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Finmin appoints SBI Chairman C S Setty, Uday Kotak as governing council members of infrastructure fund
YourStory
·
7m ago
Medial
The Finance Ministry has appointed SBI Chairman C S Setty and Kotak Mahindra Bank director Uday Kotak to the governing council of the National Investment and Infrastructure Fund Trustee Ltd, replacing Dinesh Khara and T V Mohandas Pai. Approved by Finance Minister Nirmala Sitharaman, the council guides investment strategy for the NIIF, a quasi-sovereign wealth fund established to boost infrastructure financing. Other council members include Ajay Seth, M Nagaraju, and Hemendra Kothari.
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SBI bets on digital tools and tie-ups for sustaining market leadership
Economic Times
·
1m ago
Medial
State Bank of India (SBI) is leveraging digital tools and strategic partnerships to maintain market leadership. Chairman C S Setty highlighted initiatives like expanding their digital app YONO to Singapore and revamping YONO business. SBI celebrated its 70th anniversary with initiatives such as the SBI Scholar Quiz, distributing prize money to students. The bank is also enhancing customer experience through paperless onboarding, digital access for small businesses, digital document execution for loans, and UPI-based cash withdrawal machines.
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‘Extreme customer convenience-focused approach’ redefining banking business, says SBI’s new chairman
Economic Times
·
11m ago
Medial
Fintech startups are forcing traditional financial institutions to adapt as they reshape the banking industry. The State Bank of India (SBI) is looking to align its business with the changing fintech landscape and is actively seeking partnerships with fintech companies. SBI is developing a new version of its mobile app, Yono, with a pilot launch planned for November 2024. SBI chairman, C S Setty, also acknowledged the ongoing competition for deposits among banks and the need for innovative products to attract customers.
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SBI plans to enhance threshold limit under instant loan scheme for MSME sector
YourStory
·
10m ago
Medial
The State Bank of India (SBI) plans to increase the threshold for its instant loan scheme for the MSME sector. The scheme, called 'MSME Sahaj - End to End Digital Invoice Financing', aims to provide quick and easy credit to small businesses. Through this scheme, borrowers can apply for a loan, complete documentation, and receive the sanctioned amount within 15 minutes, with minimal manual intervention. SBI Chairman C S Setty stated that the bank aims to simplify MSME credit and enable more businesses to enter the formal borrowing system by reducing collateral requirements. Additionally, SBI plans to open 600 branches across the country this fiscal year.
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SBI awarded Best Bank in India for 2024 by Global Finance Magazine
Livemint
·
9m ago
Medial
State Bank of India (SBI) has been awarded as the Best Bank in India for 2024 by Global Finance Magazine. The award was presented to SBI Chairman CS Setty during the Annual Best Bank Awards event held in Washington. SBI was recognized for its commitment to delivering exceptional services and promoting financial inclusion across the country.
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BYJU’S forms advisory council, appoints Mohandas Pai and Rajnish Kumar
Business Today
·
2y ago
Medial
Edtech major BYJU’S has formed a new advisory council. It has appointed former Infosys chief financial officer TV Mohandas Pai and former State Bank of India chairman Rajnish Kumar as its council members. The council will play an important role in mentoring and advising the BYJU’S team including CEO Byju Raveendran, a statement from the company revealed.
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IAMAI elects Billdesk co-founder MN Srinivasu as chairman, replaces Dream Sports CEO Harsh Jain
Entrackr
·
2m ago
Medial
Billdesk co-founder MN Srinivasu has been elected the new chairman of the Internet and Mobile Association of India (IAMAI) for 2025–27, replacing Dream Sports co-founder and Chief Executive Officer (CEO) Harsh Jain. Meanwhile, Razorpay CEO and co-founder Harshil Mathur and PhonePe founder and CEO Sameer Nigam have been elected the vice chairman and treasurer. They replace Rajesh Magow of MakeMyTrip and Times Internet vice chairman Satyan Gajwani, respectively. The new 24-member governing council and the new executive council of IAMAI will take charge at the upcoming annual general meeting. The 2023 IAMAI governing council election was marred by controversy, with the trade body accused of "parroting" the views of its so-called Big Tech members. In April 2023, IAMAI argued against the need for a separate digital competition framework aimed at regulating "anti-competitive practices" by Big Tech companies. Indian entrepreneurs slammed IAMAI, saying a digital competition law was necessary and insinuated that the industry body's stance was a reflection of the composition of its leadership.
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SBI bracing for a squeeze on margins from further RBI rate cuts: Chairman CS Setty
Business Today
·
3m ago
Medial
SBI, under Chairman CS Setty, faces margin pressure from RBI rate cuts, as rate adjustments impact lending immediately but influence deposits over 12-18 months. In Q4FY25, SBI's standalone net profit fell 10% to ₹18,642.59 crore, yet the annual net profit rose 16.08% to ₹70,901 crore. The gross NPA ratio improved to 1.82%, while net NPA reduced to 0.47%. FY26 credit growth is expected at 12-13%, slightly less than previous forecasts.
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State governments must provide adequate funds to science & tech councils: NITI Report - The Economic Times
Economic Times
·
1m ago
Medial
NITI Aayog has urged state governments to increase funding and restructure Science & Technology (S&T) Councils to enhance innovation and technology-driven growth. Recommended actions include allocating 0.5% of GSDP to S&T, expanding council governance with expert members, fostering industry linkages, ensuring consistent workforce support, and capitalizing on central funding. Challenges include fragmented mandates and insufficient resources. Despite limited resources, councils contribute significantly to innovation support and capacity-building.
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PayU Payments appoints former HDFC chief Renu Sud Karnad as new Chairperson
Livemint
·
1y ago
Medial
PayU Payments, owned by Prosus, has added five new members to its board of directors to enhance its strength and strategic guidance. The board now comprises seven members, with Renu Sud Karnad, former MD of HDFC, as the chairperson. Other new members include Gopika Pant, Managing Partner at Indian Law Partners, Jairaj Purandare, Founder and Chairman of JMP Advisors Pvt Ltd, Laurent Le Moal, former Global CEO of PayU Group, and Jan Bune, a former Partner at Deloitte Netherlands. The expansion aims to bolster PayU's presence in the evolving Indian payments landscape.
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Meesho appoints three independent directors
Entrackr
·
1y ago
Medial
E-commerce firm Meesho has appointed Jubilant Bhartia Group founder Hari S Bhartia along with three other seasoned business leaders as independent directors. Along with Bhartia, Meesho has onboarded former JP Morgan Chairman Kalpana Morparia and PhonePe non-executive Chairman Rohit Bhagat to its board of independent directors. Bhartia is also the co-chairman of Jubilant Ingrevia Ltd and Jubilant FoodWorks Ltd, the master franchisee of Domino’s Pizza and Dunkin’ Donuts restaurants in India. Before serving JP Morgan, Morparia was at ICICI Bank. In May, Meesho appointed Surojit Chatterjee as an independent director to its board. The development comes at a time when Meesho is in the process of moving its domicile to India from the US. Meesho recently announced an employee stock ownership plan (ESOP) buyback program of Rs 200 crore (approximately $25 million), making it the company’s largest ESOP buyback pool to date.
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