Tag: SBI

Top Stocks for Investors on March 17

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Following Tuesday’s negative closing trend of stock market amid high volatility for the third consecutive session, the indices on Wednesday are expected to give a flat opening as the SGX Nifty was trading at 23.50 points or 0.16 percent higher at 14,995.50 at 7:31 am. The BSE Sensex had shed 31.12 points or 0.062 percent to close at 50,363.96 on Tuesday. Similarly, the NSE Nifty fell 19.05 points or 0.13 percent to settle the day below 15,000 mark at 14,910.45.

Top stock to look for the day:

State Bank of India (SBI): A penalty of Rs 2 crore has been imposed by the Reserve Bank of India on the SBI over deficiencies in regulatory compliance.

Vedanta: Open offer price has been raised by Vedanta Resources PLC for buying Vedanta’s shares to Rs 235 per share and offer size to 651 million shares representing a 17.5 percent stake in the company.

BPCL: Second interim dividend of Rs 5 per share for FY21 has been declared by the company and the record date for the dividend is March 27.

Karur Vysya Bank: According to the information provided by the company promoter S Nirupama has pledged 40,000 shares of the company with Bajaj Finserv on March 12, 2021.

Apollo Tyres: A new range of tyres has been launched by the company for the fast-growing compact SUV segment.

Godrej Properties: Rs 3,750 crore has been raised by the company through the sale of shares to institutional investors to expand the business and support future growth.

Shriram City Union Finance: The issue of secured rated listed redeemable principal-protected market-linked (PP-MLD) non-convertible debentures (NCDs) of the face value of Rs 10,00,000 each, summing up to 5,000 NCDs amounting to Rs 500 crore has been approved by the Banking and Securities Management Committee of the company on March 16, 2021.

Asian Hotels (West): Saurabh Kirpal who is an Independent Non-Executive Director of the company has submitted his resignation with effect from March 15, 2021, according to the information provided by the company in a regulatory filing.

PNB Gilts: The credit ratings of “ICRA A1+” and “CRISIL A1+” have been reaffirmed by rating agencies ICRA and CRISIL on March 16, 2021, respectively.

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Carlyle to sell 4% in SBI Cards for Rs 3,900 crore – Times of India

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MUMBAI: CA Rover Holdings, an arm of global PE giant Carlyle, is selling about 4% stake in SBI Cards & Payment Services for up to Rs 3,900 crore, translating into a little over $500 million, through block deals on Wednesday.
The Carlyle arm has mandated Bank of America Securities to sell about 3.8 crore shares at a price band of Rs 982-1,022 per share, the deal’s term sheet showed.
On Tuesday, SBI Cards’s stock on the BSE ended at Rs 1,022. At the lower end of the price band, the shares could be sold at a 3.9% discount to the scrip’s closing price.
Carlyle is the largest non-promoting shareholder in SBI Cards, which was holding nearly 16% in the company as of December 2020, its disclosures on the BSE showed. The deal is set to be executed through the accelerated book-building process.
Under this process, the broker managing the deal, after the close of the day’s trading, sends out the term sheet to large institutions to express their interest to buy shares from the block. Once the book is built, the shares change hands on the bourses on the next day.

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Reserve Bank Imposes Rs 2 Crore Penalty on SBI

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Mumbai: Reserve Bank of India on Tuesday imposed a penalty of Rs 2 crore on State Bank of India (SBI) for contravention of norms, including specific directions to the lender on remuneration to its employees in the form of commission. The penalty has been imposed for contravention of certain sections of Banking Regulation Act and its specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission, according to a release. It said the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

According to the release, the statutory inspection of the bank with reference to its financial position as on March 31, 2017 and March 31, 2018 and the Risk Assessment Reports (RARs) pertaining thereto, and examination of the correspondence with the bank regarding payment of remuneration to its employees in the form of commission, revealed contravention of the provisions of the Act and the directions. A show cause notice to the bank was issued, and after considering its replies, RBI came to the conclusion that “the charges were substantiated and warranted imposition of monetary penalty”, the release said.

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SBI to conduct e-auctions of 12 bad accounts this month – Times of India

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NEW DELHI: The State Bank of India (SBI) will conduct e-auctions of 12 bad accounts this month to recover dues of over Rs 506 crore under sale to asset reconstruction company (ARC) mechanism.
“In terms of the bank’s policy on sale of financial assets, in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs /FIs, on the terms and conditions indicated there against,” SBI said in sale notifications.
The total outstanding against these companies is Rs 506.22 crore.
Aarya Industrial Products Pvt Ltd has dues of Rs 72.24 crore and the e-auction of the account is slated to take place on March 16.
SBI said Aarya Industrial Products has filed a suit against it in January 2016 before Civil Court, Alipore, Kolkata for claiming recovery damages of Rs 226 crore.
“The sale of assets of Aarya Industrial Products Pvt Ltd will be made with the entire contingent obligation, if any, arising in future in respect of the said counterclaim,” SBI said in the sale notice.
Ten accounts will go under the hammer on March 26 against their collective outstanding dues of Rs 383.23 crore.
These accounts include Heavy Metal & Tubes Ltd (Rs 116.91 crore); Shree Vaishnav Industries (Rs 58.92 crore); Sri Balmukund Polyplast (Rs 49.73 crore); Times Ferro Alloys (Rs 41.25 crore); and Bihar Raffia Industries Ltd (Rs 38.14 crore).
Others are Joharilal Agarwala Sales Pvt Ltd (Rs 24.70 crore); Megha Granules Pvt Ltd (Rs 23.21 crore); Abhinandan Interexim (Rs 14.16 crore); Timespac India (Rs 14.03 crore) and Shyam Sales (Rs 2.18 crore).
The e-auction for GOL Offshore Limited will take place on March 30 against outstanding dues of Rs 50.75 crore.
Asking the interested bidders to conduct due diligence of these assets with immediate effect, SBI said the sale is on ‘as is where is basis’ and the bank reserves the right not to go ahead with the proposed sale at any stage, without assigning any reason.
The decision of the bank in this regard shall be final and binding, SBI said.
Any taxes that may be arising out of the transaction will be payable by the purchaser, it added.

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Cybersecurity critical for digital banking success: SBI official

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Digital banking is thriving on artificial intelligence and technical algorithm models which help to find out the customer’s ability to pay and also the intention to pay along with credit ratings of the customer.

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Cybersecurity is critical for the success of digital banking and banks should create the infrastructure to win customers’ trust for all such transactions, a senior SBI official said on Wednesday.

Digital banking or Figital is here to stay and is the future but it is equally important to safeguard the interests of all stakeholders, State Bank of India (SBI) Deputy Managing Director and Chief Digital Officer Ravindra Pandey said at a webinar.

Also Read | European banking regulator EBA targeted in Microsoft hacking

“It is important to win the customers’ trust in any system. It is the objective of banks to create and win the customers’ trust, such that all transactions are routed through banks as is presently done by multiple payment apps,” Pandey was quoted as saying in a release issued by industry body PHD Chamber of Commerce & Industry.

The official said that fintech has bought about changes in the customer mindset and it is an era of techfins rather than fintech.

Digital banking has helped in enhancing customer relationship, engagement and satisfaction and reduced operating cost, processing cycle time, among others, he added.

Also Read | India’s cyber defenses breached and reported; govt. yet to fix it

Digital banking is thriving on artificial intelligence and technical algorithm models which help to find out the customer’s ability to pay and also the intention to pay along with credit ratings of the customer.

According to the official, conventional operating models have given way to new channels. There are three areas in fintech that needs to be intertwined to make it a success — payment and remittance; process improvement – compliance and risk management; and customer engagement –, he noted.

Also Read | SEBI mulls cybersecurity fusion centre for securities market

Sanjay Aggarwal, President of PHD Chamber of Commerce & Industry, said the banking industry is moving towards a more collaborative and open environment while focusing on data protection and minimising systemic risks.

Representatives from fintech companies, NBFCs and other financial sector also participated in the webinar.

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