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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 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.
State Bank of India is seeking to recover more than $158 million under the personal guarantee clause of the bankruptcy law.
SBI chairman Rajnish Kumar was optimistic of an economic revival once the lockdown, but cautioned that several sectors would take longer to recover.
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...
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.
The decision has been taken amid market indications of increased credit risk for borrowers and realty firms in the wake of coronavirus pandemic.
Catering to the bottom of the pyramid with ‘cheap’ services has forced many businesses in India’s infrastructure sector to go belly up.
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.
In a viral audio clip shared over the weekend, FM Sitharaman is purportedly heard rebuking SBI chairman and calling the bank ‘heartless’ and ‘inefficient’.