The country's largest lender, State Bank of India (SBI) on Thursday clarified that it has not been identified as a nodal bank for handling Russia-related transactions.
The country's largest lender, State Bank of India (SBI) on Thursday clarified that it has not been identified as a nodal bank for handling Russia-related transactions.
A centralised processing centre has been operating in Gujarat GIFT City, which in turn supports the technology behind the whole gamut of trade finance operations offered to those customers, who otherwise pay more to get bank services compared with large companies.
In addition to the company, the CBI has also named its directors Ashok Yogender Punj, Rajender Kumar Bahri, Chitranjan Kumar, Jagdishchandra Goel and Alok Yogender Punj as accused in the case.
This assumes importance in strengthening financial stability amid global economic headwinds which saw inflation across the globe skyrocketing following supply side disturbance as a result of the Ukraine-Russia war. The 26th FSDC meeting held in Mumbai was chaired by the union finance and corporate affairs minister Nirmala Sitharaman.
However, the number of transactions through the Unified Payments Interface (UPI) has seen a steady increase over the past one year. Data from GoKwik shows that 64% of all orders were placed via COD in Q2 2022, although preference for UPI has also increased by nearly 20% in the last one year.
The Tamil Nadu-based bank's Managing Director and CEO S Krishnan who recently assumed office said retail, agriculture and micro, small and medium enterprises (RAM) segments would be the focus areas as this vertical comprises 88 per cent of the bank's exposure.
The increase in the benchmark lending rates comes weeks ahead of the Reserve Bank of India's (RBI) monetary policy meeting, which is again expected to hike rates to tame inflation. According to the schedule, the next three-day monetary policy meeting will be held from September 28 to September 30.
Currently, the government holds 45.48 per cent in the bank, and Life Insurance Corporation of India, which is currently the promoter of the bank, owns a 49.24 per cent stake. The government, along with LIC, will decide on the quantum of stake that they will sell in IDBI Bank before seeking initial bids. The quantum of stake dilution is expected to be outlined in the EoI.
According to Crisil, this market share trend is unlikely to change in the near term. The recent merger between pure-play home financier HDFC with HDFC Bank will only bolster the trend, the agency noted.