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SBI pays Rs 6,959 crore dividend to Government : The country’s biggest lender State Bank of India (SBI) paid a dividend of Rs 6,959 crore for the financial year 2023-24 to the government. The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi. “Smt @nsitharaman receives a dividend cheque of Rs 6959.29 crore for FY 2023-24 from @TheOfficialSBI Chairman Shri Dinesh Kumar Khara,” the finance ministry said in a post on X. SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs 11.30 per equity distributed for the previous year. During 2023-24, the bank earned a record consolidated net profit of Rs 67,085 crore against Rs 55,648 crore in the preceding year.
Bank of Maharashtra pays ₹857 Crore dividend to Government – Bank of Maharashtra (BoM) has paid ₹857.16 crore dividend for the financial year 2023-24 to the Government. Nidhu Saxena, MD & CEO, presented the dividend on Friday to Union Finance Minister Nirmala Sitharaman. The Government holds an 86.46 per cent stake in the public sector bank. BoM had declared a dividend of ₹1.40 per equity share (14 per cent) for FY24.
Credit card spending abroad under Government scrutiny again – With the rise in remittances under the Liberalized Remittance Scheme (LRS), spending through international credit cards is prominently on the government’s radar.
However, a decision has yet to be made about the date to bring it under LRS. A top government official confirmed this: “As more and more Indians go abroad, this means spending through cards is also on the rise. Certainly it is on our radar.” Last May, the Finance Ministry issued a notification bringing credit cards under the LRS ambit with 20 per cent tax collection at source (TCS).
Debit cards are already covered under LRS. However, in June last year, it was announced that to give adequate time to banks and card networks to implement requisite IT-based solutions, the government had decided to postpone the implementation of its May 16 notification. This would mean that international credit card transactions, while overseas, would not be counted as LRS and hence would not be subject to TCS. The Press Release dated May 19, 2023, stands superseded, the government said.
Economic Times
📝 Overseas Indians parked $ 1 billion in NRI deposits in April
📝 Hinduja Group starts bond sale process to fund Reliance Capital buy
📝 Brent rises toward $86 as cooling US jobs market buoys rate cut hopes
📝 Centre monetizes assets worth Rs 3.85 lakh crore; Coal and Roads ministry top contributors
📝 Formal job creation under EPFO at 72-month high in April at 1.89 million
📝 Tata Motors launches digital marketplace ‘Fleet Verse’ for commercial vehicles
📝 Tata Communications closes maiden sustainability loan of $250 million from ANZ, DBS Bank and EDC
📝 Gokaldas to invest Rs 300 Cr in Maharashtra fabric unit ahead of possible buyout
📝 Housing sales likely to fall 2 pc in Apr-June to nearly 1.2 lakh units across top 9 cities
📝 Telco revenues surged to Rs 2.3 lakh crore in FY24: CLSA
📝 Revenue automation startup MeetRecord raises $2.7 million funding from SWC Global, others
📝 Fund mop-up by Indian startups slip 13% YoY to $4.1 billion in H1CY24: Report
📝 Skincare startup Asaya raises Rs 12 crore in seed funding
Business Standard
📝 North East SFB to increase fixed deposit rate by 50 bps to 9.25%
📝 Sebi orders Religare Enterprises to process Burman family’s open offer
📝 Vedanta Group biggest wealth creator in FY25; adds over Rs 2.2 trn in mcap
📝 Accenture narrows full-year guidance; Q3 revenue declines 1% to $16.47 bn
📝 India ranks sixth globally in deeptech startup ecosystems: Nasscom
📝 FinTech sector leads with 30 startups in Future Unicorns worth $11.4 bn
📝 AI platform OrbitShift raises $7 million to expand product footprint
📝 Govt seeks exemption for sovereign funds from RBI’s AIF rules: Official
📝 General Atlantic, Asia Opportunities sell 4.9% stake in PNB Housing Fin
📝 Sebi tightens norms for IPO price discovery to curb manipulation
📝 EV maker Ola Electric secures market regulator Sebi approval for IPO
📝 Govt issues draft guidelines to curb unsolicited business messages, calls
📝 110 heatwave deaths, over 40K cases of heatstroke reported in India
📝 Rising deposit costs to weigh on NIMs, RoA of banks: CRISIL Ratings
📝 Indians’ funds in Swiss banks plunge 70% to hit 4-year low of Rs 9,771 cr
Financial Express
📝 India imported 8.3 MT steel in FY24, becomes net importer of the metal
📝 India to add 30 GW of power generation capacity in FY25: Icra
📝 Realty has Rs 14 trillion finance opportunity between 2024-26, says report
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📝 Bharti Airtel acquires 1% additional stake in Indus Towers as Vodafone Plc sold 18% equity
📝 Funding crunch continues to bite startups, down 13% in Jan-June
📝 JM Financial barred from debt public issues
Mint
📝 LatAm fintechs quadruple in past 6 years, with more room to grow
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📝 Stanley Lifestyles IPO: Furniture maker garners ₹161 cr from anchor investors
📝 Indian Railways conducts successful trial run on world’s highest railway bridge
📝 Binance cleared to operate in India, subject to a $2.25-mn fine and compliance
📝 VC firm General Catalyst acquires Venture Highway to expand in India
📝 Infosys McCamish reports first revenue decline in eight years.
The revised salary along with arrears will be paid in the month of March itself to the public sector bank employees.
The arrears will be paid along with new salary by 27th March
Finally the days over for 10th Bipartite Salary Revision Settlement. Union and IBA agrees on 15% salary settlement with few other benefit including medical and hospitalization and two Saturday off.
I don’t think settlement at 15% is acceptable. What your’s say ?
A Masterstroke by Bankers Union – STRIKE on 12th November for early settlement of 10th Bipartite Wage Revision. A failed leadership and goalless decision. Strike was important as Indian Banks Association (IBA) has rejected demand for higher wages and are sticking to their earlier 11 per cent hike citing poor financials of the lenders.
Strike is called by AIBEA (All India Bankers Bank Union Call Strike On Wage RevisionEmployers Association), with over 5 lakh members, is a major constituent of UFBU.
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SBI Plans to Open 400 Branches in FY25: As part of the network expansion plan, State Bank of India (SBI) is planning to open 400 branches across the country in the current financial year. The country’s biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches were launched. “Somebody asked me if 89 per cent of digital and 98 per cent transactions were happening outside the branch, whether the branch is required anymore. My answer is yes. It is still required because there are newer areas which are emerging,” SBI Chairman Dinesh Kumar Khara told PTI in an interview. There are certain services like most of the advisory and wealth services that can be offered only from the branch, he said. “We will be identifying locations where the opportunity exists, and in those locations, we plan to open branches. Almost 400 branches we plan to add this year,” he said. SBI has a network of 22,542 branches across the country as of March 2024.