State Bank of India’s (SBI’s) executive committee of the central board has given the final approval for divestment of 80 million shares in SBI Life through an initial public offering (IPO), at a meeting on Monday.

The shares being offered for sale by the country’s biggest lender will be available at a price that would be fixed and determined by SBI Life, SBI, and BNP Paribas Cardiff, in consultation with the book-running lead managers, the lender said in a statement to the BSE.

Mumbai/Chennai: The insurance regulator has approved SBI Life Insurance Co. Ltd’s application for an initial public offering (IPO) seeking to raise as much as Rs7,000 crore, the largest such share sale by a life insurer in India.

The Insurance Regulatory and Development Authority of India (IRDA) approved SBI Life’s IPO a few days ago, an IRDA official said on condition of anonymity.

MUMBAI: Essar Steel’s insolvency proceedings could turn into a test case for India’s bankruptcy framework with lenders differing on the choice of the so-called interim resolution professional (IRP), the entity that will oversee the exercise, according to two people with knowledge of with the matter. One of these is an unsecured lender and has apparently broken with the other banks and opted to pursue its case separately.

New Delhi: Top lender State Bank of India (SBI) and other creditors have moved insolvency proceedings against Kolkata-based Electrosteel Steels at the National Company Law Tribunal (NCLT).

SBI initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code, 2016, Electrosteel Steels said in a regulatory filing.

The nation's largest lender State Bank today ruled out the additional provisioning towards the 12 largest NPA accounts which have been referred to insolvency proceedings denting the bottom line very hard as most of the provisioning has already been done.

"The increased provisioning requirements, more or less, in all of these accounts we have pretty large provisions. But yes, we have to make a little more but it should not very badly impact our earnings going forward," chairman Arundhati Bhattacharya told reporters after the AGM here this late evening.

SBI ETF Nifty 50, an exchange traded fund, has nudged past HDFC Equity to become the largest equity scheme in the country, a position the latter had held for more than three years.

SBI ETF Nifty has assets worth Rs 19,377 crore compared with Rs 19,093 crore managed by HDFC Equity, data from Value Research shows.

Lenders to Monnet Ispat on Tuesday gave the mandate to the State Bank of India, the lead lender, to move an application before the National Company Law Tribunal (NCLT) to start the resolution process for the ailing steel firm.

A senior public sector bank executive said the lenders had given their nod to file the application under the Insolvency and Bankruptcy Code.

State Bank of India (SBI) has grown its market share in debit card spends over the last six months even as its nearest rivals have lost ground. The country’s biggest lender reported debit card transactions worth Rs 11,720.73 crore in April, notching up a share of over 31%, data from the Reserve Bank of India shows. In October, the share was a shade under 30%.

In contrast, large private sector lenders, HDFC Bank and ICICI Bank, saw their shares drop over the six-month period following the note ban in October.

While being cautious about lending to Indian companies, State Bank of India (SBI) is looking to increase corporate lending in Europe.

SBI, Frankfurt, which has a status of an independent bank in Europe, has traditionally seen nearly 50 per cent of its lending as trade financing, helping Indian business houses expand in Europe and European business firms in India.

Mumbai: State Bank of India (SBI) is likely to see a further deterioration in its asset quality following the merger of the retail loan portfolio of its five associate banks with the parent bank, a sign that the bad loan clean-up at the country’s largest bank is not over just yet, two bankers aware of the matter said.

On Monday, the bank raised Rs15,000 crore worth of equity capital through the largest ever institutional placement to cushion the balance sheet against any possible surge in bad loans.

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