Delhi: The State Bank of India (SBI), the country’s largest lender, has raised Rs 3,717 crore through its third Basel III compliant Additional Tier 1 bond issuance in the current financial year on Wednesday, at a coupon rate of 8.25 per cent.
The proceeds of the bonds will be utilised in augmenting Additional Tier 1 Capital and the overall capital base of the bank and strengthening capital adequacy in accordance with RBI guidelines.
The tenor of these bonds is perpetual with a call option after 10 years and every anniversary thereafter.
The issue attracted an overwhelming response from investors with bids of Rs 4,537 crores and was oversubscribed by about 2.27 times against the base issue of Rs 2,000 crore, a statement issued by the SBI said.
The total number of bids was 53, indicating wider participation. The investors were across provident & pension funds and insurance companies, the statement added.
New Delhi: An SBI research report on Tuesday dismissed arguments that India is dangerously close to Hindu rate of growth saying such statements are “ill-conceived, biased and premature” in the wake of the recent GDP numbers and the available data on savings and investments.
“Interpretations of GDP growth based on noisy quarterly numbers is a game of smoke and mirror,” said the SBI report ‘Ecowrap’.
The report comes within days of former Reserve Bank Governor Raghuram Rajan saying that India is “dangerously close” to the Hindu rate of growth in view of subdued private sector investment, high interest rates and slowing global growth.
Rajan said that sequential slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO) last month, was worrying.
Hindu rate of growth is a term describing low Indian economic growth rates from the 1950s to the 1980s, which averaged 3.5 per cent. The term was coined by Raj Krishna, an Indian economist, in 1978 to describe the slow growth
“India’s quarterly Y-o-Y GDP growth has been in a declining trend in FY23 sequentially, prompting arguments that India’s growth is reminiscent of a pre – 1980 Raj Krishna coined growth rate,” the report said.
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India is ‘dangerously close’ to Hindu rate of growth: Raghuram Rajan
Apart from the fact that, quarterly growth numbers are “noisy and should be best avoided for any serious interpretation (on an average, India’s GDP growth has witnessed Rs 2 lakh crores upward revision for the 3 year ended FY23), “we find such argument ill-conceived, biased and premature at its best when weighing the recent GDP numbers against the available data on savings and investments.”
The investment and savings data for the past decade reveals interesting points, said the report authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India.
Gross capital formation (GCF) by the government touched a high of 11.8 per cent in 2021-22, up from 10.7 per cent in 2020-21.
“This also had a domino effect on private sector investment that jumped from 10 per cent to 10.8 per cent over the same period,” it said.
In fact, Ecowrap added that the trends in GCF to gross output ratio or the plough back of funds for creation of fresh capacity shows that for public administration the ratio attained fresh peak in 2021-22 owing to the emphasis on capital expenditure in recent budgets.
At the aggregate level, gross capital formation is supposed to have crossed 32 per cent in 2022-23, the highest level since 2018-19.
According to the report, in 2021-22, gross savings have risen to 30 per cent from 29 per cent in 2020-21.
“The ratio is supposed to have crossed 31 per cent in 2022-23, the highest since 2018-19. The household savings increased sharply during the pandemic period on account of sharp accretion in financial savings such as deposits,” said the report by SBI’s Economic Research Department.
While household financial savings have since then moderated from 15.4 per cent in 2020-21 to 11.1 per cent in 2022-23, savings in physical assets have grown sharply to 11.8 per cent in 2021-22 from 10.7 per cent in 2020-21.
“Prima facie, a careful analysis shows that Incremental Capital Output ratio (ICOR), which measures additional units of capital (investment) needed to produce additional units of output, has been improving.
“ICOR which was 7.5 in FY12 is now only 3.5 in FY 22. Clearly, only half of capital is now needed for the next unit of output,” it said.
Such reducing ICOR in the current years reflects a relative increasing efficiency of capital. The talk on ICOR becomes relevant and shows that the economy is on a sound footing, it added.
The report further said it is also now clear that potential growth of the Indian economy (a global phenomenon) is now lower than earlier.
“From that point of view, future GDP growth rates even at 7 per cent could still mean a decent number by any standards!,” it said.
The Gross Domestic Product (GDP) in the third quarter (October-December) of the current fiscal slowed to 4.4 per cent from 6.3 per cent in the second quarter (July-September) and 13.2 per cent in the first quarter (April-June).
The growth in the third quarter of the previous financial year was 5.2 per cent.
(Except for the headline, this story has not been edited by Siasat staff and is published from a syndicated feed.)
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Srinagar, Mar, 02: See here all details on getting an ATM franchise that will help you earn upto Rs 70,000 per month.
People often refrain from business as setting up a business is very challenging and requires a lot of financial investment. However, there is a way to earn Rs 60,000-70,000 per month with a small amount of one-time labour and a refundable investment of approximately Rs 5 lakh.
Now the real question is how to get an ATM franchise.
To get an ATM franchise, you have to submit an application from the official website of the company that has the contract for it. For example, if you want to get an ATM franchise of SBI, then you will have to apply for it from the official website of either India One ATM or Tata Indicash or Muthoot ATM since these have contracts for SBI and most banks such as HDFC, ICICI, PNB, and more.
ATM Franchise: Conditions to set up an ATM cabin
Applicant must have an area of 50 to 80 feets
It should be minimum of 100 meters away from other ATMs
The ATM cabin should be placed at a place that is within visibility
LAt least a 1kw electricity connection should be available at all times
The cabin should be a permanent building with a concrete roof.
ATM Franchise: Documents needed for application
Aadhaar Card, Pan Card, Voter Card
Ration card, electricity bill
Bank account and pass book
Photograph, E-mail ID, Phone No
GST number
Financial documents required by the company
SBI ATM franchise: Investment and earning
Applicants will have to deposit a security amount of Rs 2 lakh and working capital of Rs 3 lakh to get approval for setting up an ATM cabin. The entire investment is roughly Rs 5 lakh. This varies from bank to bank. For every cash transaction, you will receive Rs 8 and for every non-cash transaction, you will get Rs 2. This earning will begin only after the ATM is deployed and functional.
Note: Beware of fraud websites offering the ATM franchise. Go to the official website only.
Mumbai: A day after a real-time payments system linkage was established between India and Singapore using the UPI platform, State Bank of India on Wednesday announced a partnership with PayNow, the online payment system of the city state, for cross-border payments.
The facility is offered through SBI’s Bhim SBIPay mobile application and the linkage will allow fund transfers from India to Singapore through registered mobile numbers, and from Singapore to India using the UPI ID, the bank said in a statement.
The UPI-PayNow linkage is a significant milestone towards developing an infrastructure for cross-border payments between the two countries and the initiative closely aligns with the G20’s priorities of driving faster, cheaper, and more transparent cross-border payments.
The inward bilateral remittance between the two countries was around USD 949 million in 2021 according to the World Bank bilateral remittances matrix, the bank said.
RBI governor Shaktikanta Das and Ravi Menon, managing director of Monetary Authority of Singapore, which is the Reserve Bank of India’s counterpart in the city state, executed the first live cross-border transaction, using the Bhim SBIPay, the bank said.
“The linkage of these two payment systems will enable residents of both the countries to initiate a faster and more cost-efficient transfer of cross-border remittances. It will also help the Indian diaspora in Singapore, professionals, students, and workers through an instantaneous and low-cost transfer of money both ways,” the statement quoting Prime Minister Narendra Modi, said.
“Cross-border retail payments and remittances between the two countries amount to over USD 1 billion annually. As we progressively add more users and use cases, the UPI-PayNow linkage will grow in utility and contribute more to facilitating our trade and people-to-people links, Lee Hsien Loong, Prime Minister of Singapore, was quoted as saying.
New Delhi: The Congress on Saturday asked the government whether instructions were issued to LIC and SBI to invest in the Adani Enterprises FPO despite a drastic fall in its share price after a Hindenburg report on the conglomerate.
Posing a set of three questions to the government as part of the party’s “Hum Adani ke Hain Kaun” series, Congress general secretary Jairam Ramesh asked Prime Minister Narendra Modi to break his silence on the issue today.
He claimed that among the anchor investors in the Adani Enterprises follow-on public offering (FPO) were the Life Insurance Corporation of India which bid Rs 299 crore, State Bank of India Employees’ Pension Fund which bid Rs 99 crore, and SBI Life Insurance Company which bid Rs 125 crore.
“These publicly owned institutions participated in the FPO despite the fact that the market price had dropped far below the issue price and that both LIC and SBI already owned large chunks of Adani Group equity. Were instructions issued to LIC and SBI to deploy the savings of crores of Indians to once again bail out the Adani Group,” he asked in a statement.
Posting the questions, Ramesh tweeted, “Mahashivaratri today and along with it here is HAHK (Hum Adani ke Hain Kaun)-13. The 13th set of questions to the PM. Aaj Toh Chuppi Todiye Pradhan Mantriji (Break your silence today, Prime Minister)!”
Mahashivaratri today and along with it here is HAHK ( Hum Adanike Hain Kaun)-13. The 13th set of questions to the PM.
Under the HAHK series, the opposition party has been posing questions to the government on the Adani issue.
In its latest set of questions to the prime minister, the Congress asked, “Is it true that a high-profile Union Minister with longstanding commercial links made personal calls to five-six of the most well-known businesspersons on behalf of Gautam Adani and asked them to invest their personal funds in the FPO to save Gautambhai from embarrassment? Does this not represent a conflict of interest worth investigating? Did this Union Minister act on instructions from you?”
The Congress leader also asked if the family offices that were pressured to bail out the Adani FPO given assurances that this was only to save Gautam Adani’s reputation and that the FPO would be subsequently cancelled and the money returned to the investors.
“Is it not a violation of Indian securities regulations to hide this relevant information from most investors and only to share it with a select few? Is it ethical to dupe FPO investors in this way,” he asked.
Recently, Adani Group stocks had taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.
The Gautam Adani-led group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
The Congress has demanded a joint Parliamentary Committee probe into the Adani issue. The opposition party also stalled proceedings of both Houses of Parliament during the first part of the Budget Session.
SBI Recruitment 2023 – Check Vacancy, Salary, Last Date, How To Apply
SBI Recruitment 2023: The deadline to apply for the several posts of the Specialist Cadre Officers (SCO) by the State Bank of India (SBI) is ending tomorrow. Candidates who want to be part of this SBI Recruitment 2023 process but are yet to apply can apply before the online application is closed on February 9.
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As many as 10 posts like Vice President & Head (Digital Marketing), Deputy Vice President (Analytical Marketing & Campaign), Deputy Vice President (Content Marketing) and so on will be filled during this recruitment drive.
SBI Vacancy 2023 details:
Name and number of posts:
• Vice President & Head (Digital
Marketing): 1 Deputy Vice President (Analytical
Deputy Vice President (Social Media & Affiliate Marketing): 1
• Deputy Vice President (Marketing –
Own Digital Platforms: 1
Deputy Vice President (Marketing Tech Stack): 1
• Manager (Digi Marketing): 3
SBI Recruitment 2023 application fee:
General/EWS/OBC candidates – 750
• SC/ST
-Fee
Age limits:
• The applicants should not be below 33 years or above 50 years of age as on October 1, 2022.
Selection process:
• The candidates who will be selected for the post will be based on Short- listing and interviews. The Interview has total mark of 100 and the qualifying marks will be decided by the Bank.
Click here to visit the official website of the State Bank of India (SBI).
SBI Special Term Deposit Scheme Check Features and Benefits
This product is a variant of Term Deposits but instead of Interest being paid out at a regular frequency during the period of deposit; here it is paid out only at the time of maturity. Regular interest is added to the principal and compound interest calculated and paid thereon
Features
Minimum period of deposit – 6 Month
Maximum period of deposit- 10 Years
Available at all branches
Minimum deposit: Rs. 1,000/-, Maximum deposit: No upper Limit
A deposit of Rs. 2 crore and more is treated as bulk deposit
Interest on deposit is compounded quarterly and paid to depositor at the end of the term
Nomination available in favour of individual only
Term Deposit (together with interest) of Rs. 20000/- and above shall not be paid in cash.
Transferability allowed among our branches
TDS is applicable as per Income Tax Rules. Form 15G/H can be submitted by the depositor for exemption from tax deduction as per IT Rules.
Loan against deposit is allowed with applicable margin as under:
Residual tenor of Deposit as on Date of availing loan (For Public)
Margin
Up to 36 Months
5%
>36 months & up to 60 months
10%
>60 months
15%
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Last Updated On : Wednesday, 17-08-2022
Eligibility
This product is a variant of Term Deposits but instead of Interest being paid out at a regular frequency during the period of deposit; here it is paid out only at the time of maturity. Regular interest is added to the principal and compound interest calculated and paid thereon
Resident individuals singly or jointly, Minor (himself/herself or through his/her Guardian), Karta of HUF, Firm, Company, Local Bodies and Any Government Department
Terms And Conditions
Premature closure available.
For Term Deposit up to Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
For Term Deposits above Rs 5.00 lacs, applicable penalty will be 1% (all tenors).
The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
However, no interest will be paid on Deposits which remain for a period of less than 7 days.
SBI New Rule: State Bank of India (SBI), the largest public sector bank in India, has now changed many of its rules. Due to these rules, now you will have to follow a new process to deposit money in the account, otherwise you will not be able to deposit or withdraw money in any branch of SBI. Know which rules have changed by SBI.
Green card will be needed to deposit money
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Now if you or any of your relatives have an account in the bank, then it is mandatory for you to have a green card, without this you will not be able to deposit money in your bank account.
SBI Green Card is actually a card like a debit or credit card, which contains complete information about your bank account. You can take it from any branch of SBI by paying a fee of just Rs 20. After this, whenever you go to deposit money in the bank, take it with you. Go there and give the money and SBI Green Card to the staff. He will put the SBI Green Card on the machine and deposit your money, in this way a receipt will also be generated from the machine after depositing money, which you can keep with you as your proof.
You will be able to deposit money in ATM without SBI Green Card
If you do not have SBI Green Card and you still want to deposit money, then you will have to go to any ATM nearest to you, there you will be able to deposit money only through ATM machine. Money will not be deposited in the bank branch.
OTP required to withdraw money from ATM
According to the new rules of State Bank of India, now if you want to withdraw more than 10000 rupees from the bank ATM, then you will need OTP. The bank has made this new rule to prevent fraud with customers. According to this rule, whenever you go to withdraw money from an ATM, a four-digit OTP will come on your phone. You will have to specify this OTP on the ATM screen, only then you will be able to withdraw money. If you don’t give OTP then your money will be stuck.
Raipur: The ruling Congress in Chhattisgarh on Monday staged protests in front of the Life Insurance Corporation (LIC) and State Bank of India (SBI) offices in all the district headquarters across the state in connection with the allegations against the Gautam Adani group and the resultant stock market upheaval.
Adani group stocks have taken a massive hit after US-based activist short-seller Hindenburg Research made a litany of allegations including fraudulent transactions and share price manipulation. The group has dismissed the charges as lies.
Opposition parties have alleged the value of shares held in Adani group firms by LIC and leading lender SBI had eroded massively, which they claimed was a setback to taxpayers.
The protesters sought a joint parliamentary probe into the allegations against the Adani group as well as a white paper on the issue from the Bharatiya Janata Party-led Union government.
Addressing the gathering outside the Jai Stambh Chowk branch of SBI, Chhattisgarh Congress chief Mohan Markam said the allegations show LIC and SBI made “risky investments” in the Adani group.
The common man, who has been affected by the stock rout, needs to know who sanctioned such “disproportionate loans” from state entities to the group, Markam said.
Name of the Post : SBI Circle Based Officer 2022 Interview Call Letter Released
Total Post : 1422
State Bank of India (SBI) has published notification for the recruitment of Circle Based Officer (CBO) vacancy.
Important Links
Interview Call Letter : Click here
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#SBI #Circle #Based #Officer #Prelims #Result( With inputs from : The News Caravan.com )
