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Locals buy vegetables and essential goods at a market after the announcement of lockdown in wake of coronavirus pandemic, at Worli in Mumbai. | PTI

India’s richest states will have biggest income losses, SBI says

Eight of the wealthiest states and UTs, including Delhi and Maharashtra, will post double-digit contractions in income this fiscal year through March 2021.

Sreenivasulu Setty, debt collector boy from Andhra chasing $20 billion bad loans at SBI

Sreenivasulu Setty is one of three MDs at SBI and one of his tasks is to head recovery of the bank’s nearly $20 billion bad-loan pile.
Anil Ambani

SBI seeks to recover $158 million from Anil Ambani

State Bank of India is seeking to recover more than $158 million under the personal guarantee clause of the bankruptcy law.
Rajnish Kumar, chairman of State Bank of India Ltd., speaks during a panel session on day three of the World Economic Forum (WEF) in Davos. | Photographer: Jason Alden | Bloomberg

Banks have the money, but nobody is asking for credit amid low economic activity: SBI chief

SBI chairman Rajnish Kumar was optimistic of an economic revival once the lockdown, but cautioned that several sectors would take longer to recover.
video

Off The Cuff with Rajnish Kumar

Rajnish Kumar, Chairman, State Bank of India was the guest at ThePrint's digital ‘Off the Cuff’. Kumar said a lifting of the lockdown could see a resumption in economic activity and this could translate into demand for bank credit. With both banks and borrowers preferring prudence, banks have been flush with liquidity, he said, pointing out that SBI does not really need fixed deposits at present. Kumar, who is also the chairman of the Indian Banks' Association, warned that indiscriminate credit growth like that seen post 2008 could lead to a fresh wave of non-performing assets or NPA. Kumar admitted that SBI's investment in Yes Bank was not purely a commercial decision and pointed out that it was a decision made to preserve financial stability. He also said there is no hope for finding any buyers for Jet Airways. Kumar added that only 15-20 percent of SBI's customers had opted for the 3-month...
Chairman of State Bank of India(SBI) Rajnish Kumar at a press conference regarding YES Bank, in Mumbai on Saturday | ANI

Yes Bank investment not purely a commercial move, no hope for Jet revival: SBI chairman

At Off The Cuff, SBI chief Rajnish Kumar said depositor confidence is returning in Yes Bank, and it could stabilise over the next one year.
A SBI branch in Mumbai | Dhiraj Singh/Bloomberg

State Bank of India hikes home loan rates by up to 30 basis points

The decision has been taken amid market indications of increased credit risk for borrowers and realty firms in the wake of coronavirus pandemic.
A customer uses an automated teller machine (ATM) at a State Bank of India Ltd. (SBI) branch. | Photographer: Karen Dias | Bloomberg

Vodafone to NHAI to SBI to solar power — Why ‘cheapest’ mantra is creating havoc in India

Catering to the bottom of the pyramid with ‘cheap’ services has forced many businesses in India’s infrastructure sector to go belly up.
A customer uses an automated teller machine (ATM) at a State Bank of India Ltd. (SBI) branch. | Photographer: Karen Dias | Bloomberg

SBI credit card IPO slips on debut as stock markets crash again

SBI Cards’ shares opened at Rs 675, against Rs 755 apiece offer price as coronavirus pandemic cast a shadow over India’s first pure-play credit card issuer's listing.
FM Nirmala Sitharaman

‘Liberals’ rise to Sitharaman defence for slamming SBI chief, invoke gender

In a viral audio clip shared over the weekend, FM Sitharaman is purportedly heard rebuking SBI chairman and calling the bank ‘heartless’ and ‘inefficient’.

On Camera

File photo | Sushant Singh Rajput | Facebook/SushantSinghRajput

Nepotistic privilege should be a matter of social shame. It holds India back

Woke young millennials should start looking down upon friends who take the easy route of following up on their parents’ careers.
Representational image of Union finance ministry | ANI

Economy showing signs of recovery but pandemic may affect business climate: Finance Ministry

Improved kharif sowing, pick-up in electricity and petrol consumption, and higher freight movement indicate green shoots in the economy, ministry report stated.

Defence

File image of Indian soldiers in Ladakh | By special arrangement

PLA troops ‘completely move out’ of Galwan as India-China head towards total disengagement

India and China have begun a second attempt at disengagement in Ladakh after a 61-day stand-off along the western sector of the LAC.
Illustration by Soham Sen | ThePrint

It’s time for China, Pakistan, even India to rethink the fantasy Modi called expansionism

India, China and Pakistan all want territory from another. But it’s a pursuit doomed to fail as they can’t get it without annihilating the other.