MUMBAI: Reliance Industries' (RIL's) nationwide 4G spectrum was a deciding factor in State Bank of India (SBI) agreeing to pick up a 30% stake in the payments bank that Mukesh Ambani's flagship company plans to launch. RIL is expected to roll out its 4G services under the name 'Jio' this year and has announced investments of over Rs 70,000 crore in the telecom business.

Explaining the rationale behind partnering the energy giant, SBI chairman Arundhati Bhattacharya said, "The payments bank has been brought out by RBI to improve financial inclusion and to ensure ease of small-value payments. This requires a strong technology platform as well as spectrum. RIL has a good pan-India spectrum. They also want to launch a 4G offering which is good for data."

Banking shares have extended losses for the second straight session on National Stock Exchange (NSE) after the Reserve Bank of India (RBI) Governor Raghuram Rajan decided to leave repo rate unchanged at its credit policy meet yesterday.

Bank Nifty, the banking share index is down 1.2% or 235 points at 19,148 at 10.15 hours. Meanwhile, the benchmark CNX Nifty is down 22 points at 8,734.75.

Private life insurer SBI Life Insurance posted net profit after tax of Rs 156 crore for the quarter ended December, an increase of 43 per cent over the year-ago period.

New business premium grew 25 per cent to Rs 1,633 crore during this period against Rs 1,303 crore in the corresponding period last year. The collection of renewal premiums recorded 33 per cent growth at Rs 1,958 crore from Rs 1,472 crore over the corresponding quarter last year.

Shares of rate sensitive sectors such as real estate, capital goods , auto and banking which were trading in the negative territory in the early deals have remained almost unchnaged barring select banking and auto shares post the announcement of RBI monetary policy.

The Reserve Bank of India (RBI) kept the key rates unchanged. The repo rate was unchanged at 7.75% and the reverse repo rate at 6.75%. However, RBI has cut SLR by 50 basis points to 21.5%, effective February 7. he repo rate 25bp to 7.50% from 7.25%.

Moving expeditiously to resume the process of mines allocation, the mines ministry has appointed investment banker SBI Capital Markets to suggest rules for auctions and the bidding parameters for selection.

SBI Capital Markets is the investment banking arm of State Bank of India.

MUMBAI: State-run banking giant SBI has settled a probe by markets watchdog Sebi into alleged violations of debenture trustee regulations during certain public and private bond issues four-and-a-half years ago.

The case has been settled after State Bank of India (SBI) agreed to pay Rs 6.8 lakh towards 'settlement charges', Sebi said today while disposing of the ongoing adjudication proceedings against the bank in this matter.

State Bank of India (SBI) will raise Rs 15,000 crore through a public offer including rights issue to fund business and meet global capital adequacy norms.

“The committee of the Directors for capital raising has decided to seek government or RBI approval for raising capital up to Rs 15,000 crore by way public issue…,” SBI said in a statement.

Mumbai: The State Bank of India (SBI) is looking to raise Rs.15,000 crore from the markets.

In a notice to the exchanges on Tuesday, the country’s largest lender said it’s board has decided to take an enabling provision to raise additional equity capital via a follow on public issue, rights issue or private placement, including a possible qualified institutional placement (QIP) issue.

Mumbai: State Bank of India (SBI) on Friday said it has signed a loan agreement for €100 million with the European Investment Bank (EIB), a long-term lending institution of the European Union.

The loan will be utilised for lending to private businesses in India, SBI said in a statement.

Days after the Reserve Bank of India (RBI) lowered the repo rate in a surprise move, banks have set the ball rolling for a possible reduction in their lending rates.

Repo is the rate at which the central bank lends to commercial banks.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.