SBI General Insurance Launches 'SBIG Health Super Top-Up' Plan.
SBI General Insurance has launched a new health insurance product called the 'SBIG Health Super Top-Up' plan. This innovative plan is designed to provide additional coverage beyond the existing health insurance policies, helping policyholders manage higher medical expenses. With a sum insured ranging from ₹3 lakhs to ₹1 crore, the plan offers a range of benefits, including cashless hospitalization across a vast network of hospitals. The 'SBIG Health Super Top-Up' plan aims to enhance financial security for individuals and families, ensuring they receive quality healthcare without the burden of exorbitant costs. Customers can explore this plan on the SBI General Insurance website.
The plan offers a wide network of hospitals, ensuring easy access to quality healthcare for all policyholders.
With customizable coverage options, customers can choose a plan that best suits their healthcare needs and budget.
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According to SBI's Economic Research Department (ERD) Report, India's Population Growth is on a Downward Trajectory.
According to the latest report from SBI's Economic Research Department (ERD), India's population growth is experiencing a downward trajectory. The report highlights various factors contributing to this trend, including declining fertility rates, increased awareness regarding family planning, and improved access to education and healthcare. As a result, projections indicate that India's population may peak sooner than previously anticipated, potentially reaching 1.5 billion by 2030. This shift in demographic dynamics could have significant implications for economic planning, labor markets, and social policies. Policymakers are urged to adapt to these changes to ensure sustainable development and resource management.
Declining population growth may ease pressure on resources, allowing for better allocation of food, water, and healthcare.
A smaller population can lead to increased job opportunities and improved living standards, fostering economic stability.
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SBI General Insurance Partners with Blse-Services to Offer Comprehensive Insurance Products.
SBI General Insurance has announced a strategic partnership with Blse-Services to enhance its offerings in the insurance sector. This collaboration aims to provide a range of comprehensive insurance products tailored to meet diverse customer needs. By leveraging Blse-Services’ expertise in technology and customer engagement, SBI General Insurance seeks to streamline its services and improve customer experience. This partnership reflects SBI General's commitment to innovation and customer-centric solutions in the insurance market. Both companies are optimistic that this alliance will foster growth and offer better value to policyholders across various segments, enhancing accessibility and efficiency in insurance services.
The collaboration aims to utilize advanced technology to create more user-friendly insurance solutions for customers.
This partnership will enhance the accessibility of insurance products, making them easier to obtain for a wider audience.
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SBI Sanctions ₹10,050 Crore Loan to Damodar Valley Corporation for Developing 1,600 Megawatt Ultra Super Critical Thermal Power Plant in Koderma.
State Bank of India (SBI) has approved a loan of ₹10,050 crore to the Damodar Valley Corporation (DVC) for the development of a 1,600 Megawatt Ultra Super Critical Thermal Power Plant (USCTPP) in Koderma, Jharkhand. This project aims to enhance the region's power generation capacity and improve energy supply reliability. The USCTPP will utilize advanced technology to ensure efficient and eco-friendly electricity production. The collaboration between SBI and DVC underscores the bank's commitment to supporting infrastructure projects that contribute to sustainable energy development and economic growth in the region.
The project will create numerous job opportunities, boosting the local economy and supporting community development in Koderma.
By adopting advanced technology, the plant aims to minimize environmental impact while meeting rising energy demands.
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SBI Unveils Three New Offerings to Simplify Payments for Commuters.
The State Bank of India (SBI) has launched three new offerings aimed at easing payment processes for commuters. These include an upgraded mobile banking app with enhanced features for seamless transactions, a new contactless payment card for faster and more convenient payments, and a digital wallet integration that allows users to pay for public transportation directly from their smartphones. These innovations are designed to streamline the commuting experience, reduce wait times, and provide a more user-friendly payment solution. SBI’s initiative reflects its commitment to leveraging technology to improve everyday financial transactions for its customers.
SBI’s contactless payment card enhances security and convenience for daily transactions.
Digital wallet integration supports multiple transportation options for easier, unified payments.
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Financial Services Institutions Bureau (FSIB) Recommends Rama Mohan Rao Amara for Managing Director of State Bank of India (SBI).
The Financial Services Institutions Bureau (FSIB) has recommended Rama Mohan Rao Amara for the position of Managing Director at the State Bank of India (SBI). This recommendation comes as part of the FSIB's ongoing efforts to appoint experienced leaders to key roles within major financial institutions. Amara, with a distinguished career in banking, is expected to bring significant expertise and strategic vision to SBI, one of India’s largest and most influential banks. The appointment, pending final approval, is anticipated to strengthen SBI’s leadership team and drive its future growth and development.
FSIB's recommendation highlights its role in shaping leadership in major financial institutions.
Rama Mohan Rao Amara’s appointment aims to enhance SBI’s strategic direction and financial stability.
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Financial Services Institutions Bureau (FSIB) Recommends Rama Mohan Rao Amara for Managing Director of State Bank of India (SBI).
The Financial Services Institutions Bureau (FSIB) has recommended Rama Mohan Rao Amara for the position of Managing Director at the State Bank of India (SBI). This recommendation comes as part of the FSIB's ongoing efforts to appoint experienced leaders to key roles within major financial institutions. Amara, with a distinguished career in banking, is expected to bring significant expertise and strategic vision to SBI, one of India’s largest and most influential banks. The appointment, pending final approval, is anticipated to strengthen SBI’s leadership team and drive its future growth and development.
FSIB's recommendation highlights its role in shaping leadership in major financial institutions.
Rama Mohan Rao Amara’s appointment aims to enhance SBI’s strategic direction and financial stability.
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India's Q1 FY25 GDP Growth Likely to Reach 7.1%, According to RBI.
India's GDP growth for the first quarter of FY25 is expected to reach 7.1%, according to the Reserve Bank of India (RBI). This aligns with the forecast provided by SBI Research. The robust growth projection reflects strong economic performance, driven by increased consumer spending and favorable market conditions. The RBI's optimistic outlook is supported by recent data indicating sustained growth across key sectors such as manufacturing, services, and agriculture. Analysts suggest that this growth momentum is crucial for achieving the overall annual GDP target, reinforcing India's position as one of the fastest-growing major economies in the world.
Consumer spending and favorable market conditions contribute significantly to the projected GDP growth rate.
India's continued economic strength highlights its resilience and potential in the global market.
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SBI Projects 7% GDP Growth for FY25.
State Bank of India (SBI) has projected a 7% GDP growth for the fiscal year 2025. The bank's economic research team anticipates a robust recovery in economic activity, driven by strong domestic consumption and increased investment. According to SBI, key sectors such as manufacturing, services, and infrastructure are expected to contribute significantly to this growth. The forecast reflects confidence in India's economic resilience and potential, despite global uncertainties. SBI's projection aligns with the optimistic outlook of various economic analysts who predict sustained economic momentum in the coming years.
SBI’s GDP growth forecast indicates confidence in India’s economic recovery despite global economic challenges.
Key drivers for the projected growth include robust domestic demand and increased investment in critical sectors.
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SBI Signs MoU with Jakson Engineers to Boost Solar Energy Adoption in India.
State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with Jakson Engineers to promote the adoption of solar energy across India. This collaboration aims to accelerate the shift towards renewable energy by offering easy financing options for solar projects. The partnership will focus on both residential and commercial sectors, encouraging more people and businesses to switch to solar power. SBI's extensive reach and Jakson Engineers' expertise in solar technology will work together to make solar energy more accessible, contributing to India's goal of increasing its renewable energy capacity.
SBI to offer special loans for solar installations under the partnership with Jakson Engineers.
Jakson Engineers will provide technical support to optimize solar energy solutions for various customer needs.
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ACC Approves Appointment of C.S. Setty as New SBI Chairman and Rana Ashutosh Kumar Singh as MD.
The Appointments Committee of the Cabinet (ACC) has approved the appointment of C.S. Setty as the new Chairman of State Bank of India (SBI). Setty, who has been with SBI for several years, will assume the role, bringing his extensive experience to the position. Additionally, Rana Ashutosh Kumar Singh has been appointed as the Managing Director of SBI. Singh’s appointment is expected to support SBI’s strategic goals and initiatives. Both appointments are part of a broader effort to strengthen the leadership team at SBI, ensuring effective management and continued growth of the organization.
C.S. Setty's extensive banking experience is expected to enhance SBI's strategic direction and operational efficiency.
Rana Ashutosh Kumar Singh’s new role aims to drive SBI’s growth and innovation initiatives forward.
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SBI General Insurance and HSBC Bank India Enter Bancassurance Partnership.
SBI General Insurance and HSBC India have announced a new bancassurance partnership. This collaboration will enable HSBC India to offer SBI General Insurance's comprehensive range of insurance products to its customers. The partnership aims to provide enhanced financial protection solutions and meet the diverse needs of HSBC's clientele. By leveraging SBI General Insurance’s expertise and HSBC’s extensive network, the two companies seek to strengthen their market presence and deliver innovative insurance solutions. This move is expected to benefit customers with better access to a variety of insurance options and streamlined services.
HSBC India customers gain access to a wider range of insurance products through SBI General Insurance’s offerings.
The partnership aims to enhance insurance distribution and provide tailored solutions to meet varying customer needs.
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SBI Approves ₹25,000 Crore Fundraising Plan via Tier-1 and Tier-2 Bonds.
State Bank of India (SBI) has approved a plan to raise ₹25,000 crore through the issuance of Tier-1 and Tier-2 bonds. The fundraising will help strengthen the bank's capital base and support its expansion plans. Tier-1 bonds are perpetual in nature, providing long-term capital, while Tier-2 bonds are subordinated and have a fixed maturity date. This move is part of SBI's ongoing efforts to maintain a strong capital adequacy ratio and meet regulatory requirements. The bank's board gave the green light to this proposal, which is expected to be executed in phases over the coming months.
SBI's fundraising will enhance its ability to absorb potential financial shocks and support future growth initiatives.
The bond issuance aligns with SBI's strategy to strengthen its balance sheet amid evolving regulatory challenges.
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Government of Nagaland Signs MoU with SBI General Insurance on Disaster Risk Management Solutions.
The Government of Nagaland has signed a Memorandum of Understanding (MoU) with SBI General Insurance to enhance disaster risk management solutions in the state. This partnership aims to bolster the state's preparedness and response mechanisms to natural and man-made disasters. The MoU outlines collaborative efforts to develop comprehensive insurance solutions and risk management strategies tailored to Nagaland's unique needs. By leveraging SBI General Insurance's expertise, the government seeks to improve resilience and safeguard communities from potential disasters. This agreement marks a significant step in strengthening disaster management infrastructure and ensuring effective risk mitigation in Nagaland.
The MoU aims to improve disaster preparedness and response with tailored insurance solutions for Nagaland’s unique challenges.
SBI General Insurance will work with the government to enhance risk management strategies and community resilience.
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India Creates 12.5 Crore Jobs in FY14-23, Surpasses 2.9 Crore Jobs in FY04-14.
India has created 12.5 crore jobs during FY14-23, compared to only 2.9 crore during FY04-14, per a State Bank of India (SBI) study based on RBI data.Even if we exclude Agriculture, the total number of jobs created in Manufacturing and Services is at 8.9 crores during FY14-FY23 and 6.6 crores during FY04-FY14,” per a report by SBI’s Economic , The total employment reported by Micro, Small and Medium Enterprises (MSMEs) registered with the MSME Ministry has crossed the 20-crore mark, according to data from the Udyam registration portal.
India's job creation surged in manufacturing and services, totaling 8.9 crore during FY14-23, versus 6.6 crore in FY04-14.
Micro, Small, and Medium Enterprises (MSMEs) have surpassed 20 crore jobs as per the Udyam registration portal data.
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BSF conducts "Grow with the Trees" plantation drive in Srinagar.
Border Security Forces (BSF), in association with SBI Bank, organized a "Grow with the Trees" plantation drive at BSF Headquarters in Srinagar on Saturday. The initiative aimed to promote environmental conservation and enhance green cover. Officers and volunteers actively participated, planting a variety of saplings. The event underscored BSF's commitment to sustainable practices and community engagement.
Officers and volunteers planted diverse saplings to enhance green cover and promote conservation. The initiative aimed to strengthen BSF's commitment to sustainable environmental practices.
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SBI Unveils Two New Initiatives on Its 69th Foundation Day.
On its 69th Foundation Day, SBI launched two new initiatives aimed at enhancing customer services and digital banking experiences. The initiatives include upgraded mobile banking features for seamless transactions and a customer-centric approach to improve financial accessibility. SBI aims to further strengthen its position as a leader in the banking sector with these innovative steps.
SBI's initiatives focus on mobile banking upgrades and enhancing financial accessibility.
SBI aims to strengthen its leadership in banking through innovative customer-centric initiatives.
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SBI Launches 'Sahaj': A Cutting-Edge Web-Based Digital Solution for MSME Invoice Financing.
State Bank of India (SBI) has launched “MSME -Sahaj”, a web-based digital business loans solution for MSMEs’ (micro, small and medium enterprises) invoice financing. With the new web-based solution, SBI’s customers can avail finance against their GST registered sales invoices of up to ₹1 lakh in less than 15 minutes
The bank will offer the product through Yono digitally to existing customers, addressing MSME liquidity issues by unlocking instant cash flows.
Dinesh Kumar Khara, Chairman of SBI, described MSME Sahaj as designed to provide faster and easier finance for MSMEs via a digital.
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SBI General Insurance names Naveen Chandra Jha as new MD & CEO.
SBI General Insurance Company Ltd. has named Shri Naveen Chandra Jha as its new Managing Director and Chief Executive Officer. His parent business, State Bank of India, nominated him for the role. He succeeds Shri Kishore Kumar Poludasu. Shri Naveen Chandra Jha has been with the State Bank of India since 1994, holding numerous critical roles during his tenure. Shri Naveen Chandra Jha, Deputy Managing Director, State Bank of India, previously served as Chief General Manager of Amaravati Circle, Andhra Pradesh, before joining SBI General Insurance.
Shri Naveen Chandra Jha has almost three decades of expertise in the financial industry.
His concentration on entire business strategy, operations, budgeting, and strategic growth is ideally aligned with the company’s aim to be the market leader.
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MEA & SBI Signed MoU to enhance Digital Payment Services for Users eMigrate Portal.
The Ministry of External Affairs (MEA) and the State Bank of India (SBI) signed a Memorandum of Understanding (MoU) on Saturday to enhance digital payment services for users of the eMigrate portal. The agreement was signed by Joint Secretary OE and PGE (Overseas Employment and Protector General of Emigrants) Bramha Kumar, on behalf of the Ministry, and Neelesh Dwivedi, General Manager (NW-I) from SBI, at Sushma Swaraj Bhawan in Delhi. This MoU will become operational following the successful integration of SBI's payment gateway, SBIePay, with the eMigrate portal.
Additionally, the portal includes a mechanism for the voluntary registration of emigrants holding ECNR (Emigration Check Not Required) category passports who are seeking employment overseas.
"Signing of this MoU would further facilitate and enhance the ambit of safe and legal migration of Indian migrant workers" said the Ministry.
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Sahitya Akademi Announced Yuva Puraskar, Bal Sahitya Puraskar for 2024.
Sahitya Akademi announced the winners of the prestigious Yuva Puraskar and Children's Literature Award for 2024. A total of 23 writers including English writer K Vaishali and Hindi writer Gaurav Pandey will receive the Youth Award. Vaishali has been honored for her memoir "Homeless: Growing Up Lesbian and Dyslexic in India" and Pandey for her poetry collection "Smriti Ke Beech Ghiri Hai Prithvi". The Yuva Puraskar is given for 10 poetry books, seven short story collections and other works in various genres.
The Yuva Puraskar is given for 10 poetry books, seven short story collections, two article collections and one essay collection, one novel, one ghazal book and one memoir.
Other winners of the youth award include Nayanjyoti Sarma (Assamese), Sutapa Chakraborty (Bengali), Self Made Rani Baro (Bodo) and Heena Choudhary (Dogri).
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SBI launches 'SME Digital Business Loans', to sanction loans in 45 minutes.
“This innovative product marks a significant leap forward in digitalisation by offering SMEs a digital loan journey with an end-to-end sanction turnaround time of up to 45 minutes,” SBI said in a statement. The proposition eliminates the need for traditional credit underwriting and lengthy appraisal processes, ushering in a new era of simplicity, speed, and accessibility in MSME lending.
Waives of financial statement requirement for SME loans below Rs 50 lakh.
The country’s largest lender, State Bank of India (SBI), has floated ‘SME Digital Business Loans’ with the aim of sanctioning loans in 45 minutes.
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SBI Research says, India's GDP growth likely to touch 8 % in financial year 2024.
The State Bank of India (SBI) yesterday released a report anticipating India’s GDP growth 7.4% in the fourth quarter of the financial year 2023-24, while the overall growth could touch 8%. The report released by the SBI’s Economic Research department highlights the potential impact of global economic resilience on India’s growth trajectory. The report identifies a consistent growth trend across both urban and rural sectors in India. Urban economic momentum is indicated by strong performance in passenger vehicle sales, airport passenger traffic, GST collections, credit card transactions, petroleum consumption, and toll collection. On the other hand, Rural economic indicators also show a positive trend, with diesel consumption and two-wheeler sales increasing.
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South Africa's central bank fines SBI over compliance.
The Prudential Authority, South Africa's central bank, has imposed administrative sanctions and a penalty on SBI for violating anti-money laundering laws in the country. In a statement to the exchanges, SBI said that the 10 million rand (Rs 4.5 crore) penalty was imposed ''for not complying with certain provisions of the Financial Intelligence Centre Act" . Section 45C of South Africa's Financial Intelligence Centre (FIC) Act 38 of 2001 empowers the FIC to issue directives to ensure compliance with the Act. This section enables the FIC to take measures to address issues related to money laundering.
SBI said that the action on the South African branch included an immediate payment of of 5.5 million rand (Rs 2.5 crore) and an additional 4.5 million rand (Rs 2 crore) payable over 36 months.
The bank’s South Africa branch has made the immediate payment of a penalty of 5.5 million rand.
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SBI General Insurance signs bancassurance partnership with Jana Small Finance Bank to increase insurance penetration.
SBI General Insurance, one of India’s top general insurance firms, has signed a strategic bancassurance collaboration agreement with Jana Small Finance Bank, a leading financial institution in India, to facilitate the sale of non-life insurance products. Under this strategic relationship, SBI General Insurance will provide Jana Small Finance Bank customers with a comprehensive variety of general insurance products. These products will include a broad range of insurance options, such as health, personal injury, house, auto, and travel insurance.
In addition, the alliance will provide commercial line insurance products such as property, marine, and engineering insurance to meet the diversified demands of businesses and enterprises.
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Bank of Maharashtra Leads Public Sector Banks in Business Growth for FY24 .
State-owned Bank of Maharashtra (BoM) emerged as the top performer among public sector banks (PSBs) in FY24, recording the highest growth rate in total business and deposit mobilisation. This achievement comes amid a challenging environment where many banks are struggling to achieve double-digit growth. Despite BoM’s impressive percentage growth, SBI’s total business in absolute terms was significantly higher at Rs 79,52,784 crore, compared to BoM’s Rs 4,74,411 crore.
BoM, headquartered in Pune, posted a 15.94 per cent rise in its total domestic business, outpacing all other PSBs.
The State Bank of India (SBI), the nation’s largest lender, followed with a 13.12 per cent growth.
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SBI Mutual Fund launches SBI Automotive Opportunities Fund.
SBI Automotive Opportunities Fund: The minimum application for lumpsum is ₹5,000, and for SIP, it is ₹500.SBI Automotive Opportunities Fund is a thematic mutual fund that aims to generate long-term capital appreciation for unit holders by investing in a portfolio of companies engaged in automotive and allied activities. The scheme opened for subscription on May 17 and will close on May 31.
The fund's investment scope encompasses various sectors, including original equipment manufacturers (OEMs), auto component manufacturers, electric mobility, and companies with auto export potential.
Company classification within the automotive and allied industries will primarily follow the guidelines set by the Association of Mutual Funds in India (AMFI) for basic industry classification.
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International Day Against Homophobia, Transphobia and Biphobia - 17th May
The world is seeing hard-won progress in protecting the rights of lesbian, gay, bisexual, transgender, queer, intersex and asexual people – but there is still a long road ahead.To spotlight the advances and challenges, the theme of the International Day Against Homophobia, Transphobia and Biphobia this year is: “No one left behind: Equality, freedom and justice for all.” Among the recent advances: Social and legal norms have shifted away from criminalizing LGBTQIA+ people and towards safeguarding their rights. Since 2019, 11 countries have legalized marriage equality. Since 2017, 13 countries have removed laws criminalizing LGBTQIA+ sexuality.
Recent calls from United Nations bodies advocate for transgender-friendly HIV care, protection of intersex rights, and an end to discrimination against LGBTQIA+ individuals in health services, fostering empowerment and improved access to care.
Despite progress, discrimination persists globally, with dozens of countries criminalizing same-sex relationships and some even imposing the death penalty based on sexual orientation or gender identity, resulting in rights violations and limited health service access.
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SBI General announces Bima Central: A Game-changing Step in Customer Experience.
SBI General Insurance Company Limited, one of India’s top general insurance carriers, has partnered with Bima Central, built by CAMS Insurance Repository, to launch industry-first policyholder servicing platform, Bima Central. This platform enables consumers to aggregate their insurance portfolios via an electronic Insurance Account (eIA) and manage them effortlessly through a single digital portal, BIMA Central.For the first time in the market, SBI General Insurance customers with an eIA through CAMS Rep Bima Central will have immediate access to their insurance portfolio via the SBI General Insurance Mobile App. They can also access these services using the Bima Central app.
SBI General Insurance integrates with Bima Central for a unified insurance view.
All retail policies will be issued in electronic format to eIA holders.
Policyholders without an eIA will be encouraged to open one for digital servicing.
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SBI becomes the first bank to be a trading-cum-clearing member of India International Bullion Exchange at the GIFT City in Gujarat.
The State Bank of India (SBI) on Tuesday announced that it has secured the distinction of being the first bank to become a trading-cum-clearing (TCM) Member of India International Bullion Exchange at the GIFT City in Gujarat. This milestone enables SBI IBU Gift City to conduct trades on the IIBX platform and settle them on behalf of its clients, per an official release.RBI guidelines permitted branches of an Indian Bank in GIFT IFSC to act as a trading member (TM)/trading and clearing member (TCM) of IIBX. The central bank also allowed special category clients (SCC) which are nominated banks in India to import gold through IIBX.The entry of India’s largest bank into the field as a TCM is poised to boost trading volumes at IIBX, the release added.
SBI becomes the first bank to join India International Bullion Exchange at GIFT City.
SBI's IBU Gift City branch can now conduct trades on IIBX and settle them for clients.
RBI permits Indian bank branches in GIFT IFSC to act as trading-cum-clearing members of IIBX.
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RBI has approved the appointment of Sanjeev Nautiyal as the managing director (MD) & chief executive officer (CEO) of the Ujjivan Small Finance Bank for the period of 3 years with effect from 1 July 2024.
RBI has approved the appointment of Sanjeev Nautiyal as the managing director (MD) & chief executive officer (CEO) of the Ujjivan Small Finance Bank for the period of 3 years with effect from 1 July 2024. He will join the Bank much prior to his taking charge as the MD&CEO and be designated as the President in the interim. Sanjeev Nautiyal is also a Certified Associate of the Indian Institute of Bankers. He is a banker with over three decades of extensive strategic domain expertise in retail, SME, financial inclusion, operations, HR, international banking, and treasury. He earlier held significant roles as deputy managing director, financial inclusion & micro markets, SBI and MD & CEO, SBI Life Insurance. He currently is the independent director of Life Insurance Corporation and acts as an advisory in various organizations.
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The Department of Pension and Pensioners’ Welfare (DoPPW) launched the 'Integrated Pensioners’ Portal of the Bank of India' to digitalise pension services and enhance the welfare of pensioners.
The Department of Pension and Pensioners’ Welfare (DoPPW) launched the 'Integrated Pensioners’ Portal of the Bank of India' to digitalise pension services and enhance the welfare of pensioners. The move consolidates the pension processing and payment services of five banks into a single window for their services. Digital empowerment of pensioners is being implemented through various means such as Digital Life Certificates and Bhavishya Portal to enhance the welfare of pensioners. With the integration of pension portals from banks like SBI, Bank of Baroda, Punjab National Bank, and Canara Bank into the Bhavishya portal, pensioners now have access to a range of services from a single window. This integration enables pensioners to access services such as pension slips, life certificate submission status, due and drawn statements, and Form-16 seamlessly.
The Bhavishya platform, an integrated online pension processing system, ensures end-to-end digitisation of pension processing and payment, from online filing to electronic issuance of the PPO.
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The State Bank of India partnered with HCLSoftware, the software business unit of HCLTech, for the bank's digital transformation.
The State Bank of India partnered with HCLSoftware, the software business unit of HCLTech, for the bank's digital transformation. As part of the five-year agreement, HCLSoftware will deploy the HCL Unica platform to enable SBI to digitally transform its customer interaction framework and provide hyper-personalized communication across the bank’s diverse digital marketing channels. It will help facilitate complex, multi-channel digital marketing campaigns, enhancing customer engagement precision and relevance.
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SBI Card has launched three variants of its first travel-focused core credit card, 'SBI Card MILES'.
SBI Card has launched three variants of its first travel-focused core credit card, 'SBI Card MILES'. The variants are SBI Card MILES ELITE, SBI Card MILES PRIME, and SBI Card MILES. Each variant comes with benefits that cater to the needs of modern-day travelers. With these credit card variants, users can accumulate travel credits with every expenditure, earning up to six travel credits for every ₹200 spent on travel bookings across airlines and hotels. Alternatively, they can utilise the credits directly through SBI Card's exclusive travel aggregator for booking flights and accommodations. The flagship variant, SBI Card MILES ELITE, offers milestone benefits, including up to 5,000 travel credits upon reaching a spend milestone of ₹1 lakh within 60 days of enrolment. Further, milestones such as spends of ₹12 lakh and ₹15 lakh unlock travel credits and fee reversals.
SBI Card MILES ELITE also offers Priority Pass membership.
With an annual fee of ₹4,999 plus applicable taxes, SBI Card MILES ELITE delivers premium travel experiences.
The SBI Card MILES PRIME and SBI Card MILES variants come with annual fees of ₹2,999 and ₹1,499 plus applicable taxes, respectively.
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The Srei Infrastructure Finance Limited (SIFL), managed by the National Asset Reconstruction Company Limited (NARCL), has appointed Hardayal Prasad as its new Managing Director and CEO.
The Srei Infrastructure Finance Limited (SIFL), managed by the National Asset Reconstruction Company Limited (NARCL), has appointed Hardayal Prasad as its new Managing Director and CEO. Prasad, with 36 years of experience, is a former Managing Director & CEO of SBI Cards & Payment Services Ltd and PNB Housing Finance Ltd. In October 2021, the RBI had superseded the board of Srei while initiating the process of insolvency for the two companies — Srei Infrastructure Finance and Srei Equipment Finance.
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3 Indian banks, SBI, HDFC Bank and ICICI Bank, have been included in the top 50 banks of the Asia-Pacific region according to a report of S&P Global Market Intelligence released.
3 Indian banks, SBI, HDFC Bank and ICICI Bank, have been included in the top 50 banks of the Asia-Pacific region according to a report of S&P Global Market Intelligence released. The list dominated by mainland Chinese banks has been ranked based on their assets (loans). SBI was ranked 20, HDFC Bank 33 and ICICI Bank 48 on the list. Only two Indian banks, SBI and HDFC, were included in the top 50 Asia-Pacific regions based on their assets in the 2022 list. The aggregate assets of these three top Indian lenders rose sharply by 50.5 percent to $1.51 trillion in 2023. Mainland Chinese banks dominated the list. Out of the top 10 banks in the Asia -Pacific region , 6 were Chinese banks.
SBI improved its ranking from 20th in 2023 to 21 in 2022. In 2023, SBI's assets increased to $780.05 billion.
HDFC Bank, was the second-highest-ranked Indian bank in 2023. In 2022, it was ranked 46, while in 2023, it jumped to 33.
ICICI Bank, was included for the first time on the list of the top 50 Asia Pacific banks. ICICI Bank was ranked 48th.
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NPCI Bharat BillPay Ltd (NBBL) in association with State Bank of India, has onboarded SBI National Common Mobility Card (NCMC) on its Bharat BillPay platform for the convenience of travellers.
NPCI Bharat BillPay Ltd (NBBL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), in association with State Bank of India (SBI), has onboarded SBI National Common Mobility Card (NCMC) on its Bharat BillPay platform for the convenience of travellers. This partnership aims to streamline the recharge process for National Common Mobility Cards (NCMC). The category is already live with SBI NCMC cards for Noida Metro, Nagpur Metro, MMRDA Line 2A & 7, Chennai Metro, Kanpur Metro, and Parliament Canteen via the bank’s Bharat BillPay-enabled application, SBI Unipay. This new feature will enable customers to recharge or top-up their NCMC cards online. Commuters will be able recharge their NCMC cards with amounts up to ₹10,000 using various payment methods, including prepaid, debit, and credit cards.
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SBI Life Insurance launched the 1st edition of 'IdeationX'.
SBI Life Insurance launched the 1st edition of 'IdeationX', to encourage young minds from B-Schools to innovate life insurance solutions. The innovative platform aims at engaging and encouraging future leaders from B-Schools across the country to think, innovate and present unconventional life insurance solutions that address consumer's evolving insurance needs and contribute towards reshaping India's life insurance sector landscape. In alignment with IRDAI's vision of 'Insurance for All by 2047', SBI Life's 'IdeationX' aims to involve, inspire & empower the young minds by nurturing a culture of innovation and thought leadership. The inaugural edition of SBI Life- IdeationX witnessed enthusiastic participation from over 1000 young minds representing B-Schools such as NIA in Pune, NIRMA in Ahmedabad, SIES in Mumbai, KJ Somaiya in Mumbai, IMI in Kolkata, BML Munjal in Gurgaon, IMT in Hyderabad, and XIME in Bangalore.
India's impending ascent to become the 3rd largest economy by 2030 presents a vast opportunity for the life insurance industry.
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