State Bank Of India

'RBI, SEBI should create awareness against ponzi schemes'

Kolkata: In the backdrop of the chit fund scam, the State Bank of India on Saturday said Reserve Bank of India or Securities and Exchange Board of India should take up major campaigns to create awareness among investors being lured to ponzi schemes.

"RBI...or SEBI should begin a major campaign in line with Jago Grahak Jago, woolmark or hallmark (gold) to create awareness among the investors about these ponzi schemes," SBI chairman Pratip Chaudhuri said here today on the sidelines of a banking summit.

Recently, the West Bengal based Saradha Group has been accused of duping investors of their savings running into thousands of crores of rupees.

On shadow banking system, he said it seemed to have more flexibility than in the traditional banking set-up. For banks, minimum deposit was seven days, while the...more    

SBI enters into partnership with Industrial Bank of Korea

Mumbai: State Bank of India on Friday said it has entered into a partnership with the Industrial Bank of Korea to help the Korean small businesses doing business here in the country. The agreement will help about 480 Korean small and medium enterprises operating in the country, SBI said in a statement issued in Mumbai. In the absence of a branch of the Korean bank in the country, "this agreement...  

Money laundering: RBI action soon; banks start cracking whip

Srinagar/Chandigarh: Amid fresh allegations of money laundering by banks, RBI and several banks on Thursday said actions are being taken against erring institutions and employees for violating prudential banking norms. The central bank has already completed investigations against banks and would take action against guilty institutions, RBI Governor D Subbarao said in Srinagar. "We have done investigations, we have prepared an internal report. There are processes to be followed to...  

SBI California ordered to clean up US operations

Washington: The California-based subsidiary of State Bank of India (SBI) has agreed to take a series of steps to improve its banking practices related to bad loans following a review by US regulators. The largest Indian bank consented March 6, 2013 to the orders of the federal and state regulators "without admitting or denying any charges of unsafe or unsound banking practices relating to the June 18, 2012, examination". The...  

Is the entire banking and finance system prone to money laundering?

As many as 23 public and private sector banks and insurance companies were on Monday accused of "running a nation-wide money laundering racket" by online portal Cobrapost, prompting the Finance Ministry and regulator IRDA to initiate independent investigations into the matter. ...

Money laundering: No KYC norms violation at SBI, says bank chairman

CNBC TV18's Akanksha Sethi spoke to State Bank of India's chairman Pratip Chaudhary over the latest expose by Cobrapost revealing money laundering operations at SBI and other public sector unit banks. ...

Money laundering by banks: Govt to begin probe

New Delhi: As many as 23 public and private sector banks and insurance companies were on Monday accused of "running a nation-wide money laundering racket" by online portal Cobrapost, prompting the Finance Ministry and regulator IRDA to initiate independent investigations into the matter. In its second expose, Cobrapost accused country's leading banks and insurance companies of "running a nation-wide money laundering racket, blatantly violating laws of the land". Those named...  

News 360: SBI, LIC named in expose on money laundering by banks

Part Two of the Cobrapost investigation on money laundering methods used by banks focused on 23 major public sector banks and financial institutions. This included the State Bank of India as also the Life Insurance Corporation. ...

Money laundering: Banks will take action against delinquent employees, says Financial Services Secretary

Part Two of the Cobrapost investigation on money laundering methods used by banks focused on 23 major public sector banks and financial institutions. This included the State Bank of India as also the Life Insurance Corporation. ...

Money laundering by banks: Those at the helm must stem the rot

Part Two of the Cobrapost investigation on money laundering methods used by banks focuses on 23 major public sector banks and financial institutions. This includes the State Bank of India as also the Life Insurance Corporation. ...

Banks sell Kingfisher's assets, recover Rs 1000 cr

New Delhi: State Bank of India (SBI) on Monday said the consortium of lenders has recovered Rs 800-1,000 crore and is making all efforts to recover the remaining dues from beleaguered Kingfisher Airlines. "KFA recoveries are going on. We have substantial amount of recoveries. Total recoveries for banks is more than Rs 800-1000 crore," SBI Chairman Pratip Chaudhuri said here. The consortium of 17 banks, led by SBI, has an...  

RBI should release its audit report on the banks: Aniruddha Bahal

Special Investigations website Cobrapost has revealed that 23 banks and insurance companies have been engaged in money laundering. Among the 23 banks involved are mostly PSU banks including some big names like the State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, IDBI, Oriental Bank and Dena Bank. Aniruddha Bahal, editor-in-chief, Cobrapost.com, joined IBNLive readers for an interaction on the matter. Q. Hats off to you and...  

Money laundering by banks: Will take action depending on crime, says SBI

Twenty three public sector banks, including the SBI, and insurance companies have been named in a sting operation conducted by special investigations website Cobrapost. ...

23 banks, insurance firms engaged in money laundering: Cobrapost

New Delhi: Special Investigations website Cobrapost has revealed that 23 banks and insurance companies have been engaged in money laundering. Among the 23 banks involved are mostly PSU banks including some big names like the State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, IDBI, Oriental Bank and Dena Bank. Cobrapost editor Aniruddha Bahal claims that both banks and the insurance companies flouted the Foreign Exchange Management...  

HDFC Bank Q4 net profit up 30 pc, meets forecast

Mumbai: HDFC Bank Ltd, India's No.3 lender by loan value, met forecasts with a 30 per cent rise in quarterly profit on Tuesday led by higher loan growth, fee income and stable asset quality. Mumbai-based HDFC Bank, which has posted profit growth of more than 30 per cent every year for the last decade, said its net profit rose to Rs 18.9 billion in the quarter ended in March from...  

SBI to raise $500-$600 million in offshore borrowing

Mumbai: State Bank of India plans to raise $500-$600 million worth of offshore external commercial borrowings in three to four months time, a senior executive said on Tuesday. India's largest lender priced a five-year, $1 billion bond issue with a coupon of 3.25 per cent last week, generating interest of more than four times the bond size, said Hemant Contractor, managing director of international business. ...  

'Will go full throttle to recover dues from Kingfisher'

Mumbai: Banks will continue to sell pledged shares of Kingfisher Airline and invoke all other securities till they get back the dues, SBI Chairman Pratip Chaudhuri said on Tuesday. State Bank of India is the leader of consortium of lenders to grounded airline Kingfisher. "We have given instructions to recover and enforce all the securities. Our intention is to sell everything...all means of recovery (will be employed)...nothing would escape. Till...  

Kingfisher Airlines employees to decide future action

acing acute financial crisis due to non-payment of salaries for the past 10 months, employees of Kingfisher Airlines are meeting here on Wednesday to protest their "total neglect and ignorance" by the company as well as the government and to decide their future course of action. ...  

PC to meet heads of PSU banks on March 18

Amid moderation in economic growth, Finance Minister P Chidambaram is likely to prod banks to step up lending at a meeting with heads of public sector banks on March 18. ...  

Recovering Kingfisher dues will be a tardy affair: SBI

Government lender State Bank of India (SBI) on Monday said its increased non-performing assets (NPA) are due to its exposure to iron, steel and textile sectors while recovering the dues from Kingfisher Airlines would be a protracted legal affair. ...