Saturday, July 30, 2016
facebook

google plus


Merger by March-end: SBI chief"People have to understand that the change is inevitable. There have been strikes at many occasions but we have to educate them and take them on board" — Arundhati Bhattacharya, SBI chief

Merger by March-end: SBI chief

30 Jul 2016 | 12:41 AM

NEW DELHI: Unfazed by nationwide public sector banks’ strike, SBI chief Arundhati Bhattacharya today said the merger of five associate banks and Bhartiya Mahila Bank with the state-owned lender should be over by next March.

[ + read story ]

New Delhi, July 29

Unfazed by nationwide public sector banks’ strike, SBI chief Arundhati Bhattacharya today said the merger of five associate banks and Bhartiya Mahila Bank with the state-owned lender should be over by next March.

“People have to understand that the change is inevitable. There have been strikes at many occasions but we have to educate them and take them on board,” she said on the sidelines of the launch of SBI’s wealth management offering called ‘SBI Exclusif’.

Services at around 80,000 bank branches in the country were hit today as employees of public sector banks went on a one-day strike to protest against the proposed merger of SBI associates with the parent among other issues.

Asked as to when the proposed merger would be complete, Bhattacharya said: “Timeline is around by the end of the financial year (for merger to get over).” On completion, the merger is likely to create one of the largest banks in Asia.

The merged entity will create a banking behemoth, which can compete with the largest in the world, with an asset base of Rs 37 lakh crore or over $555 billion. SBI alone has close to 16,500 branches, including 191 foreign offices, spread across 36 countries.

SBI has five associate banks — State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad. Of these, State Bank of Patiala and State Bank of Hyderabad are unlisted.

The last merger of its associate State Bank of Indore took about 55 weeks, but it would be significantly less this time, the official added.

SBI first merged State Bank of Saurashtra with itself in 2008. Two years later, State Bank of Indore was merged.

As for SBI Exclusif, SBI chief said it is targeted at the fast-growing affluent segment in the country for wealth management which will come initially free of cost.

“SBI Exclusif customers will have access to a dedicated Relationship Manager supported by a team of investment experts to take care of all their banking and investment needs through various channels i.e. in-person, a first-of-its-kind ‘e-Wealth’ channel (remotely via a call or video conversation) or through future ready digital (internet banking/mobile) channels,” he said.

The bank had launched the offering in Bengaluru on a pilot basis on January and it rolled out this service in Delhi today for customers who earn a monthly income of Rs 2 lakh per month or fixed deposits of Rs 30 lakh or Rs 1 crore housing loan.

SBI is targeting customer base of 5,000-6,000 and Rs 55,000 crore of asset under management by the end of the current fiscal, Bhattacharya said.

Regarding increase in the network exclusively for this product, she said: “We will launch it in Mumbai in the next 15 days and we will have 37 such centres by the end of the current fiscal.”

Further, customers will have access to the best products across categories from market leading institutions, as the bank has introduced an open platform — not restricting the customers to choose from few specific institutions. — PTI

Strike hits banking operations

30 Jul 2016 | 12:39 AM

NEW DELHI: Services at around 80,000 bank branches in the country were hit today as employees of public sector banks went on a one-day strike to protest the proposed merger of SBI associates with the parent and other issues.

FDI inflows up 53% in past two years: FM

30 Jul 2016 | 12:39 AM

NEW DELHI: Finance Minister Arun Jaitley today said there was a record 53% increase in FDI in the past two years as the investment climate brightened due to steps taken to foster growth, price stability and fiscal prudence.

ICICI Bank net slips 22% to Rs 2,516 crore

30 Jul 2016 | 12:42 AM

NEW DELHI: Private sector lender ICICI Bank today reported 22.1% decline in consolidated net profit at Rs 2,516 crore for the quarter ended June 30 as bad loans mounted.

Tata Group records $103-bn revenue in FY 2015-16

30 Jul 2016 | 12:39 AM

MUMBAI: Tata Group invested $9 billion in its businesses globally in 2015-16, even as its worldwide revenue fell marginally to $103 billion due to commodity market slowdown and volatile currencies among other reasons, the diversified conglomerate’s chief Cyrus Mistry said today.

Microsoft to cut 2,850 more jobs

30 Jul 2016 | 12:39 AM

NEW YORK: Hurt by a failed $7.6 billion Nokia experiment amid growing losses in the smartphone hardware business segment, Microsoft has announced to lay off an additional 2,850 workers to the previously 1,850 jobs it said it would cut.

Jeff Bezos is world’s third-richest man

30 Jul 2016 | 12:43 AM

NEW YORK: Amazon founder and CEO Jeff Bezos has dislodged Warren Buffett as the third-richest person globally with an estimated worth of $65.3 billion at Thursday’s market close, says Forbes real-time wealth tracker.

Briefly

Seshasayee quits Ashok Leyland Board

30 Jul 2016 | 12:39 AM

Hinduja Group flagship Ashok Leyland on Friday said non-executive vice-chairman R Seshasayee has resigned from the Board with effect from July 28.

Briefly

Nexa to account for 15% sales by 2020: Maruti

29 Jul 2016 | 12:33 AM

Maruti Suzuki India Ltd said on Thursday it expects its premium Nexa showrooms to contribute around 15% of the company's sales by 2020.

PM asks NITI Aayog to work for ‘drastic policy reform’

29 Jul 2016 | 12:33 AM

NEW DELHI:Prime Minister Narendra Modi, while chairing a meeting of the NITI Aayog here today, said India cannot wait for incremental change.

Home Credit to offer loan in five minutes

29 Jul 2016 | 12:36 AM

CHANDIGARH: Home Credit India Finance Pvt. Ltd., a consumer finance Non-Banking Financial Company (NBFC) focusing on lending to primarily first time loan takers, has captured 94% market share in Chandigarh in the consumer durable loans category up to Rs 10,000 during FY 2015-16, according to a recent report by CRIF, an international financial analyst firm.

FinMin warns taxmen for resolution against Revenue Dept

29 Jul 2016 | 12:33 AM

NEW DELHI: Coming down heavily on income tax officers, Finance Minister Arun Jaitley has taken a serious view of the resolution by officers of Indian Revenue Service (Income Tax) against the Revenue Department in the Finance Ministry and called it “an act of insubordination”.

Sunil Munjal to exit Hero Moto Board

29 Jul 2016 | 12:33 AM

NEW DELHI: Hero MotoCorp Ltd, the world’s largest two-wheeler manufacturer, today said Sunil Kant Munjal will step down from the Board of the company when his tenure as Joint Managing Director ends on August 16.

TRAI moots telecom ombudsman

29 Jul 2016 | 12:33 AM

NEW DELHI: Telecom regulator TRAI today came out with a consultation paper where it has sought public opinion on setting up of an ombudsman in the sector for speedy resolution of rising subscriber complaints over issues such as wrong billing and poor service quality.

PNB Q1profit declines 58%

29 Jul 2016 | 12:33 AM

NEW DELHI: Having posted a record loss of Rs 5,367 crore in the earlier quarter, PNB today reported a 58% decline in net profit to Rs 306 crore for April-June period of the current fiscal on account of rising bad loans.

China’s Fosun buys Gland Pharma for Rs 8,500 crore

29 Jul 2016 | 12:33 AM

NEW DELHI: In the largest acquisition of an Indian company by a Chinese firm, Shanghai Fosun Pharmaceutical Group Co today agreed to buy Hyderabad-based drugmaker Gland Pharma Ltd for about $1.

Eye on China, India doubles down on container hub ports

Eye on China, India doubles down on container hub ports

29 Jul 2016 | 12:33 AM

NEW DELHI: An Indian conglomerate has started building the country’s first trans-shipment port, conceived 25 years ago, and the government will construct another $4-billion facility nearby to create a shipping hub rivaling Chinese facilities in the region.

Lloyds to axe 3,000 jobs, close 200 branches after Brexit shock

Lloyds to axe 3,000 jobs, close 200 branches after Brexit shock

28 Jul 2016 | 2:56 PM

LONDON: Lloyds Banking Group said on Thursday it would accelerate its cost cutting plan to help offset a more testing economic environment and a likely in demand for credit caused by Britain’s vote to quit the European Union.

Boeing’s iconic 747 era could come to an end

Boeing’s iconic 747 era could come to an end

28 Jul 2016 | 12:27 PM

BENGALURU: Boeing Co. could end production of the iconic 747 aircraft as the world’s biggest plane maker fights falling orders and pricing pressure on the plane, according to a regulatory filing on Wednesday.

Sunil Munjal to step down from Hero MotoCorp Board

Sunil Munjal to step down from Hero MotoCorp Board

28 Jul 2016 | 11:46 AM

NEW DELHI: Hero MotoCorp Ltd, the world’s largest two-wheeler manufacturer, on Thursday said Sunil Kant Munjal will step down from the board of the company when his tenure as Joint Managing Director ends on August 16.

Apple eyes booming Indian smartphone market

Apple eyes booming Indian smartphone market

28 Jul 2016 | 12:31 AM

NEW DELHI:Apple CEO Tim Cook has said the tech giant is “looking forward” to setting up retail stores in India to tap into the booming smartphone market here.

LIFE+STYLE
  • A matter of trust

    A matter of trust

    He hasn’t read Ernest Hemingway, and neither has this Punjabi singer Gurinder Rai any idea about the American novelist’s take on trust.

  • Star Track
  • It’s okay to be a Bad Mom

    It’s okay to be a Bad Mom

    Actress Mila Kunis, who is enjoying her pregnancy right now, spoke to us on her latest release Bad Moms.

  • SpectrumBreaking bread

    Breaking bread

    The aroma of fresh bread is truly irresistible. Bread consumption over the years has been on the increase both in urban and rural settings. In fact, the number of varieties, which one sees these days, is mind boggling and there are eateries specialising only in bread making.

  • Eco concerns at Churdhar

    Rough roads often lead to good destinations. Places where nature soothes your soul and silence sings its song. Has anything evaded human incursions though? En route the Churdhar peak, which houses the Chureshwar Mahadev Temple, human presence is marked by mindless scatter amid nature’s bounties.

  • Deadly lionfish invades the Mediterranean

    Lionfish — beautiful, venomous and voracious predators that can spawn every four days — have invaded the Mediterranean as the sea temperature rises, raising fears of environmental devastation of native marine life.

more Spectrum...

YOUR WORLD AND YOU

  • Jobs and creerLearn the LENS art

    Learn the LENS art

    GURU NANAK DEV UNIVERSITY:A decade ago, Photography used to be an offbeat career option or at the most a business hobby, taking it up as a full-time profession might not have been very appealing.

  • more Jobs Careers...