets,” explained Khara. More employees in digital and analytics Khara stressed that SBI is doing well in terms of digital distribution channels. The bank has plans to increasingly strengthen the digital and analytical capabilities to serve its customers. One part of that plan is to re-skill the bank’s existing employees.Since a lot of them have a background in engineering, the bank has plans to offer specialised re-skilled courses to build the employee base in analytics and digital. ”We’re not really letting down our guard as far as annual hiring is concerned,” he said, clarifying that annual hiring will continue as per past trends. SEE ALSO: <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> <a href="https://www.businessinsider.in/finance/banks/news/dinesh-khara-new-sbi-chairman-with-rajnish-kumar-term-ending/articleshow/78520160.cms">Dinesh Khara steps in as new SBI chairman as Rajnish Kumar's term comes to an end</a>

SBI’s new chief Dinesh Khara shares his stance on restructuring, capital raising, hiring, and more

<ul><li><keyword id="9155468" type="General" weightage="20" keywordseo="alok-kumar-choudhary" source="Orion">Alok Kumar Choudhary</keyword> was promoted from deputy managing director to Managing Director (MD) of State Bank of India on Tuesday.</li><li>As the MD, Choudhary will be handling retail business and operations in his new role.</li></ul>Seasoned banker Alok Kumar Choudhary was appointed as the managing director of India’s largest public lending institution State Bank of India on June 07, 2022. He was the Deputy MD (DMD) of finance at the bank. After three and a half decades with the bank, Choudhary will be now responsible for spearheading retail business and operations at <keyword id="13222" type="General" weightage="20" keywordseo="sbi" source="Orion">SBI</keyword> for two years. He will report to the chairman Dinesh Kumar Khara. This move comes months after the Banks Board Bureau (BBB) <a href="https://www.business-standard.com/article/finance/bbb-recommends-alok-choudhary-for-sbi-managing-director-post-122031601405_1.html#:~:text=The%20Banks%20Board%20Bureau%20(BBB,of%20State%20Bank%20of%20India.&amp;text=20%3A19%20IST-,The%20Banks%20Board%20Bureau%20(BBB)%20on%20Wednesday%20recommended%20the%20name,of%20State%20Bank%20of%20India.">recommended </a>Alok Kumar Choudhary for the post of MD in March after interviewing 21 candidates for the position. He joins three other MDs at SBI Swaminathan Janakiraman, Challa Sreenivasulu Setty, and Ashwini Kumar Tewari. Choudhary will replace Ashwini Bhatia, who has been appointed a whole-time member of the Securities and Exchange Board of India (Sebi). Bhatia had joined the bank three years before Choudhary in 1985. The newly appointed MD began his career at the bank in 1987 as a probationary officer and has held various titles over the years across geographies. He was the chief general manager for three years of the bank’s Delhi circle. He has also held the title of GM in Network I of Ahmedabad, deputy general manager in Delhi, as DGM and corporate development officer at North-East Circle. This move comes soon after SBI rejigged its top leadership and appointed <a href="https://www.timesnownews.com/business-economy/industry/new-leadership-at-psbs-sbi-promotes-7-cgms-as-dmds-article-92004627">seven new</a> DMDs. Sankar Bala Bhadrapatruni, Ruma Dey, Amitava Chatterjee, Shamsher Singh, Vidya Krishnan, Gulshan Malik and Pravin Raghavendra were promoted from the position of chief general manager (CGMs) to DMDs at SBI. The lender has also elevated 29 general managers as CGMs. New leadership across Public Sector Banks (PSBs) Along with SBI’s Choudhary, Union Bank of India, Indian Overseas Bank and Punjab and Sind Bank shuffled their<a href="https://www.timesnownews.com/business-economy/industry/new-leadership-at-psbs-sbi-promotes-7-cgms-as-dmds-article-92004627"> senior leadership team.</a> Canara bank’s executive director A Manimekhalai moved to Union Bank of India as MD and CEO. Indian Overseas Bank appointed Ajay Kumar Srivastava took over as MD and CEO. Punjab and Sind Bank brought Swarup Kumar onboard as MD and CEO.

India’s biggest lender appoints Alok Kumar Choudhary as new MD soon after top brass rejig

<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></colgroup><col /><col /><col /><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

Indian <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> and payments systems were unaffected by the <keyword id="1571551" type="General" weightage="100" keywordseo="microsoft-outage" source="Orion">Microsoft outage</keyword>, which has impacted financial services players worldwide. "We are all fine," <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SBI" meta.hostid="261" meta.entityid="SBI">SBI</keyword> Chairman Dinesh Kumar Khara told PTI when asked about the impact of the <keyword id="20039065" type="General" weightage="20" keywordseo="outage" source="keywords">outage</keyword> on the operations at the country's largest lender which commands nearly 25 per cent market share. National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords" meta.keywordsubtype="org" meta.entityname="NPCI" meta.hostid="261" meta.entityid="NPCI">NPCI</keyword>) chief executive Dilip Asbe said the country's payments architecture, including the widely popular Unified Payments Interface, has been unaffected. <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>, the biggest among the private sector lenders, also said that it has not faced any impact of the outage. "Our systems are unaffected by the global outage. There is no impact on banking operations," said Ramesh Lakshminarayanan, the group head for information technology at HDFC Bank. Officials at ICICI Bank and Axis Bank also said that their systems were working fine and showing no impact of the outage. A widespread <keyword id="19895622" type="General" weightage="20" keywordseo="Microsoft" source="keywords">Microsoft</keyword> outage disrupted flights, banks, media outlets and companies around the world on Friday. Escalating disruptions continued hours after the technology company said it was gradually fixing an issue affecting access to Microsoft 365 apps and services.

Global cyber outage: Banks, payments systems unaffected by Microsoft outage

<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>The <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) has received ₹6,493 in restructuring requests as of October 31. </li><li>India’s largest lender has estimated that this could double over the next three months. </li><li>For the whole year, SBI pegs its slippages to be around ₹60,000 crore, which only accounts for about 2.5% of their overall loan portfolio. </li></ul>India’s largest lender is the first to reveal its restructuring numbers. At the end of October, it had received ₹6,493 crore in restructuring requests. Over the next three months, by the end of December, the State Bank of India (SBI) estimates the restructuring amount could more than double to hit ₹13,000. “Any iota of doubt we have captured it within this ₹13,000 crore number. There is a likelihood that it may not be as high,” said SBI’s newly appointed Chairman Dinesh Kumar Khara. <div type="image" title="Screenshot (212)" msid="79041436" hostid="261" caption="&amp;lt;p&amp;gt;SBI estimates of slippages in the current fiscal year&amp;lt;/p&amp;gt;"></div> So far this year, the bank has reported slippages of ₹6,393 crore. Its pro forma slippages in the second quarter amounted to ₹14,386 crore. This figure would have been reported as slippages if not for the Supreme Court order to not declare any accounts as non-performing assets (NPA) after August 31. “Out of this ₹14,000 crore, which we are saying is the likely slippage in Q2, we have pulled back for almost ₹6,000 crore as of October 31,” added Khara. Forecasting another ₹20,000 crore in defaults during the second half, SBI’s overall outlook for the year is around ₹60,000 in slippages. Even so, the slippage ratio — including restructuring — will be at around 2.5%, which is only half as bad as what the <a href="https://www.businessinsider.in/finance/banks/news/one-time-loan-restructuring-dilemma-rbi-wont-commit-and-india-inc-wont-stop-asking-for-it/articleshow/77328145.cms">Reserve Bank of India’s (RBI) financial stability report estimated back in August.</a> Most of the restructuring requests from corporates and MSMEs Of the ₹6,493 crore that SBI is currently considering to restructure, around ₹4000 crore is from corporate accounts and ₹2,400 from the retail book. Even within retail, micro, small and medium enterprises (MSMEs) have a larger share. The ₹4000 crore in restructuring requests from corporates that SBI has received so far come from 42 businesses — none of them are large. “We shouldn’t have too many slippages on the corporate side because we’re actually looking at it account by account. It has been accounted for the additional restructuring requests that may come in till December 2020,” said Khara. However, SBI estimate of ₹13,000 crore in slippages by the end of December is primarily based on defaulters in the corporate and MSME segment. Retails loans will grow Even though the bank has received over 2,600 applications for personal loans, they count for a small part of the overall restructuring book. The bank claims most of the loans given out without its retail sector is to customers employed at big firms and government or quasi-government jobs. “In the home loan book, we normally have first time home buyers. Considering the average ticket size, we don’t see any challenges when it comes to delinquencies in home loans,” said Khara. In fact, growth in the retail segment will be the bank’s primary level for growth going forward where it expects to outperform the industry. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/sbis-profit-jumps-over-50-in-q2-plans-to-outperform-the-industry-in-credit-growth/articleshow/79039165.cms">SBI’s profit jumps over 50% in Q2 — India’s largest bank plans to outperform the industry when it comes to credit growth</a> <a href="https://www.businessinsider.in/stock-market/news/tcs-infosys-hcl-tech-and-wipro-share-price-jump-amid-us-election-result-between-biden-and-trump/articleshow/79038249.cms">Indian IT stocks are surging as the US Presidential election comes down to the wire</a>

SBI received restructuring requests for over ₹6,000 crore in October — expects that to more than double over the next three months

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

<ul><li>The <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> has brought in three new reforms to how the bidding process for <keyword id="6354703" type="UNKNOWN" weightage="20" keywordseo="natural-gas">natural gas</keyword> will take place across India. </li><li>The Director General of Hydrocarbons (DGH) will suggest a new e-bidding platform to gas producing companies for use. </li><li>Even though gas producing companies themselves will not be allowed to participate in the bidding process, affiliate companies can still issue a bid.</li></ul>The Indian government’s Union Cabinet has approved three new <keyword id="10067019" type="UNKNOWN" weightage="20" keywordseo="natural-gas-marketing-reforms">natural gas marketing reforms</keyword> to give a boost to the gas economy and reduce import dependence. This includes setting up a new e-bidding platform, prohibiting producing companies from participating in the bidding process and bringing all different fiscal models under the new bidding mechanism. “India currently produces 84 million standard cubic meters (MMSCM) of natural gas and imports around the same amount. With the new reforms, 40 MMSCM will come into local production. Country’s dependency on import of natural gas will reduce,” said Union Minister Dharmendra Pradhan while introducing the new reforms. A new bidding process to promote pricing and marketing freedom for natural gas Last year, the Indian government declared that any new discoveries and any gas found within those regions will get pricing and marketing freedom. But, according to Pradhan, there was a bottleneck in how to implement the system. “We have to move the country towards clean energy. Have to increase gas consumption. The government has already allocated around ₹4 lakh crore to build up gas infrastructure across the country,” he said.. Now, the Director General of Hydrocarbon (DGH) will suggest an e-bidding platform to producers. It will list all government entities and other credible companies. The DGH will also issue guidelines for the same. “Producers will have a choice between different platforms in a transparent public domain akin to how coal, spectrum and mineral auctions take place in the country,” said Pradhan. While producing companies themselves will not be allowed to participate in the bidding process, all other players and affiliate companies will be allowed to bid. In order to standardise the new system, any segmented public sector enterprise (PSE) and fiscal models will also be governed by the new bidding mechanism and any affiliate bidding mechanisms, explained Pradhan. SEE ALSO: <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> <a href="https://www.businessinsider.in/finance/banks/news/dinesh-khara-new-sbi-chairman-with-rajnish-kumar-term-ending/articleshow/78520160.cms">Dinesh Khara steps in as new SBI chairman as Rajnish Kumar's term comes to an end</a>

You Searched For "Dinesh Kumar Khara" and got 14 results

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

ANI

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

PTI

Dinesh Khara steps in as new SBI chairman as Rajnish Kumar's term comes to an end

Prabhjote Gill

Union Bank of India MD & CEO Rajkiran Rai is new chairman of IBA

PTI

SBI’s new chief Dinesh Khara shares his stance on restructuring, capital raising, hiring, and more

Prabhjote Gill

India’s biggest lender appoints Alok Kumar Choudhary as new MD soon after top brass rejig

Karuna Sharma

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

Rounak Jain

Global cyber outage: Banks, payments systems unaffected by Microsoft outage

PTI

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

IANS

SBI received restructuring requests for over ₹6,000 crore in October — expects that to more than double over the next three months

Prabhjote Gill

SBI to extend moratorium to NBFCs

PTI

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

Navdeep Yadav

Three new natural gas marketing reforms introduced by Union Cabinet to reduce dependence on imports

Prabhjote Gill

Top 10 Indian companies by market value in 2024

BI India Bureau