SBI To Raise Rs 89,600 Cr By Next 5 Yrs

State Bank of India
State Bank of India, the country’s biggest lender plans to raise about Rs 89,600 crore as capital fund in the next five years. In a written reply in the Lok Sabha, Pawan Kumar Bansal, minister of state for finance said, “Based on the sensitivity analysis of its capital position, capital augmentation programme of SBI envisages raising about Rs 89,600 crore as capital funds during the next five years.”

Mr. Bansal told that the boards of public sector banking institutions are capable to make decisions on the subject of raising capital funds, apart from equity capital for which prior government sanction is required.

SBI Plans To Partner With Post Offices To Tap Remote Rural Areas

State Bank of IndiaState Bank of India (SBI) has decided to join with hands with Post offices to stretch out to most distant Indian villages. Finance Minister, P Chidambaram announced in Lok Sabha that the bank is grouping with post offices to offer credit to remotest villages of India.

In terms of earnings, assets, deposits, arms and work force, SBI is the biggest and leading commercial banking institution in India. In Oct. 1996, the bank successfully floated the first GDR issue of any commercial bank in the country and raised USD 369 million, including the greenshoe option.

SBI Funds, Dena Bank Tie-Up

Dena BankMumbai: SBI Funds Management Pvt Ltd has tied up with Dena Bank to increase the fund’s reach.

The memorandum of understanding (MoU) was signed between Syed Shahabuddin, Managing Director and Chief Executive Officer, SBI Mutual Fund, and U.S. Kohli, Executive Director, Dena Bank.

“The tie up with Dena Bank is prestigious as our quality products would now be available to the bank’s customers across the country,” Mr. Shahabuddin stated.

As of July 31, 2007, the total assets under management of SBI Mutual Fund stood at Rs 25,862 crore. Dena Bank has a total network of more than 1,100 divisions and satellite offices.

SBI Melts Down 4.46%, Markets Weak

In early trading, State Bank of India (SBI) is quoting at Rs 1,542.90, depressed Rs 72, or 4.46%. It also touched an intraday high of Rs 1,585 and an intraday low of Rs 1,518.60.

Trading with volumes of 156,999 shares, the share closed up 0.10% or Rs 1.60 at Rs 1,614.90 on Tuesday

Spreading out its arms all through the world, the SBI’s International Banking Group provides the complete variety of cross-border finance resolutions through its four wings – the Domestic division, the Foreign Offices division, the Foreign Department and the International Services division.

State Bank of India Stock Chart

SBI To Raise $44 b In 5 Yrs

Mumbai: State Bank of India Stock ChartAccording to the sources, State Bank of India (SBI) is ready to raise nearly Rs 1.8 trillion ($44.3 billion) by the next five years.

The plan includes a 145-billion-rupee a follow-on public share offer in the financial year ended March 2008.

The bank's chief financial officer, Arun Shandilya declined to comment by saying that the topic was secret.

SBI Cards Increasing Presence To 150 Cities

SBI CardsNew Delhi: SBI Cards, a joint venture between SBI and GE Money aims to strengthen its geographical existence to 150 cities by March 2008. At present, SBI Cards has a presence in 110 cities.

Roopam Asthana, its Chief Executive said, “Our Endeavour is to reach 150 locations by March next year. We feel the potential for credit cards is going to be less beyond this number of cities. You will see a slowdown in terms of new cities coming in after we hit the 150-mark.”

SBI Aims To Triple its ATM count To 25,000

Mumbai: In a State Bank of Indiasubstantial push for cashless deal, State Bank of India is all set to raise the number of its ATMs by more than three times to 25,000 by 2010.

This means the India’s largest bank will add up more than 5,900 ATMs annually. SBI has 7,200 ATMs at present. While some of these ATMs will be owned by the bank, SBI is also exploring other options such as outsourcing.

SBI Chairman O P Bhatt stated, “We are open to looking at other business models to bring down the cost and fast rollout.”

Sensex Gains 153 Pts At Close; SBI Shines Again

After touching an intraday high of 15,235.51, the BSE Sensex finally ended the day at 15,138.40, up 152.70 points, whereas the broad-based NSE Nifty ended at 4,401.55, up 45.2 points.

The 30-share index opened positively at 15,061.13 and continued to trade strongly supported by good global cues and continued buying activity witnessed among heavyweights in the morning trades. Afterwards, the index cast off the majority of its gains in the afternoon to finally end the day on a firm note.

For the week ended July 21, wholesale price index based inflation was 4.36%, which was lower than 4.41% recorded in the previous week. Market estimates for inflation stood at 4.36%.

Split Plan Spurs SBI Stock To New Highs

State Bank of IndiaState Bank of India jumped 2.87% to Rs 1592.75 on reports that it is planning to make a holding company for its mutual funds and life insurance business.

About 11.24 lakh shares of the scrip were traded on the BSE counter. The scrip showed an average daily volume of 5.97 lakh shares within the last three months.

SBI Will Soon Gain Rs 60-70 - Bhambwani

Technical AnalystState Bank of India, Vijay Bhambwani is of the view that one
should hold State Bank of India (SBI) stock as it can add another Rs 60-70
within the coming days.

SBI has been a great mover and shaker. It is good for
another Rs 60-70 before some quantity of profit taking can enter.

SBI To Spare Subsisting Home Loan Customers

State Bank of IndiaState Bank of India (SBI) will not increase interest rates for a range of existing home and education loan customers’.

Even as the shift may be partially influenced by the earlier finance ministry recommendation that banks should not rush through rate increases.

The banks’ asset liability committee (Alco) that gathered on late Thursday evening, has suggested to the bank panel that the standard prime-lending rate (PLR) may be hiked up by 50-75 basis points. At this time, the bank’s PLR is 12.25%.

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