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India directs state-run banks, insurance firms to cut costs, shift to EVs
By Nikunj Ohri
NEW DELHI, May 18 (Reuters) - India's finance ministry directed state-run banks, insurers and financial institutions on Monday to implement cost-cutting measures, including sharp curbs on travel and a phased transition to electric vehicles, according to an order reviewed by Reuters.
The order, part of a broader austerity push, will cover institutions like the State Bank of India SBI.NS, Bank of Baroda BOB.NS and Life Insurance Corp of India LIFI.NS and million of their employees across the country.
Under the new measures, all meetings, reviews and consultations must be conducted via video conferencing unless physical presence is deemed essential, the order issued by the Department of Financial Services said.
Foreign travel by top executives of the organisations - including chairpersons, managing directors and chief executive officers - should be kept below prescribed limits, with overseas engagements to be attended virtually wherever possible, it said.
Separately, the government has asked the organisations to accelerate adoption of electric vehicles.
"All organisations may aim at replacing the petrol and diesel vehicles hired by them in their head offices and branch offices by electric cars as far as possible," the order said.
The move follows a call last week by Prime Minister Narendra Modi urging officials to follow austerity and exercise restraint in spending, as the government braces for the economic fallout from rising global tensions.
Prolonged Middle East conflict risks slowing growth, stoking inflation and straining the balance of payments, with the Indian rupee already at record lows as Asia's worst performer this year.
Several Indian states have directed employees to work from home two days a week as part of cost-cutting efforts.
(Reporting by Nikunj Ohri; Editing by Raju Gopalakrishnan)
(([email protected];))
By Nikunj Ohri
NEW DELHI, May 18 (Reuters) - India's finance ministry directed state-run banks, insurers and financial institutions on Monday to implement cost-cutting measures, including sharp curbs on travel and a phased transition to electric vehicles, according to an order reviewed by Reuters.
The order, part of a broader austerity push, will cover institutions like the State Bank of India SBI.NS, Bank of Baroda BOB.NS and Life Insurance Corp of India LIFI.NS and million of their employees across the country.
Under the new measures, all meetings, reviews and consultations must be conducted via video conferencing unless physical presence is deemed essential, the order issued by the Department of Financial Services said.
Foreign travel by top executives of the organisations - including chairpersons, managing directors and chief executive officers - should be kept below prescribed limits, with overseas engagements to be attended virtually wherever possible, it said.
Separately, the government has asked the organisations to accelerate adoption of electric vehicles.
"All organisations may aim at replacing the petrol and diesel vehicles hired by them in their head offices and branch offices by electric cars as far as possible," the order said.
The move follows a call last week by Prime Minister Narendra Modi urging officials to follow austerity and exercise restraint in spending, as the government braces for the economic fallout from rising global tensions.
Prolonged Middle East conflict risks slowing growth, stoking inflation and straining the balance of payments, with the Indian rupee already at record lows as Asia's worst performer this year.
Several Indian states have directed employees to work from home two days a week as part of cost-cutting efforts.
(Reporting by Nikunj Ohri; Editing by Raju Gopalakrishnan)
(([email protected];))
SBI Approvs Long Term Fund Raising Of Up To $2 Billion During FY 2026-27 Via Bonds
May 12 (Reuters) - State Bank of India SBI.NS:
SBI - APPROVED LONG TERM FUND RAISING OF UP TO $2 BILLION DURING FY 2026-27
SBI - APPROVED FUND RAISING VIA BONDS IN US DOLLAR, ANY OTHER MAJOR FOREIGN CURRENCY
Further company coverage: SBI.NS
(([email protected];))
May 12 (Reuters) - State Bank of India SBI.NS:
SBI - APPROVED LONG TERM FUND RAISING OF UP TO $2 BILLION DURING FY 2026-27
SBI - APPROVED FUND RAISING VIA BONDS IN US DOLLAR, ANY OTHER MAJOR FOREIGN CURRENCY
Further company coverage: SBI.NS
(([email protected];))
India's SBI sheds over $11 billion in two sessions on margin squeeze, disappointing earnings
Updates with closing levels
BENGALURU, May 11 (Reuters) - State Bank of India SBI.NS shed more than $11 billion in market value over two sessions on narrowing margins and a disappointing fourth-quarter earnings miss that brokerages warned could signal a tougher profitability cycle ahead.
Shares of India's largest lender by customers dropped 4.5% to a year-to-date low of 973.60 rupees on Monday, extending Friday's near-7% post-results fall.
The selloff brought the stock down more than 10% in two sessions, wiping out $11.3 billion.
NSE data showed the heaviest fresh call writing on SBI's 1,000 strike on Monday, signalling that investors expect any near-term rebound in the stock's price to likely be capped at that level.
About 95 million shares changed hands over the two sessions, almost five-fold the 30‑day average of 18.7 million.
Analysts said the lender's fourth-quarter earnings miss reinforced concerns that Indian banks are entering a tougher profitability cycle, with rising funding costs beginning to erode lending margins.
SBI on Friday reported a narrower net interest margin of 2.8% for the quarter, compared with 2.98% in the previous three-month period, and also missed analysts' profit estimate.
"NIM compression is becoming more visible as funding costs reprice faster," JP Morgan said on Monday, adding that earnings momentum could moderate in the coming quarters.
"Core earnings were underwhelming, with incremental margins tightening," Bernstein said, cautioning that upside catalysts may be limited without a stabilisation in margins.
SBI's asset quality remained a key positive, with bad loans and credit costs staying benign, brokerages said, but warned it may not fully offset pressure on net interest income from margin compression.
Nonetheless, analysts retained a constructive long‑term view, citing the bank's strong balance sheet, scale and market leadership.
The two-session selloff erased SBI's year-to-date gains, leaving the stock down 0.8% in 2026, though it still outperformed the benchmark Nifty 50's .NSEI 8.8% drop.
India's State Bank of India logs biggest two-day loss since 2024 https://reut.rs/3PvZU64
(Reporting by Kashish Tandon and Pranav Kashyap in Bengaluru; Editing by Mrigank Dhaniwala, Sherry Jacob-Phillips and Janane Venkatraman)
(([email protected]; 8800437922;))
Updates with closing levels
BENGALURU, May 11 (Reuters) - State Bank of India SBI.NS shed more than $11 billion in market value over two sessions on narrowing margins and a disappointing fourth-quarter earnings miss that brokerages warned could signal a tougher profitability cycle ahead.
Shares of India's largest lender by customers dropped 4.5% to a year-to-date low of 973.60 rupees on Monday, extending Friday's near-7% post-results fall.
The selloff brought the stock down more than 10% in two sessions, wiping out $11.3 billion.
NSE data showed the heaviest fresh call writing on SBI's 1,000 strike on Monday, signalling that investors expect any near-term rebound in the stock's price to likely be capped at that level.
About 95 million shares changed hands over the two sessions, almost five-fold the 30‑day average of 18.7 million.
Analysts said the lender's fourth-quarter earnings miss reinforced concerns that Indian banks are entering a tougher profitability cycle, with rising funding costs beginning to erode lending margins.
SBI on Friday reported a narrower net interest margin of 2.8% for the quarter, compared with 2.98% in the previous three-month period, and also missed analysts' profit estimate.
"NIM compression is becoming more visible as funding costs reprice faster," JP Morgan said on Monday, adding that earnings momentum could moderate in the coming quarters.
"Core earnings were underwhelming, with incremental margins tightening," Bernstein said, cautioning that upside catalysts may be limited without a stabilisation in margins.
SBI's asset quality remained a key positive, with bad loans and credit costs staying benign, brokerages said, but warned it may not fully offset pressure on net interest income from margin compression.
Nonetheless, analysts retained a constructive long‑term view, citing the bank's strong balance sheet, scale and market leadership.
The two-session selloff erased SBI's year-to-date gains, leaving the stock down 0.8% in 2026, though it still outperformed the benchmark Nifty 50's .NSEI 8.8% drop.
India's State Bank of India logs biggest two-day loss since 2024 https://reut.rs/3PvZU64
(Reporting by Kashish Tandon and Pranav Kashyap in Bengaluru; Editing by Mrigank Dhaniwala, Sherry Jacob-Phillips and Janane Venkatraman)
(([email protected]; 8800437922;))
India's SBI maintains credit outlook, but warns about hit from prolonged war
Rewrites throughout with chairman comments, shares, economic backdrop and earnings details
By Chandini Monnappa and Gopika Gopakumar
May 8 (Reuters) - State Bank of India SBI.NS said on Friday the Middle East crisis does not derail its credit growth and net interest margin forecasts for the ongoing fiscal year but warned that a prolonged conflict could hurt demand for loans.
The more than two-month-long Iran war threatens to raise inflation and slow growth in the world's third-largest oil importer that relies on the Middle East for the bulk of its oil and gas supplies.
An extended war lasting five to six months could dampen consumption demand and economic activity in Asia's third-largest economy, C.S. Setty, the chairman of India's largest bank, told reporters, especially if inflation rises above the central bank's 4% target.
Credit demand in India has remained strong in the three months ended March, supported by strong retail and corporate borrowing.
SBI continues to see robust credit demand in April-June, Setty said.
The lender maintained its loan-growth guidance for the fiscal year that started in April at 13% to 15%, and its estimate for a net interest margin of around 3%.
Earlier in the day, SBI reported a quarterly profit that missed analysts' estimates, sending its shares down 6.7% in their steepest single-session decline in nearly two years.
The broader markets fell 0.62% as renewed U.S.-Iran hostilities dragged global markets.
TREASURY LOSSES HIT QUARTERLY INCOME
SBI's earnings for the March quarter were dragged by a treasury-income slump, as a rise in bond yields hurt the value of debt holdings and curbs on forex market arbitrage led to losses.
The Reserve Bank of India imposed the forex curbs to protect a falling rupee in the last week of March, leading to losses of 570 million rupees for SBI on an arbitrage book of $5 billion. Most of these curbs have since been lifted.
Overall, income from SBI's treasury operations tanked to 12.59 billion rupees from 89.91 billion rupees a year earlier.
Income from the core lending business rose 4.1%, with the net interest margin contracting to 2.8% from 2.98% in the previous quarter.
The bank's asset quality improved, with gross bad loans as a percentage of total loans dropping to 1.49% from 1.57% at the end of December.
SBI's standalone net profit rose 5.6% to 196.84 billion rupees, missing analysts' expectations of 203.12 billion rupees, according to data compiled by LSEG.
($1 = 94.4625 Indian rupees)
State Bank of India falls most in two years https://reut.rs/431eci1
(Reporting by Chandini Monnappa, Gopika Gopakumar and Bharath Rajeswaran, additional reporting by Mridula Kumar; Editing by Sonia Cheema and Mrigank Dhaniwala)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
Rewrites throughout with chairman comments, shares, economic backdrop and earnings details
By Chandini Monnappa and Gopika Gopakumar
May 8 (Reuters) - State Bank of India SBI.NS said on Friday the Middle East crisis does not derail its credit growth and net interest margin forecasts for the ongoing fiscal year but warned that a prolonged conflict could hurt demand for loans.
The more than two-month-long Iran war threatens to raise inflation and slow growth in the world's third-largest oil importer that relies on the Middle East for the bulk of its oil and gas supplies.
An extended war lasting five to six months could dampen consumption demand and economic activity in Asia's third-largest economy, C.S. Setty, the chairman of India's largest bank, told reporters, especially if inflation rises above the central bank's 4% target.
Credit demand in India has remained strong in the three months ended March, supported by strong retail and corporate borrowing.
SBI continues to see robust credit demand in April-June, Setty said.
The lender maintained its loan-growth guidance for the fiscal year that started in April at 13% to 15%, and its estimate for a net interest margin of around 3%.
Earlier in the day, SBI reported a quarterly profit that missed analysts' estimates, sending its shares down 6.7% in their steepest single-session decline in nearly two years.
The broader markets fell 0.62% as renewed U.S.-Iran hostilities dragged global markets.
TREASURY LOSSES HIT QUARTERLY INCOME
SBI's earnings for the March quarter were dragged by a treasury-income slump, as a rise in bond yields hurt the value of debt holdings and curbs on forex market arbitrage led to losses.
The Reserve Bank of India imposed the forex curbs to protect a falling rupee in the last week of March, leading to losses of 570 million rupees for SBI on an arbitrage book of $5 billion. Most of these curbs have since been lifted.
Overall, income from SBI's treasury operations tanked to 12.59 billion rupees from 89.91 billion rupees a year earlier.
Income from the core lending business rose 4.1%, with the net interest margin contracting to 2.8% from 2.98% in the previous quarter.
The bank's asset quality improved, with gross bad loans as a percentage of total loans dropping to 1.49% from 1.57% at the end of December.
SBI's standalone net profit rose 5.6% to 196.84 billion rupees, missing analysts' expectations of 203.12 billion rupees, according to data compiled by LSEG.
($1 = 94.4625 Indian rupees)
State Bank of India falls most in two years https://reut.rs/431eci1
(Reporting by Chandini Monnappa, Gopika Gopakumar and Bharath Rajeswaran, additional reporting by Mridula Kumar; Editing by Sonia Cheema and Mrigank Dhaniwala)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
State Bank Of India Says To Consider Fund Raising Of Up To $2 Bln
May 7 (Reuters) - State Bank of India SBI.NS:
STATE BANK OF INDIA - TO DECIDE ON LONG TERM FUND RAISING IN SINGLE / MULTIPLE TRANCHES OF UP TO US$ 2 BILLION
STATE BANK OF INDIA - TO CONSIDER FUND RAISING UP TO $2 BILLION VIA REG-S/144A BONDS IN FY 2026-27
Source text: ID:nBSE2LGxSW
Further company coverage: SBI.NS
(([email protected];))
May 7 (Reuters) - State Bank of India SBI.NS:
STATE BANK OF INDIA - TO DECIDE ON LONG TERM FUND RAISING IN SINGLE / MULTIPLE TRANCHES OF UP TO US$ 2 BILLION
STATE BANK OF INDIA - TO CONSIDER FUND RAISING UP TO $2 BILLION VIA REG-S/144A BONDS IN FY 2026-27
Source text: ID:nBSE2LGxSW
Further company coverage: SBI.NS
(([email protected];))
India's cash withdrawals surge 12% in first half of April; sustained trend may impact liquidity, economists say
By Dharamraj Dhutia
MUMBAI, May 5 (Reuters) - Currency in circulation in India surged by over 610 billion rupees ($6.40 billion) in the first 15 days of April, pushing the total to a record 42.3 trillion rupees, and a sustained pattern could impact liquidity, economists said.
The spike, up 11.8% on-year and the highest since early 2017 after demonetisation, extends a rise in cash demand seen over the past six months and through the last financial year, central bank data showed.
Currency demand had been "somewhat subdued" relative to GDP growth in recent years, setting the stage for a sharper rebound, helped by strong rural demand, said Abhishek Upadhyay, co-head of research at ICICI Securities Primary Dealership.
A cut in the goods and services tax on several daily-use items in September also boosted demand.
Lower interest rates have further supported cash usage, particularly in rural areas with a higher propensity to spend, said Soumya Kanti Ghosh, group chief economic adviser at State Bank of India.
He added that higher prices of precious metals may have also lifted currency in circulation through recycling of gold and silver from households.
The surge, if it persists, could pose a challenge for surplus liquidity in the banking system, which the central bank has tried to maintain to support economic activity.
HDFC Bank expects the liquidity surplus to average around 1% of deposits in the first half of the current financial year, before easing to 0.5% in second half.
"But if CIC continues to remain elevated due to rise in inflation, further acceleration in rural demand, and any impact from state elections, liquidity balances could move towards the lower band of the forecast range," economist Sakshi Gupta said.
The RBI said in March that holding the surplus within a range of 0.6%-1.1% of deposits helps in keeping the spread between weighted average call rate and policy rate narrow.
RBI's infusions have kept banking liquidity in surplus but going forward, while RBI dividend will support it, CIC will drain it further, said Dhiraj Nim, an economist and FX strategist at ANZ.
($1 = 95.2725 Indian rupees)
India's currency in circulation (CIC) sees biggest ever fortnightly rise for Apr 15 https://reut.rs/4ufklCS
India's cash usage swells sharply in last six months https://reut.rs/48K9okG
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, May 5 (Reuters) - Currency in circulation in India surged by over 610 billion rupees ($6.40 billion) in the first 15 days of April, pushing the total to a record 42.3 trillion rupees, and a sustained pattern could impact liquidity, economists said.
The spike, up 11.8% on-year and the highest since early 2017 after demonetisation, extends a rise in cash demand seen over the past six months and through the last financial year, central bank data showed.
Currency demand had been "somewhat subdued" relative to GDP growth in recent years, setting the stage for a sharper rebound, helped by strong rural demand, said Abhishek Upadhyay, co-head of research at ICICI Securities Primary Dealership.
A cut in the goods and services tax on several daily-use items in September also boosted demand.
Lower interest rates have further supported cash usage, particularly in rural areas with a higher propensity to spend, said Soumya Kanti Ghosh, group chief economic adviser at State Bank of India.
He added that higher prices of precious metals may have also lifted currency in circulation through recycling of gold and silver from households.
The surge, if it persists, could pose a challenge for surplus liquidity in the banking system, which the central bank has tried to maintain to support economic activity.
HDFC Bank expects the liquidity surplus to average around 1% of deposits in the first half of the current financial year, before easing to 0.5% in second half.
"But if CIC continues to remain elevated due to rise in inflation, further acceleration in rural demand, and any impact from state elections, liquidity balances could move towards the lower band of the forecast range," economist Sakshi Gupta said.
The RBI said in March that holding the surplus within a range of 0.6%-1.1% of deposits helps in keeping the spread between weighted average call rate and policy rate narrow.
RBI's infusions have kept banking liquidity in surplus but going forward, while RBI dividend will support it, CIC will drain it further, said Dhiraj Nim, an economist and FX strategist at ANZ.
($1 = 95.2725 Indian rupees)
India's currency in circulation (CIC) sees biggest ever fortnightly rise for Apr 15 https://reut.rs/4ufklCS
India's cash usage swells sharply in last six months https://reut.rs/48K9okG
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
EXCLUSIVE-Temasek, LIC, Canadian pension fund in line-up to sell stakes in India's NSE IPO, sources say
By Jayshree P Upadhyay and Vibhuti Sharma
MUMBAI, April 28 (Reuters) - Singapore's state-owned investor Temasek and the Canada Pension Plan Investment Board are among 20 investors looking to sell down stakes when India's National Stock Exchange goes public this year, sources familiar with the deal said.
The share sale by India's largest exchange would have a value of $2.75 billion, based on a total valuation for the NSE estimated at $55 billion by a platform that trades its unlisted shares.
It will be one of two large share sales in India this year, along with an issue by billionaire Mukesh Ambani's Reliance Jio Platforms. The NSE has been trying to list since 2016, with key domestic rival BSE Ltd BSEL.NS listing in 2017.
Also among the sellers will be India's state insurer Life Insurance Corporation LIFI.NS, its largest bank State Bank of India SBI.NS and homegrown private equity fund ChrysCapital, the two sources said.
Overall, existing shareholders in the NSE will sell a 5% stake in the IPO, added the sources, who spoke on condition of anonymity to name the investors for the first time, as they were not authorised to talk to media.
In response to Reuters' queries, the NSE said its board has approved an initial public offering through an offer for sale, but declined further comment at this stage.
LIC, SBI and ChrysCapital did not respond to requests for comment. Temasek and CPPIB declined to comment.
The NSE is also the world's most active equity derivative trading platform, with a listing approved this year after a long delay due to litigation with markets regulator the Securities and Exchange Board of India.
A monetary settlement to resolve the litigation is likely, opening the way for the public offer.
With 177,807 shareholders, the NSE is India’s largest unlisted company by number of investors, making the offering exercise more complex.
LIC, SBI, Temasek Holdings, Morgan Stanley and CPPIB are the institutional shareholders.
Monday was the deadline for expressions of interest to sell, sought by merchant bankers as part of the IPO process, both sources said.
NSE will now move on to file its draft prospectus with SEBI by next month, after its financial results are declared.
NSE's quarterly after-tax profit rose 15% to 24.08 billion rupees in the third quarter ended December 31, boosted by improvements in derivatives trading. Its consolidated revenue from operations rose nearly 7% from the previous quarter.
(Reporting by Jayshree P. Upadhyay and Vibhuti Sharma in Mumbai; Editing by Clarence Fernandez)
(([email protected];))
By Jayshree P Upadhyay and Vibhuti Sharma
MUMBAI, April 28 (Reuters) - Singapore's state-owned investor Temasek and the Canada Pension Plan Investment Board are among 20 investors looking to sell down stakes when India's National Stock Exchange goes public this year, sources familiar with the deal said.
The share sale by India's largest exchange would have a value of $2.75 billion, based on a total valuation for the NSE estimated at $55 billion by a platform that trades its unlisted shares.
It will be one of two large share sales in India this year, along with an issue by billionaire Mukesh Ambani's Reliance Jio Platforms. The NSE has been trying to list since 2016, with key domestic rival BSE Ltd BSEL.NS listing in 2017.
Also among the sellers will be India's state insurer Life Insurance Corporation LIFI.NS, its largest bank State Bank of India SBI.NS and homegrown private equity fund ChrysCapital, the two sources said.
Overall, existing shareholders in the NSE will sell a 5% stake in the IPO, added the sources, who spoke on condition of anonymity to name the investors for the first time, as they were not authorised to talk to media.
In response to Reuters' queries, the NSE said its board has approved an initial public offering through an offer for sale, but declined further comment at this stage.
LIC, SBI and ChrysCapital did not respond to requests for comment. Temasek and CPPIB declined to comment.
The NSE is also the world's most active equity derivative trading platform, with a listing approved this year after a long delay due to litigation with markets regulator the Securities and Exchange Board of India.
A monetary settlement to resolve the litigation is likely, opening the way for the public offer.
With 177,807 shareholders, the NSE is India’s largest unlisted company by number of investors, making the offering exercise more complex.
LIC, SBI, Temasek Holdings, Morgan Stanley and CPPIB are the institutional shareholders.
Monday was the deadline for expressions of interest to sell, sought by merchant bankers as part of the IPO process, both sources said.
NSE will now move on to file its draft prospectus with SEBI by next month, after its financial results are declared.
NSE's quarterly after-tax profit rose 15% to 24.08 billion rupees in the third quarter ended December 31, boosted by improvements in derivatives trading. Its consolidated revenue from operations rose nearly 7% from the previous quarter.
(Reporting by Jayshree P. Upadhyay and Vibhuti Sharma in Mumbai; Editing by Clarence Fernandez)
(([email protected];))
Street View: India's SBI Life Insurance cushioned by parent's backing, margins to improve
** SBI Life Insurance SBIL.NS stock falls as much as 3.1% to two-week low after reporting new business slowdown, marginal profit decline
** Median PT of 36 brokerages is 2,400 rupees; rating "BUY" - LSEG-compiled data
MARGIN PRESSURE TO EASE ON NEW PRODUCTS
** Ambit Capital ("BUY"; PT 2,300): Overall growth data ahead of peers
** HDFC Securities ("BUY"; PT 2,400): Geopolitical headwinds weighed on business; bets on co's exclusive access to SBI's SBI.NS massive distribution network, scope for improvement in margin-accretive traditional mix and cost leadership
** Bank of Baroda ("BUY"; PT 2,415): SBIL's gradual shifting toward higher-margin traditional products while reducing the ULIP share likely to aid margins
** Jefferies ("BUY"; PT up 2,550 from 2,500): new product launches to help growth; insurer gaining market share supported by parent bank and agency network; annual premium equivalent to accelerate
(Reporting by Pranav Kashyap in Bengaluru)
(([email protected]; +919886482111;))
** SBI Life Insurance SBIL.NS stock falls as much as 3.1% to two-week low after reporting new business slowdown, marginal profit decline
** Median PT of 36 brokerages is 2,400 rupees; rating "BUY" - LSEG-compiled data
MARGIN PRESSURE TO EASE ON NEW PRODUCTS
** Ambit Capital ("BUY"; PT 2,300): Overall growth data ahead of peers
** HDFC Securities ("BUY"; PT 2,400): Geopolitical headwinds weighed on business; bets on co's exclusive access to SBI's SBI.NS massive distribution network, scope for improvement in margin-accretive traditional mix and cost leadership
** Bank of Baroda ("BUY"; PT 2,415): SBIL's gradual shifting toward higher-margin traditional products while reducing the ULIP share likely to aid margins
** Jefferies ("BUY"; PT up 2,550 from 2,500): new product launches to help growth; insurer gaining market share supported by parent bank and agency network; annual premium equivalent to accelerate
(Reporting by Pranav Kashyap in Bengaluru)
(([email protected]; +919886482111;))
India's SBI Life confident about handling potential tightening of key sales channel
SBI Life to strengthen agency and digital channels
Quarterly new business growth slows to 5.5%, below estimates
Profit dips slightly as operating expenses rise
Rewrites throughout with comments from post-earnings call
By Nishit Navin
April 22 (Reuters) - India's SBI Life Insurance SBIL.NS said on Wednesday it is well-positioned to handle any potential tightening of regulations on selling policies through banks as it continues to boost sales online and through agents.
India is stepping up efforts to curb misselling of financial products. In February, the central bank proposed draft rules to address such sales through lenders. The secretary at the finance ministry's department of financial services has urged banks to avoid exclusive insurer tie-ups, ET Now reported on Tuesday.
SBI Life, which gets more than 60% of business from the banks, with a substantial portion coming from parent State Bank of India SBI.NS, reported a slowdown in new business growth and a marginal decline in profit on Wednesday.
Analysts had expected business growth to moderate in the March quarter as the Middle East war spiked market volatility, weighing on demand for market-linked insurance products.
The insurer's net profit declined to 8.05 billion rupees ($85.9 million) for the three months ended March, down from 8.14 billion rupees a year earlier, dragged by a one-third rise in operating expenses.
Net premium income rose 16%, driven by growth in renewals and one-time premiums.
SBI Life's annualised premium equivalent sales — a key measure of new business — grew 5.5%, slowing from the 25% growth in the preceding quarter. Four brokerages had expected the firm to clock a growth of 8%.
The value of new business, or expected profit from new policies, dropped about 2% to 16.3 billion rupees while the margin on such business stood at 27.5% as of March-end, among the highest in the sector.
Last week, peer HDFC Life HDFL.NS reported slower new business growth, while ICICI Prudential Life's ICIR.NS profit rose.
($1 = 93.7725 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)
(([email protected];))
SBI Life to strengthen agency and digital channels
Quarterly new business growth slows to 5.5%, below estimates
Profit dips slightly as operating expenses rise
Rewrites throughout with comments from post-earnings call
By Nishit Navin
April 22 (Reuters) - India's SBI Life Insurance SBIL.NS said on Wednesday it is well-positioned to handle any potential tightening of regulations on selling policies through banks as it continues to boost sales online and through agents.
India is stepping up efforts to curb misselling of financial products. In February, the central bank proposed draft rules to address such sales through lenders. The secretary at the finance ministry's department of financial services has urged banks to avoid exclusive insurer tie-ups, ET Now reported on Tuesday.
SBI Life, which gets more than 60% of business from the banks, with a substantial portion coming from parent State Bank of India SBI.NS, reported a slowdown in new business growth and a marginal decline in profit on Wednesday.
Analysts had expected business growth to moderate in the March quarter as the Middle East war spiked market volatility, weighing on demand for market-linked insurance products.
The insurer's net profit declined to 8.05 billion rupees ($85.9 million) for the three months ended March, down from 8.14 billion rupees a year earlier, dragged by a one-third rise in operating expenses.
Net premium income rose 16%, driven by growth in renewals and one-time premiums.
SBI Life's annualised premium equivalent sales — a key measure of new business — grew 5.5%, slowing from the 25% growth in the preceding quarter. Four brokerages had expected the firm to clock a growth of 8%.
The value of new business, or expected profit from new policies, dropped about 2% to 16.3 billion rupees while the margin on such business stood at 27.5% as of March-end, among the highest in the sector.
Last week, peer HDFC Life HDFL.NS reported slower new business growth, while ICICI Prudential Life's ICIR.NS profit rose.
($1 = 93.7725 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)
(([email protected];))
State Bank Of India Promotes Eight Officials As Deputy Managing Directors
April 21 (Reuters) - State Bank of India SBI.NS:
STATE BANK OF INDIA - PROMOTES EIGHT OFFICIALS AS DEPUTY MANAGING DIRECTORS EFFECTIVE APRIL 21, 2026
Source text: ID:nNSE4Fm9zT
Further company coverage: SBI.NS
(([email protected];;))
April 21 (Reuters) - State Bank of India SBI.NS:
STATE BANK OF INDIA - PROMOTES EIGHT OFFICIALS AS DEPUTY MANAGING DIRECTORS EFFECTIVE APRIL 21, 2026
Source text: ID:nNSE4Fm9zT
Further company coverage: SBI.NS
(([email protected];;))
SBI leads Nifty PSU to one-month highs, on track to add $3.6 billion in market value
** Shares of State Bank of India SBI.NS climb to a six-week high
** SBI boosts Nifty PSU index .NIFTYPSU to its highest point in more than one month; index also top gainer among other sectors
** Stock logs its third consecutive weekly gain on Friday, its longest weekly winning streak since mid-January
** Over the weekend, peers HDFC HDBK.NS and ICICI Bank ICBK.NS posted higher-than-expected profit for March quarter, but market reactions mixed
** HDFC flat, while shares of ICICI hit their highest level in more than one month
** Should gains in SBI sustain, stock on course to add ~$3.61 billion in market value
** Year-to-date, SBI stock up 13.6%; Nifty PSU up 5.5%, HDFC down 19.2%, ICICI up 1.5%
(Reporting by Pranav Kashyap in Bengaluru)
(([email protected]; +919886482111;))
** Shares of State Bank of India SBI.NS climb to a six-week high
** SBI boosts Nifty PSU index .NIFTYPSU to its highest point in more than one month; index also top gainer among other sectors
** Stock logs its third consecutive weekly gain on Friday, its longest weekly winning streak since mid-January
** Over the weekend, peers HDFC HDBK.NS and ICICI Bank ICBK.NS posted higher-than-expected profit for March quarter, but market reactions mixed
** HDFC flat, while shares of ICICI hit their highest level in more than one month
** Should gains in SBI sustain, stock on course to add ~$3.61 billion in market value
** Year-to-date, SBI stock up 13.6%; Nifty PSU up 5.5%, HDFC down 19.2%, ICICI up 1.5%
(Reporting by Pranav Kashyap in Bengaluru)
(([email protected]; +919886482111;))
EXCLUSIVE-India's RBI asks state oil refiners to curb spot dollar buying, sources say
Repeats April 16 story. No change to text.
Central bank wants state-run refiners to tap credit line for FX
Elevated energy prices, weak capital flows have hurt rupee
Measure expected to help ease pressure on rupee, sources say
By Nidhi Verma, Jaspreet Kalra and Nimesh Vora
NEW DELHI/MUMBAI, April 17 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.
A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. It has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.
Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.
The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.
All three sources declined to be named as they are not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.
The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.
The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, one of the sources said.
With SBI already handling sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, this person added.
Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said.
None of the refiners responded to emails seeking comment.
Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.
RUPEE STRAIN
The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.
Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.
The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.
The RBI has also sold dollars from its FX reserves to support the currency.
The rupee has strengthened following the bank's measures, recovering about 2% from its record low. It was last quoted at 93.20 per dollar on Thursday.
(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora. Editing by Mark Potter)
(([email protected]; +91-8769636545;))
Repeats April 16 story. No change to text.
Central bank wants state-run refiners to tap credit line for FX
Elevated energy prices, weak capital flows have hurt rupee
Measure expected to help ease pressure on rupee, sources say
By Nidhi Verma, Jaspreet Kalra and Nimesh Vora
NEW DELHI/MUMBAI, April 17 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.
A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. It has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.
Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.
The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.
All three sources declined to be named as they are not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.
The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.
The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, one of the sources said.
With SBI already handling sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, this person added.
Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said.
None of the refiners responded to emails seeking comment.
Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.
RUPEE STRAIN
The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.
Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.
The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.
The RBI has also sold dollars from its FX reserves to support the currency.
The rupee has strengthened following the bank's measures, recovering about 2% from its record low. It was last quoted at 93.20 per dollar on Thursday.
(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora. Editing by Mark Potter)
(([email protected]; +91-8769636545;))
EXCLUSIVE-India's RBI asks state oil refiners to curb spot dollar buying, sources say
Central bank wants state-run refiners to tap credit line for FX
Elevated energy prices, weak capital flows have hurt rupee
Measure expected to help ease pressure on rupee, sources say
By Nidhi Verma, Jaspreet Kalra and Nimesh Vora
NEW DELHI/MUMBAI, April 16 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.
A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. It has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.
Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.
The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.
All three sources declined to be named as they are not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.
The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.
The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, one of the sources said.
With SBI already handling sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, this person added.
Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said.
None of the refiners responded to emails seeking comment.
Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.
RUPEE STRAIN
The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.
Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.
The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.
The RBI has also sold dollars from its FX reserves to support the currency.
The rupee has strengthened following the bank's measures, recovering about 2% from its record low. It was last quoted at 93.20 per dollar on Thursday.
(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora. Editing by Mark Potter)
(([email protected]; +91-8769636545;))
Central bank wants state-run refiners to tap credit line for FX
Elevated energy prices, weak capital flows have hurt rupee
Measure expected to help ease pressure on rupee, sources say
By Nidhi Verma, Jaspreet Kalra and Nimesh Vora
NEW DELHI/MUMBAI, April 16 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.
A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. It has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.
Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.
The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.
All three sources declined to be named as they are not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.
The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.
The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, one of the sources said.
With SBI already handling sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, this person added.
Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said.
None of the refiners responded to emails seeking comment.
Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.
RUPEE STRAIN
The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.
Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.
The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.
The RBI has also sold dollars from its FX reserves to support the currency.
The rupee has strengthened following the bank's measures, recovering about 2% from its record low. It was last quoted at 93.20 per dollar on Thursday.
(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora. Editing by Mark Potter)
(([email protected]; +91-8769636545;))
PREVIEW-Indian banks to report steady profit rise as loans grow, treasury drags
By Bharath Rajeswaran and Nishit Navin
BENGALURU, April 15 (Reuters) - Indian banks are expected to report a steady profit rise in the January-March quarter, four brokers said, aided by credit growth and liquidity buffers, while higher bond yields and forex arbitrage curbs weighed on treasury income.
Private banks are likely to report about 8%-12% on-year profit rise, with HDFC Bank HDBK.NS and ICICI Bank ICBK.NS scheduled to post their results on April 18.
State-run lenders may report an advance of about 2%, similar to the previous two quarters, aggregate estimates from Motilal Oswal, Jefferies, PhillipCapital, Elara Capital and Yes Securities showed.
Private banks' higher core operating income should cushion margin pressure, while bond yields are expected to weigh more heavily on state-run banks' treasury gains.
After a slow start to the fiscal year 2026, loan demand picked up in the third quarter.
The government's move to cut goods and services tax encouraged people to spend more, while the Reserve Bank of India's slashing of the cash reserve ratio gave banks more money to lend.
Top private lender HDFC Bank posted a loan growth of 12% in the March quarter, while ICICI Bank and state-owned State Bank of India SBI.NS could log 14.2% and 14.5%.
"We estimate banks to post around 12% to 13% loan growth in FY2027, aided by steady growth in retail and MSME loans and improvement in corporate loans," said Vishal Narnolia, assistant vice-president, research, ICICI Securities.
However, in contrast to the first nine months of FY2026, yields hardened in the March quarter, which will limit banks' profitability, said Narnolia.
Curbs on forex arbitrage further limited trading income at bigger lenders such as SBI, ICICI, HDFC and Axis Bank AXBK.NS.
Quarterly updates from top lenders indicate a high-single-digit to low-double-digit jump in deposits, similar to the previous on-year quarter.
Strong year-end inflows and healthy traction in retail deposits are likely to aid deposits, according to brokerages.
The bank index .NSEBANK fell 15.6% in the March quarter, slightly more than the 14.5% drop in the benchmark Nifty 50 index .NSEI.
Brokerages' expectations of profit after tax of India's banks in March quarter https://reut.rs/4tgqgYu
Performance of top Indian lenders in the March quarter https://reut.rs/3QendRS
What brokerages expect from March quarter earnings of India's banks https://reut.rs/3QdiFLw
Indian banks are likely to post steady deposit growth in March quarter https://reut.rs/4vLlRyq
(Reporting by Nishit Navin and Bharath Rajeswaran; Editing by Harikrishnan Nair)
(([email protected];))
By Bharath Rajeswaran and Nishit Navin
BENGALURU, April 15 (Reuters) - Indian banks are expected to report a steady profit rise in the January-March quarter, four brokers said, aided by credit growth and liquidity buffers, while higher bond yields and forex arbitrage curbs weighed on treasury income.
Private banks are likely to report about 8%-12% on-year profit rise, with HDFC Bank HDBK.NS and ICICI Bank ICBK.NS scheduled to post their results on April 18.
State-run lenders may report an advance of about 2%, similar to the previous two quarters, aggregate estimates from Motilal Oswal, Jefferies, PhillipCapital, Elara Capital and Yes Securities showed.
Private banks' higher core operating income should cushion margin pressure, while bond yields are expected to weigh more heavily on state-run banks' treasury gains.
After a slow start to the fiscal year 2026, loan demand picked up in the third quarter.
The government's move to cut goods and services tax encouraged people to spend more, while the Reserve Bank of India's slashing of the cash reserve ratio gave banks more money to lend.
Top private lender HDFC Bank posted a loan growth of 12% in the March quarter, while ICICI Bank and state-owned State Bank of India SBI.NS could log 14.2% and 14.5%.
"We estimate banks to post around 12% to 13% loan growth in FY2027, aided by steady growth in retail and MSME loans and improvement in corporate loans," said Vishal Narnolia, assistant vice-president, research, ICICI Securities.
However, in contrast to the first nine months of FY2026, yields hardened in the March quarter, which will limit banks' profitability, said Narnolia.
Curbs on forex arbitrage further limited trading income at bigger lenders such as SBI, ICICI, HDFC and Axis Bank AXBK.NS.
Quarterly updates from top lenders indicate a high-single-digit to low-double-digit jump in deposits, similar to the previous on-year quarter.
Strong year-end inflows and healthy traction in retail deposits are likely to aid deposits, according to brokerages.
The bank index .NSEBANK fell 15.6% in the March quarter, slightly more than the 14.5% drop in the benchmark Nifty 50 index .NSEI.
Brokerages' expectations of profit after tax of India's banks in March quarter https://reut.rs/4tgqgYu
Performance of top Indian lenders in the March quarter https://reut.rs/3QendRS
What brokerages expect from March quarter earnings of India's banks https://reut.rs/3QdiFLw
Indian banks are likely to post steady deposit growth in March quarter https://reut.rs/4vLlRyq
(Reporting by Nishit Navin and Bharath Rajeswaran; Editing by Harikrishnan Nair)
(([email protected];))
SBI Had About $5 Billion In Rupee Bets Hit by Regulator Crackdown, Bloomberg News says
April 7 (Reuters) -
STATE BANK OF INDIA HAD ABOUT $5 BILLION OF BETS AGAINST THE RUPEE THAT WERE IMPACTED BY THE REGULATOR’S CRACKDOWN ON POTENTIAL SPECULATORS - BLOOMBERG NEWS
STATE BANK OF INDIA IS ESTIMATING LOSSES OF ABOUT 3 BILLION RUPEES FROM THE FORCED UNWINDING OF THESE TRADES - BLOOMBERG NEWS
Source text: https://tinyurl.com/2nubcctj
(([email protected];))
April 7 (Reuters) -
STATE BANK OF INDIA HAD ABOUT $5 BILLION OF BETS AGAINST THE RUPEE THAT WERE IMPACTED BY THE REGULATOR’S CRACKDOWN ON POTENTIAL SPECULATORS - BLOOMBERG NEWS
STATE BANK OF INDIA IS ESTIMATING LOSSES OF ABOUT 3 BILLION RUPEES FROM THE FORCED UNWINDING OF THESE TRADES - BLOOMBERG NEWS
Source text: https://tinyurl.com/2nubcctj
(([email protected];))
BREAKINGVIEWS-India’s equity cult faces a patience test
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 31 (Reuters Breakingviews) - India's new cult of equity investing is getting tested. As war in the Middle East ravages stocks, Securities and Exchange Board of India Chair Tuhin Kanta Pandey is urging mom-and-pop investors to "remain patient". Unlike in past crises the $5 trillion market is cushioned by strong domestic flows, but a potential rise in inflation and deposit rates could upset that.
The benchmark Nifty 50 Index .NSEI is down 11% this year and foreigners have dumped shares worth over $13 billion so far in 2026, following a record $19 billion of selling in 2025. Yet valuations remain frothy: the MSCI India index .MIIN00000PIN is trading at par with its 10-year average of 20 times forward earnings, nearly double the MSCI Emerging Markets .dMIEF00000PUS multiple.
The South Asian country's stocks are propped up by steady flows from 125 million Indians investing directly in equities and 53 million through mutual funds, many of whom first entered the market during the pandemic. A $250,000 annual limit on overseas transfers by individuals and a tax regime that makes equity returns more lucrative than debt support the case for local buying of Indian stocks too.
Yet cracks are appearing in that trusty pool of funds. In 2025 net flows into equity and share-focused hybrid funds offered by local asset managers shrank 9% from a peak of 4.5 trillion rupees ($48 billion) in the previous year, per brokerage Kotak Institutional Equities.
Competition from other assets could rise, too. As bullion prices surged late last year, Indians known for their love of the yellow metal piled into index funds linked to bullion and pushed up inflows to levels matching equity-focused schemes in January. A swifter depreciation in the rupee's value could also prompt them to deploy what money they can in other markets.
If the fighting in the Middle East prolongs, worries about India's external finances and a weak rupee INR=IN will add to the selling pressure. Fuel and food supply disruptions could eventually push inflation much higher than the current level of 3.2% and prompt the central bank to hike interest rates.
Assuming the war ends within the next month, Bernstein analysts see India's equity benchmark falling 0.6% by the end of 2026. That's disappointing for first time investors accustomed to year-on-year gains. Meanwhile, the return from a one-year deposit with State Bank of India SBI.NS, taxed at the top rate of 30%, works out to 4.4% and could rise to 4.55% if the lender raises the yield by 25 basis points. Faced with that reality, the small impatient investor could yet shake the stock market.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Securities and Exchange Board of India Chair Tuhin Kanta Pandey on March 14 advised the country's mom-and-pop investors to not react sharply to volatility in capital markets. "For retail investors, the best strategy would be to remain patient," he said, adding that markets have historically recovered after major global disruptions.
Net flows into equity mutual funds are coming off https://www.reuters.com/graphics/BRV-BRV/myvmyayyzvr/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 31 (Reuters Breakingviews) - India's new cult of equity investing is getting tested. As war in the Middle East ravages stocks, Securities and Exchange Board of India Chair Tuhin Kanta Pandey is urging mom-and-pop investors to "remain patient". Unlike in past crises the $5 trillion market is cushioned by strong domestic flows, but a potential rise in inflation and deposit rates could upset that.
The benchmark Nifty 50 Index .NSEI is down 11% this year and foreigners have dumped shares worth over $13 billion so far in 2026, following a record $19 billion of selling in 2025. Yet valuations remain frothy: the MSCI India index .MIIN00000PIN is trading at par with its 10-year average of 20 times forward earnings, nearly double the MSCI Emerging Markets .dMIEF00000PUS multiple.
The South Asian country's stocks are propped up by steady flows from 125 million Indians investing directly in equities and 53 million through mutual funds, many of whom first entered the market during the pandemic. A $250,000 annual limit on overseas transfers by individuals and a tax regime that makes equity returns more lucrative than debt support the case for local buying of Indian stocks too.
Yet cracks are appearing in that trusty pool of funds. In 2025 net flows into equity and share-focused hybrid funds offered by local asset managers shrank 9% from a peak of 4.5 trillion rupees ($48 billion) in the previous year, per brokerage Kotak Institutional Equities.
Competition from other assets could rise, too. As bullion prices surged late last year, Indians known for their love of the yellow metal piled into index funds linked to bullion and pushed up inflows to levels matching equity-focused schemes in January. A swifter depreciation in the rupee's value could also prompt them to deploy what money they can in other markets.
If the fighting in the Middle East prolongs, worries about India's external finances and a weak rupee INR=IN will add to the selling pressure. Fuel and food supply disruptions could eventually push inflation much higher than the current level of 3.2% and prompt the central bank to hike interest rates.
Assuming the war ends within the next month, Bernstein analysts see India's equity benchmark falling 0.6% by the end of 2026. That's disappointing for first time investors accustomed to year-on-year gains. Meanwhile, the return from a one-year deposit with State Bank of India SBI.NS, taxed at the top rate of 30%, works out to 4.4% and could rise to 4.55% if the lender raises the yield by 25 basis points. Faced with that reality, the small impatient investor could yet shake the stock market.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Securities and Exchange Board of India Chair Tuhin Kanta Pandey on March 14 advised the country's mom-and-pop investors to not react sharply to volatility in capital markets. "For retail investors, the best strategy would be to remain patient," he said, adding that markets have historically recovered after major global disruptions.
Net flows into equity mutual funds are coming off https://www.reuters.com/graphics/BRV-BRV/myvmyayyzvr/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
State Bank Of India Says Income Tax Department Raises Demand Of 63.38 Billion Rupees For AY 2023-24
March 20 (Reuters) - State Bank of India SBI.NS:
INCOME TAX DEPARTMENT RAISES DEMAND OF 63.38 BILLION RUPEES FOR AY 2023-24
Source text: ID:nBSE5H5NRF
Further company coverage: SBI.NS
(([email protected];))
March 20 (Reuters) - State Bank of India SBI.NS:
INCOME TAX DEPARTMENT RAISES DEMAND OF 63.38 BILLION RUPEES FOR AY 2023-24
Source text: ID:nBSE5H5NRF
Further company coverage: SBI.NS
(([email protected];))
India's SBI Funds Management files for IPO
March 19 (Reuters) - India's SBI Funds Management filed for an initial public offering on Thursday, its draft prospectus showed.
Existing investors State Bank of India SBI.NS and Amundi AMUN.PA will sell 203.7 million shares through the "offer for sale" route. SBI Funds will not issue new shares in the IPO.
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
March 19 (Reuters) - India's SBI Funds Management filed for an initial public offering on Thursday, its draft prospectus showed.
Existing investors State Bank of India SBI.NS and Amundi AMUN.PA will sell 203.7 million shares through the "offer for sale" route. SBI Funds will not issue new shares in the IPO.
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
India's SBI Life rises as Motilal Oswal projects steady growth, margin gains
** Shares of India's SBI Life Insurance SBIL.NS rise 1.63% to 1,963.50 rupees
** Motilal Oswal ("buy", PT:2400 rupees) expects new business premium growth to remain steady at roughly 15% during FY 2026–2028
** Brokerage expects profitability to improve as the insurer shifts toward higher-margin products, sees demand for pure insurance products driving growth
** Notes strong distribution via parent SBI's network and consistent growth track record
** Stock rated "buy" on average by 36 analysts, median PT at 2,415 rupees, according to data compiled by LSEG
** YTD, stock down 5.05% vs parent SBI's 8.4% rise
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Shares of India's SBI Life Insurance SBIL.NS rise 1.63% to 1,963.50 rupees
** Motilal Oswal ("buy", PT:2400 rupees) expects new business premium growth to remain steady at roughly 15% during FY 2026–2028
** Brokerage expects profitability to improve as the insurer shifts toward higher-margin products, sees demand for pure insurance products driving growth
** Notes strong distribution via parent SBI's network and consistent growth track record
** Stock rated "buy" on average by 36 analysts, median PT at 2,415 rupees, according to data compiled by LSEG
** YTD, stock down 5.05% vs parent SBI's 8.4% rise
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
India New Issue-State Bank of India accepts bids for Tier II bonds, bankers say
MUMBAI, March 17 (Reuters) - State Bank of India SBI.NS has accepted bids worth 60.51 billion Indian rupees ($654.78 million) for Basel III-compliant Tier II bonds maturing in 10 years, three bankers said on Tuesday.
The nation's largest lender will pay an annual coupon of 7.05% and had invited coupon and commitment bids for the issue earlier in the day, they said.
The bank did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
SBI | 10 years | 7.05 | 60.51 | March 17 | AAA (Crisil) |
Cholamandalam Investment | 3 years | To be decided | 10+10 | March 18 | AA+ (Icra) |
*Size includes base plus greenshoe for some issues
($1 = 92.4125 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)
MUMBAI, March 17 (Reuters) - State Bank of India SBI.NS has accepted bids worth 60.51 billion Indian rupees ($654.78 million) for Basel III-compliant Tier II bonds maturing in 10 years, three bankers said on Tuesday.
The nation's largest lender will pay an annual coupon of 7.05% and had invited coupon and commitment bids for the issue earlier in the day, they said.
The bank did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
SBI | 10 years | 7.05 | 60.51 | March 17 | AAA (Crisil) |
Cholamandalam Investment | 3 years | To be decided | 10+10 | March 18 | AA+ (Icra) |
*Size includes base plus greenshoe for some issues
($1 = 92.4125 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)
India's SBI aims to raise as much as $811 million through Tier-II bonds, bankers say
By Dharamraj Dhutia
MUMBAI, March 16 (Reuters) - State Bank of India SBI.NS will seek to raise as much as 75 billion rupees ($811.4 million) this week, three bankers said on Monday, marking the second rupee debt sale this fiscal year by the country's biggest lender.
SBI will issue the Basel III-compliant Tier-II bonds with a 10-year maturity and has invited bids on Tuesday, the bankers, who are familiar with the matter, said.
These bonds are debt instruments issued by banks to strengthen their Tier II capital, a component of the regulatory capital required under the Basel III framework implemented by the Reserve Bank of India.
SBI did not immediately respond to a Reuters request for comment, while the bankers declined to be identified as they are not authorised to speak to the media.
The bonds will have a call option at the end of five years, and at the end of every year thereafter, the bankers added.
They also said that mutual funds are likely to bid aggressively for the issue as it would be priced in line with the five-year paper.
In October, SBI had raised 75 billion rupees through 10-year Tier-II bonds at a coupon rate of 6.93%, which was only 30 basis points above the annualized 10-year government bond yield.
Other state-run banks that have raised funds via this route include Bank of India BOI.NS, Indian Overseas Bank IOBK.NS and Canara Bank CNBK.NS, while ICICI Bank ICBK.NS is the lone private lender to opt for Tier-II bonds twice in this financial year.
"Better pricing for this issue could also nudge a couple of state-run lenders to opt for this route," one of the bankers said.
($1 = 92.4360 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, March 16 (Reuters) - State Bank of India SBI.NS will seek to raise as much as 75 billion rupees ($811.4 million) this week, three bankers said on Monday, marking the second rupee debt sale this fiscal year by the country's biggest lender.
SBI will issue the Basel III-compliant Tier-II bonds with a 10-year maturity and has invited bids on Tuesday, the bankers, who are familiar with the matter, said.
These bonds are debt instruments issued by banks to strengthen their Tier II capital, a component of the regulatory capital required under the Basel III framework implemented by the Reserve Bank of India.
SBI did not immediately respond to a Reuters request for comment, while the bankers declined to be identified as they are not authorised to speak to the media.
The bonds will have a call option at the end of five years, and at the end of every year thereafter, the bankers added.
They also said that mutual funds are likely to bid aggressively for the issue as it would be priced in line with the five-year paper.
In October, SBI had raised 75 billion rupees through 10-year Tier-II bonds at a coupon rate of 6.93%, which was only 30 basis points above the annualized 10-year government bond yield.
Other state-run banks that have raised funds via this route include Bank of India BOI.NS, Indian Overseas Bank IOBK.NS and Canara Bank CNBK.NS, while ICICI Bank ICBK.NS is the lone private lender to opt for Tier-II bonds twice in this financial year.
"Better pricing for this issue could also nudge a couple of state-run lenders to opt for this route," one of the bankers said.
($1 = 92.4360 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
(([email protected];))
MUFG Bank signs strategic partnership agreement with State Bank of India
MUFG Bank, a unit of MUFG, entered into a strategic partnership agreement with State Bank of India. The banks said the partnership will support Japanese companies expanding in India and Indian companies expanding into Japan and other markets. State Bank of India reported total assets of INR 71.6 trillion as of December 2025 and said it has more than 23,000 branches across India. MUFG Bank said it operates in India through six locations.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Mitsubishi UFJ Financial Group Inc. published the original content used to generate this news brief on March 12, 2026, and is solely responsible for the information contained therein.
MUFG Bank, a unit of MUFG, entered into a strategic partnership agreement with State Bank of India. The banks said the partnership will support Japanese companies expanding in India and Indian companies expanding into Japan and other markets. State Bank of India reported total assets of INR 71.6 trillion as of December 2025 and said it has more than 23,000 branches across India. MUFG Bank said it operates in India through six locations.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Mitsubishi UFJ Financial Group Inc. published the original content used to generate this news brief on March 12, 2026, and is solely responsible for the information contained therein.
Japan's MUFG, State Bank of India partner to finance projects, including M&A
By Gopika Gopakumar
MUMBAI, March 11 (Reuters) - Japan's Mitsubishi UFJ Financial Group (MUFG) and the State Bank of India (SBI) on Wednesday announced a strategic partnership to structure and finance projects, including mergers, acquisitions and real estate financing for Indian and global clients.
The alliance follows recent reforms by India's central bank permitting domestic lenders to finance corporate acquisitions, funding up to 75% of the deal value for listed and unlisted firms.
These new rules, effective April 1, also allow funding acquisitions up to 20% of a bank's eligible capital base, providing Indian banks with fresh credit growth opportunities.
The alliance will combine SBI's domestic reach and market leadership in India and MUFG's global network and cross-border structuring expertise to support Japanese corporates expanding in India as well as Indian enterprises pursuing international growth, including entry into Japan and other global markets, SBI and MUFG said in a joint statement.
The partnership will also focus on M&A advisory, trade finance, and retail banking solutions to support inbound and outbound transactions linked to Japanese firms.
Additionally, the two aim to introduce Indian mid-corporates and micro, small, and medium enterprises (MSMEs) to Japanese corporate clients, and identify financing opportunities.
SBI has sought partnerships with Japanese banks for M&A financing, according to a report from The Economic Times last month.
MUFG has underwritten major M&A deals in India, positioning itself as a key player in the segment. These include Tata Motors' 3.8 billion euro buyout of Iveco Group and Schneider Electric SE's 5.5 billion euro stake purchase of its Indian joint venture from Temasek Holdings Pte.
The Japanese financial services group is also in the process of acquiring a 20% stake in Indian non-bank lender Shriram Finance, marking one of the largest foreign investments in India's financial sector.
(Reporting by Gopika Gopakumar; Editing by Janane Venkatraman)
(([email protected];))
By Gopika Gopakumar
MUMBAI, March 11 (Reuters) - Japan's Mitsubishi UFJ Financial Group (MUFG) and the State Bank of India (SBI) on Wednesday announced a strategic partnership to structure and finance projects, including mergers, acquisitions and real estate financing for Indian and global clients.
The alliance follows recent reforms by India's central bank permitting domestic lenders to finance corporate acquisitions, funding up to 75% of the deal value for listed and unlisted firms.
These new rules, effective April 1, also allow funding acquisitions up to 20% of a bank's eligible capital base, providing Indian banks with fresh credit growth opportunities.
The alliance will combine SBI's domestic reach and market leadership in India and MUFG's global network and cross-border structuring expertise to support Japanese corporates expanding in India as well as Indian enterprises pursuing international growth, including entry into Japan and other global markets, SBI and MUFG said in a joint statement.
The partnership will also focus on M&A advisory, trade finance, and retail banking solutions to support inbound and outbound transactions linked to Japanese firms.
Additionally, the two aim to introduce Indian mid-corporates and micro, small, and medium enterprises (MSMEs) to Japanese corporate clients, and identify financing opportunities.
SBI has sought partnerships with Japanese banks for M&A financing, according to a report from The Economic Times last month.
MUFG has underwritten major M&A deals in India, positioning itself as a key player in the segment. These include Tata Motors' 3.8 billion euro buyout of Iveco Group and Schneider Electric SE's 5.5 billion euro stake purchase of its Indian joint venture from Temasek Holdings Pte.
The Japanese financial services group is also in the process of acquiring a 20% stake in Indian non-bank lender Shriram Finance, marking one of the largest foreign investments in India's financial sector.
(Reporting by Gopika Gopakumar; Editing by Janane Venkatraman)
(([email protected];))
State Bank of India to tap infrastructure bonds after a 16-month hiatus, bankers say
By Dharamraj Dhutia
MUMBAI, March 10 (Reuters) - India's largest lender, State Bank of India SBI.NS, will issue infrastructure bonds in March after a gap of about 16 months, two bankers said on Tuesday.
SBI may sell 7-year or 10-year bonds to raise as much as 100 billion rupees ($1.09 billion), said the bankers, requesting anonymity as they are not authorised to speak to media.
When asked to confirm the bond issues, SBI told Reuters via email that "as a policy bank does not comment upon such matters".
Infrastructure bonds are used to finance long-term development projects.
SBI had last sold infrastructure bonds in November 2024, when it raised 100 billion rupees through 15-year notes.
Three Indian lenders have raised a total of 250 billion rupees through infrastructure bonds so far this financial year, sharply lower than 892 billion rupees raised in the previous fiscal.
India's fiscal year runs April through March.
Bank of Baroda raised 100 billion rupees through seven-year green infrastructure bonds earlier in March, amid demand by a large state-run insurance firm and a provident fund house.
Other state-run lenders could also look to raise funds through the bonds this month, bankers said.
($1 = 91.8550 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, March 10 (Reuters) - India's largest lender, State Bank of India SBI.NS, will issue infrastructure bonds in March after a gap of about 16 months, two bankers said on Tuesday.
SBI may sell 7-year or 10-year bonds to raise as much as 100 billion rupees ($1.09 billion), said the bankers, requesting anonymity as they are not authorised to speak to media.
When asked to confirm the bond issues, SBI told Reuters via email that "as a policy bank does not comment upon such matters".
Infrastructure bonds are used to finance long-term development projects.
SBI had last sold infrastructure bonds in November 2024, when it raised 100 billion rupees through 15-year notes.
Three Indian lenders have raised a total of 250 billion rupees through infrastructure bonds so far this financial year, sharply lower than 892 billion rupees raised in the previous fiscal.
India's fiscal year runs April through March.
Bank of Baroda raised 100 billion rupees through seven-year green infrastructure bonds earlier in March, amid demand by a large state-run insurance firm and a provident fund house.
Other state-run lenders could also look to raise funds through the bonds this month, bankers said.
($1 = 91.8550 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
(([email protected];))
State Bank Of India Says Nitin Chugh Relieved As Deputy MD
March 2 (Reuters) - State Bank of India SBI.NS:
NITIN CHUGH RELIEVED AS DEPUTY MANAGING DIRECTOR
CONTRACT PERIOD OF NITIN CHUGH ENDING ON MARCH 3
Source text: ID:nNSE7dTsYX
Further company coverage: SBI.NS
(([email protected];;))
March 2 (Reuters) - State Bank of India SBI.NS:
NITIN CHUGH RELIEVED AS DEPUTY MANAGING DIRECTOR
CONTRACT PERIOD OF NITIN CHUGH ENDING ON MARCH 3
Source text: ID:nNSE7dTsYX
Further company coverage: SBI.NS
(([email protected];;))
India's federal agency opens second criminal case against Anil Ambani, Reliance Communications
Feb 26 (Reuters) - India's federal investigating agency said on Thursday it has opened a second criminal case against industrialist Anil Ambani and his company Reliance Communications RLCM.NS following a complaint from Bank of Baroda BOB.NS over alleged diversion of loans exceeding 22.20 billion rupees ($244.21 million).
The Central Bureau of Investigation said various documents related to the loan transactions have been recovered as part of its searches at Ambani's house and the company's offices.
The account books of Reliance Communications "were manipulated and irregularities concealed", the agency said.
A spokesperson for Anil Ambani, Reliance Group and Bank of Baroda did not immediately respond to Reuters requests for comment.
Last year, the agency opened its first criminal case against Ambani and the company based on a complaint from India's largest bank, State Bank of India SBI.NS, over alleged fraud.
($1 = 90.9070 Indian rupees)
(Reporting by Nishit Navin in Bengaluru)
(([email protected];))
Feb 26 (Reuters) - India's federal investigating agency said on Thursday it has opened a second criminal case against industrialist Anil Ambani and his company Reliance Communications RLCM.NS following a complaint from Bank of Baroda BOB.NS over alleged diversion of loans exceeding 22.20 billion rupees ($244.21 million).
The Central Bureau of Investigation said various documents related to the loan transactions have been recovered as part of its searches at Ambani's house and the company's offices.
The account books of Reliance Communications "were manipulated and irregularities concealed", the agency said.
A spokesperson for Anil Ambani, Reliance Group and Bank of Baroda did not immediately respond to Reuters requests for comment.
Last year, the agency opened its first criminal case against Ambani and the company based on a complaint from India's largest bank, State Bank of India SBI.NS, over alleged fraud.
($1 = 90.9070 Indian rupees)
(Reporting by Nishit Navin in Bengaluru)
(([email protected];))
REFILE-Modi's rooftop solar push slowed by reluctant lenders, states
Corrects dateline to February 16
Loan delays and limited state support hinder solar roll out
State utilities fear revenue loss from rooftop solar adoption
About 60% of rooftop solar applications not approved yet
By Sudarshan Varadhan, Gopika Gopakumar and Jatindra Dash
SINGAPORE/MUMBAI/BHUBANESWAR, India, Feb 16 (Reuters) - Indian Prime Minister Narendra Modi's push to accelerate the rollout of rooftop solar power is falling short of targets despite heavy subsidies due to loan delays and limited support from state utilities, vendors and analysts say.
The shortfalls represent the latest challenge to India's efforts to nearly double clean energy capacity to 500 gigawatts by 2030, and come as the government plans to suspend clean energy tendering targets amid a mounting backlog of awarded projects yet to be built.
Challenges to plans to increase solar uptake may mean India maintains its reliance on coal-fired power.
India's Ministry for New and Renewable Energy created its subsidy programme for residential solar panel installations in February 2024, covering up to 40% of the costs.
But residential installations at 2.36 million are well below the ministry's target of 4 million by March, according to data from the programme's website.
"Banks' reluctance to lend and states' hesitance to promote the schemes could derail India's efforts to transition away from coal," said Shreya Jai, the lead energy analyst at research firm Climate Trends in New Delhi.
Roughly three in five rooftop solar applications filed on the scheme's website are yet to be approved while about 7% have been rejected, according to government data on the programme, known as the PM Surya Ghar.
In a statement to Reuters about the pending applications, the renewable energy ministry pointed to accelerating installations which have benefited over 3 million households, and said the scheme enables state-owned utilities to reduce subsidy payouts to keep residential power bills in check.
"The loan rejection rate varies across states," the statement said.
Under PM Surya Ghar, consumers apply and select a vendor who handles paperwork and arranges bank financing for solar panels. After loan approval and installation, the vendor submits proof, after which the government subsidy is credited to the bank.
BANK DELAYS
However, banks have been rejecting or delaying loans for numerous reasons including lack of documentation, which they say is necessary to protect public funds.
"We are working with the government to push for some standard documentation, because it is necessary to avoid bad loans. Currently if loans go bad, banks can take away these panels but what will we do with these panels?" said a senior official at a major government-owned bank.
Chamrulal Mishra, a solar vendor in the eastern Indian state of Odisha, said applications are often rejected because the customer has missed electricity payments or because land records are still in the name of deceased relatives.
Residents there dispute the claims that they have missed payments, which they attribute to administrative errors after a change in utility ownership decades prior.
A spokesperson for India's Department of Financial Services, which regulates the country's banks, said they have responded to consumer feedback to allow co-applicants for loans to clear up title claims and the simplification of documentation requirements.
The Renewable Energy Association of Rajasthan said some banks are making collateral demands for loans under 200,000 Indian rupees ($2,208.87), despite scheme guidelines not requiring them to, which is constraining solar power additions.
State Bank of India and Punjab National Bank, some of the country's largest lenders, did not reply to requests for comment on the matter.
State-owned utilities are also not promoting rooftop solar as much, as they are concerned about the loss of revenue as sales move off the electric grid.
"Wealthier households typically have high electricity consumption, tariffs and reliable roof access. When they shift from the grid, it leaves a larger financial burden," said Niteesh Shanbog, an analyst at Rystad Energy.
($1 = 90.5440 Indian rupees)
(Reporting by Sudarshan Varadhan in Singapore, Gopika Gopakumar in Mumbai and Jatindra Dash in Bhubaneswar; Additional reporting by Saurabh Sharma and Sethuraman NR in New Delhi, and Jose Devasia in Kochi; Editing by Christian Schmollinger)
(([email protected]; +65 91164984;))
Corrects dateline to February 16
Loan delays and limited state support hinder solar roll out
State utilities fear revenue loss from rooftop solar adoption
About 60% of rooftop solar applications not approved yet
By Sudarshan Varadhan, Gopika Gopakumar and Jatindra Dash
SINGAPORE/MUMBAI/BHUBANESWAR, India, Feb 16 (Reuters) - Indian Prime Minister Narendra Modi's push to accelerate the rollout of rooftop solar power is falling short of targets despite heavy subsidies due to loan delays and limited support from state utilities, vendors and analysts say.
The shortfalls represent the latest challenge to India's efforts to nearly double clean energy capacity to 500 gigawatts by 2030, and come as the government plans to suspend clean energy tendering targets amid a mounting backlog of awarded projects yet to be built.
Challenges to plans to increase solar uptake may mean India maintains its reliance on coal-fired power.
India's Ministry for New and Renewable Energy created its subsidy programme for residential solar panel installations in February 2024, covering up to 40% of the costs.
But residential installations at 2.36 million are well below the ministry's target of 4 million by March, according to data from the programme's website.
"Banks' reluctance to lend and states' hesitance to promote the schemes could derail India's efforts to transition away from coal," said Shreya Jai, the lead energy analyst at research firm Climate Trends in New Delhi.
Roughly three in five rooftop solar applications filed on the scheme's website are yet to be approved while about 7% have been rejected, according to government data on the programme, known as the PM Surya Ghar.
In a statement to Reuters about the pending applications, the renewable energy ministry pointed to accelerating installations which have benefited over 3 million households, and said the scheme enables state-owned utilities to reduce subsidy payouts to keep residential power bills in check.
"The loan rejection rate varies across states," the statement said.
Under PM Surya Ghar, consumers apply and select a vendor who handles paperwork and arranges bank financing for solar panels. After loan approval and installation, the vendor submits proof, after which the government subsidy is credited to the bank.
BANK DELAYS
However, banks have been rejecting or delaying loans for numerous reasons including lack of documentation, which they say is necessary to protect public funds.
"We are working with the government to push for some standard documentation, because it is necessary to avoid bad loans. Currently if loans go bad, banks can take away these panels but what will we do with these panels?" said a senior official at a major government-owned bank.
Chamrulal Mishra, a solar vendor in the eastern Indian state of Odisha, said applications are often rejected because the customer has missed electricity payments or because land records are still in the name of deceased relatives.
Residents there dispute the claims that they have missed payments, which they attribute to administrative errors after a change in utility ownership decades prior.
A spokesperson for India's Department of Financial Services, which regulates the country's banks, said they have responded to consumer feedback to allow co-applicants for loans to clear up title claims and the simplification of documentation requirements.
The Renewable Energy Association of Rajasthan said some banks are making collateral demands for loans under 200,000 Indian rupees ($2,208.87), despite scheme guidelines not requiring them to, which is constraining solar power additions.
State Bank of India and Punjab National Bank, some of the country's largest lenders, did not reply to requests for comment on the matter.
State-owned utilities are also not promoting rooftop solar as much, as they are concerned about the loss of revenue as sales move off the electric grid.
"Wealthier households typically have high electricity consumption, tariffs and reliable roof access. When they shift from the grid, it leaves a larger financial burden," said Niteesh Shanbog, an analyst at Rystad Energy.
($1 = 90.5440 Indian rupees)
(Reporting by Sudarshan Varadhan in Singapore, Gopika Gopakumar in Mumbai and Jatindra Dash in Bhubaneswar; Additional reporting by Saurabh Sharma and Sethuraman NR in New Delhi, and Jose Devasia in Kochi; Editing by Christian Schmollinger)
(([email protected]; +65 91164984;))
India's SBI set for best week in 5 years
** Shares of State Bank of India SBI.NS are up 0.3% at 1196 rupees
** For the week, India's largest lender by assets is up 12%, set for its best week since early February, 2021
** Weekly gains that have included multiple record highs, were driven by strong Q3 earnings and increase in FY26 credit growth guidance
** On Wednesday, SBI overtook TCS TCS.NS to become India's fourth-largest company by market cap
** 38 analysts on avg rate SBI "buy", their median PT is 1210 rupees
** Stock up 22% so far in 2026
(Reporting by Nishit Navin in Bengaluru)
** Shares of State Bank of India SBI.NS are up 0.3% at 1196 rupees
** For the week, India's largest lender by assets is up 12%, set for its best week since early February, 2021
** Weekly gains that have included multiple record highs, were driven by strong Q3 earnings and increase in FY26 credit growth guidance
** On Wednesday, SBI overtook TCS TCS.NS to become India's fourth-largest company by market cap
** 38 analysts on avg rate SBI "buy", their median PT is 1210 rupees
** Stock up 22% so far in 2026
(Reporting by Nishit Navin in Bengaluru)
After SBI, ICICI Bank overtakes TCS market cap as AI disruption fears rattle IT investors
** Shares of India's ICICI Bank ICBK.NS rise 1.2% to surpass market capitalisation of Tata Consultancy Services TCS.NS
** IT major now sixth biggest Indian company by market cap after losing two spots in two days; shares down 3.7%
** TCS' market cap drops to 10.13 trillion rupees ($111.92 billion), while that of ICICI Bank rises to 10.18 trillion rupees ($112.47 billion)
** IT bellwether hit by broader sell-off in IT stocks due to fears of AI disruption and fading U.S. rate cut hopes
** Nifty IT index .NIFTYIT down 4.3%
** Reliance Industries RELI.NS, HDFC Bank HDBK.NS and Bharti Airtel BRTI.NS and State Bank of India SBI.NS are the India's top four firms, respectively, in terms of market cap
($1 = 90.5150 Indian rupees)
(Reporting by Vivek Kumar M)
(([email protected];))
** Shares of India's ICICI Bank ICBK.NS rise 1.2% to surpass market capitalisation of Tata Consultancy Services TCS.NS
** IT major now sixth biggest Indian company by market cap after losing two spots in two days; shares down 3.7%
** TCS' market cap drops to 10.13 trillion rupees ($111.92 billion), while that of ICICI Bank rises to 10.18 trillion rupees ($112.47 billion)
** IT bellwether hit by broader sell-off in IT stocks due to fears of AI disruption and fading U.S. rate cut hopes
** Nifty IT index .NIFTYIT down 4.3%
** Reliance Industries RELI.NS, HDFC Bank HDBK.NS and Bharti Airtel BRTI.NS and State Bank of India SBI.NS are the India's top four firms, respectively, in terms of market cap
($1 = 90.5150 Indian rupees)
(Reporting by Vivek Kumar M)
(([email protected];))
India's top lender SBI beats TCS to become country's fourth-largest company by market cap
** State Bank of India SBI.NS becomes fourth-largest Indian company by market capitalisation
** Shares of India's largest lender rise 3.4% on the day, pushing market cap to 10.92 trillion rupees ($120.36 billion), per exchange data
** Pips IT bellwether TCS TCS, which fell 2.5% on Wednesday, taking its market cap to 10.52 trillion rupees
** SBI up 7% this week after upbeat Q3 earnings, while TCS is up 1.5%
** Reliance Industries RELI.NS, HDFC Bank HDBK.NS and Bharti Airtel BRTI.NS are the top three, respectively, in terms of market cap
($1 = 90.7275 Indian rupees)
(Reporting by Vivek Kumar M)
(([email protected];))
** State Bank of India SBI.NS becomes fourth-largest Indian company by market capitalisation
** Shares of India's largest lender rise 3.4% on the day, pushing market cap to 10.92 trillion rupees ($120.36 billion), per exchange data
** Pips IT bellwether TCS TCS, which fell 2.5% on Wednesday, taking its market cap to 10.52 trillion rupees
** SBI up 7% this week after upbeat Q3 earnings, while TCS is up 1.5%
** Reliance Industries RELI.NS, HDFC Bank HDBK.NS and Bharti Airtel BRTI.NS are the top three, respectively, in terms of market cap
($1 = 90.7275 Indian rupees)
(Reporting by Vivek Kumar M)
(([email protected];))
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What does SBI do?
State Bank of India (SBI) provides a wide range of products and services to individuals, commercial enterprises, large corporates, public bodies, and institutional customers through its various branches and outlets, joint ventures, subsidiaries, and associate companies. It has always been in the forefront to embrace changes without losing sight of its values such as Service, Transparency, Ethics, Politeness and Sustainability.
Who are the competitors of SBI?
SBI major competitors are HDFC Bank, ICICI Bank, Bank Of Baroda, Union Bank Of India, PNB, Canara Bank, Indian Bank. Market Cap of SBI is ₹8,75,524 Crs. While the median market cap of its peers are ₹1,21,412 Crs.
Is SBI financially stable compared to its competitors?
SBI seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does SBI pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. SBI latest dividend payout ratio is 18.3% and 3yr average dividend payout ratio is 18.21%
How has SBI allocated its funds?
Company has been allocating majority of new resources to productive uses like advances.
How strong is SBI balance sheet?
Latest balance sheet of SBI is weak, and historically as well.
Is the profitablity of SBI improving?
Yes, profit is increasing. The profit of SBI is ₹85,168 Crs for TTM, ₹77,561 Crs for Mar 2025 and ₹67,085 Crs for Mar 2024.
Is SBI stock expensive?
SBI is not expensive. Latest PE of SBI is 10.54 while 3 year average PE is 10.95. Also latest Price to Book of SBI is 1.47 while 3yr average is 1.52.
Has the share price of SBI grown faster than its competition?
SBI has given better returns compared to its competitors. SBI has grown at ~18.27% over the last 10yrs while peers have grown at a median rate of 10.33%
Is the promoter bullish about SBI?
Promoters seem to be bullish about the company. Latest quarter promoter holding is 55.52% and last quarter promoter holding is 55.51%.
Are mutual funds buying/selling SBI?
The mutual fund holding of SBI is decreasing. The current mutual fund holding in SBI is 13.29% while previous quarter holding is 13.76%.