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Brokerage firm Goldman Sachs has given a 'Sell' call on SBI, India's largest public sector bank by market capitalisation. The brokerage firms expects several headwinds for SBI and therefore its has also reduced the target price for SBI to ₹742/share.

Goldman Sachs Recommends Selling SBI Shares, Lowers Target Price to ₹742

Brokerage firm Goldman Sachs has given a 'Sell' call on SBI, India's largest public sector bank by market capitalisation. The brokerage firms expects several headwinds for SBI and therefore its has also reduced the target price for SBI to ₹742/share.

Sell SBI shares - That's the call from Goldman Sachs.
But why is the brokerage firm making this recommendation?
Well, Goldman Sachs thinks SBI might be heading for some tough times.
The brokerage firm is saying SBI's profits from its assets have probably peaked and might start dropping.
Plus, they expect SBI&rsquo;s loans growth to drop.
Also, they believe SBI's credit costs will go up due to rising bad loans, especially from small businesses and farmers.
And that is why Goldman Sachs has reduced its target price for SBI shares to 742 rupees.
Was this information useful for you &ndash; tell us in comments. Like, share and subscribe to Business Hook for more such updates.&nbsp;

State Bank of India surpassed Rs 8 lakh crore market capitalisation, becoming the seventh Indian company to do so. SBI shares hit a record high of Rs 900, rising 8.3% in morning trade, with a 40% increase this year

SBI becomes 7th listed company to surpass Rs 8 lakh crore market capitalisation

<h2>State Bank of India surpassed Rs 8 lakh crore market capitalisation, becoming the seventh Indian company to do so. SBI shares hit a record high of Rs 900, rising 8.3% in morning trade, with a 40% increase this year</h2>

Amid a massive market rally, state run lender State Bank of India has become the seventh listed company in India to surpass Rs 8 lakh crore market capitalisation. On Monday, SBI shares rose as much as 8.3% in the morning trade hitting a fresh record high of Rs 900 on the BSE.
So far this year, SBI's share prices have soared over 40%.
<h3>The Rs 8 lakh crore club</h3>
This Rs 8 lakh crore m-cap milestone was achieved by Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, Infosys, and ICICI Bank earlier. PSU stocks have surged after the exit polls results.
Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for a third straight term, with BJP-led NDA winning anywhere between 350-401 seats.
Moneycontrol quoted market experts and said that stocks that are riding the wave of government's growth plans, like those in capital expenditure or public sector units, have surged over the past year and are expected to continue rising.
Also watch: <a href="https://www.editorji.com/business-news/markets/adani-group-stocks-extend-gains-for-second-consecutive-session-m-cap-rises-to-rs-2-6-lakh-crore-1717406842955">Adani Group stocks extend gains for second consecutive session; m-cap rises to Rs 2.6 lakh crore</a>

In October 2023, RBI governor Shaktikanta Das emphasised that while the repo rates have been raised by 250 basis points the increase has not been fully transmitted to bank deposit rates and banks now follow suit in increasing the FD interest rate

SBI increases interest rates on fixed deposits effective May 15

<h2>In October 2023, RBI governor Shaktikanta Das emphasised that while the repo rates have been raised by 250 basis points the increase has not been fully transmitted to bank deposit rates and banks now follow suit in increasing the FD interest rate</h2>

Here's some good news for those who have fixed deposits with SBI. On May 15th SBI raised the interest rate for fixed deposits of certain maturities by 0.25%-0.75%. This targets FDs below Rs 2 crore.&nbsp;
<h3>Interest rate hike</h3>
The increase in interest rates are applied across various tenures including FDs maturing within 46 days to 179 days, 180 days to 210 days and 211 days to less than 1 year. For deposits maturing in 46 days to 179 days the interest rates would see 75 bps increase. These deposits now fetch interest rate of 5.5%. Likewise for 180 days to 210 days, the bank has raised rates by 25 bps to 6% interest.
Fixed deposits ranging from 211 days to less than 1 year will yield increased interest rate of 6.25% after a 25 bps hike.
<h3>Repo rate unchanged</h3>
This comes as the Reserve Bank of India kept its repo rate unchanged for the seventh time at 6.5% in April 2024. However, the central bank earlier implemented six consecutive rate hikes, totalling 250 basis points, until the pause in April 2023.
In October 2023, RBI governor Shaktikanta Das emphasised that while the repo rates have been raised by 250 basis points the increase has not been fully transmitted to bank deposit rates. Although banks followed suit in raising their FD interest rate when RBI increased the repo rate, there was some delay in the transmission.&nbsp;
Banks that delayed increasing the FD rate are increasing them to catch up with the RBI's policy actions. When RBI increases the repo rate, banks increase FD interest rate and when the repo rate is cut, the FD interest rate is cut too
Also Watch: <a href="https://www.editorji.com/business-news/rbi-credit-policy-1712291728874">RBI Credit Policy: Repo rate unchanged at 6.5% for 7th time in a row</a>

State Bank of India's research report suggests no rate cuts in the upcoming RBI Monetary Policy Committee meeting. Anticipating inflation to peak at 5.4% in September.

SBI forecasts no rate cuts in April RBI MPC meet

State Bank of India's research report suggests no rate cuts in the upcoming RBI Monetary Policy Committee meeting. Anticipating inflation to peak at 5.4% in September.

As the Reserve Bank of India gears up for its Monetary Policy Committee meeting scheduled from April 3-5, the State Bank of India has released a research report indicating that rate cuts are unlikely to be on the agenda for the upcoming meeting. According to the SBI, any potential rate cuts are expected to materialize only in the third quarter of the financial year 2024-25 (FY25).
In its report, the SBI highlighted that central bank rate actions in emerging economies often follow those of advanced economies. However, it noted that India appears to be an exception, with the first rate cut by the RBI anticipated in Q3FY25. Furthermore, the report suggests that any rate cut cycle initiated by the RBI is likely to be shallow, emphasizing the importance of maintaining a stance of withdrawal of accommodation.
This prediction from the SBI comes in the wake of the US Federal Reserve's decision to maintain its benchmark overnight interest rate within the range of 5.25-5.50% and uphold its outlook for three cuts in borrowing costs throughout the year.
Discussing inflation, the SBI report forecasts a decline until July, followed by an uptick, with September potentially seeing a peak of 5.4%. However, it anticipates a subsequent deceleration, projecting CPI inflation to average at 4.5% for the entirety of FY25.
The RBI has maintained the repo rate at 6.5% since the April monetary policy meeting in 2023 and continues to prioritize the withdrawal of accommodation. The SBI report attributes current inflation trends primarily to food price dynamics, with future inflation levels hinging on evolving food prices.
Regarding liquidity, the SBI notes a decline in liquidity deficit since the previous policy meeting in February. Additionally, it expects deposits and credit in the banking sector to witness growth rates of 14.5-15% and 16.0-16.5%, respectively, in FY25.
Despite geopolitical tensions and concerns over a prolonged high-interest-rate environment, India attracted the highest foreign fund inflows among Asian markets in March. The SBI predicts a potential surge in debt inflows alongside equity inflows in the coming period, driven by passive investments in bonds under various indices.
With the SBI's insights shedding light on the monetary policy outlook, stakeholders eagerly await the RBI MPC meeting for further clarity on the trajectory of interest rates and other policy measures. Also Watch: <a href="https://www.editorji.com/business-news/economy/gst-collections-hit-1-78-lakh-crore-in-march-second-highest-since-roll-out-1711974143673">GST collections hit ₹1.78 lakh crore in March, second highest since roll-out</a>

Earlier, the SBI had submitted one list that had the names of the bond buyer with the date and another the list with names of the receipient political party. 

EC uploads data on electoral bonds submitted by SBI

EC uploads data on electoral bonds submitted by SBI
SBI submitted unique number of electoral bonds
SBI submitted data after SC order

Earlier, the SBI had submitted one list that had the names of the bond buyer with the date and another the list with names of the receipient political party.&nbsp;

The Election Commission of India uploaded the complete details of electoral bonds submitted by the SBI on Thursday.&nbsp;
The SBI provided information such as alphanumeric numbers which are unique to each bond purchased. It also provided information about the issue code of the bank branch and the pay code of the bank branch.
Earlier, the SBI had submitted one list that had the names of the bond buyer with the date and another list with names of the recipient political party. The unique bond numbers will help match the two lists.&nbsp;
The State Bank of India was the only bank authorised to sell and redeem the bonds, which were first issued in March 2018 and were being sold until the scheme was declared null and void by the top court last month.
The Election Commission said it has uploaded the data on electoral bonds on its website as received from SBI on "as is where is basis".
(with PTI inputs)

Jefferies identifies 11 stocks set for robust growth over the next 5 years. Check here the list- SBI, Airtel, Zomato, TVS Motor, etc.

From SBI, Bharti Airtel to Zomato: Jefferies identifies 11 stocks set for robust growth over next 5 years

SBI, Bharti, Zomato: Jefferies identifies 11 stocks set for robust growth over next 5 years

<h2>Jefferies predicts that these stocks have the potential to double or even triple in value within the next five years, signaling substantial growth prospects in the market</h2>

Global brokerage firm Jefferies has identified 11 stocks which it expects to deliver impressive Compound Annual Growth Rates (CAGR) of 15% to 25% over the next half-decade.
In a recent analysis, global brokerage firm Jefferies has identified 11 stocks poised to offer substantial growth opportunities over the next five years. Here's a breakdown of their recommendations: Amber Enterprises: Positioned as a key beneficiary of India's manufacturing growth, Amber Enterprises is expected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 36% in earnings from 2024 to 2030, driven by its core competency in ACs and diversification into components.
Ambuja Cements: With a forecast of strong operating outperformance compared to its peers, Ambuja Cements is anticipated to benefit from consolidation, leading to positive pricing dynamics over the long term.
Axis Bank: Jefferies predicts an 18% EPS CAGR from 2024 to 2029 for Axis Bank, citing growth prospects in hyper-personalisation platforms, SME, and rural loans.
Bharti Airtel: Expecting consistent market share gains and an improving pricing environment, Bharti Airtel is projected to achieve a 12% to 13% CAGR in India revenue or EBITDA from 2024 to 2030.
JSW Energy: With triggers like improving visibility on Renewable Energy and commissioning of merchant capacity, JSW Energy is set for medium-term growth, bolstered by prudent cash flow utilization.
Larsen &amp; Toubro: Benefiting from India's capex upcycle, L&amp;T is poised for re-rating as EPS growth remains strong, coupled with surplus cash flow distribution to shareholders.
Macrotech Developers: Positioned as a key beneficiary of the current housing capex upcycle, Macrotech is expected to witness valuation drivers through land value reset and expansion into new geographies.
Max Healthcare: With sustained growth momentum in the hospital business, Max Healthcare has the potential to become a 2.5x stock in five years.
State Bank of India: Jefferies anticipates SBI's growth fueled by its strong deposit franchise, enhanced digital offerings, and leadership across lending segments, with scope for valuation re-rating.
TVS Motor: Positioned to benefit from the revival in Indian two-wheeler demand, TVS Motor is expected to rebound from cyclical troughs.
Zomato: Considered a compelling food delivery play, Zomato's strong free cash flows and capital allocation strategies make it a promising investment opportunity according to Jefferies.

The Supreme Court clarified that SBI must disclose the alphanumeric number and the serial number, if any, of the bonds purchased and redeemed.

SC directs SBI to disclose all electoral bond details, including serial numbers

The Supreme Court clarified that SBI must disclose the alphanumeric number and the serial number, if any, of the bonds purchased and redeemed.

The Supreme Court on Monday said the State Bank of India (SBI) can't be selective and has to disclose all "conceivable" electoral bond details in its possession, including unique bond numbers that would disclose the link between the buyer and the recipient political party.
A five-judge bench headed by Chief Justice D Y Chandrachud said the apex court had, in its verdict in the electoral bonds case, asked the bank to disclose all the details of the bonds and it should not wait for further orders on this aspect.
"We had asked all details to be disclosed by the SBI which includes electoral bond numbers as well. Let SBI not be selective in disclosure," the bench, also comprising Justices Sanjiv Khanna, B R Gavai, J B Pardiwala and Manoj Misra, orally said during the hearing.
Last week, the top court had issued a notice to the country's largest bank to explain the reasons for non-disclosure of unique alpha numeric numbers in compliance of its directions, saying the SBI was "duty bound" to reveal them.
On April 12, 2019, the apex court had issued an interim order directing that the information about the donations received and donations which will be received must be submitted by political parties to the EC in a sealed cover.
In its landmark verdict on February 15, the top court had scrapped the Centre's electoral bonds scheme that allowed anonymous political funding, calling it "unconstitutional" and ordered disclosure by the EC of donors, the amount donated by them and the recipients by March 13.&nbsp;

The SBI has submitted 2 separate lists to the poll panel - one with the names of the donors and another with the names of political parties

SC asks SBI to submit electoral bond numbers linking donors to political parties

Electoral bonds: SC asks SBI to submit bond numbers to EC
SC asks SBI to submit all bond related details by March 16
EC published electoral bond data given by SBI on March 14

The SBI has submitted 2 separate lists to the poll panel - one with the names of the donors and another with the names of political parties

The Supreme Court has asked the State Bank of India to submit 'complete data' on the electoral bonds issued from 2019 to 2024. The top court asked SBI to also give the electoral bond numbers to the Election Commission along with the data on donors and recipients.&nbsp;
The SBI has submitted 2 separate lists to the poll panel - one with the names of the donors and another with the names of political parties. The electoral bond numbers will help match the buyer of each bond with its recipients.&nbsp;

The Supreme Court warned that it would initiate contempt proceedings against SBI if it fails to comply with the order.

SC orders SBI to disclose electoral bond details by tomorrow

The Supreme Court warned that it would initiate contempt proceedings against SBI if it failed to comply with the order.

The Supreme Court warned that it would initiate contempt proceedings against SBI if it failed to comply with the order.

The Supreme Court on Monday ordered the State Bank of India (SBI) to furnish details of electoral bonds by end of business hours tomorrow, i.e. March 12, dismissing the lender's petition seeking more time. The Election Commission has been asked to publish the details shared by SBI on its official website by 5 pm on March 15.
In a landmark verdict on February 15, the bench led by Chief Justice DY Chandrachud had scrapped the electoral bond scheme that facilitated anonymous donations to political parties. The apex court had set March 6 as the deadline for SBI to disclose information on the bonds issued so far to the poll panel.
However, on March 4, the lender moved Supreme Court seeking time till June 30 to furnish the details. The lender argued that the data of anonymous donors and that of political parties encashing the donations were stored in separate silos, and that matching them would be a time consuming process.
The Supreme Court, today, clarified that the lender did not have to match donors with donations. The SBI has to just open the sealed cover, collate the details and give the information to the Election Commission, the apex court said.
It also asked the bank about the steps taken by it for complying with the directions given by the apex court in its February 15 judgment. "In the last 26 days, what steps have you taken? Your application is silent on that," the bench said.
The court also warned that it would initiate contempt proceedings against the government-run bank if it does not comply with the order this time.
Also Watch: <a href="https://www.editorji.com/india-news/plea-in-sc-to-stop-election-commissioners-appointment-under-new-law-1710139887783">Plea in SC to stop election commissioners' appointment under new law</a>

Association for Democratic Reforms moved a contempt petition in the Supreme Court, after SBI failed to disclose details of electoral bonds by the stipulated deadline of March 6.

Contempt plea against SBI for failure to disclose details of electoral bonds

Association for Democratic Reforms moved a contempt petition in the Supreme Court, after SBI failed to disclose details of electoral bonds by the stipulated deadline of March 6.


Association for Democratic Reforms moved a contempt petition in the Supreme Court, after SBI failed to disclose details of electoral bonds by the stipulated deadline of March 6.

A contempt plea was moved in the Supreme Court on Thursday, challenging the State Bank of India's (SBI) application seeking an extension of time till June 30 to disclose the details of each electoral bond encashed by political parties.
A bench headed by Chief Justice D Y Chandrachud took note of the submissions made by lawyer Prashant Bhushan, who appeared in the court on behalf of NGO Association for Democratic Reforms (ADR), that he was seeking initiation of contempt proceedings in the case.
Bhushan said the SBI's plea is likely to be listed on March 11 and the contempt application should also be heard together.
"Please send an e-mail. I will pass the order," the CJI said.
The SBI moved the top court on March 4, seeking extension of time till June 30 to disclose details of electoral bonds.
In its verdict last month, the top court directed the SBI to furnish the details to the Election Commission (EC) by March 6.&nbsp;
Also Watch: <a href="https://www.editorji.com/business-news/markets/goldman-sachs-downgrades-sbi-icici-yes-bank-says-headwinds-intensifying-for-financial-services-1708674289393">Goldman Sachs downgrades SBI, ICICI, Yes Bank, says headwinds intensifying for financial services</a>

Both SBI and Yes Bank clarified to dispel media rumours. They emphasized no ongoing discussions for a stake sale.

State Bank of India denies media reports of YES bank shares sale

Both SBI and Yes Bank clarified to dispel media rumours. They emphasized no ongoing discussions for a stake sale.

On February 8, the State Bank of India refuted claims regarding a potential stake sale in Yes Bank. SBI communicated this clarification to the exchanges by dismissing the reports as factually incorrect.
Media outlets previously speculated that SBI might divest its entire stake in Yes Bank through a block deal, estimating the value between ₹5,000 crore to ₹7,000 crore. These reports suggested that the sale would not incur taxes.
However, Yes Bank also denied any engagement in negotiations regarding SBI's stake sale through a block deal. In a separate filing to the exchanges, Yes Bank stated, "The bank would like to clarify that the news appears to be speculative. The bank is not involved in any negotiations concerning the subject of the news. Hence, the bank is unable to comment on the said article and its impact." "Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with reference to the news item dated 08.02.2024 captioned &lsquo;SBI likely to sell shares in Yes Bank via block deal&rsquo;, we submit that the news item dated 08.02.2024 is factually incorrect," SBI said in an exchange filing.
The clarification from both SBI and Yes Bank aimed to dispel the rumours circulating in the media regarding the potential stake sale. Despite the speculation, both entities emphasized that there were no ongoing discussions regarding such a transaction.
&nbsp;
 Also Watch: <a href="https://www.editorji.com/business-news/personal-finance/hdfc-bank-hikes-mclr-by-upto-10-bps-here-s-how-your-loan-emis-will-be-impacted-1707374455946">HDFC Bank hikes MCLR by upto 10 bps; here's how your loan EMIs will be impacted</a>

State Bank of India secures executive approval to acquire SBICAP Ventures for ₹708 crore, enhancing governance in asset management. RBI and SEBI give green light

SBI approved to acquire SBICAP Ventures for ₹708 crore stake

State Bank of India secures executive approval to acquire SBICAP Ventures for ₹708 crore, enhancing governance in asset management. RBI and SEBI give green light

State Bank of India on Tuesday announced that it has got the approval of the executive committee of its central board to acquire a 100% stake held by SBI Capital Markets in SBICAP Ventures. The lender said the cost of the acquisition is ₹708 crore.
"...executive committee of the central board of the bank has accorded final approval for acquiring 100 per cent stake held by SBI Capital Markets Ltd in SBICAP Ventures Ltd by State Bank of India," the country's largest lender said in a regulatory filing.
The bank said that SBICAP Ventures is engaged in the business of asset and investment management having assets under management to the tune of ₹33,055 crore as of December 2023. The stake acquisition from SBI Capital Markets is for better governance, the lender said.
The proposed transaction of acquisition is being done on an arm's length basis. The RBI and SEBI have also accorded their approvals, the lender said. According to the regulatory filing, the acquisition will be completed by February 25, 2024.
In the third quarter of the current fiscal, SBICAP Ventures posted a net profit of Rs 42.06 crore.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/markets/icici-securities-predicts-nifty-surge-to-23-400-amid-pre-election-rally-1707205562923">ICICI Securities predicts Nifty surge to 23,400 amid pre-election rally</a>

As SBI's retail loan book grew over 16.46% to Rs 12,04,279 crore, the lender is planning to greet those who are likely to default on monthly installments with a pack of chocolates

Likely to miss your monthly repayment? SBI will send you a reminder with chocolates!

As SBI's retail loan book grew over 16.46% to Rs 12,04,279 crore, the lender is planning to greet those who are likely to default on monthly installments with chocolates

In an innovative way of reaching out to potential defaulters, the nation's largest lender SBI is planning to greet those who are likely to default on monthly installments with a pack of chocolates.
This move is aimed at improving collections and ensuring timely repayments.&nbsp;
As per SBI, it has been found that a borrower who is planning to default will not answer a reminder call from the bank and so the bank has decided that the best way to ensure payment is to meet them at their homes unannounced. But of course with a pack of chocolates.
The move comes amidst rising level of retail lending in the system coupled with increasing delinquency levels on the back of the upward movement in the interest rates.
SBI's retail loan book grew over 16.46% to Rs 12,04,279 crore in the June 2023 quarter from Rs 10,34,111 crore in the year-ago period, making it the largest asset class for the lender whose total book stood at Rs 33,03,731 crore, growing at 13.9% on-year.
In fact for the entire system, the double-digit loan growth of around 16% has been led by retail loans only.
"With two fintechs which use artificial intelligence, we are piloting a novel way of reminding our retail borrowers of their repayment obligations. While one is doing conciliation with borrowers, the other is alerting us on the propensity of a borrower to default. And to such borrowers who are likely to default, the representatives from this fintech will visit them, carrying a pack of chocolates for each of them, and remind them of the forthcoming EMIs," Ashwini Kumar Tewari, managing director in-charge of risk, compliance and stressed assets at SBI, said here over the weekend.
Tewari further said that the success rate of this method so far has been overwhelming. However, he refused to name the fintechs saying the move is just at the pilot stage and has been put into place just about 15 days back and "if successful, we will formally announce it".
"We are also talking to a few other fintechs to improve our collection efficiencies and hopefully by the end of the year, we will have formally tied up with at least half of them," he said, adding, "we want to continue the pilot for at least four to five months." SBI's over Rs 12 lakh crore of retail book consists of personal, auto, home and education loans. With a home loan book of over Rs 6.3 lakh crore as of June, SBI is the largest mortgage lender too.

Mastercard appoints former SBI Chairman Rajnish Kumar to lead Mastercard India, leveraging his four-decade banking career and YONO platform innovation for strategic growth in India's financial landscape

Former SBI chief Rajnish Kumar takes helm as Mastercard India chairman

Mastercard appoints former SBI Chairman Rajnish Kumar to lead Mastercard India, leveraging his four-decade banking career and YONO platform innovation for strategic growth in India's financial landscape

Global credit card giant Mastercard has named Rajnish Kumar, the former Chairman of the State Bank of India (SBI), as the Chairman of Mastercard India.
Experienced Banking Expert
Rajnish Kumar, a distinguished figure in the Indian banking sector, brings to Mastercard his banking experience that spans nearly four decades. During his tenure at SBI, the country's largest bank, Kumar held pivotal leadership positions, overseeing critical operations both domestically and internationally. His stint included managing operations in India, the United Kingdom, and Canada, where he played an instrumental role in fortifying the bank's global footprint.
Banking Innovation
Kumar is widely celebrated for his pioneering role in launching the YONO (You Only Need One) platform, a digital banking initiative that has a customer-centric approach and cutting-edge technology integration. Under Kumar's leadership, SBI propelled into the digital age
Charting a New Course at Mastercard
As the newly appointed Chairman of Mastercard India, Rajnish Kumar is poised to lead the South Asia executive leadership team, headed by Gautam Aggarwal, Division President for South Asia &amp; Country Corporate Officer, India. Kumar's position is aimed at solidifying Mastercard's position as a key player in India's financial ecosystem.
Mastercard, with a presence in 210 countries, is renowned for its diverse range of payment transaction processing services. In addition to traditional credit card services, the company offers a spectrum of related payment solutions, including seamless travel-related payments and bookings.
Also Watch:<a href="https://www.editorji.com/business-news/sbi-chairman-earned-this-much-in-fy23-public-vs-private-bank-salary-debate-resurfaces-1686912792885"> SBI Chairman earned this much in FY23; public vs private bank salary debate resurfaces</a>
&nbsp;
 &nbsp;

While HDFC bank CEO Sridhar Jagdishan drew Rs 6.51 crore in FY22 and Axis bank's managing director and CEO Amitabh Chaudhry took home Rs 7.62 crore, SBI Chairman Dinesh Khara earned only Rs 37 lakh in FY23

SBI Chairman earned this much in FY23; revives public vs private bank salary debate

While HDFC bank CEO Sridhar Jagdishan drew Rs 6.51 crore in FY22 and Axis bank's managing director and CEO Amitabh Chaudhry took home Rs 7.62 crore, SBI Chairman Dinesh Khara earned only Rs 37 lakh in FY23

SBI chairman Dinesh Khara's annual salary was Rs 37 lakh for FY23, according to SBI's annual report. This is an increase of about 7.5% compared to the previous year. The salary consisted of of a basic pay of Rs 27 lakh and a dearness allowance of Rs 9.99 lakh.
Meanwhile, this has reignited a debate over the disparity between the salary earned by Public Sector Bank employees and Private sector bank employees. Even though Khara earns 13.4% more than his predecessor Rajnish Kumar drew during FY21, Khara's salary is incomparable to his private bank peers.&nbsp;
As per Money Control, HDFC Bank CEO Sashidhar Jagdishan drew Rs 6.51 crore in FY22. While SBI chairman manages Rs 55.17 lakh crore worth of assets, Jagdishan manages a balance sheet less than half of SBI.&nbsp;
The highest paid private-bank chief in India is Axis bank's managing director and CEO Amitabh Chaudhary who drew a total of Rs 7.62 crore in annual salary in FY22.&nbsp;
In 2016, former RBI governor Raghuram Rajan has said that the top level salaries of public sector banks including that of RBI are way short of global standards. "One of the problems, of course, is that the public sector overpays at the bottom but underpays at the top. I also feel underpaid," Rajan had said.
&nbsp;

Beginning May 23, the RBI has given people time till September 30 to either deposit or exchange Rs 2,000 notes

Rs 2,000 notes withdrawn: how to exchange at SBI branches

No form or requisition slip is required to exchange Rs 2,000 notes up to a limit of Rs 20,000 at a time, the State Bank of India has announced

Beginning May 23, the RBI has given people time till September 30 to either deposit or exchange Rs 2,000 notes

No form or requisition slip is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation.
RBI on Friday in a surprise move announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks.
Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender.
In a communication to chief general manager of all its local head offices, State Bank of India (SBI) informed that the facility of exchange of Rs 2,000 notes by public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip.
With regard to deposit of such notes in own account, RBI has not specified any limit but it will be subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory requirements.
"Further, no identity proof is required to be submitted by the tenderer at the time of exchange," the communication dated May 20 said.
It has asked its local head offices to arrange and extend all cooperation to the public so that the exercise is conducted in a smooth and seamless manner without any inconvenience.
According to sources, one can stand any number of times in queue for exchange of Rs 2,000 notes.
Although the facility for exchange is available from May 23, many customers were seen visiting their branches with the Rs 2,000 notes on Saturday.
Bank officials returned such customers after advising them about the start date for exchange.
Some of the customers used cash deposit machines on Saturday to deposit Rs 2,000 notes in their accounts.
Many have tried jewellery shops to buy gold and other precious metals. However, jewellers are also hesitant in accepting Rs 2,000 notes and asking for KYC beyond prescribed cash purchase in many parts of the country.
According to the Confederation of All India Traders (CAIT), withdrawal of Rs 2,000 notes by the Reserve Bank of India will not affect the trade of the small traders but will certainly hit the big and affluent class which might have stocked Rs 2,000 notes in large quantities.
CAIT does not anticipate any disturbance in trade activity due to this move.&nbsp;

For the fiscal year ending March 2023, the Board declared a dividend of ₹11.30 per equity share. The payment deadline is set on June 14

SBI's Q4 net profit zooms 83% to ₹16,694 cr

For the fiscal year ending March 2023, the Board declared a dividend of ₹11.30 per equity share. The payment deadline is set on June 14

The country's largest bank SBI on Thursday reported an 83% jump in net profit at ₹16,694.51 crore for the fourth quarter of 2022-23 fiscal on higher interest income and low provisioning.
In the January-March quarter of 2021-22 financial year, State Bank of India's net profit on standalone basis was ₹9,113.53 crore.
During the March quarter of 2022-23 fiscal, the bank's interest income rose 31 per cent to ₹92,951 crore, SBI said in a regulatory filing.
Provisioning for bad loans and contingencies nearly halved to ₹3,315.71 crore during the quarter, as against ₹7,237.45 crore in the January-March period of 2021-22.
For the full 2022-23 fiscal, SBI's net profit increased 59% to ₹50,232.45 crore. The profit in 2021-22 fiscal was ₹31,675.98 crore.
SBI also declared a dividend of ₹11.30 per equity share for the financial year ended March 31, 2023. The date of payment for the dividend is fixed on June 14.
Shares of SBI were trading at ₹581.75, down 0.81% in post noon trade on the BSE.

India's largest lender is considering to raise $2 billion via offshore bonds. A board meet is convened on 18th April

SBI mulls raising $2 billion through offshore bonds

India's largest lender, State Bank of India, is considering raising $2 billion via offshore bonds. A board meet has been convened on 18th April

India's largest lender SBI has said that it is considering raising $2 billion through offshore bonds. The Board will be convened on 18th April to consider this.&nbsp;
The State Bank of India in a regulatory filing said that, the board will consider the fund raising, through a public offer or private placement of senior unsecured notes in US dollar or any other convertible foreign currency during the financial Year 2023-24.&nbsp;
As per Business Standard, last month, SBI has raised Rs 3,717 crore through additional tier 1 bond sale. This is the third Basel III compliant additional tier 1 (AT1) bond sale. The bank said that, the latest issue was closed at a coupon rate of 8.25%. This final proceeds will be used to increase its additional tier 1 capital and overall capital base of the bank. The bank will also use it to strengthen the capital adequacy inaccordance with the RBI guidelines.
Offshore bonds can hold a variety of assets like stocks and shares or mutual funds and is also an efficient tax wrapper. These bonds add the legal and tax shield of a life insurance policy to an investment portfolio.

Banks are forced to offer inflation-beating deposit rates for a tenor ranging from 200 to 800 days as credit growth has been far outpacing deposit mobilization throughout this fiscal, leading to a funding crunch

Fixed deposit rates turn positive at 8% for the first time in many years

Banks are forced to offer inflation-beating deposit rates for a tenor ranging from 200 to 800 days as credit growth has been far outpacing deposit mobilization throughout this fiscal, leading to a funding crunch

Banks are forced to offer inflation-beating real interest rates on fixed deposits.
State-run banks are offering higher deposit rates, with the highest rate being offered by Punjab &amp; Sind Bank at 8-8.50 per cent.&nbsp;
These inflation-beating deposit rates are for a tenor ranging from 200 to 800 days as credit growth has been far outpacing deposit mobilization throughout this fiscal, leading to a funding crunch.
Even at the lowest 7 per cent, fixed deposit pricing is positive for customers because even after a surprise spurt in retail inflation for January at 6.52 per cent, the real rates are in the green.&nbsp;
The high rate offering also comes as banks have almost fully passed on the 250-bps hike in RBI rate since May last year to their borrowers, they've not been doing so for deposits, leading to a funding gap and forcing them to borrow from the market.&nbsp;
The nation's largest lender State Bank of India, is offering 7.10 per cent for the general public and a higher 7.60 per cent to senior citizens on an annualised basis for fixed deposits in the 400 days bucket.
On the other hand, the largest private sector lender HDFC Bank offers only 7 per cent to the general public and 7.50 per cent to senior citizen depositors for five years, while its immediate peer ICICI Bank gives 7 per cent for more than 15 months to retail and 7.5 per cent to senior citizens for over 15 months.&nbsp;

The Parliamentarians held placards demanding either a Joint Parliamentary Committee probe, or an inquiry monitored by the Supreme Court.

Adani row snowballs: joint Opposition protest demanding probe to 'save LIC, SBI' outside Parliament

Adani row snowballs: joint Opposition protest demanding probe to 'save LIC, SBI' at Parliament's Gandhi statue

The Parliamentarians held placards demanding either a Joint Parliamentary Committee probe, or an inquiry monitored by the Supreme Court.

Signalling that they have no intention to let the Adani controversy die down, Opposition MPs staged a protest at the Gandhi statue in Parliament before the Lok Sabha and Rajya Sabha reconvened after a weekend break.
The Parliamentarians held placards demanding either a Joint Parliamentary Committee probe, or an inquiry monitored by the Supreme Court. MPs also brandished 'Save LIC' and 'Save SBI' posters.
Congress president Mallikarjun Kharge said that the Narendra Modi government does not want the Adani issue to be raised in Parliament. He added that the issue should be debated before a discussion on the Motion of Thanks on the President's Address.
Also Watch: <a href="https://www.editorji.com/business-news/adani-group-stocks-nosedive-again-adani-enterprises-tumble-over-28-1675266464752">Adani group stocks nosedive again Adani Enterprises tumble over 28%</a>

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