Free Press Journal
  • IPO gains lift SBI net manifold to `1,840 cr

    Mumbai : State Bank on Friday reported a group net of Rs 1,840.43 crore for September quarter, boosted by the gains from the public offer in its life insurance arm and a very low base when it had a paltry Rs 20.70 crore of profit. Since the nation’s largest lender had merged its five associate banks and Bharatiya Mahila Bank from April this year, the numbers are not comparable. However, on consolidated

  • No of PSBs to come down to 10-15 in coming yrs: Govt

    New Delhi : India will have 10-15 public sector banks with government’s majority stake, down from 21 at present, as part of its plan to consolidate banks, Finance Ministry’s principal economic advisor Sanjeev Sanyal said Friday. He said cleaning up of the bad loan problems is the first priority and after that the PSU banks could be consolidated.

  • Banks’ consolidation process to begin after Q1 numbers: Govt

    New Delhi : The finance ministry is expected to initiate the process of consolidation of public sector banks (PSBs) once the first quarter results of the current fiscal have been announced, a senior official has said. There are various things including financial performance which have to be looked at before a merger decision is taken, said the official at the ministry.

  • No assurance on write-offs due to merger, says SBI

    New Delhi : The country’s largest lender SBI has said write-downs or write-offs on account of the merger of five associates cannot be entirely ruled out.

  • Arun Jaitley

    Expect one more PSU bank merger by Mar

    New Delhi : Enthused by the success of SBI merger, the Finance Ministry is considering clearing another such proposal in the public sector banking space by this fiscal end with a goal to create 4-5 global sized lenders.

  • SBI cuts benchmark lending rate by 0.15% to 9.10%

    New Delhi : Ahead of the RBI monetary policy this week, country’s largest bank SBI has reduced benchmark lending rate by 0.15 per cent to 9.10 per cent, a move that will lower EMIs for borrowers.

  • Banks to remain closed on April 1: RBI

    Mumbai: The Reserve Bank of India (RBI) on Wednesday said banks need not remain open on April 1, as against its earlier order, because it may affect the annual closing, especially in view of the State Bank of India (SBI) merger.

  • Cabinet clears decks for merger of SBI and five associate banks

    New Delhi : Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates, a step aimed at strengthening the banking sector through consolidation of public banks. However, no decision was taken on the proposal to also merge the Bharatiya Mahila Bank with SBI.

  • SBI pushes merger of 5 associate banks, BMB to next fiscal

    Mumbai : State Bank chairperson Arundhati Bhattacharya on Monday hinted that the mega merger of its five associate banks and Bharatiya Mahila Bank (BMB) could be pushed to the next financial year as it is still awaiting the government notification on the move.

  • Arundhati Bhattacharya gets year-long extension as SBI chief

    New Delhi: Arundhati Bhattacharya has secured a year’s extension as the chairperson of the State Bank of India (SBI) to oversee the merger of six smaller commercial banks into the country’s largest lender, officials said.

  • Bhattacharya hopes to kick off SBI’s mega merger by Oct-end

    “The merger process will start by October-end. The grievance committee will come back to us hopefully by the end of this month, thereafter we have to send it to the Reserve Bank and then to the government for the final approval, which may probably take a month. Post which the merger can take place,”  Arundhati Bhattacharya/ SBI chairman Continue Reading ...-->

  • Merger to add $120 bn to asset base: SBI

    Mumbai: State Bank of India today said the ongoing merger of five of its associate banks and Bharatiya Mahila Bank will add Rs 8 trillion or USD 120 billion to its assets and will create a banking behemoth with global scale.

  • SBI board clears merger of five associate banks, BMB with itself

    The central board of directors of SBI has accorded its approval to the scheme of  acquisition of the State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT) and Bharatiya Mahila Bank Limited (BMBL), the SBI said
    (more…)

  • SBI board gives consent for acquiring 4 banks

    Mumbai: In a move that can potentially trigger a major consolidation in India’s state-run financial services space, the board of the State Bank of India (SBI) on Thursday approved the acquisition of four other entities in the industry subject to a host of approvals.

  • SBI invites independent valuers for merger of associates, BMB

    Mumbai:  SBI Capital Markets has invited proposals for independent valuation and determining the swap ratio for the merger of three State Bank of India  associates and Bharatiya Mahila Bank with SBI.

  • Bhartiya Mahila Bank may be merged with SBI

    New Delhi/Mumbai : The Finance Ministry is considering a proposal to merge newly created Bharatiya Mahila Bank (BMB) with State Bank of India. A proposal is being considered but no decision has been taken, sources said. When asked about the merger proposal, SBI Chairman Arundhati Bhattacharya said:      “I do not know the basis of this news and I have not been approached on this…I think this is something they are discussing at the

  • AI has spent $1.80 bn on Dreamliner

    New Delhi: Air India has spent $1.80 billion in acquiring 16 Boeing 787 Dreamliner aircraft in the last three financial years. According to Minister of State (Civil Aviation) G.M. Siddeshwara, Air India has entered into a sale and lease-back arrangement for seven of its Boeing 787 aircraft. “Funding for the same has been arranged by way of Exim Bank-backed loans, with participation of junior lenders,” the minister informed the Lok Sabha. “The