Country's largest lender State Bank of India (SBI) is finalising plans to set up a subsidiary for managing its large portfolio of real estate properties and those taken on lease or rent.

"SBI is planning to set up a subsidiary for management of properties owned by it and also for those taken on lease or rent," a senior official of the bank said.

New Delhi: Nudged by the government, banks will soon provide a pre-approved overdraft facility, which can be accessed directly from the ATMs, without the need for customers of financial inclusion programme Pradhan Mantri Jan Dhan Yojana to visit the bank branch for prior approval.

State Bank of India will be the first to roll out the facility next month. An emailed questionnaire sent to SBI’s spokesperson remained unanswered.

After a protracted legal battle, State Bank of India (SBI) has declared industrialist Vijay Mallya a 'wilful defaulter' for defaults on nearly Rs 7,000 crore loans to the long-grounded Kingfisher Airlines.

"SBI has declared Mallya, Kingfisher Airlines and its holding company United Breweries Holdings as wilful defaulters," sources told PTI.

India’s largest lender State Bank of India (SBI) has declared Kingfisher Airlines, Vijay Mallya and United Breweries Holdings wilful defaulters, sources told FE, adding that a letter was sent to Mallya late last week.

“The names will be sent to RBI and credit information companies shortly and they will not be allowed to raise funds for five years,” a banker said.

State Bank of India (SBI) is pulling out all the stops to improve recoveries from written-off accounts as it seeks to boost profit and reduce provisions.

In the September quarter, India’s largest lender was able to recover Rs.627 crore from written off accounts through its stressed asset management group, up nearly 35% from the Rs.466 crore it recovered from such accounts a year ago.

MUMBAI: Country's largest lender State Bank Of India is all set to become the first bank to offer wallet services for feature phone users. SBI is set to launch mobile wallet "Batua" next month and the service will be available to existing as well as non-SBI customers. The application will be available on Java-enabled mobile phones.

"We want to cater to both India and Bharat and this new initiative is part of our efforts to cater to Bharat," a State Bank of India official, who did not wish to be named, said.

Arundhati Bhattacharya, Chairman of the country’s largest bank SBI, remains the most powerful woman in the Indian business sector, according to Fortune India. ICICI Bank’s Chanda Kochhar and Shikha Sharma of Axis Bank follow Bhattacharya at the second and third places, respectively.

Hindistan Petroleum Corporation Limited Chairperson and Managing Director (MD), Nishi Vasudeva, has bagged the fourth position, while AZB & Partners Co-Founder Zia Mody and Aruna Jayanthi Chief Executive of Capgemini India shared the fifth rank.

State Bank of India (SBI) on Friday reported a net profit of Rs 3,879 crore for the three months to September, up 25% from a year earlier, on the back of higher other income, which rose 35.5% year-on-year (y-o-y) to Rs 6,197 crore.

The lender saw an improvement in asset quality with slippages falling 20% sequentially even as chairman Arundhati Bhattacharya was cautiously optimism about a pick-up in the economy saying more projects were beginning to take off.

Shares of the country's largest bank SBI have gained over 2% to Rs 239 on the BSE after reporting 25% rise in stand-alone net profit at Rs 3,879.07 crore for the second quarter ended September.

Total income increased to Rs 46,854.81 crore during the quarter as against Rs 41,833.36 crore a year earlier. Total income has jumped to Rs 66,585.85 crore for the second quarter, from Rs 61,098.67 crore in the same period last year.

The Association of Mutual Funds in India (Amfi), in a board meeting on Friday, decided on a response on behalf of all members to State Bank of India (SBI’s) letter to some fund houses for a compensation policy in case of a default.

Sources said the response will be made by Amfi's committee on valuation, headed by DSP BlackRock MF's president, Sundaresan Naganath.

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