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State Bank of India to divest up to 4% stake of SBI Cards 15-Nov-2019

State Bank of India (SBI) has received an approval for divestment of its stake in SBI Cards up to 4% through IPO by way of offer for sale of up to 3,72,93,371 equity shares, subject to the approval of the Securities and Exchange Board of India (SEBI), or Government of India, Reserve Bank of India and/or such other concerned authorities and departments.

The executive committee of the Central Board of Directors (ECCB) of the Bank at its meeting held on November 14, 2019, accorded final approval for the same.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

State Bank of India zooms on getting nod to divest up to 4% stake of SBI Cards 15-Nov-2019

State Bank of India is currently trading at Rs. 322.35, up by 16.25 points or 5.31% from its previous closing of Rs. 306.10 on the BSE.

The scrip opened at Rs. 312.00 and has touched a high and low of Rs. 322.90 and Rs. 310.00 respectively. So far 2857424 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 373.70 on 18-Jul-2019 and a 52 week low of Rs. 244.35 on 09-Oct-2019.

Last one week high and low of the scrip stood at Rs. 322.90 and Rs. 299.85 respectively. The current market cap of the company is Rs. 285453.70 crore.

The promoters holding in the company stood at 57.88%, while Institutions and Non-Institutions held 35.23% and 6.89% respectively.

State Bank of India (SBI) has received an approval for divestment of its stake in SBI Cards up to 4% through IPO by way of offer for sale of up to 3,72,93,371 equity shares, subject to the approval of the Securities and Exchange Board of India (SEBI), or Government of India, Reserve Bank of India and/or such other concerned authorities and departments.

The executive committee of the Central Board of Directors (ECCB) of the Bank at its meeting held on November 14, 2019, accorded final approval for the same.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

State Bank of India cuts MCLR 08-Nov-2019

State Bank of India (SBI) has cut its marginal cost of fund-based lending rate (MCLR) by 5 basis points across all tenors, effective from November 10, and sharply slashed the deposits pricing between 15 and 75 basis points.

With this reduction, the one-year MCLR will come down to 8 percent. The bank also revised its interest rates on term deposits on account of adequate liquidity in the system. The new deposit rates will also be effective from November 10.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

SBI reports 4-fold jump in Q2 consolidated net profit 25-Oct-2019

State Bank of India (SBI) has reported results for second quarter ended September 30, 2019.

The Bank has reported over 3-fold jump in its net profit at Rs 3011.73 crore for the quarter under review as compared to Rs 944.87 crore for the same quarter in the previous year. Total income of the bank increased by 9.37% at Rs 72850.78 crore for Q2FY20 as compared Rs 66607.98 crore for the corresponding quarter previous year.

On the consolidated basis, the bank has reported over 4-fold jump in its net profit at Rs 3645.83 crore for the quarter under review as compared to Rs 751.58 crore for the same quarter in the previous year. Total income of the bank increased by 12.67% at Rs 89347.91 crore for Q2FY20 as compared Rs 79302.22 crore for the corresponding quarter previous year.

State Bank of India to conduct e-auction of 11 bad loan accounts 22-Oct-2019

State Bank of India (SBI) is going to conduct an e-auction of 11 bad loan accounts on November 7 to recover dues of Rs 466.49 crore. In terms of the bank's revised policy on sale of financial assets, in line with the regulatory guidelines, the bank will place 11 accounts for sale to ARCs/banks/NBFCs and FIs.


SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

IAG to sell 26% stake in SBI’s JV 17-Oct-2019

Insurance Australia Group (IAG) has entered into definitive agreements to sell stake in State Bank of India’s (SBI) Joint Venture Company -- SBI General Insurance Company (SBIG). IAG to sell the whole of its 26% interest in SBI General via two transactions. SBIG, a Joint Venture Company between State Bank of India and Insurance Australia Group. SBI and IAG currently own 70% and 26% respectively in SBIG.

The agreements have been reached with Napean Opportunities LLP (an affiliate of Premji Invest) to acquire a 16.01% interest and WP Honey Wheat Investment Ltd (Warburg Pincus Group) to acquire a 9.99% interest.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

SBI Card launches contactless mobile phone payment facility 'SBI Card Pay' 17-Oct-2019

SBI Card, a joint venture between the State Bank of India and GE Capital, has launched 'SBI Card Pay', a feature which allows contactless payment using mobile phones at PoS terminals. Using SBI Card Pay, customers can make contactless payments at Near Field Communication (NFC) enabled point of sale terminals with just one tap of their mobiles, without using the physical credit card or entering any PIN.

SBI Card Pay is a payment feature based on Host Card Emulation (HCE) technology for faster, convenient and more secure card payments using mobile phones. As a first of its kind payment solution in India, it is built as part of the SBI Card mobile app providing ease to customers to use just one app to manage their credit card account as well as make contactless payments.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

State Bank of India informs about company updates 17-Oct-2019

Pursuant to Regulation 30(9) of SEBI (LODR) Regulations 2015, State Bank of India has informed that SBIG is a Joint Venture Company between State Bank of India (SBI) and lnsurance Australia Group (IAG). SBI and IAG currently own 70% and 26% respectively in SBIG. IAG has entered into definitive agreements to sell the whole of its 26% interest in SBI General via two transactions. The Agreements have been reached with Napean Opportunities LLP (an affiliate of Premji lnvest) to acquire a 16.01% interest and WP Honey Wheat lnvestment (Warburg Pincus Group) to acquire a 9.99% interest. The transactions are subject to regulatory processes and approvals. 

The above information is a part of company’s filings submitted to BSE.

Announcement under Regulation 30 (LODR)-Strikes /Lockouts / Disturbances 15-Oct-2019
Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015- Bank''s Strike
CCI dismisses complaint against SBI 14-Oct-2019

The Competition Commission of India (CCI) has dismissed a complaint alleging that State Bank of India (SBI) abused its dominant market position in West Bengal. West Bengal-based Sainath Autolinks who is a dealer of Maruti Suzuki had filed the complaint against SBI.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

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