SBI HOME LOAN APPLICATION FORM

SBI home loan eligibility and income calculations 

SBI home loan eligibility is determined by borrower profile, credit history, verified income stability, and property due diligence under the bank’s policy framework and regulatory norms, while income calculations convert documented earnings into an affordable EMI using standard banking assessments and the EMI formula. The applicable interest rate is EBLR-linked, so affordability and eligibility are sensitive to the current benchmark and spread visible in SBI’s published rate schedule.sbi+3

Core eligibility factors

Eligibility hinges on valid KYC, a stable income profile (salaried or self‑employed), adequate credit standing, and a property with clear title that passes legal and technical checks through empanelled professionals. SBI also considers application completeness and alignment with product policy, including loan tenure norms and loan-to-value as applicable to the chosen scheme. The bank’s EBLR-linked pricing environment means rate movements can affect the sanctioned EMI and therefore the final eligible amount at the time of approval.sbirealty+3

Income assessment overview

For salaried applicants, income is primarily evidenced through recent payslips and Form 16/ITR, which establish a stable monthly earning base for EMI capacity assessment. For self‑employed/professionals, SBI reviews multi‑year ITRs and audited financials to gauge average, sustainable earnings and business stability before deriving affordability. Existing obligations and overall risk profile are evaluated during sanction, and property due diligence proceeds in parallel to finalize eligibility and disbursal conditions.paisabazaar+1

Documents that drive numbers

The income figure used in eligibility is grounded in the submitted documents: payslips and Form 16/ITR for salaried, and multi‑year audited Balance Sheet and Profit & Loss with ITRs for self‑employed. KYC and address proofs complete the applicant profile, while property papers enable valuation and legal opinion that influence the final loan amount and conditions. Accurate, complete documentation shortens verification cycles and reduces back‑and‑forth during sanction.sbirealty+1

EMI math and affordability

Monthly EMI is computed using 

EMI=P⋅r⋅(1+r)n(1+r)n−1

EMI=

(1+r)

n

−1

P⋅r⋅(1+r)

n

, where 

P

P is principal, 

r

r is monthly interest rate, and 

n

n is number of months, and SBI provides an online EMI calculator to test scenarios. To estimate the maximum eligible principal for a target EMI, rearrange the same relationship as 

P=EMI×(1+r)n−1r(1+r)n

P=EMI×

r(1+r)

n

(1+r)

n

−1

 and plug in the relevant EBLR‑linked rate and preferred tenure. Since SBI’s rates are benchmarked to EBLR, checking the current rate schedule before finalizing 

r

r helps align affordability with live pricing.sbisecurities+1

Co‑applicants and income clubbing

SBI’s journey supports adding co‑applicants during application, allowing household income clubbing where eligible to enhance the sanctionable amount. Co‑applicant details entered in the digital flow feed into eligibility views and are subsequently validated through document collection and verification. Final sanction reflects combined affordability subject to documentation and risk policy.sbi+1

NRI/OCI considerations

NRIs/OCIs are eligible subject to additional KYC such as passport/visa, overseas address proof, employment/contract letters, and overseas bank statements to evidence income flow. Income stability for overseas salaried profiles is typically established through recent salary credits and payslips alongside the required identity and residence proofs. The core sanction–disbursal framework and property due diligence remain consistent, with attestations routed per accepted channels.paisabazaar+1

Property due diligence impact

Legal opinion, technical evaluation, and valuation determine title clarity and marketability, which can affect conditions, insurance requirements, and final sanction quantum. Under‑construction cases require compliance with approved plans and stage‑wise certifications, aligning loan tranches with verified progress. A clear legal and technical report is essential for timely disbursal after margin contribution.sbirealty

Practical steps to strengthen eligibility

Organize full KYC, income, and property files at the outset to shorten verification and improve turnaround time to sanction. Use SBI’s EMI calculator to stress‑test tenure and rate scenarios and stay within a comfortable EMI range before document pickup. Consider co‑applicant income clubbing where applicable and align the application through YONO or branch channels for guided completion.

SBI’s housing loan procedure involves eligibility assessment, documentation, legal and technical verification, sanction, and disbursal, with the option to apply end-to-end via the YONO SBI app or through branches for a streamlined experience. Current SBI home loan interest rates are linked to the external benchmark (repo-linked EBLR), with typical ranges observed around 7.50% to 8.70% p.a., depending on credit profile and scheme, alongside a standard processing fee of 0.35% of the loan amount plus GST (min ₹2,000; max ₹10,000). sbi+3

Loan overview

SBI offers multiple home loan variants, including regular purchase loans, construction loans, renovation/extension loans, balance transfers, and dedicated options for NRIs, with tenures of up to 30 years and financing of up to 90% of the property value, subject to applicable norms. Digital application via YONO provides an eligibility view, indicative EMI, and tenure, and quick outreach from bank representatives to facilitate a seamless process. Interest rates vary by borrower profile and scheme and are benchmarked to the EBLR, which adjusts with changes in the RBI repo rate as per prevailing policy.cleartax+1

Eligibility criteria

Eligible applicants include Indian citizens, NRIs, and OCIs, subject to the age criteria of a minimum 18 years at application and a maximum 70 years at loan maturity, along with stable income. A strong credit score improves approval chances and pricing, and properties must have clear titles and comply with SBI’s lending criteria. SBI’s loan-to-value norms, documentation depth, and pricing decisions operate within these overarching criteria and the bank’s risk policy.sbi

How to apply (YONO)

Within YONO, navigate to Loans → Home Loan, enter personal, address, income, existing EMIs, and co-applicant details as applicable, and review the displayed eligible amount, EMI, and tenure. Submit the request to initiate assisted processing, during which an SBI representative guides documentation, verification, and next steps. The digital flow complements in-branch processing and expedites initial assessment while maintaining standard legal and technical checks before disbursal.sbirealty+1

Step-by-step (branch + backend)

After application and basic eligibility checks, SBI issues a sanction decision based on KYC, income assessment, credit profile, and preliminary property/title review. Post-sanction, the borrower brings in margin (down payment) and the bank completes legal, technical, and structural due diligence before releasing funds. Disbursal is paid to the seller/builder either in one shot for ready properties or in tranches for under-construction as stage-wise progress is certified.sbirealty

Documents checklist

Common KYC: filled application, recent photos, PAN/Passport/Voter ID/Driving License as identity proof, and residence proof such as utility bill, Passport, Driving License, or Aadhaar. Income proof (salaried): last 3 months’ payslips and Form 16 for the past 2 years or IT returns for 2 financial years. Income proof (self-employed/professional): business address proof, last 3 years’ IT returns, audited Balance Sheet and P&L for 3 years, relevant licenses, and qualification certificates where applicable.

Property papers

Property documentation commonly includes allotment/registered agreement for sale, approved plan, development agreement, payment receipts or bank statements evidencing payments, occupancy certificate for ready units, and applicable local documents like share certificates where relevant. Legal opinion and valuation from empaneled professionals are standard, with additional items like encumbrance certificates and link documents often required. For certain states and cases, processes like franking/e-stamping, NOC from the builder/society, and tripartite agreements for under-construction projects may be part of the file.

Sanction vs disbursal

Sanction is the bank’s approval of a loan amount based on the borrower’s capacity and initial property/title checks, documented via a signed sanction letter. Disbursal follows only after margin contribution and completion of legal, technical, and structural verifications, with funds typically released directly to the seller/builder. In under-construction cases, stage-wise inspection and architect/engineer certifications guide tranche disbursals aligned to construction milestones.

Interest rate and fees

SBI home loans are externally benchmarked, with 2025 rate ranges broadly observed at about 7.50%–8.70% p.a. depending on CIBIL score and scheme; top-up and LAP rates are higher in line with product risk. Processing fees are typically 0.35% of the sanctioned amount plus GST, subject to minimum ₹2,000 and maximum ₹10,000 thresholds per current schedules referenced by market trackers. Foreclosure/prepayment charges on floating rate home loans are generally nil, supporting cost-effective prepayments when cash flows permit.

Timelines and tracking

Specialized home loan branches may complete disbursal rapidly once legal and technical clearances are in place, with some cases reported within a few working days, though timelines vary by case and documentation readiness. Online application and early collation of complete KYC, income, and property sets can materially shorten end-to-end turnaround times. For under-construction properties, overall time to full disbursal follows the project’s sanctioned construction milestones and certification cycle.

EMI calculation

Monthly EMI depends on principal 

P

P, monthly interest rate 

r

r, and tenure in months 

n

n, using the formula 

EMI=P⋅r⋅(1+r)n(1+r)n−1

EMI=

(1+r)

n

−1

P⋅r⋅(1+r)

n

. SBI’s online EMI calculator helps estimate repayment at different tenures and rates to gauge affordability prior to selection. Using such tools early supports informed decisions on loan size and tenure relative to monthly cash flow.sb

Practical tips

Maintain a strong credit score and reduce existing unsecured EMIs to improve eligibility and pricing outcomes. Use the EMI calculator to align tenure and EMI with cash flows before finalizing selections. Keep a complete, organized set of KYC, income, and property documents handy to minimize verification delays.

NRI/OCI notes

NRIs and OCIs are eligible, with additional documentation such as passport/visa, overseas address proof, work permits or employment contracts, overseas bank statements, and appropriately attested copies. Income proofs for overseas salaried applicants commonly include recent salary slips and six months’ salary credit statements, with local variations by jurisdiction. The core sanction–disbursal cycle and property due diligence remain similar, with the bank coordinating attestations per accepted channels.sbi+2

Under-construction specifics

Expect disbursals in stages tied to construction progress, subject to architect/engineer certifications and compliance with sanctioned plans. Tripartite agreements between borrower, builder, and bank are commonly executed to define responsibilities for progress and payments. Maintaining up-to-date demand letters and receipts aligned with stage milestones ensures smooth tranche releases.

Summary checklist (quick view)

• Application and KYC: application form, photos, identity and address proofs.

• Income proofs: payslips/Form 16 for salaried; IT returns and financials for self-employed.

• Property papers: agreement, approved plan, EC/link docs, OC for ready, receipts. sbirealty+1

• Fees and rates: EBLR-linked pricing, typical 7.50%–8.70% p.a., 0.35% + GST processing fee.cleartax+1

• Flow: eligibility → sanction → margin → legal/technical checks → disbursal (lump sum or tranches). sbirealty

Where to start

Begin on YONO SBI to check indicative eligibility, EMI, and tenure and trigger assisted onboarding from a representative. Collate complete KYC, income, and property documents early to accelerate legal and technical checks ahead of sanction and disbursal. For ready properties, plan stamp duty and registration, and for under-construction, align tripartite and stage-wise documentation with the builder’s schedule

LIC launches Amritbaal, a traditional savings life insurance plan for children : The Life Insurance Corporation of India (LIC) has announced the launch of Amritbaal, a traditional endowment policy- non-linked, non-participating - aimed at parents who are looking to build a higher education for their children over the long term. The minimum age at entry (for the child) is 30 days, while the upper limit is 13 years. At maturity, the minimum age is 18 years while the maximum is 25 years, LIC said in an official release. - moneycontrol.

🍒          HDFC Bank’s savings accounts gets boost post merger : The merger of HDFC Bank with mortgage lender HDFC has boosted savings accounts portfolio of the bank. Pre-merger about 30% to 35% of incremental disbursals were to an HDFC Bank savings account customer. This number has risen about 80% of incremental disbursals, post-merger. “Our aspiration is reach 90% by the end of this fiscal,” said Arvind Kapil, Country Head – Mortgage Banking, Home Loan, LAP, HDFC Bank. He added that the bank will continue its efforts to get remaining 10 % customers. - financial express

🍒          Income Tax refunds: LIC’s Q4FY24 net profit to get ₹21,741 crore boost : Life Insurance Corporation of India (LIC) on Friday said the Income tax Department has released refunds aggregating ₹21,740.77 crore for seven assessment years beginning 2012-13. This refund will boost the life insurance behemoth’s bottomline in the fourth quarter. “The total amount of refund was ₹25,464.46 crore. In this regard, the IT Department has released ₹21,740.77 crore on February 15, 2024. The corporation is pursuing for the balance with the IT Department,” LIC said in a regulatory filing. The corporation reported a 49 per cent year-on-year jump in third quarter standalone net profit at ₹9,444 crore against ₹6,334 crore in the year ago quarter. - Business Line.

🍒          Sundaram Home Finance targets to double disbursements in Maharashtra next year : Sundaram Home Finance has opened a new branch in Navi Mumbai, as the subsidiary of Sundaram Finance Ltd aims to double the disbursements made in Maharashtra next year. The expansion plan was in the backdrop of the region offering potential to home finance, a top official said. "Mumbai is the largest and fastest growing real estate market in the country. We currently operate out of Thane catering to the outskirts of Mumbai. This expansion in the business capital is driven by the growth of Navi Mumbai and the potential it offers for our home finance business," said the company's Managing Director Lakshminarayan Duraiswamy. - Business Line.

🍒          Gold loan companies request RBI to probe banks violating loan-to-value norms : The Association of Gold Loan Companies has requested the Reserve Bank of India to look into violations by some banks’ branches of the norm that caps the amount of loan that can be given against the pledge of gold ornaments and jewellery. This comes against the backdrop of banks’ sustaining their focus on growing their gold loan portfolio even after the RBI’s temporary relaxation (from August 6, 2020, to March 31, 2021) in the LTV (loan-to-value) norm ended. “We have taken up the matter with the regulator because some of the banks (both public sector and private sector) and some of their branches are violating the LTV norm,” said George Alexander Muthoot, Managing Director, Muthoot Finance. - Business Line.

🍒          Nifty closes above 22,000 mark, extends gains for fourth straight session : Sensex, Nifty updates on 16 February 2024: Indian equity markets continued their upward trend for the fourth consecutive session on Friday, with the Nifty closing above the 22,000 level. The benchmark indices were driven by strong performances from L&T, Infosys, and M&M, supported by positive global market trends. The Sensex rose by 376.26 points or 0.52 per cent to close at 72,426.64, while the Nifty climbed 129.95 points or 0.59 per cent to finish at 22,040.70. Wipro led the gains on the Sensex, rising by 4.79 per cent, followed by M&M, L&T, Tata Motors, Maruti, Infosys, Nestle India, and IndusInd Bank. However, PowerGrid, SBI, Reliance, NTPC, and Axis Bank were among the stocks that lagged. In the US, the market closed higher in overnight trading on Thursday, while in Asia, Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s Kospi ended with significant gains. - Business Line.

🍒          Rupee moves up 4 paise to 83.01 against dollar in early trade : The rupee rose 4 paise to 83.01 against the US dollar in early trade on Friday, tracking positive cues from the domestic equity markets. At the interbank foreign exchange, the domestic currency opened at 83.03 and inched up to 83.01 against the greenback in initial deals, registering a gain of 4 paise from its previous close. - Business Line..

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Paytm is ready for all options for the bank’s survival, including acquisition 

Pradeep Kumar Sinha to take over as Non-Executive Part-time Chairman of ICICI Bank: 

Former Cabinet Secretary Pradeep Kumar Sinha will take over as Non-Executive Part-time Chairman of ICICI Bank after G. C. Chaturvedi’s term ends on June 30, 2024. In the run-up to the aforementioned appointment, the Bank’s Board (at its meeting held from February 15-17, 2024), has approved the appointment of Sinha as an Additional (Independent) Director for a period of five years, with immediate effect, subject to the approval of shareholders. The Bank, in a regulatory filing, said G. C. Chaturvedi would retire as Non-Executive Part-time Chairman on close of business hours of June 30, 2024. - - Business Line. 

 IEPFA and DBS Bank ink MoU to spread awareness on investment and fraudulent schemes: 

Investor Education and Protection Fund Authority (IEPFA) and Singapore-headquartered DBS Bank on Monday signed a Memorandum of Understanding (MoU) to spread awareness on investment and fraudulent schemes. Under the MoU, DBS Bank aims to support IEPFA’s investor awareness activities by disseminating safety messages via its various digital platforms.  Leveraging DBS Bank’s extensive network of branches and ATMs in 19 States, as well as its digital infrastructure, will significantly increase the reach of IEPFA’s investor awareness and protection messages to end users. - Business Line. 

Yes Bank shares down 4% after 0.86% equity change hands: 

Yes Bank shares were down 4.58 percent on February 19 after 0.86 percent of the bank's equity changed hands during the trading session. Around 24.78 crore shares worth Rs 674 crore changed hands on February 19 on the exchanges. Yes Bank shares closed 4.58 percent lower at Rs 27.1 on the National Stock Exchange. Global investment firm Carlyle Group on February 15 pared a 1.3 percent stake in Yes Bank for Rs 1,057 crore through an open market transaction. The US-based Group, through its affiliate CA Basque Investments, offloaded 39 crore shares of Yes Bank on the Bombay Stock Exchange. - moneycontrol. 

  HDFC Bank merger catalyzed loan growth, need to raise funds to keep pace: MD Jagdishan : 

The recent merger of HDFC Bank and HDFC Ltd has brought forward the loan growth of the combined entity, triggering the need for the private bank to raise funds, said MD and CEO Sashidhar Jagdishan. “There is a need to mobilize sustainable deposits to replace the maturing bonds,” Jagdishan said at an investor conference hosted by Goldman Sachs on February 19. The bank’s deposit growth will not match loan growth overnight but will rather follow a glide path, he said. "We realize that we have preponed our loan growth and so we need a transition time to warm up the engine and raise sustainable funding which will substitute some of the bond maturity," said Jagdishan. He further said that this will help the bank match its share of loans and deposits. Despite this transition, the bank aims to maintain financial stability and continue its trajectory of profitable growth, said Jagdishan. - moneycontrol. 

HDFC Bank merger catalyzed loan growth the loan growth of the combined entity,

 HDFC Bank merger catalyzed loan growth, d the loan growth of the combined entity, triggering the need for the private bank to raise funds, said MD and CEO Sashidhar Jagdishan. “There is a need to mobilise sustainable deposits in order to replace the maturing bonds,” Jagdishan said at an investor conference hosted by Goldman Sachs on February 19. The bank’s deposit growth will not match loan growth overnight but will rather follow a glide path, he said. "We realise that we have preponed our loan growth and so we need a transition time to warm up the engine and raise a sustainable funding which will substitute some of the bond maturity," said Jagdishan. He further said that this will help the bank match its share of loans and deposits. Despite this transition, the bank aims to maintain financial stability and continue its trajectory of profitable growth, said Jagdishan. - moneycontrol.

 Nifty closes above the 22,000 mark, and extends gains for the fourth straight session: 

Sensex, Nifty updates on 16 February 2024: Indian equity markets continued their upward trend for the fourth consecutive session on Friday, with the Nifty closing above the 22,000 level. The benchmark indices were driven by strong performances from L&T, Infosys, and M&M, supported by positive global market trends. The Sensex rose by 376.26 points or 0.52 per cent to close at 72,426.64, while the Nifty climbed 129.95 points or 0.59 per cent to finish at 22,040.70. Wipro led the gains on the Sensex, rising by 4.79 per cent, followed by M&M, L&T, Tata Motors, Maruti, Infosys, Nestle India, and IndusInd Bank. However, PowerGrid, SBI, Reliance, NTPC, and Axis Bank were among the stocks that lagged. In the US, the market closed higher in overnight trading on Thursday, while in Asia, Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s Kospi ended with significant gains. - Business Line.

Sundaram Home Finance targets to double disbursements in Maharashtra next year: 

Sundaram Home Finance has opened a new branch in Navi Mumbai, as the subsidiary of Sundaram Finance Ltd aims to double the disbursements made in Maharashtra next year. The expansion plan was in the backdrop of the region offering potential to home finance, a top official said. "Mumbai is the largest and fastest growing real estate market in the country. We currently operate out of Thane catering to the outskirts of Mumbai. This expansion in the business capital is driven by the growth of Navi Mumbai and the potential it offers for our home finance business," said the company's Managing Director Lakshminarayan Duraiswamy. - Business Line.

 Income Tax refunds: LIC’s Q4FY24 net profit to get ₹21,741 crore boost: 

Life Insurance Corporation of India (LIC) on Friday said the Income-tax Department has released refunds aggregating ₹21,740.77 crore for seven assessment years beginning 2012-13. This refund will boost the life insurance behemoth’s bottom line in the fourth quarter. “The total amount of refund was ₹25,464.46 crore. In this regard, the IT Department released ₹21,740.77 crore on February 15, 2024. The corporation is pursuing the balance with the IT Department,” LIC said in a regulatory filing. The corporation reported a 49 per cent year-on-year jump in third-quarter standalone net profit at ₹9,444 crore against ₹6,334 crore in the year ago quarter. - Business Line.

   LIC launches Amritbaal, a traditional savings life insurance plan for children: 

The Life Insurance Corporation of India (LIC) has announced the launch of Amritbaal, a traditional endowment policy- non-linked, non-participating - aimed at parents who are looking to build a higher education for their children over the long term. The minimum age at entry (for the child) is 30 days, while the upper limit is 13 years. At maturity, the minimum age is 18 years while the maximum is 25 years, LIC said in an official release. - moneycontrol.

  RBI's restrictions on card network will reduce volumes but not hit profits of banks' card business:

 The Reserve Bank of India's diktat restricting card networks from supporting business card issuance by non-bank intermediaries will hit the volume of card spends but will not impact profits in the card business, said Macquarie Capital in a report Friday. The RBI placed restrictions stating various violations, like payments being made to entities not registered as merchants on card networks. According to banks, the value of transactions in these cards is high, but since they do not attract the same level of fees (merchant discount rate) as retail sales, their card earnings will not be significantly hit. - economic times.

 SBM Bank India names Ashish Vijayakar MD & CEO : 

Private sector lender SBM Bank India Friday said it has appointed Ashish Vijayakar as managing director and chief executive officer. The appointment is for three years starting February 17, the bank said in a statement. Vijayakar is a veteran banker with a track record spanning around three decades in the banking and financial services sector. “With his proven track record of driving business growth, leading transformational initiatives and fostering winning teams, Vijayakar’s leadership will propel SBM Bank India to new heights of success,” said Sattar Hajee Abdoula, chairman, SBM Bank India. - Economic Times.

Money laundering suspected: 

More payment banks under scanner: More payment banks may face regulatory action as the Financial Intelligence Unit (FIU) has detected about 50,000 accounts without know-your-customer (KYC) verification and potentially engaged in suspicious transactions and money laundering activities. About 30,000 of these are with payments banks other than Paytm Payments Bank and details have already been given to the Reserve Bank of India (RBI), which is looking into these and has sought further information, said people with knowledge of the matter. The banking regulator didn’t respond to queries. - economic times.

 West Bengal govt authorizes Bandhan Bank for collection of tax, and non-tax receipts: 

Bandhan Bank on Friday announced that it has secured a mandate to collect revenue on the Government Receipt Portal System (GRIPS) from the West Bengal (WB) government. This will enable people of the state to make their tax and non-tax payments through GRIPS. The bank said that it will soon be integrating with the Government of West Bengal to operationalize the payment collection process. - economic times.

  Paytm Payments Bank crisis: 

RBI extends timeline for deposits, and credit transactions till March 15: The Reserve Bank of India (RBI) on Friday extended the deadline for customers of Paytm Payment Bank to make deposits and credit transactions till March 15, an official document read. This decision comes amidst the ongoing crisis surrounding the bank, which has raised concerns among its customers and regulatory authorities. "No further deposits or credit transactions or top-ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. after March 15, 2024 (extended from the earlier stipulated timeline of February 29, 2024), other than any interest, cashback, sweep in from partner banks or refunds which may be credited anytime," RBI said. - economic times.

 SBI allows customers to digitally enroll under PMJJBY and PMSBY schemes : 

State Bank of India (SBI) has launched a self-subscribing journey for enrolment under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and  Pradhan Mantri Suraksha Bima Yojana (PMSBY) schemes for its customers. The functionality enables customers to enroll under the schemes at their convenience without visiting the branch or Customer Service Point, per a statement by India’s largest bank. “The customer needs to key in the account number, and date of birth on Jan Suraksha portal and to select the Bank. The Certificate of Insurance is generated instantly on payment of premium,” SBI said. - Business Line.

SBI seeks regulatory dispensation in CRR :

 State Bank of India (SBI) has asked the Reserve Bank of India (RBI) to allow a reduction in the cash reserve ratio (CRR) on green deposit as an incentive for banks to raise these funds, chairman Dinesh Khara said.  He said that though banks have started to offer green deposits it will take 2-3 years to start having an impact on the pricing of these deposits. “We have asked (the regulator), for a reduction in CRR for green deposits and secondly, if at all as a policy it can be incorporated," Khara said at on the sidelines of a conference organised by IIM Kozhikode and NSE. - economic times.

SBI happy to welcome merchants looking to shift from Paytm bank: 

Dinesh Khara : State Bank of India (SBI) is reaching out to merchants to support payment systems in light of the regulatory action on PayTM Payments Bank, chairman Dinesh Khara said. The nation's largest lender will be happy to welcome merchants and is also open to a one-time migration of accounts from the besieged payments bank, he said. “We are reaching out to all merchants and will be happy to welcome them back to ensure there are no disruptions in the payments ecosystem. We have SBI Payments which is a company that supports point of sale terminals, QR codes, or app based solutions. We are reaching out to merchants on an ongoing business and are also open to a one time migration of accounts,” Khara said. - economic times.

🍒         SBI says wage hike provisions to reach Rs 26,000 crore by March : State Bank of India, which saw a sharp 35 per cent fall in its December quarter net profit due to a one-time expenditure towards increased salaries and pensions, said the burden will jump to around Rs 26,000 crore by March this year. The country's largest lender on Saturday reported a steep decline of 35 per cent in its net income at Rs 9,164 crore during October-December 2023 compared to Rs 14,205 crore profit recorded in the corresponding period a year ago and Rs 14,330 crore earned in the preceding quarter. The public sector lender attributed the fall in profit to the additional provision of Rs 7,100 crore made in the reporting quarter towards salaries and pensions arising out of the 17 per cent wage hike settlement reached with employee unions in November last year. The revises wages are effective from November 2022. - economic times.

🍒         SBI’s Q3FY24 net profit drops 35.5% due to one-time provisions : State Bank of India (SBI) reported a drop in net profit for the first time in 12 quarters, with its third quarter (Q3FY24) standalone net profit declining 35.5 per cent year-on-year (yoy) to ₹9,164 crore as it absorbed one-time provisions relating to increase in pension liabilities and dearness relief neutralisation. India’s largest bank had reported a net profit of ₹14,205 crore. Chairman Dinesh Kumar Khara underscored that the bank provided a liability of ₹5,400 crore in Q3 to correct the anomaly in pension, which persisted from 2002 onwards. Further, ₹1,700 crore was provided due to dearness relief neutralisation for pre-2002 retirees. Net interest income/NII (difference between interest earned and interest expended) was up 4.59 per cent yoy at ₹39,816 crore (₹38,069 crore in Q3FY23). - Business Line.

🍒         SBI made Rs 240 crore AIF provision in December quarter, says Chairman Dinesh Khara : Country’s largest lender, State Bank of India (SBI) has made a provision of Re 240 crore on its investment in alternative investment funds (AIFs), said Dinesh Khara, Chairman of the bank on February 3. "We have made a provision of Rs 240 crore on our investments to AIFs. Our total exposure to AIFs is around Rs 1,000 crore," Khara said at a press conference post the announcement of the quarterly results. RBI highlighted regulatory concerns regarding certain transactions involving AIFs by regulated entities that have come to its notice and released guidelines for investments in AIFs by the lenders regulated by it. “These transactions entail substitution of direct loan exposure of REs to borrowers, with indirect exposure through investments in units of AIFs,” the RBI said. - moneycontrol.

🍒         Kotak-backed Phoenix ARC, Edelweiss keen to acquire SBI loan to HNG : Kotak Mahindra Bank-backed Phoenix ARC and Edelweiss Asset Reconstruction Company are among half a dozen companies that h…

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☕🥯    06.02.2024 : Today's Banking / Financial News at a Glance 

🍒         SBI issues Electoral Bonds worth Rs 16,518 cr in 30 tranches : State Bank of India (SBI) has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018, Parliament was informed on Monday. The objective of the Electoral Bond Scheme is to ensure clean tax-paid money is coming into the system of political funding through proper banking channels, Minister of State for Finance Pankaj Chaudhary said in a written reply in Lok Sabha. "The total value of Electoral Bonds purchased (Phase-I to Phase-XXX) from State Bank of India is about Rs 16,518 crore. No GST or any other taxes/cess are charged from the purchaser on the purchase of Electoral Bonds," he said. - moneycontrol.

🍒         SBI shares fall as Q3 earnings miss estimates : Shares of State Bank of India (SBI) traded lower on February 5 after the public sector bank's third-quarter earnings fell short of Street estimates, dragged by a high wage and pension bill. The country’s largest lender’s net profit fell 35 percent on-year to Rs 9,163 crore, hit by Rs 7,100 crore pension liabilities.Adjusted for this one-time impact, the overall earnings remained healthy, driven by lower credit cost despite weak core operating performance, analysts.The net interest income (NII), the difference between interest earned and paid, came in at Rs 39,815 crore, missing estimates of Rs 40,304 crore. Its interest margin (NIM) stood at 3.22 percent, the bank told exchanges February 2. At 9:20 am, SBI shares were trading 1 percent lower at Rs 642.75 on the National Stock Exchange (NSE). - moneycontrol.

🍒         IOB Puts MSME Bad Loans on the Block, Eyes 60% Debt Recovery :  Banks are selling bad loans in micro, small and medium enterprises (MSMEs), with Indian Overseas Bank (IOB) deciding to sell loans in the segment comprising 41 accounts worth ₹208 crore. The bank is looking to recover 60% of the debt. It has invited potential buyers to submit offers, with 20% in cash and 80% in security receipts (SR). The last date for submitting expressions of interest is February 9 and e-bidding will take place on February 21. Bidders are expected to offer 5% mark-up on 20% cash and 80% SR base bid, with preference to bids with a higher cash portion. The cash component is ₹26.40, while the SR portion is ₹105.60 and the total recovery expectation is ₹125 crore, which is 60% of the outstanding book value. The initial amount for a counter bid is set at ₹132.00 crore, a 5.34% mark-up from the binding bid amount of ₹125.3 crore. This is on a basis of 20% cash and 80% SR. - economic times.

🍒         Need more 'SBI-sized' banks: Nirmala Sitharaman on India's economic push : Days after Budget 2024, Finance Minister Nirmala Sitharaman stressed the need to create more "SBI-sized" banks in India. In an interview with Livemint, Sitharaman said, "...Maybe three times the size of SBI (State Bank of India). Because SBI is also not in the top 10 (globally)."  Her statement followed after the February 1 interim budget presentation, where she had reiterated the Narendra Modi government's pledge to make India the world's third-largest economy during what would be the BJP-led NDA government's third tenure after the impending Lok Sabha elections. - Business Standard

🍒         Paytm shares crash over 42% in 3 days; investors lose Rs 20,500 crore : Shares of troubled fintech One 97 Communications or Paytm fell another 10% on Monday to its lower circuit limit at Rs 438.35 on BSE as the regulatory crisis deepened with fresh allegations of money laundering and investigation by the Directorate of Enforcement (ED) coming to the fore. In the last 3 trading sessions, including today, the stock has lost 42.4% of its value or Rs 20,500 crore in market capitalisation. Following two successive days of 20% losses in Paytm, stock exchanges have reduced the lower circuit limit to 10%. "One should avoid bottom fishing at this juncture because the news flow is still not digested by the market at this moment. Those who are still stuck in the stock are willing to exit," said Rajesh Palviya of Axis Securities. - economic times.

🍒         LICHFL aims to double affordable housing share in loan baook in 2 years : LIC Housing Finance is aiming to more than double the share of affordable housing loans in its loan book to 20-25 per cent in the next two years, a top official said on Monday. The home finance arm of the insurance behemoth has witnessed a slower loan growth at 5 per cent in the December quarter due to internal restructuring and management changes, its chief executive and managing director T Adhikari, who assumed charge in August, told reporters. He said the company has been focused on the salaried and the high credit scores segment till now, which has led to a lower focus on affordable housing finance till now. "At present, affordable housing is 8-10 per cent of the portfolio, and we are targeting to take it to 20-25 per cent of the loanbook in two years," Adhikari said. - economic times.

🍒         Paytm denies reports of being investigated or violation of forex rules by co or Payments Bank : One97 Communications Ltd, the parent company of Paytm, on Monday denied reports of company or its arm Paytm Payments Bank being investigated for involvement in violations of foreign exchange rules. "To address recent misinformation, factual inaccuracies, and speculation, One97 Communications Limited (OCL / Paytm / Company) would like to set out the Company’s position and directly address rumors in the recent misleading media reports about the Company," Paytm said in an exchange filing. The report which cited sources said that they did not indicate what specific provisions of the Foreign Exchange Management Act (FEMA), which covers individual and corporate transfers overseas, were the subject of the investigation by the Enforcement Directorate. - economci times.

🍒         Indian Bank credit growth could moderate in FY25 on tighter liquidity: S&P : S&P Global Ratings on Monday said strong credit growth of Indian banks could moderate to 12-14 per cent in the next fiscal if deposit growth remains tepid. "Deposit growth continues to lag credit for the Indian banks we rate, leading to tight liquidity conditions," S&P Global Ratings credit analyst Nikita Anand said. Banks may be compelled to look for wholesale funding, S&P said, adding that higher costs of such funding could further strain margins and hurt profitability. Rising cost of funds and potential rate cuts in fiscal 2025 will squeeze net interest margins, it added. "Liquidity is tightening for Indian banks. The sector's strong credit growth could moderate to 12-14 per cent in fiscal 2025 if deposit growth remains tepid, compounded by higher deposit costs and competition for funds," S&P said in a report titled 'Tight liquidity shackles Indian banks' robust credit growth'. S&P expects the share of unsecured personal loans in the banks' total loan book to continue to rise. - economic times.

🍒         ED probing Paytm and bank unit over currency transactions : India's financial crime-fighting agency is investigating if platforms run by One 97 Communications, also known as Paytm, were involved in violations of foreign exchange rules, two senior government sources said. The sources did not indicate what specific provisions of the Foreign Exchange Management Act (FEMA), which covers individual and corporate transfers overseas, were the subject of the investigation by the Enforcement Directorate. One of the sources added that the investigators were not yet in contact with Paytm. The sources declined to be named because they were not authorised to speak to the media. - economic times.

🍒         Customers, competitors redraw plans with Paytm : As Paytm Payments Bank stares into an abyss, customers and competitors are redrawing their plans with the fintech group, amid expectations that the regulator may have to weigh in to untangle the knot as banks looking to take over the accounts are for the RBI to indemnify them on the KYC and money laundering issues, said people familiar with the matter. Its parent company, One 97 Communications, which has a loan sourcing business with seven non-banking financial companies, will also be impacted, they said. Shriram Finance vice chairman Umesh Revankar, whose company has one such relationship, said it will revisit the partnership, which was forged in July 2023. - economic times.

🍒         Unity SFB reports 79% jump in Q3FY24 net profit at ₹110 crore : Unity Small Finance Bank reported a 79 per cent year-on-year (yoy) jump in third quarter net profit at ₹110 crore against ₹61 crore in the year ago quarter on the back of a strong increase in net interest income (NII). NII, which is the difference between interest earned and interest expended, was up 71 per cent y-o-y at ₹257 crore (₹151 crore), per a bank statement. Pre-provisioning operating profit shot up 180 per cent y-o-y to ₹133 crore (₹47 crore). Total deposits and net advances rose 163 per cent (to ₹5,004 crore as of December-end 2023) and 80 per cent (ṭ6,601 crore), respectively. - Busiess Line.

🍒         PFRDA invites bids to engage system integrator for TRACE : The Pension Fund Regulatory and Development Authority (PFRDA) is seeking bids from prospective bidders to be appointed as System Integrator (SI) for PFRDA-TRACE as part of Technology Architecture (TARCH) project. PFRDA-TRACE (Tracking Reporting Analytics & Compliance e-platform) will serve as a comprehensive tool for submitting regulatory and supervisory compliance reports by intermediaries, sharing reports and data with PFRDA, monitoring functions, facilitating a workflow for PFRDA departments to review and track submissions, enabling communication of observations and remarks and incorporating a validation process for reports and data submitted by intermediaries. The PFRDA-TRACE is the second phase of the TARCH project and PFRDA is selecting an SI vendor specifically for this module.  - Business Line.

🍒         Sundaram Finance posts 24% rise in Q3 net profit : Sundaram Finance Ltd. (SFL) has reported a 24 per cent increase in its standalone net profit of ₹300 crore for the quarter ended December 31, 2023, when compared with a net profit of ₹243 crore in the year-ago quarter, aided by strong growth in income. The board of the company has declared an interim dividend of ₹14 per share (140%) for 2023-24. The Chennai-headquartered NBFC’s interest income grew by 33 per cent to ₹1,195 crore in the December 2023 quarter (₹897 crore in the year-ago quarter), while total income grew by 34 per cent to ₹1,352 crore when compared with ₹1,011 crore. - Business Line.

🍒         Banking system liquidity deficit shrinks to ₹1.40 lakh crore : The liquidity deficit in the banking system shrank to about ₹1.40-lakh crore on February 4 from the recent peak of ₹3.46-lakh crore (on January 24th) in view of the government stepping up spending, per RBI data. The declining liquidity deficit also had a salubrious effect on the overnight money market rates, with the weighted average rate easing to 6.33 per cent from around 6.50 per cent to 6.75 per cent last month. The Reserve Bank of India (RBI) has been keeping liquidity tight in the banking system in tune with the “withdrawal of accommodation” monetary policy stance to ensure that inflation progressively aligns with the target while supporting growth. - Business Line.

🍒         Paytm Payments Bank: Continued regulatory lapses drew stringent RBI action  : As more details surface around the reasons for Reserve Bank of India taking stringent action against Paytm Payments Bank, doubts thicken around the possibilities of the bank fudging its user base details and acting in a manner non-complaint to its licensing requirements. According to highly placed sources aware of the matter, while Paytm Payments Bank boasts of 330 million wallet users only 20 million may be active wallet users of the payments bank, while 310 million may have been redundant accounts. Some of the case documents perused by businessline, which detail the irregularities noted by the regulator, reveal the absence of KYC (know your customer) for very large number of customers, permanent account number (PAN) validation failures in several accounts running into millions, single PAN used for onboarding multiple customers and an unusually high number of dormant accounts. - Business Line.

🍒         Banks provide few liquidation options in AIFs in the hope of easing norms : Amid few options for existing investments and the hope of some easing in guidelines by the regulator, most private banks made provisions against their investments in alternative investment funds (AIFs) during the quarter ended December 2023. In October-December, five private banks made provisions of ₹2,334 crore against their AIF portfolios, leading with HDFC Bank, which had the maximum provisions of ₹1,220 crore, and ICICI Bank, with provisions of ₹627 crore. In the earnings call, HDFC Bank CFO Srinivasan Vaidyanathan said that the fair value of the investments was about ₹500 crore higher, which reflects that there is good value in the assets, but the bank has chosen to make 100 per cent provisioning on a prudent basis. He added that if the RBI makes any concessions in the future, the bank will accordingly take a call.  - Business Line.

🍒         More than 11 crore PAN still not linked with Aadhaar : More than 11 crore Permanent Account Numbers (PAN) have yet to be linked with their respective Aadhaar numbers, the Ministry of Finance has informed the Parliament.  In a written response to the Lok Sabha on February 5, Minister of State for Finance Pankaj Chaudhary said that as of January 29, the number of PANs not linked with Aadhaar, excluding exempted categories, stood at 11.48 For people who were allotted a PAN on or before July 1, 2017, it was mandatory to link it with their Aadhaar by June 30, 2023, failing which the PAN became inoperative. However, the PAN can be made operative again after paying a penalty of Rs 1,000. - moneycontrol.

🍒         LIC jumps 7%, tops Rs 1,000 mark for the first time on government's value push : Life Insurance Corporation of India’s share price rose 7 percent to Rs 1,011 on February 5, surpassing the IPO price of Rs 949 yet again, pushing the market capitalisation of the insurer above the Rs 6-lakh crore mark. In mid-January, LIC overtook the State Bank of India and became the most valued public sector undertaking. The SBI share price on Monday fell 1.11 percent to Rs 643.2 and its market cap stood at Rs 5.77 lakh crore. The LIC stock has surged more than 55 percent in the past three months. - moneycontrol.

🍒          Sensex falls 354 pts; Nifty settles above 21,750 pts; Tata Motors gains 5.8%, UPL slumps over 10% :  Sensex, Nifty updates on February 5, 2024: BSE Sensex fell 0.49% to close at 71,731.42 points and NSE Nifty declined by 0.35% to settle at 21,777.25 points. Nifty Pharma surged by 2.07% to 18,343.80, with Pfizer, Natco Pharma, Sun Pharma, and Cipla leading. Nifty Oil & Gas (11,400.85) and Nifty Auto (19,700.95) gained 2.60% and 1.65%, respectively. Tata Motors, Coal India, BPCL, Power Grid, and ONGC were top NSE gainers, while UPL, Bharti Airtel, Bajaj Finserv, Maruti, and Bajaj Finance lagged. On BSE, 2,112 stocks advanced, 1,743 declined, and 165 were unchanged. 514 stocks hit a 52-week high, while LIC reached a lifetime high at ₹1,028, currently trading at ₹1,002.50, up 6.03% as of 12.35 pm. - Business Line.

🍒         Rupee falls 8 paise to settle at 83.06 against US dollar : The rupee depreciated 8 paise to settle at 83.06 (provisional) against the US dollar on Monday, as strengthening American currency overseas and negative sentiment in the domestic equity markets weighed on the local unit. However, the downward trend in the global crude oil prices supported the domestic unit and restricted its decline, forex traders said. At the interbank foreign exchange, the rupee opened at 83.03 against the dollar and traded in the narrow range of 83.00 to 83.07. The local unit finally settled at 83.06 (provisional) against the greenback, down 8 paise over its previous close. - Business Line..

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☕🥯 0812.2023 : Today's Banking / Financial News at a Glance 

🍒           Surprise credits: Thousands of UCO Bank accounts opened around transfer dates under CBI scanner :  The CBI investigation into surprise credits totalling Rs 820 crore in the accounts of UCO Bank customers has brought under the agency's scanner thousands of recipient accounts which were opened around the dates the transfers took place, officials said Wednesday. The CBI is probing a case where over 41,000 UCO Bank customers received surprise credits of varied amounts in their accounts during November 10-13 without any corresponding debits in the originating accounts, they said. Among various leads, the agency's needle of suspicion has also gone on "thousands of accounts" which were opened around the time the transactions started and received the transfers, the officials said. - economic times.

🍒           Reliance ARC onboards Credgenics' debt recovery tech platform :  Reliance Asset Reconstruction Company has onboarded a newly-launched debt recovery platform built for ARCS by Credgenics, the company said in a press release on Wednesday. The platform is built to help ARCs with comprehensive digital and insights-driven capabilities which can help in efficient debt resolution in retail and SME segments, the company said. The Credgenics platform designed for ARCs offers detailed insight into every phase of overdue cases, including the communication history. This empowers ARCs to reconsider debt recovery approaches. The utilization of AI/ML models allows ARCs to assess the efficiency of communications and adjust outreach strategies to enhance recovery outcomes. - economic times.

🍒           PNB Housing Finance to increase the share of loans for affordable housing segment : PNB Housing Finance is looking to take the affordable housing segment share in overall loan disbursal to 40% in 3-4 years from the current 10%, as the company witnesses a continuous increase in demand, Girish Kousgi, MD & CEO, PNB Housing Finance told ET. The affordable housing segment of the company called Roshni achieved Rs 1,000 crore loan book in less than a year of its launch. It offers low ticket-size loans ranging from Rs 5-35 lakh for home buying, plot purchases, construction and renovation. - economic times.

🍒           Financial Fraud: Centre gets into pro mode to check digital cons : The government has started discussions on building new filters and safeguards for digital financial transactions amid rising concern over burgeoning cases of fraud. The Ministry of Finance, Reserve Bank of India (RBI), Ministry of Electronics and Information Technology (MeitY) and National Payments Corporation (NPCI) of India are examining mandatory filters above a certain monetary threshold, including one-time passwords (OTP) for digital payments, a top government official told ET. “We are also discussing how to create intelligence within the payment systems that can be used to filter out or block such transactions,” the official said. - economic times.

🍒           SMBC picks Sandeep Chopra to head India corporate coverage : Sumitomo Mitsui Banking Corporation (SMBC) has picked Sandeep Chopra to head the Japanese bank’s coverage of corporate clients in India, according to a press release. Chopra is a career corporate banker with close to 30 years of experience and was previously with DBS Bank. He will be based in Mumbai and report to SMBC’s chief business officer, Rakesh Garg. - economic times.

🍒           Microfinance Q2 disbursals at ₹76,054 crore, AUM grows 25% to ₹3.8-lakh crore : Microfinance loan disbursals rose to ₹76,054 crore in Q2 FY24 from ₹71,916 crore in the year ago period. However, the number of loan disbursements fell to 1.69 crore in Q2 from 1.81 crore loans in the previous year, indicating an increase in the ticket size, MFIN (Microfinance Institutions Network) said in its quarterly report. Overall microfinance loan portfolio grew 25 per cent y-o-y to ₹3.8-lakh crore as of September 30, covering 7.1 crore unique borrowers with 13.9 crore loan accounts, up 13.9 per cent on-year. “Growth momentum of the microfinance industry has continued in Q2 FY24, and the portfolio quality has also come near pre-Covid levels with PAR (portfolio at risk) 30 days to 180 days at 2.0 per cent,” said CEO and Director Alok Misra. - Business Line.

🍒           Deposit rates could peak over the next two quarter: Kotak Securities : Deposit rates could peak over the next two quarters as the re-pricing cycle is still not fully complete, according to a Kotak Securities Ltd (KSL) report. “Comparison of current-term deposit interest rates and the headline rates offered by banks suggests that we are moving closer to peak deposit rates for the system. It is still not complete and we probably have a couple of quarters before rates have peaked,” said KSL analysts M B Mahesh, Nischint Chawathe, Ashlesh Sonje, Abhijeet Sakhare, Varun Palacharla and Sidham Jain, in the report. - Business Line.

🍒           Razorpay POS records 60% growth in FY23 after acquiring Ezetap : Fintech unicorn Razorpay reported a 60 per cent growth in its POS Business in FY23 following the acquisition of Ezetap (Razorpay POS) in 2022.  Razorpay POS witnessed a 40 per cent growth in its total payment volume (TPV) from April to October 2023 compared to the corresponding period of the previous year. The company said that 91 per cent of the cumulative TPV for this timeframe was attributed to UPI transactions at doorstep, while SMS Pay contributed 9 per cent. Another trend was the 21 per cent increase in the conversion of cash on delivery to digital payments, surpassing the transaction volume recorded from April to October 2022. - Business Line.

🍒           Paytm to cut down on small-ticket loans after RBI tightens consumer lending norms, set to expand higher-ticket ones : After the Reserve Bank of India tightened rules on consumer lending, Paytm has decided to cut down on disbursing loans under ₹50,000, said the Indian digital payments firm on Wednesday. In addition to this, the bank is likely to expand to higher ticket ones.  The company is planning to reduce the proportion of small-ticket loans, also called postpaid loans, from its future loan distribution business. The move will lead to a near 40%-50% drop in the volume of loans disbursed through the platform's post-paid product, Bhavesh Gupta, President and chief operating officer of Paytm, said on a call with analysts, reported Reuters. - live mint.

🍒           Rs 10K crore AUM by Feb: Godrej Capital MD : Non-banking financial company (NBFC) Godrej Capital is on track to achieve Rs 10,000 crore as assets under management (AUM) by February 2024, MD & CEO Manish Shah has told FE.“Our first major goal was Rs 10,000 crore in three years or March 2024. We should reach Rs 10,000 crore in either January or February” he said. As of October end, the NBFC’s AUM stood at Rs 8,000 crore, split equally between housing and micro, small and medium enterprises (MSME) loans. The NBFC will aim to grow its AUM to Rs 30,000 crore by FY26 end and to Rs 50,000 crore by FY28, Shah said. He added the  split would likely change to 70% MSME loans and 30% mortgage loans.Moreover, the NBFC will require fresh capital to the tune of Rs 1,500 crore over the next couple of years and it would seek Rs 1,000 crore from the promoters Godrej Industries. The promoter group has infused Rs 2,000 crore into the NBFC in the last three years. - financial express.

🍒           NBFC-MFI assets rise 39% y-o-y : The assets under management of non-banking financial company – microfinance institutions (NBFC-MFIs) rose 39.2% year-on-year to Rupees 1.3 trillion as on September 30, a release from microfinance institutions network (MFIN) showed.  The AUM includes an owned portfolio of Rupees 1.1 trillion, and a managed portfolio of Rupees 24,501 crore. The gross loan portfolio of the overall microfinance industry rose 25% y-o-y to Rupees 3.8 trillion as on September 30. - financial express.

🍒           Paytm expands credit distribution business to focus on higher ticket loans in partnership with large banks, NBFCs : One97 Communications Limited (OCL) that owns Paytm, on Wednesday announced that it will expand its business to offer higher ticket personal and merchant loans, which would be targeted at lower risk and high credit worthy customers, in partnership with large banks and NBFCs. On the back of recent macro development and regulatory guidance, in consultation with lending partners, in line with its continued focus on driving a healthy portfolio, the company has recalibrated the portfolio origination of less than Rs 50,000, which is prominently the postpaid loan product and will now be a smaller part of its loan distribution business going forward, the company said.  - financial express

🍒           SBI shares trade higher on plans to pick up 20% more in SBI Pension Funds : Shares of State Bank of India climbed 1 percent to Rs 614 in early trade on December 6 after the bank announced its intention to acquire a 20 percent stake in SBI Pension Funds currently held by SBI Capital Markets. The state-run lender holds a 60 percent stake in SBI Pension Funds. The deal will raise its ownership to 80 percent. The acquisition, valued at Rs 229.52 crore, will result in SBI holding the majority stake, while SBI Funds Management will retain the remaining 20 percent stake in SBI Pension Funds. - moneycontrol.

🍒           Govt seeks Parliament nod to spend Rs 14,524 crore more on MGNREGA in FY24 : The central government on December 6 sought the Lok Sabha's nod to spend an additional Rs 14,524 crore on Mahatma Gandhi National Rural Employment Guarantee Scheme in 2023-24 as part of its first batch of supplementary demands for grants. Tabled in the lower house of Parliament by Minister of State for Finance Pankaj Chaudhary, the first supplementary demands for grants for the current financial year is seeking permission to spend a gross Rs 1.29 lakh crore more than what was indicated in the Budget presented by Finance Minister Nirmala Sitharaman on February 1, 2023. On a net basis, the additional spending anticipated is Rs 58,378 crore, with various ministeries and departments seen making savings to the tune of Rs 70,968 crore. - moneycontrol.

🍒           Rupee rises 5 paise to close at 83.32 against US dollar : The rupee appreciated 5 paise to close at 83.32 (provisional) against the US dollar on Decemeber 6, helped by a bullish trend in domestic equities and sustained foreign fund inflows. Forex traders said elevated American currency in the overseas markets and dollar buying by the Reserve Bank of India (RBI) capped sharp gains for the local unit. The rupee consolidated in a narrow range as investors remained on the sidelines ahead of the RBI's monetary policy decision later this week. At the interbank foreign exchange market, the local unit opened at 83.35 against the greenback. he rupee oscillated between an intra-day low of 83.37 and a high of 83.29 against the greenback and finally settled at 83.32 (provisional) against the dollar, higher by 5 paise from its previous close, even as domestic benchmark indices touched new lifetime peaks. On December 5, the rupee settled at 83.37 against the dollar. - Business Line.

🍒           Market update: Sensex jumps 290 pts; Nifty over 75 pts : In the early trade on Wednesday, Sensex jumped 303.25 points to fresh peak of 69,599.39 and Nifty rose by 100.05 points to hit record high of 20,955.15. Nifty is currently at 20,933.15, up by 78.05 points or 0.37 per cent at 9:43 am; while BSE Sensex is at 69,586.27, up by 290.13 points or 0.40 per cent at 9:46 am. Stocks that gained on the NSE earlier on Wednesday were Adani Enterprises, Adani Ports, UPL, LTIMindtree, and Asian Paints. Major losers were Bajaj Auto, ICICI Bank, Eicher Motors, Hindalco, and Ultratech Cement. - 

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