Does a value of Rs46,000 crore for SBI Life Insurance Co. Ltd that holds a little over 9% market share, look rich? Analysts are divided but the answer could of course be found in its performance in the first half of 2016-17.

The 3.9% stake sale by the insurer’s parent, State Bank of India (SBI), to KKR and Temasek Holdings at Rs460 a share valued the business at Rs46,000 crore, a shade lower than ICICI Prudential Life Insurance Co. Ltd (valued at Rs47,957 crore through the initial public offering in September).

It was largely known that the State Bank of India (SBI) was selling some stake in its life insurance subsidiary. But, the deal for sale of 3.9% stake in this business for Rs 1,794 crore, announced Friday after market hours, has surprised many.This deal values SBI Life Insurance Company (SBI Life) at Rs 46,000 crore, making it the most valued private life insurance firm, pending the HDFC Life-Max Life merger. The latest valuation is also much ahead of analysts’ recently revised valuation estimates ranging Rs 32,000 to Rs 39,000 crore.

A major banking sector union on Thursday asked the RBI to supply adequate cash to nationalised bank branches and ATMs or stop cash transactions, otherwise they may resort to agitation and even go on strike.

The All India Bank Employees' Association (AIBEA) however refuted a news report that the unions would strike work next week.

NEW DELHI: The Women and Child Development Ministry has tied up with India Post and State Bank of India to offer more payment options to buyers and simplify shipping of products bought from "Mahila E-haat", an online marketing platform for women entrepreneurs.

SBI users can now avail multiple options for making payments such as draft, cheque, e-banking and e-wallet through "SBI Buddy" application. The SBI customers abroad can make use of "SBI Global".

Private sector lender HDFC Bank has reduced the marginal cost of funds-based lending rate (MCLR) by 15 basis points (bps) across tenures.

The bank’s one-year MCLR now stands at 8.9%, on par with larger rivals State Bank of India and ICICI Bank.

NEW DELHI: Crediting demonetisation for the biggest push towards digital banking, SBI on Monday said it envisions the entire range of banking services going digital over the next few years.

"Demonetisation is the biggest push. The biggest beneficiary is digital banking," State Bank of India MD Rajnish Kumar said at the two-day Inclusive Finance India Summit here.

State Bank of India (SBI) has climbed four positions to seventh place in the league table of the companies with highest market capitalisation.

It was not part of the 10 most-valued companies list at the start of the year. Bad loans' concerns and deteriorating sentiment towards public sector bank (PSB) stocks had pushed SBI out of the list.

State Bank of India on Friday said it will raise Rs 5,681 crore by issuance of preferential shares to the central government, its majority shareholder.

"The Committee of Directors for Capital Raising of the Bank...has accorded its approval to fix the issue price at Rs 269.59 per share of face value of Re 1 each, including a premium of Rs 268.59 per share and accordingly, to issue 21,07,27,400 equity shares...On preferential basis to Government of India, for a consideration of Rs 5,680.99 crore," SBI said in a BSE filing.

Point of Sale (PoS) transactions in State Bank of India surged 300 per cent in numbers and 200 per cent by value, indicating that digital transactions have really gone up, SBI chairperson Arundhati Bhattacharya said. “Digital transactions have really gone up in the sense that if you look at my PoS transactions, it is 300 per cent up in numbers and 200 per cent by value,” Bhattacharya told reporters in response to a query on increase in cashless transactions in SBI.

With State Bank of India (SBI), the country’s largest lender, and HDFC Bank, the second-largest private sector lender, deciding to accept payments made through the Unified Payments Interface (UPI), the digital payment system is likely to see robust growth in the days to come. With this, the number of banks accepting UPI payments stands at 28.

Launched on August 25 this year, UPI has made money transfer simpler by doing away with details such as bank account number, IFSC code, etc. Bankers had hailed it as the ‘WhatsApp moment’ for payments in India.

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