Rajnish Kumar to be new SBI chairman

Kumar is at present one of the four managing directors at SBI, looking after the National Banking Group

Current Affairs News : Rajnish Kumar become on Wednesday named the new chairman of countrybank of India (SBI), the country’s biggest lender. He would take over from modern-day Chairman Arundhati Bhattacharya, who will complete her 4–yr time period on Friday.

Rajnish Kumar, 59, is at introduce one of the four overseeing chiefs at SBI, caring for the National Banking Group — which covers the retail, SME and horticulture business verticals. He had joined the bank in 1980. The Appointments Committee of the Cabinet affirmed his arrangement as the SBI director for a time of three years from the date of assuming control over the charge on or after October 7, a request issued by the Department of Personnel and Training (DoPT) said.

Handling the issue of progressing determination of terrible advances and HR to guarantee smooth working of operations after the merger of partner banks will be the two best needs all through his innings. Supporting development through expanded loaning would likewise figure unmistakably on motivation, SBI aggregate officials said.

He is considered more to be a practitioner with an emphasis on activity, said a center level SBI official. | Readmore…

SBI Life Insurance lists at 5% premium to IPO price of Rs 700

The stock listed at Rs 735, a 5% premium against its initial public offer price of Rs 700 per share on the National Stock Exchange.

SBI Life Insurance Company made a quite debut by listing at Rs 735, a 5% premium against its initial public offer (IPO) price of Rs 700 per share on the National Stock Exchange (NSE).

At 10:02 AM; the stock was trading at Rs 734 on the NSE. It hit a high of Rs 740 and low of Rs 730 so far. A combined 11.5 million shares exchanged hands on the NSE and BSE.

The company’s Rs 8,400 crore IPO was subscribed 3.587 times. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 12.56 times, while that of non-institutional investors received 70% subscriptions and retail investors 85%, data available with the NSE showed.

SBI Life is a joint venture between India’s largest lender State Bank of India and BNP Paribas Cardif, the insurance holding company of France.

SBI Life Insurance IPO is the largest private insurer in terms of new business premium (NBP) generated with 20.04% market share and has assets under management (AUM) of Rs 97,700 crore. The company is riding on ULIP business (71% APE mix) which has lower regulatory risk, lower capital requirement and long term opex benefit, but also has lower margins and is highly dependent on capital market performance.

“SBI Life is increasingly focusing to improve protection business share which is high margin and have moderate opex. Hence, we believe Operating RoEV to remain stable at 23% currently and improve post over‐run margins to around 18% by FY19 from currently 15%. At the upper band of Rs 700, the company would trade at 3.18x Sep‐19 EV which we believe is fully priced and hence we recommend to Subscribe for long term gains,” analysts at Prabhudas Lilladher said in IPO note. Read Full Article

Upcoming bank and government exams in 2017

The candidate should be careful while filling out the application

More than 1.5 crores candidates took up the bank exams of IBPS (Institute of Banking Personnel Selection) in the last three years and vacancies in the Indian banks equaling 68000 were occupied.

When it comes to making a career choice that promises security and financial stability, bank jobs in India have always been roped in first. Public sector banks are getting a tough competition from private banks. As a result, they are reaching out to rural and semi-urban areas. Despite the rise of Information Technology, millions of people still prefer bank jobs and apply for various positions in public sector banks.

Here’s the list of upcoming bank exams and jobs in 2017. It also features other government exams.

Listed are the important details regarding the bank exams and jobs for the year 2017-18: Read More

SBI reportedly writes off bad loans of Rs 7,016 cr; Cong rakes up issue in Parliament

The clean-up drive saw the bank forgoing almost Rs 1,201 crore in dues owed by Vijay Mallya's defunct Kingfisher Airlines

The State Bank of India has cleaned up non-performing assets worth Rs 7,016 crore from its books by writing off loans given to 63 wilful defaulters, Daily News & Analysis reported on Wednesday. Of the 63 accounts, 31 have been partially written off and six shown as NPAs.

The clean-up drive saw the bank forgoing almost Rs 1,201 crore in dues to Vijay Mallya’s defunct Kingfisher Airlines, which is at the top of the list of wilful defaulters. In other words, loans given to Kinfsiher Airlines will no longer be shown in the bank’s balance sheet, though the airline has outstanding dues of almost Rs 1,201 crore. Some of the other prominent defaulters who feature in the write-off list are KS Oil (Rs 596 crore), Surya Pharmaceuticals (Rs 526 crore), GET Power (Rs 400 crore) and SAI Info System (Rs 376 crore).

The Congress party immediately reacted to the article and linked it to the government's demonetisation drive. "As Modiji's blue-eyed boy Vijay Mallya gets a Rs 1,200-cr write-off, fighting black money is political hypocrisy at its worst," said Congress leader Randeep Singh Surjewala.

Even Congress leader Anand Sharma expressed apprehensions that the money received from people migth be used to recapitalise the banks and wipe out Rs 6 lakh crore of non-performing assets of big industrialists.

"The Non-Performing Assets (NPAs) are to the tune of Rs 6 lakh crore. Do they want to utilise the money deposited by people in banks to wipe out the NPAs (on account) of industrialists who have played fraud on the country?" party spokesman Kapil Sibal said at a briefing by the All-India Congress Committee.

He claimed that the Reserve Bank of India RBI would transfer the money to the government, which would recapitalise banks and clear their balance sheets, and the "whole thing has nothing to do with black money; it is a compromise on black money and with NPAs".

Even Delhi Chief Minister Arvind Kejriwal has called demonetisation the biggest scam.

"This is what we feared. The hard-earned money of people will be put into banks to write off the loans of crorepatis. They have already started doing it," he said on Twitter."

READ OUR FULL COVERAGE OF THE MODI GOVT'S DEMONETISATION MOVE

SBI clerk prelims results & main exam call letters released

SBI clerk prelims results & main exam call letters released

The SBI Clerk Results have been announced after a long wait for the prelims exam held in the month of May & JUNE.IT was part of the clerk recruitment to fill Junior associate & Junior agriculture associate posts in State bank of India.SBI had advertised to fill 17000+ clerk vacancies across various states in the month of April 2016.

The results for preliminary exams held on May 22, 28, 29 & June 4, 5 have been released now.

Normally, candidates are provided a website link to login using their registration number & password/ date of birth to check result Status will display whether the specific person has qualified qualified or not.

But this year, you cannot check SBI clerk result status online.Because there is no such link on their website.

Instead, the bank has activated the link to download call letters for main exams.Only those who clear the prelims are eligible to appear for mains.

• Click here to visit the SBI mains call letter page
• Enter your registration no & date of birth to login

Candidates who have cleared prelims will be able to see their main exam date, time & location in the call letter.

Incase you are not able to login in the above call letter page even after entering the correct registration details, you will see the below message: You have not qualified for the main examination"

Date of main exam: Click Here.