Report Wire

Tag: State Bank of India

  • SBI Card MD and CEO Ashwini Kumar Tewari resigns; appointed as SBI MD

    Image Source : SBICARD.COM SBI Card MD and CEO Ashwini Kumar Tewari resigns; appointed as SBI MD
    SBI Card on Wednesday stated its Managing Director and CEO Ashwini Kumar Tewari has resigned pursuant to his appointment as MD of State Bank of India. “We wish to inform that Ashwini Kumar Tewari, Managing Director & CEO (nominated by State Bank of India) of the company has tendered his resignation from directorship of the company with effect from the close of business hours of January 27, 2020,” SBI Card stated in a regulatory submitting.
    The resignation is owing to his appointment as managing director of State Bank of India (SBI), it stated.
    “He will also cease to be the MD&CEO of the company from the said date,” stated the pure-play card firm promoted by the nation’s largest lender SBI.

    Further, pursuant to norms to ban insider buying and selling and consequent to Tewari’s resignation, the corporate’s buying and selling window for dealing in securities will stay closed from the shut of enterprise hours on Wednesday and can finish 48 hours after the conclusion of the board assembly during which the stated emptiness might be crammed and consequent disclosure might be made to the inventory exchanges.
    Tewari took over as SBI Card managing director and chief government officer on August 1, 2020.
    Prior to taking cost at SBI Card, since April 2017, Tewari held the place of nation head of US operations at SBI, based mostly in New York. He additionally served as vice-chairman of the SBI (California) board of administrators. 
    Latest Business News

  • ‘Too big to fail’ checklist: SBI, ICICI Bank, HDFC Bank stay

    The Reserve Bank of India (RBI) has retained State Bank of India, ICICI Bank and HDFC Bank as home systemically vital banks (D-SIBs) or banks which can be thought of as “too big to fail”.
    The D-SIB framework requires the Reserve Bank to reveal the names of banks designated as D-SIBs ranging from 2015 and place these banks in acceptable buckets relying upon their systemic significance scores (SISs). “Based on the bucket in which a D-SIB is placed, an additional common equity requirement has to be applied to it,” the RBI mentioned.
    According to analysts, too large to fail is a phrase used to explain a financial institution or firm that’s so entwined within the financial system that its failure can be catastrophic.
    In case a overseas financial institution having department presence in India is a worldwide systemically vital financial institution (G-SIB), it has to keep up extra CET1 capital surcharge in India as relevant to it as a G-SIB, proportionate to its danger weighted property (RWAs) in India — extra CET1 buffer prescribed by the house regulator multiplied by India RWA as per consolidated world group books divided by complete consolidated world group RWA, it mentioned.

    Based on the methodology offered within the D-SIB framework and information collected from banks as of March 31, 2015 and March 31, 2016, the Reserve Bank had introduced State Bank of India and ICICI Bank as D-SIBs on August 31, 2015 and August 25, 2016, respectively, the RBI mentioned.
    “Based on data collected from banks as on March 31, 2017 and March 31, 2018, the Reserve Bank had announced State Bank of India, ICICI Bank and HDFC Bank as D-SIBs on September 04, 2017 and March 14, 2019 respectively. Current update is based on the data collected from banks as on March 31, 2020,” the central financial institution mentioned. The Reserve Bank had issued the framework for coping with home systemically vital banks on July 22, 2014.

  • Big financial institution fraud! Hyderabad-based firm dupes SBI, different banks for over Rs 4,736 crore

    Image Source : PTI Big financial institution fraud! Hyderabad-based firm dupes SBI, different banks for over Rs 4,736 crore
    The Central Bureau of Investigation (CBI) on Saturday booked Hyderabad-based Coastal Projects Ltd and its administrators in reference to over Rs 4,736 crore financial institution fraud in a consortium of banks led by the State Bank of India (SBI).

    SBI alleged that the accused building firm, through the 5 12 months interval between 2013 and 2018, falsified account books and monetary statements to point out unrealisable financial institution assure quantities as realisable investments, the CBI stated. The firm additionally allegedly gave flawed data on promoters’ contribution, transformed receivables from associated events to investments to siphon off financial institution funds.

    The mortgage account of the corporate grew to become a Non-Performance Asset with retrospective impact from October 28, 2013 and subsequently declared fraud on February 20 final 12 months.

    Searches have been performed on the residential and official premises of the accused at Hyderabad and Vijayawada, which led to the restoration of a number of incriminating paperwork and different materials proof.
    Latest Business News

  • SBI, Indian Oil launch contactless RuPay debit card; verify key advantages

    Image Source : PTI SBI, Indian Oil launch contactless RuPay debit card; verify key advantages
    State Bank of India (SBI) and Indian Oil Corporation (IOC) on Thursday launched a co-branded contactless RuPay debit card. A buyer, anyplace within the nation, can get the cardboard by visiting the SBI’s dwelling department. It is a contactless card and transactions as much as Rs 5,000 will be paid for with only a faucet.

    “We believe this Co-branded Card, with ‘Tap and Pay’ technology, several attractive benefits and associated offers, would not only provide a rewarding experience on purchase of fuel to the cardholders, but also simplify the everyday purchases of customers with secure and convenient contactless payments,” the financial institution’s Chairman Dinesh Kumar Khara mentioned

    The card may even simplify the on a regular basis purchases of shoppers with safe and handy contactless funds, he added.

    Using it, cardholders can avail gasoline advantages and loyalty factors value 0.75 per cent towards buy of gasoline in any respect shops Indian Oil gasoline stations. There isn’t any month-to-month restrict for buying the gasoline.

    Customers also can earn reward factors for spends on eating, motion pictures, grocery and utility payments. The reward factors can equally be redeemed for eating, motion pictures, grocery and utility payments, the financial institution mentioned.

    The SBI-IndianOil RuPay Debit Card was launched by Dinesh Kumar Khara, chairman, SBI and Shrikant Madhav Vaidya, chairman, IndianOil, in a digital ceremony held at the moment.

    Key advantages of this Co-branded Contactless RuPay Debit card

    Pay with a faucet (contactless card) for a single transaction of as much as Rs 5000;
    6 instances Reward Points for each Rs 200 spent at Indian Oil gasoline stations;
    Fuel advantages – Cardholder earns loyalty factors value 0.75 per cent towards the acquisition of gasoline at Indian Oil gasoline stations;
    No month-to-month restrict for buying gasoline;
    Earn Reward Points on spends on eating, motion pictures, grocery and utility payments;
    SBI-IndianOil Co-branded RuPay Debit Card will be issued anyplace in India; and
    Apply for a card by visiting SBI’s dwelling department.
    Redeem Reward Points for eating, motion pictures, grocery and paying utility payments;
    Latest Business News

  • Big financial institution fraud! Consortium of banks undergo lack of over Rs 4,837 crore, CBI probe underway

    Image Source : FILE PHOTO Consortium of banks undergo lack of over Rs 4,837 crore. Representational picture
    The Central Bureau of Investigation (CBI) has registered a case towards a personal firm primarily based at Hyderabad and others together with its managing Director, Joint Managing Director, and unknown public servants/others on a grievance from State Bank of India, Hyderabad.

    It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of Public Sector Banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India and triggered a lack of Rs. 4837 crore (approx).

    ALSO READ | SBI, Punjab and Sind Bank allegedly cheated of over Rs 131 crores; CBI registers circumstances

    It was additional alleged that the borrower firm represented by its administrators had availed varied credit score limits from a consortium of banks, led by SBI and cheated the banks, with out repaying the mortgage quantity. It was additionally alleged that as per the Forensic Audit Report, the corporate made funds to associated events by way of LCs, with out recording any buy transactions within the books and routed the funds to the account of the corporate, thereby misappropriated the financial institution funds. Searches had been carried out at this time on the residential and official premises of the accused at Hyderabad which led to the restoration of a number of incriminating paperwork. The investigation underway.

    Name of the accused 

    IVRCL Limited, Hyderabad.
    E. Sudhir Reddy, Managing Director of IVRCL Ltd.
    R Balarami Reddy, Joint Managing Director of IVRCL Ltd.
    Other unknown public servants and unknown others.
    ALSO READ | Bank fraud! CBI recordsdata chargesheet towards 24 accused for alleged lack of over Rs 297 crore to varied banks
    Latest Business News