Latest news with #ChallaSreenivasuluSetty
Time of India
2 days ago
- Business
- Time of India
SBI takes firm stand on shifting key departments from Kolkata to Mumbai
State Bank of India ( SBI ), the mass lender that traces its origin to the 1806 Bank of Calcutta , has now moved a step closer to its long-term plan to shift several key departments of its global market unit from Kolkata to Mumbai as part of a centralization initiative . Some local civil society platforms have opposed the plan. "We advise that opening/shifting/rationalisation of branches/offices is a continuous process undertaken by the bank in the normal course of business and such initiatives are taken after due consideration of the evolving business/operational requirements and administrative exigencies," SBI said in a letter to Bank Bachao Desh Bachao Manch , a civil society platform contesting the migration. ET reviewed a copy of the letter dated June 6, 2025. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If you have a mouse, play this game for 1 minute Navy Quest Undo The secretary of Bank Bachao Desh Bachao Manch, Soumya Dutta, is a former general secretary of the State Bank of India Officers' Federation. This platform was protesting SBI's proposed centralization move the past couple of years and had written to the President of India in March this year, seeking her direct intervention. SBI's global market unit comes under the bank's corporate office in Mumbai. It has 10 departments, including international remittances, a Centralised Global Back Office (CGBO), and forex treasury . The unit was earlier known as the foreign currency department. Live Events The back office caters to customers in Sydney, Bahrain, Hong Kong, London and New York. In 2024, the bank initiated plans to shift the CGBO, along with the forex treasury, derivatives and structured products divisions, to Mumbai, but slowed the process following protests from a section of employees in Kolkata. The plan received a fresh push under chairman Challa Sreenivasulu Setty, who took over as chairman in August last year. The CGBO was set up in 2015 when Anundhati Bhattacharya was the chairperson of the state-run bank - the most-valued government asset. The global market unit has about 150 officers and about 70 contractual staff, people aware of the details said. SBI officers' unions in Kolkata have so far not been at the vanguard of the protests. "We will request the chief minister to prevent the plan to shift the global market unit from Kolkata to Mumbai. The state government earns significant revenue from this department. We will also urge her to take up the matter with the central government," State Bank of India Officers' Association general secretary (Bengal Circle) Shubhajyoti Chattopadhyay told ET Thursday. The state government earns around Rs 30-32 crore in goods and service tax from the global market unit, people aware said.
The Star
05-05-2025
- Business
- The Star
India's largest bank to raise US$3bil in share sale
MUMBAI: State Bank of India (SBI) plans to raise 250 billion rupees (US$3bil) through new shares and this fiscal year, marking the first equity raising by the state lender in seven years. Net income at the country's biggest lender fell 9.9% to 186.4 billion rupees in the three months through March, from a year earlier, according to a statement last Saturday. It managed to beat the 179.9 billion rupees average estimate of 18 analysts. The fundraising plan comes as local bank shares are trading at record highs, with the sector seen as relatively shielded from tariff-related turmoil. Private sector lender Axis Bank Ltd last month unveiled plans to raise US$6.4bil, while IDFC First Bank Ltd is raising capital from Warburg Pincus and Abu Dhabi Investment Authority. Mumbai-based SBI will raise this sum via a share sale in the year ending March 2026 in one or more trances, it said in the statement. The bank declared a dividend of 15.9 rupees per share. Peers including HDFC Bank Ltd and ICICI Bank Ltd beat quarterly profit estimates last month, driven by higher interest income. The capital raising would be based on business needs and the market conditions, SBI chairman Challa Sreenivasulu Setty in a post-earnings briefing. 'The bank has adequate capital to support growth at the current capital adequacy levels,' he said. The bank will continue accessing debt capital through additional Tier-1 and infrastructure bonds. Setty also expects India's central bank to cut its policy repo rate by another 50 basis points by March 2026, which could squeeze the bank's margins as deposits and loans are repriced. 'We have moderated our credit growth to 12% to 13% this year and system level growth could be lower at 10% to 11%,' he said. SBI's loan advances rose 12% to 42.2 trillion rupees though March from a year earlier, while deposit base climbed 9.5% to 53.82 trillion rupees. Its gross non-performing assets decreased to 1.82% from the year-ago period and was lower than the estimate of 1.98%. Loan growth for housing and business loans to small-medium enterprises will remain strong this year, while corporates are assessing the impact of the tariff wars, according to Setty. 'We have around 3.4 trillion rupees in corporate loans in the pipeline,' he said. — Bloomberg
Business Times
04-05-2025
- Business
- Business Times
India's largest bank plans to raise 250 billion rupees in share sale
[MUMBAI] State Bank of India, or SBI, plans to raise 250 billion rupees (S$3.8 billion) through new shares and this fiscal year, marking the first equity raising by the state lender in seven years. Net income at the country's biggest lender fell 9.9 per cent to 186.4 billion rupees in the three months to March, from a year earlier, according to a statement on Saturday (May 3). It managed to beat the 179.9 billion rupees average estimate of 18 analysts. The fundraising plan comes as local bank shares are trading at record highs, with the sector seen as relatively shielded from tariff-related turmoil. Private sector lender Axis Bank last month unveiled plans to raise US$6.4 billion, while IDFC First Bank is raising capital from Warburg Pincus and Abu Dhabi Investment Authority. Mumbai-based State Bank of India will raise this sum via a share sale in the year ending March 2026 in one or more trances, it said. The bank declared a dividend of 15.9 rupees per share. Peers including HDFC Bank and ICICI Bank beat quarterly profit estimates last month, driven by higher interest income. The capital raising would be based on business needs and the market conditions, SBI chairman Challa Sreenivasulu Setty in a post-earnings briefing. 'The bank has adequate capital to support growth at the current capital adequacy levels,' he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The bank will continue accessing debt capital through additional Tier-1 and infrastructure bonds. Setty also expects India's central bank to cut its policy repo rate by another 50 basis points by March 2026, which could squeeze the bank's margins as deposits and loans are repriced. 'We have moderated our credit growth to 12 to 13 per cent this year and system level growth could be lower at 10-11 per cent,' he said. SBI's loan advances rose 12 per cent to 42.2 trillion rupees to March from a year earlier, while deposit base climbed 9.5 per cent to 53.82 trillion rupees. Its gross non-performing assets decreased to 1.82 per cent from the year-ago period and was lower than the estimate of 1.98 per cent. Loan growth for housing and business loans to small-medium enterprises will remain strong this year, while corporates are assessing the impact of the tariff wars, according to Setty. 'We have around 3.4 trillion rupees in corporate loans in the pipeline,' he said. 'From what we are seeing, companies are not stepping away from their investment plans.' BLOOMBERG
Daily Tribune
15-04-2025
- Business
- Daily Tribune
India's banking giant eyes Bahrain fintech expansion to boost bilateral economic ties
TDT | Manama State Bank of India (SBI) is set to significantly expand its digital and fintech footprint in Bahrain, as the banking giant seeks to leverage the Kingdom's position as a key fintech hub in the Middle East and foster deeper financial collaboration between India and Bahrain. Announcing the strategic move, SBI Chairman Challa Sreenivasulu Setty highlighted fintech and digital payments as prime areas for strengthening Indo-Bahraini business collaboration, aligning perfectly with India's booming digital ecosystem. The SBI Chairman was addressing a business networking event hosted by Bahrain India Society in Manama. H.E. Vinod K Jacob, Ambassador of India to Bahrain, also spoke at the event. 'The rise of digital banking, fintech innovations, and evolving customer expectations are reshaping the financial industry,' the SBI Chairman noted, emphasising SBI's readiness to lead this digital revolution through significant technological investments and innovative initiatives such as YONO (You Only Need One) - SBI's comprehensive digital banking platform offering seamless banking, investments, shopping, and insurance services. Transactional security and transparency Additionally, the SBI Chairman said SBI is intensifying its deployment of artificial intelligence and machine learning to improve customer experience, fraud detection, and service automation, alongside exploring blockchain technology to enhance transactional security and transparency. 'Banking should be accessible to all, regardless of geography, economic background, or technological barriers,' stated the SBI Chairman, underlining the bank's commitment to financial inclusion both in India and Bahrain. With bilateral trade between India and Bahrain currently exceeding $1.4 billion, SBI's reinforced digital banking initiatives are expected to significantly bolster this economic partnership.
Daily Tribune
10-04-2025
- Business
- Daily Tribune
Embassy of India initiatives
Shri Challa Sreenivasulu Setty, Chairman, State Bank of India visited the Embassy of India in the Kingdom of Bahrain. Ambassador H.E. Mr. Vinod K. Jacob briefed about the embassy's initiatives including the Focus State/UT, Visit Embassy Program and Embassy's initiatives for rendering effective Consular services.
