My father Pulin Babu lived and died for Indigenous Aboriginal Black Untouchables. His Life and Time Covered Great Indian Holocaust of Partition and the Plight of Refugees in India. Which Continues as continues the Manusmriti Apartheid Rule in the Divided bleeding Geopolitics. Whatever I stumbled to know about this span, I present you. many things are UNKNOWN to me. Pl contribute.
Palash Biswas
While my Parents Pulin Babu and basanti Devi were living
"The Day India Burned"--A Documentary On Partition Part-1/9
Partition
Partition of India - refugees displaced by the partition
Friday, October 7, 2011
Public Sector Banks Have Been downgraded! The Government was NOT Sleeping as Mint does Claim! Because Downgraded Banks do include State Bank of India also! Mind you, India claimed Risilience against RECESSION just becuse of SBI and LIC!
Public Sector Banks Have Been downgraded! The Government was NOT Sleeping as Mint does Claim! Because Downgraded Banks do include State Bank of India also! Mind you, India claimed Risilience against RECESSION just becuse of SBI and LIC! These Two institutions are TARGETED for DISINVESTMENT! As AIR INDIA has become SICK due to CONSPIRACY, SBI is also VISTIMISED ! IT is a Grand CONSPIRACY to Beunderstood!SBI has been downgraded to D+, at par with Bank of Baroda, Bank of India and PNB!
Indian Holocaust My Father`s Life and Time - SEVEN HUNDRED THIRTY SEVEN
Public Sector Banks Have Been downgraded! The Government was NOT Sleeping as Mint does Claim! Because Downgraded Banks do include State Bank of India also! Mind you, India claimed Risilience against RECESSION just becuse of SBI and LIC! These Two institutions are TARGETED for DISINVESTMENT! As AIR INDIA has become SICK due to CONSPIRACY, SBI is also VISTIMISED ! IT is a Grand CONSPIRACY to Beunderstood!
SBI has been downgraded to D+, at par with Bank of Baroda, Bank of India and PNB!
Global ratings firm Moody's on Tuesday downgraded its rating of State Bank of India's (SBI) financial strength by one notch to 'D+' on account of the lender's low Tier-I capital ratio and deteriorating asset quality. The government has asked SBI to explain the reasons behind the downgrade by global ratings firm Moody's, the bank Chairman, Pratip Chaudhuri, said today.
"The government has asked us to give report on reasons for the downgrade," Chaudhuri told private news channel CNBC-TV18 in an interview.
Global ratings firm Moody's today downgraded its rating of SBI's financial strength by one notch to 'D+' on account of the lender's low Tier-I capital ratio and deteriorating asset quality.
"It is a downgrade of a small segment of the bank's debt," Chaudhuri said, adding SBI's overall rating is still a notch above sovereign rating.
Chaudhuri also said the State Bank of India (SBI) rights issue will restore the bank's rating.
"We will get capital from government by December or March next year," he said, adding,"...expect SBI's capital adequacy to be above 9 per cent by March 2012."
As per Moody's, a 'D' rating suggests "modest intrinsic financial strength, potentially requiring some outside support at times", while a 'C' rating denotes "adequate intrinsic financial strength".
Moody's cited a likely rise in the bank's non-performing assets in the near future as one of the reasons for the downgrade.
A day after downgrading its rating of public sector lender SBI's financial strength, Moody's today re-affirmed its rating for ICICI Bank and said the private sector lender continues to maintain a robust franchise and a strong liquidity, capitalisation and earnings profile.
State Bank Of India does not expectoverseas borrowing costs to rise "significantly" but sees medium-term note borrowing costs rising 1-2 basis points, its chairman said on Wednesday, a day after Moody's cut its rating and sent its shares skidding.
Shares in SBI continued to slide, touching their lowest level in more than two years, and were down about 2.6 percent at 1,741 rupees in early Wednesday trade, underperforming a broader market that was up by about 0.5 percent. The banks sub-index was off 1.31 percent.
Chairman Pratip Chaudhuri also told TV channel ET Now that the government should infuse 30-50 billion rupees ($611 million-$1 billion) of additional capital into the bank at the latest by the end of the fiscal year ending in March 2012.
Moody's on Tuesday downgraded the standalone rating for State Bank of India, the country's dominant lender, citing "modest" capital and weakening asset quality, sending its shares down as much as 6 percent.
Last month, State Bank of India, which is 59 percent owned by the government, doubled its overseas borrowing target to $10 billion, and Tuesday's rating cut could make its fund-raising more expensive and squeeze margins at its overseas operations.
"The international business scenario is different. There is an acute shortage of dollars. So no matter what the rating is, it is difficult to find dollars," Chaudhuri told ET Now.
SBI, which has a market value of about $23 billion, is currently borrowing overseas funds at LIBOR plus 220-225 basis points, Chaudhuri added.
"I think we can still visit the MTN market and raise money," he told the TV channel.
The bank has delayed a planned $4.5 billion rights issue, which would bolster its capital position, as India's cash-strapped government is seen to be reluctant to stump up its share of the offer in order to maintain its stake.
Moody's had said SBI's low capital adequacy and recent failure to raise capital prompted the downgrade of its "Bank Financial Strength Rating" to D+ from C- on a scale of A to E.
State Bank of India (SBI) hopes to receive an injection of up to $2 billion from the government this fiscal year, its chairman said on Wednesday, a day after Moody's downgraded its standalone rating due to rising bad loans and a thinning capital cushion.
Shares in the country's dominant lender continued to slide, falling as much as 3.9 percent to their lowest in more than two years and helping drag the broader market into negative territory.
"We have taken note of this message and recapitalisation, we are hopeful, will be completed by the end of December 2011 and at the most, if it is stretched, it will go to March," Chairman Pratip Chaudhuri told a media briefing.
He said the bank has outlined to the government scenarios under which it would need 140 billion to 210 billion rupees ($2.84 billion-$4.26 billion) of state capital over five years, and would be "comfortable" with 30 billion to 100 billion rupees of fresh government capital in the current fiscal year.
The size of the injection depends on the contribution of minority shareholders as well as the surplus generated by the bank's operations, he said.
Last month, State Bank of India, which is 59 percent owned by the government, doubled its overseas borrowing target to $10 billion, and Tuesday's rating cut could make its fund-raising more expensive and squeeze margins at its overseas operations.
However, Choudhuri earlier told TV channel ET Now that SBI does not expect overseas borrowing costs to rise "significantly" as a result of the Moody's move, with medium-term note borrowing costs rising 1-2 basis points.
SBI, which has a market value of about $23 billion, is currently borrowing overseas funds at LIBOR plus 220-225 basis points, Chaudhuri told ET Now.
The bank has delayed a planned $4.5 billion rights issue, which would bolster its capital position, as India's cash-strapped government is seen to be reluctant to stump up its share of the offer in order to maintain its stake.
Moody's had said SBI's low capital adequacy and recent failure to raise capital prompted the downgrade of its "Bank Financial Strength Rating" to D+ from C- on a scale of A to E.
"Moody's believes that the probability of systemic support for ICICI Bank is high, given its sizeable retail deposit franchise as well as its importance to the national payment system as the second-largest commercial bank," the ratings agency said.
The reiteration of a financial strength rating of 'C-' for ICICI Bank came a day after Moody's downgraded SBIfrom 'C-' to 'D+' on account of the public sector lender's deteriorating asset quality and rising non-performing assets (NPAs).
A 'D' rating suggests "modest intrinsic financial strength, potentially requiring some outside support at times", while a 'C' rating denotes "adequate intrinsic financial strength".
On ICICI Bank, Moody's said the rating reflects the bank's solid franchise as the second-largest commercial bank in India.
"In addition, strong capitalisation, liquidity and earnings profile support the rating.
"The rating also reflects its high borrower concentration in the form of mandatory government securities portfolio, weaker asset quality compared with peers, a difficult operating environment due to rising interest rates, uncertainty in the global economy and the intense competition it faces in domestic markets," Moody's said.
ICICI Bank, India's largest private sector lender, has an asset base of USD 90 billion. The private lender had over 2,500 branches and over 6,000 ATMs at the end of last fiscal.
It has three main business lines -- retail banking; wholesale banking, including corporate and investment banking; and international banking.
According to Moody's, after consolidating its business for two years in order to overcome the difficult economic conditions and rising delinquency in consumer loans, ICICI Bank posted moderate asset growth of 12 per cent in 2010-11.
"By leveraging its technological investments and favorable personnel profile, it has developed systems and procedures to offer efficient banking services to Indian customers. The acquisition of Bank of Rajasthan in August, 2010, has also helped in strengthening the franchise and branch network in northern India," it said.
According to Moody's, ICICI Bank is one of the few financial services brands from India that is recognised in developed Asian and Western financial markets.
"Moody's Investors Service has downgraded the State Bank of India's bank financial strength rating (BFSR), or standalone rating, to 'D+' from 'C—'," the agency said in a statement.
As per Moody's, a 'D' rating suggest "modest intrinsic financial strength, potentially requiring some outside support at times," while a 'C' rating denotes "adequate intrinsic financial strength.'' Moody's cited a likely rise in the bank's non-performing assets in the near future as one of the reasons for the downgrade. "The rating action considers SBI's capital situation and deteriorating asset quality. Our expectations that NPAs are likely to continue rising in the near term — due to higher interest rates and a slower economy — have caused us to adopt a negative view on SBI's creditworthiness," Moody's Vice-President and Senior Credit Officer Beatrice Woo said. The standalone rating for SBI's private sector competitors such as ICICI Bank, HDFC Bank and Axis Bank, stands at 'C—'
"The revised rating maps to a baseline credit assessment (BCA) of Baa3. As a result of the lower BCA, the hybrid debt rating was downgraded to Ba3(hyb) from Ba2(hyb).
"The revised BFSR carries a stable outlook and the hybrid rating a negative outlook," Moody's said, adding that other credit ratings of the bank are unaffected.
The ratings downgrade puts pressure on the government to infuse capital in the country's largest lender as soon as possible.
"Notwithstanding our expectations that SBI's capital ratios will soon be restored through a capital infusion by the government, SBI's efforts to secure this capital for the better part of the year demonstrates the bank's limited ability to manage its capital," the Vice-President said.
Soaring NPAs
SBI's NPAs reached a three-year high of 3.52 per cent of loans for the quarter ended June 30. "Against the backdrop of a slowing economy and higher interest rates, the rising trend evident in SBI's new NPA formation rate since the third quarter of 2010-11 will continue. Therefore, Moody's expects SBI's potential credit costs will be relatively high in the near-term. NPA — as a percentage of the bank's Tier-I capital ratio — is now about 43 per cent," the agency said. Moody's said that under a stress scenario, which assumed a gross NPA ratio of 12.07 per cent, SBI would require $8 billion to replenish its Tier-I capital ratio to 8 per cent.
Shares of State Bank of India took a beating on the bourses for the second consecutive session on Wednesday, losing more than 3 per cent in early trade after Moody's downgraded its rating of the bank's financial strength.
The stock, which settled with a loss of over 4 per cent yesterday, declined further by 3.09 per cent in morning trade today to a 52-week low of Rs. 1,731.40 on the Bombay Stock Exchange.
A similar trend was witnessed on the National Stock Exchange, where the stock, after opening on a weak note, declined by over 3.19 per cent to a 52-week low of Rs 1,730.10. The stock ended with losses of 3.63 per cent at Rs 1,787.20 on Tuesday.
However, it managed to regain some of the lost ground and was trading 2,61 per cent lower at Rs 1,740 on the BSE and was down 2.69 per cent at Rs. 1,739.05 on the NSE at 1059 hours.
Global credit ratings firm Moody's on Tuesday downgraded its guidance on SBI's financial strength by one notch to 'D+' on account of the lender's low Tier-I capital ratio and deteriorating asset quality.
As per Moody's, a 'D' rating suggest "modest intrinsic financial strength, potentially requiring some outside support at times", while a 'C' rating denotes "adequate intrinsic financial strength".
Moody's cited a likely rise in the bank's non-performing assets in the near future as one of the reasons for the downgrade.
"The government has asked us to give a report on the reasons for the downgrade," SBI Chairman Pratip Chaudhuri told private news channel CNBC-TV18 in an interview. The standalone rating for SBI's private sector peers, like ICICI Bank, HDFC Bank and Axis Bank, stands at 'C-'
The ratings downgrade puts pressure on the government to infuse capital in the country's largest lender as soon as possible.
The BSE Sensex fell for a fourth straight session on Wednesday, dropping 0.5 percent to its lowest close in nearly 20 months, as financial stocks continued to flounder a day after a rating downgrade of top lender State Bank of India.
Continuing foreign fund outflows amid lingering worries over global economic growth weighed despite firm Asian and European stocks after Europe's finance ministers agreed to safeguard euro zone banks from the spreading sovereign debt crisis.
The main 30-share BSE index fell 0.46 percent or 72.45 points to 15,792.41, its lowest close since Feb 5, 2010, with 16 of its components ending lower. The index, which had lost 5 percent in the past three sessions, rose as much as 1.1 percent in early trade.
"Fresh buying is not happening at all. What we are seeing are mainly operator-driven positions. Overall, we don't foresee the market going up until investor-driven buying comes in," said R.K. Gupta, managing director at Taurus Asset Management.
The main index is down nearly 23 percent this year to be among one of the world's worst-performing equity markets, weighed down by foreign fund outflows, rising interest rates and a series of alleged scandals that have hampered government policy-making.
Foreign funds have been net sellers of more than $300 million in shares this year, after purchasing a record net $29.3 billion in 2010.
Financial stocks extended losses a day after ratings agency Moody's Investors Service downgraded State Bank of India's standalone rating due to rising bad loans and a thinning capital cushion.
Earlier on Wednesday, SBI Chairman Pratip Chaudhuri said the bank hopes to receive a capital injection of up to $2 billion from the government this fiscal year.
But that did not stop SBI from slipping 3.9 percent, extending Tuesday's 4 percent fall to a more than 2-year intra-day low. The No.2 lender ICICI Bank lost 2.7 percent, while HDFC Bank shed 2.3 percent. The sector index closed down 2.4 percent.
"Globally, the financial system is undergoing a lot of stress and there is uncertainty everywhere. The investor confidence is entirely shaken," said K.K. Mital, head of portfolio management services at Globe Capital Market in New Delhi.
Software services exporters, which get majority of their revenue from the United States, gained on hopes of a stable environment after Federal Reserve Chairman Ben Bernanke promised on Tuesday more economic stimulus if needed.
India's No. 2 software exporter, Infosys Ltd , which will report quarterly earnings on Oct. 12, rose 0.4 percent. But larger rival Tata Consultancy , which remained in the green for most of the day, slipped 0.2 percent.
A sharp fall in the Indian rupee against the dollar is seen positive for these firms, which derive bulk of their revenue in foreign currencies but spend mostly in the local currency.
Energy major Reliance Industries , which has the biggest weighting on the BSE index, fell 0.6 percent to 767 rupees. Shares in Reliance have lost more than 27 percent of their value in 2011 on concerns over slowing output at one of its key gas fields.
Automakers were among the gainers, mainly on short covering by investors ahead of Thursday's market holiday, amid hopes of festive-season demand boosting sales.
Utility vehicle maker Mahindra and Mahindra , Tata Motors and two-wheeler maker Bajaj Auto all gained between 0.4 to 1 percent.
Coal India , the world's largest coal miner, ended 1.5 percent higher at 324.70 rupees. The state-run firm has lost more than 10 percent of its value in the past two weeks on worries that a new mining bill could impact profitability.
The NSE 50-share index was down 0.44 percent to 4,751.30 points.
In the broader market, 933 losers outpaced 503 gainers on moderate volume of about 507.4 million shares.
The MSCI's broadest index of Asia-Pacific shares outside Japan ended up 0.6 percent, while Japanese shares were down 0.9 percent.
STOCKS THAT MOVED
* Engineering and construction firm Punj Lloyd Ltd rose 1.1 percent to 52.95 rupees after it secured a contract from Qatar Solar Technologies for the emirate's first polysilicon plant.
* Ashok Leyland , India's second largest commercial vehicle maker, fell 1.6 percent to 24.60 rupees after its September vehicles sales fell 17 percent.
* Rolta India fell 9.2 percent to 70.30 rupees on market talk that its promoters had pledged 92.5 percent of their holdings. The software services firm clarified after market hours that the promoter group has pledged 12 percent of its total holding in the company.
MAIN TOP THREE BY VOLUME
* Jaiprakash Associates on 28.2 million shares * Unitech on 15.5 million shares * Hindalco on 13.9 million shares
For live quotes of the 50-share Nifty index companies please click here For live quotes of the 30-share Sensex companies please click here
State Bank of India (SBI), the country's biggest bank, said the global rating downgrade by Moody's Investors Service will have a negligible impact on borrowings, while acknowledging that the move increased the urgency with which capital needs to be ...
PTI | Oct 5, 2011, 04.55PM IST MUMBAI: A benchmark index for Indian equities closed in the negative terrain for the fourth straight day Wednesday as the State Bank of India's ratings downgrade dampened sentiments on Dalal Street. ...
Dolat Capital is bullish on State Bank of India (SBI) and has recommended buy rating on the stock with a target of Rs 2393 in its October 4, 2011 research report. "State Bank of India (SBI), we believe that by end of June 2011, SBI's tier I capital, ...
Gupta told CNBC-TV18, "The private banking was weak before but we saw some sort of a strength coming from State Bank of India which was given up actually in the last session. I think banks are really jittery. But if we see some sort of short covering ...
State-run lender SBI was down 2.5 percent, extending Tuesday's 4 percent fall after ratings agency Moody's Investors Service downgraded its standalone rating, citing its modest capital and deteriorating asset quality. SBI Chairman Pratip Chaudhuri said ...
While it's there in the news and it does have some impact probably on people's perception of State Bank of India or ICICI, we don't think it has any impact on the business of State Bank of India or ICICI Bank or the other banks that they will rate....
Banks took it on the chin for the second straight day on the back of the State Bank of India (SBI) downgrade on Tuesday. The Nifty tried to conquer the 4800 mark but failed and closed at 4751 down 20 points, while Sensex too closed in red at 157992 ...
State Bank of India and Export-Import Bank of India are among borrowers with about $3 billion of foreign-currency notes due by December 31, twice as much as the previous quarter, data compiled by Bloomberg show. The rupee dropped 8.7% in the three ...
Lenders such as State Bank of India will be watched, a day after ratings agency Moody's Investors Service downgraded the standalone rating for SBI, citing its "modest" capital and deteriorating asset quality, sending its shares to a two-year low. ...
All branches of State Bank of India (SBI) in Orissa remained open on Sunday to make up for the loss transaction on Saturday due to break down of its core banking service (CBS) server at Mumbai. "The SBIauthorities took decision to open all its ...
SBI's credit rating downgrade byMoody's could have far reaching implications on the Indian banking system as bad debts are expected to rise on account of high interest rates, industry chamber Ficci said today.
"Given the situation of alarmingly rising NPA levels, uncertainty over ability to raise capital and infusion of capital by the Government in the face of strained finances, the move could have far reaching implications for the banking sector as a whole," Ficci said.
It said that slowing growth, high inflation and interest rates, squeeze in margins and risks from foreign borrowing have together added pressure on Indian banks.
To contain inflation, the Reserve Bank has hiked policy rates 12 times since March 2010. Corporate India has argued that high cost of borrowing would slow project investment and delay loan repayment.
"For Indian banks the problem is not their high exposure to sovereign debt in the eurozone but home-grown. Indian banks' bad debts are rising as India Inchas started feeling the pinch of high interest rates," Ficci said.
Moody's yesterday downgraded State Bank of India (SBI's) financial strength rating by one notch to 'D+' due to low Tier-I capital ratio and worsening asset quality.
Ficci said the growth in non-performing assets (NPAs) as a percentage of banks' loan portfolio was almost at a five-year high in the first quarter of the fiscal.
"The situation is likely to aggravate as banks may also have to restructure loans that borrowers are finding difficult to service because their businesses have been affected by a slowing economy," it added.
The industry body said that the monetary and fiscal authorities need to work in tandem in addressing the concerns of the banking sector.
"Capital infusion by the exchequer in systemically important banks and shift in focus of the central bank from inflation to growth could be part of such a strategy," it added.
Fearing a deterioration in asset quality and to fire up credit demand, some of the top bankers today urged the Reserve Bank to pause on its interest ratehike cycle.
"Bankers want a pause (to rate hikes). It goes without saying... (and) for a longer period of time," chief executive of Indian Banks Association K Ramakrishnan told reporters.
The Reserve Bank is scheduled to review the monetarypolicy on October 25.
Bankers are concerned because there is no pick up in credit and the actual disbursements happening at present are the proposals sanctioned earlier, he said after the customary bankers' pre-policy meeting with the RBI Governor Duvvuri Subbarao and the deputy governors.
"Frankly speaking, credit growth is muted. The credit growth has not been to the expectations, capex (by companies) is virtually at a standstill, investment is not really happening," Ramakrishnan said.
However, as of September 9, non-food credit growth logged in 20.1 percent or by Rs 31,490 crore, according to the RBI data. But this was mostly due to the disbursals of outstanding credit orders by the petroleum, coal and nuclear sectors. In fact, petroleum sector alone contributed to 26.7 percent of this growth.
Bank of Baroda Chairman and Managing Director M D Mallya who also chairs the IBA also said demand for credit has been muted and is likely to stay so for "some more time."
After loosening its key rates during the slowdown period, the RBI switched over to tightening in March 2010 and has raised its key short-term rates a record 12 times since then to cool the uncomfortably high inflation. At present the repo rate stands at 8.25 percent.
Headline inflation--which stood at 9.78 percent in August--continues to remain high despite a good monsoon and fall in global commodity prices, while the repeated hikes have ended up putting a question mark on growth as investment is slowing down.
SBI downgrade: was govt sleeping? SBI has been downgraded to D+, at par with Bank of Baroda, Bank of India and PNB
Mark to Market | Ravi Krishnan
Why on earth does it require a slap in the face from an international rating agency for the government to realize the country's largest public sector bank needs more capital? The bank has been seeking to float a rights issue of Rs. 23,000 crore for about a year now and its tier I capital adequacy ratio declined to 7.6% at the end of June. But the government has, as usual, put off taking a decision in the matter. State Bank of India building in Mumbai. Photo: Bloomberg A day after the downgrade, the government has grudgingly agreed to cough up anywhere between Rs. 3,000 crore and Rs. 10,000 crore. The vagueness in the figure is because this information comes from State Bank of India (SBI) chairman Pratip Chaudhuri and not from finance ministry mandarins who have chosen the safe option of asking the bank to submit a report on the downgrade. The downgrade of SBI by Moody's Investor Services is, therefore, an indictment of the government's mismanagement. SBI is, after all, a proxy for the sovereign. That said, the rating agency doesn't really say anything new about the bank. The need for capital is a no-brainer; it is required fast. But SBI's woes of rising non-performing assets (NPAs) and slowing credit growth have been well documented, too, and baked into the stock price. So, what did Moody's add? On asset quality, the rating agency has conducted a stress test and said that SBI's ability to absorb losses in a stress scenario is below that of other C- rated Indian banks. These are HDFC Bank Ltd, Axis Bank Ltd and ICICI Bank Ltd. There's little doubt that SBI's financials are worse than these banks. The gross NPAs of Axis and HDFC Bank as a percentage of advances are much lower. ICICI Bank's gross NPA percentage is higher, but the trend is improving, while that of SBI has gone up. More importantly, ICICI Bank's tier I capital adequacy ratio is above 13%. So it's no wonder the rating agency said "SBI's ability to absorb losses in a stress situation is below that of the C- rated Indian banks." However, it hedged its statement by saying the "probability of systemic support for SBI, if needed, is very high", and by increasing one of SBI's deposit ratings. SBI's rating has been downgraded to D+, at par with public sector banks such as Bank of Baroda (BoB), Bank of India and Punjab National Bank (PNB). The rating agency also said that "capital deployed for loans growth, assuming 15% per annum for the next three fiscal years, will cause the tier I ratio to fall below 8%, thereby necessitating another capital exercise". But SBI is not the only bank that has to approach the market rather often. As assets grow, banks will necessarily need to be recapitalized and may have to return to the markets time and again. SBI itself has sought to downplay the rating change, indicating that it was applicable only on a particular instrument—some $625 million of perpetual bonds. Chaudhuri said at a press conference that overseas borrowings made up only about 6% of the total and the increases in borrowing costs would be capped at 2 basis points. The bank has a strong current and savings account (Casa) franchise. That said, SBI is still vulnerable to the deteriorating economic environment. The strong 5.6 percentage points rise in the Casa ratio over the past three years has come with a 33% rise in the number of branches. That, along with pension and wage settlements, means staff expenses have ballooned by 85% over the same period. Even if the bank has managed to rein in its cost-income ratio, these would continue to put pressure on costs, along with the increase in NPAs. Thus, the stock price decline may have to do more with markets now believing that earnings may fall further than anticipated earlier. Note also that, on a price to estimated adjusted book value basis for FY12, SBI still quotes at a premium to its new D+ rated buddies. That's in spite of BoB and PNB having a higher estimated return on average assets and all of them having a lower gross NPA percentage. We welcome your comments at marktomarket@livemint.com http://www.livemint.com/2011/10/05204635/SBI-downgrade-was-govt-sleepi.html
5 OCT, 2011, 02.24AM IST, ET BUREAU
Moody's downgrade puts State Bank of India on par with its peers
MUMBAI: Global ratings firm Moody's on Tuesday downgraded its credit rating of the country's largest lender State Bank of India on concerns over its asset quality and a weak capital base amid rising interest rates. The bank's financial strength rating (BFSR), or stand-alone rating, is downgraded to D+ from C- . This is an investment grade rating with a stable outlook. While the rating for the bank's senior debt or secured debt has not changed, the rating for hybrid debt or unsecured debt has been downgraded. This means that the bank may have to pay more for unsecured borrowings. Following this rating action, SBI's rating will now be on par with that of its public sector peers. However, the rating action assumes systemic significance, given the bank accounts for about 18% of banking business in India.
"The rating action considers SBI's capital situation and deteriorating asset quality. Our expectations that non-performing assets (NPA) are likely to continue rising in the near term - due to higher interest rates and a slower economy - have caused us to adopt a negative view on SBI's creditworthiness," said Beatrice Woo, Moody's vice-president and senior credit officer.
Reacting to Moody's rating action, SBI chairman Pratip Chaudhuri said: "D+ maps to Baa3 which is still investment grade. Bank of Baroda, Punjab National Bank, Bank of India are also at D+. We were the only exception so far. The present rating of SBI is same as government of India.''
If SBI's proposed 23,000-crore rights issue goes through, the Tier-I, or the core capital ratio, would go up to approximately 9.30%, according to Moody's . However, if the capital is deployed for loan growth, assuming 15% per annum for the next three fiscal years, then it will cause this ratio to fall below 8%, thereby necessitating another capital exercise.
On the asset quality front, the bank's NPA, as of June 30, 2011, reached a three-year high of 3.52% of loans and 277,68 crore on an absolute basis. For the system, the ratio was 2.3% as of March 31, 2011. Against a backdrop of a slowing economy and higher interest rates, the rising trend evident in SBI's new NPA formation rate since the third quarter of FY11 will continue.
Concerns over the bank's capital strength has been in discussion for several months now, both within the bank and outside. "We cannot sustain without capital infusion from government in the long term. So it's a crisis situation if we do not get capital, but we have a plan B to sustain it this year, we will be able to manage in FY12," the bank's chief financial officer Diwakar Gupta had told reporters on the sidelines of a FICCI-IBA event late August. The ratings of government- owned entities are often revised whenever there is any sovereign ratings action.
MUMBAI: An unexpected ratings downgrade of State Bank of India by Moody's on Tuesday trumped stock markets, already battered by worries of a debt default by Greece and its impact on the global financial system.
Though Euro zone leaders said on Tuesday Greece will get its next dose of funds to avoid default despite the nation warning it will miss budget deficit targets, the assurances failed to pacify investors, who feel the debt problem is spinning out of control and a repeat of the Lehman crisis is likely.
Both indices, which were trading marginally higher mid-way through the session, slipped into losses after Moody's, while cutting SBI's ratings from C- to D +, said the bank's tier-I equity cannot support its growth and rising rates. Investors worry more banks could be vulnerable to downgrades.
The Sensex fell 286.59, or 1.77%, to end at 15,864.86,Nifty fell 77.35 points, or 1.60%, to close at 4772.15. The BSE's bank index - Bankex - fell 3.1% on Tuesday, with SBI plunging 4.1% to Rs 1,787.
Downgrade may Hit Other PSU Bank Shares
Brokerage CLSA said the downgrade is unlikely to be extended to other banks as ratings review is on "financial strength of SBI".
"Cost of raising wholesale debt (mainly overseas) would go up - may impact overseas margins in the longer term (But a look at the CDS spreads suggests, at least for the time being, raising money abroad, to be eventually lent to Indian corps, is out of the question)," CLSA said.
It has maintained its 'underperformer' rating on the bank. But without the nasty surprise that hit SBI shareholders, the market was weak as investors worried that allowing Greece to default in a controlled manner may not work and could have an impact similar to that of the Lehman collapse in October 2008. "Markets are not taking European politicians' claims of ring-fencing Greece seriously," said UR Bhat, managing director of Dalton Capital India.
The Institute of International Finance industry group estimates that the debt swap will amount to a writedown of 21%, according to Bloomberg. Euro Stoxx 50 was down 3.3%, while the Dow Jones Industrial Average futures had fallen 1.1% at the time of going to the press.
Investors were also spooked by reports that European finance heads hinted that lenders may have to endure bigger writedowns. MSCI Asia was down 3.2% on Tuesday.
While the SBI rating downgrade was a one-off event, it deepened the bearish sentiment in bank stocks which have been hit by fears of higher treasury losses with the government announcing a large borrowing programme. "The ratings downgrade is case-specific," Centrum Broking's banking analyst Bhavesh Kanani said, echoing CLSA's sentiments.
NEW DELHI: After waiting for over three years, the government has finally relented, although partially, and is likely to provide a Rs 8,000 crore lifeline to State Bank of India. This will enable the country's largest lender to bolster its capital base and push for rapid expansion of its loan book.
SBI has been seeking to raise Rs 20,000 crore via a rights issue and given the government's holding of over 59%, its share in the fund raising would have amounted to around Rs 12,000 crore. The finance ministry was, however, reluctant to part with funds during the current financial year due to the tight fiscal situation.
Besides, it said that the bank only needed funds in 2013-14, especially when business was slowing down due to weak global economic environment. There is, however, a slight change in mood in recent weeks, especially after ratings agency Moody's citing stress on asset quality and pressure on Tier-I capital, downgraded the bank from C- to D+. The rating reflects "modest intrinsic financial strength, potentially requiring some outside support at times". A lower rating will increase the cost of international borrowings by the bank.
SBI chairman Pratip Chaudhuri, however, sought to play down the downgrade, and said, "The D+ rating maps to Baa3 which is still investment grade. Bank of Baroda, Punjab National Bank, Bank of India are also at D+; we were the only exception so far. The present rating of SBI is the same as the government of India."
A senior government official told TOI that the department of financial services was pushing for providing Rs 8,000 crore, while the remaining demand will be met after the government decided on the roadmap for further fund infusion in public sector banks.
Last week, TOI had reported that a committee has been set up in the department of financial services that will look at the capital requirement of the state-owned lenders and also look at new tools such as differential voting right shares and a holding company structure.
The need for providing immediate funding to SBI has also gained momentum as the bank's Tier-I capital adequacy ratio is estimated at 7.6% compared to the 8% benchmark for government banks. Even at the existing capital adequacy ratio, SBI is above the regulatory requirement. The bank's capital base was eroded as it provided funds for bad debts as well as meeting pension requirements.
SBI has repeatedly said that it will get government funding during the current financial year. Chaudhuri recently told TOI that the Rs 20,000 crore demand was the upper end and the bank had provided a band in its fresh demand to the government.
In 2008, the government had subscribed to a Rs 20,000 crore rights issue by SBI to help augment its capital base. But following the rapid pace of expansion during OP Bhatt's tenure, the bank had demanded more funding to help grow its loan book and retain at least 25% of the market share.
State Bank of India. About Us|Afiliates|Corporate Governance|Investor Relations|Contact Us|Customer Care. Search SBI Site Hindi. PRODUCTS/ SERVICES ...
State Bank or any of its representative never sends you email/SMS or calls you over phone to get your personal information, password or one time SMS (high ...
State Bank of India (SBI), the country's biggest bank, said the global rating downgrade by Moody's Investors Service will have a negligible impact on ...
Welcome to State Bank of India, United States Operations, the US presence of India's largest bank. SBI-US offers a wide array of services including money ...
SBI Mutual Fund is one of the best and the top mutual fund investment company among mutual funds companies in India. SBI mutual fund offers variety of funds ...
State Bank of India (SBI) (NSE: SBIN, BSE: 500112, LSE: SBID) is the largest Indian banking and financial services company (by turnover and total assets) with ...
SBI Card offers Indian consumers an extensive access to a wide range of world-class Credit Cards - Classic Cards, Exclusive Cards, Premium Cards, Travel ...
State Bank of India Stock/Share prices, State Bank of India Live BSE/NSE, F&O Quote of State Bank of India with Historic price charts for NSE / BSE. Experts ...
1 day ago – State Bank of Stock prices, Stock quote of State Bank of Indi, State Bankof stock news, Live Quote, Real time quote, investing data of State...
NEW DELHI: The finance ministry has decided to go ahead and seek cabinet approval for converting the dedicated infrastructure financier India Infrastructure Finance Company Limited (IIFCL) into an infrastructure finance company despite opposition from the Planning Commission.
The IIFCL escapes regulatory oversight of the Reserve Bank of India, as it is currently regulated by the finance ministry.
"Converting IIFCL into an NBFC (non-banking finance company) will strengthen risk management and avoid concentration of risk," said a finance ministry official.
Under the structure proposed by the finance ministry, the IIFCL will convert into special category infrastructure finance company with a higher authorized capital base of 5,000 crore against the current 2,000 crore.
The company will continue to enjoy sovereign guarantee for its borrowings.
Finance Ministry has indicated that IIFCL will need around 11,000 crore by 2013-14 to meet the prudential norms followed by infrastructure finance companies, which are required to maintain a capital adequacy ratio of 15%.
Planning Commission has opposed the move arguing that since the equity contributions would have to come from plan funds, the other priority programmes will suffer.
"What is the point of the capital adequacy norm (of 15 %). It becomes a mere formality because anyway you have government guarantee," said a Planning Commission official.
Plan panel has said that the rationale for creating IIFCL via a special structure was to provide long-term funds for infrastructure projects and providing solutions that the market was unable to deliver.
Converting the company into a regular infrastructure finance company defeats its purpose and will also put extra burden on government. "If you are borrowing like other finance companies there is no logic why you should have government guarantee. It might lead to be an unnecessary burden on the fisc," added the Planning Commission official.
Structure of the organised banking sector in India. Number of banks are in brackets.
Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India, which started in 1786, and Bank of Hindustan, which started in 1790; both are now defunct. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which almost immediately became the Bank of Bengal. This was one of the three presidency banks, the other two being the Bank of Bombay and the Bank of Madras, all three of which were established under charters from the British East India Company. For many years the Presidency banks acted as quasi-central banks, as did their successors. The three banks merged in 1921 to form the Imperial Bank of India, which, upon India's independence, became the State Bank of India.
Indian merchants in Calcutta established the Union Bank in 1839, but it failed in 1848 as a consequence of the economic crisis of 1848-49. The Allahabad Bank, established in 1865 and still functioning today, is the oldest Joint Stock bank in India.(Joint Stock Bank: A company that issues stock and requires shareholders to be held liable for the company's debt) It was not the first though. That honor belongs to the Bank of Upper India, which was established in 1863, and which survived until 1913, when it failed, with some of its assets and liabilities being transferred to the Alliance Bank of Simla.
When the American Civil War stopped the supply of cotton to Lancashire from the Confederate States, promoters opened banks to finance trading in Indian cotton. With large exposure to speculative ventures, most of the banks opened in India during that period failed. The depositors lost money and lost interest in keeping deposits with banks. Subsequently, banking in India remained the exclusive domain of Europeans for next several decades until the beginning of the 20th century.
Foreign banks too started to arrive, particularly in Calcutta, in the 1860s. The Comptoire d'Escompte de Paris opened a branch in Calcutta in 1860, and another in Bombay in 1862; branches in Madras and Puducherry, then a French colony, followed. HSBC established itself inBengal in 1869. Calcutta was the most active trading port in India, mainly due to the trade of the British Empire, and so became a banking center.
The first entirely Indian joint stock bank was the Oudh Commercial Bank, established in 1881 in Faizabad. It failed in 1958. The next was thePunjab National Bank, established in Lahore in 1895, which has survived to the present and is now one of the largest banks in India.
Around the turn of the 20th Century, the Indian economy was passing through a relative period of stability. Around five decades had elapsed since the Indian Mutiny, and the social, industrial and other infrastructure had improved. Indians had established small banks, most of which served particular ethnic and religious communities.
The presidency banks dominated banking in India but there were also some exchange banks and a number of Indian joint stock banks. All these banks operated in different segments of the economy. The exchange banks, mostly owned by Europeans, concentrated on financing foreign trade. Indian joint stock banks were generally under capitalized and lacked the experience and maturity to compete with the presidency and exchange banks. This segmentation let Lord Curzon to observe, "In respect of banking it seems we are behind the times. We are like some old fashioned sailing ship, divided by solid wooden bulkheads into separate and cumbersome compartments."
The period between 1906 and 1911, saw the establishment of banks inspired by the Swadeshi movement. The Swadeshi movement inspired local businessmen and political figures to found banks of and for the Indian community. A number of banks established then have survived to the present such as Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India.
The fervour of Swadeshi movement lead to establishing of many private banks in Dakshina Kannada and Udupi district which were unified earlier and known by the name South Canara ( South Kanara ) district. Four nationalised banks started in this district and also a leading private sector bank. Hence undivided Dakshina Kannada district is known as "Cradle of Indian Banking".
During the First World War (1914-1918) through the end of the Second World War (1939-1945), and two years thereafter until theindependence of India were challenging for Indian banking. The years of the First World War were turbulent, and it took its toll with banks simply collapsing despite the Indian economy gaining indirect boost due to war-related economic activities. At least 94 banks in India failed between 1913 and 1918 as indicated in the following table:
The partition of India in 1947 adversely impacted the economies of Punjab and West Bengal, paralyzing banking activities for months. India'sindependence marked the end of a regime of the Laissez-faire for the Indian banking. The Government of India initiated measures to play an active role in the economic life of the nation, and the Industrial Policy Resolution adopted by the government in 1948 envisaged a mixed economy. This resulted into greater involvement of the state in different segments of the economy including banking and finance. The major steps to regulate banking included:
The Reserve Bank of India, India's central banking authority, was nationalized on January 1, 1949 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948 (RBI, 2005b).[Reference www.rbi.org.in]
In 1949, the Banking Regulation Act was enacted which empowered the Reserve Bank of India (RBI) "to regulate, control, and inspect the banks in India."
The Banking Regulation Act also provided that no new bank or branch of an existing bank could be opened without a license from the RBI, and no two banks could have common directors.
Banks Nationalisation in India: Newspaper Clipping, Times of India, July, 20, 1969
Despite the provisions, control and regulations of Reserve Bank of India, banks in India except theState Bank of India or SBI, continued to be owned and operated by private persons. By the 1960s, the Indian banking industry had become an important tool to facilitate the development of the Indian economy. At the same time, it had emerged as a large employer, and a debate had ensued about the nationalization of the banking industry. Indira Gandhi, then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting in a paper entitled "Stray thoughts on Bank Nationalisation." The meeting received the paper with enthusiasm.
Thereafter, her move was swift and sudden. The Government of India issued an ordinance andnationalised the 14 largest commercial banks with effect from the midnight of July 19, 1969.Jayaprakash Narayan, a national leader of India, described the step as a "masterstroke of political sagacity." Within two weeks of the issue of the ordinance, the Parliament passed the Banking Companies (Acquisition and Transfer of Undertaking) Bill, and it received the presidential approval on 9 August 1969.
A second dose of nationalization of 6 more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second dose of nationalization, the Government of India controlled around 91% of the banking business of India. Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank. It was the only merger between nationalized banks and resulted in the reduction of the number of nationalised banks from 20 to 19. After this, until the 1990s, the nationalised banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy.
In the early 1990s, the then Narasimha Rao government embarked on a policy of liberalization, licensing a small number of private banks. These came to be known as New Generation tech-savvy banks, and included Global Trust Bank (the first of such new generation banks to be set up), which later amalgamated with Oriental Bank of Commerce, Axis Bank(earlier as UTI Bank), ICICI Bank and HDFC Bank. This move, along with the rapid growth in the economy of India, revitalized the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks.
The next stage for the Indian banking has been set up with the proposed relaxation in the norms for Foreign Direct Investment, where all Foreign Investors in banks may be given voting rights which could exceed the present cap of 10%,at present it has gone up to 74% with some restrictions.
The new policy shook the Banking sector in India completely. Bankers, till this time, were used to the 4-6-4 method (Borrow at 4%;Lend at 6%;Go home at 4) of functioning. The new wave ushered in a modern outlook and tech-savvy methods of working for traditional banks.All this led to the retail boom in India. People not just demanded more from their banks but also received more.
Currently (2007), banking in India is generally fairly mature in terms of supply, product range and reach-even though reach in rural India still remains a challenge for the private sector and foreign banks. In terms of quality of assets and capital adequacy, Indian banks are considered to have clean, strong and transparent balance sheets relative to other banks in comparable economies in its region. The Reserve Bank of India is an autonomous body, with minimal pressure from the government. The stated policy of the Bank on the Indian Rupee is to manage volatility but without any fixed exchange rate-and this has mostly been true.
With the growth in the Indian economy expected to be strong for quite some time-especially in its services sector-the demand for banking services, especially retail banking, mortgages and investment services are expected to be strong. One may also expect M&As, takeovers, and asset sales.
In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake in Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time an investor has been allowed to hold more than 5% in a private sector bank since the RBI announced norms in 2005 that any stake exceeding 5% in the private sector banks would need to be vetted by them.
In recent years critics have charged that the non-government owned banks are too aggressive in their loan recovery efforts in connection with housing, vehicle and personal loans. There are press reports that the banks' loan recovery efforts have driven defaulting borrowers to suicide.[1][2][3]dsggiph indian
State Bank of India (SBI) (NSE: SBIN, BSE: 500112, LSE: SBID) is the largestIndian banking and financial services company (by turnover and total assets) with its headquarters in Mumbai, India. It is state-owned. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. Bank of Madras merged into the other two presidency banks, Bank of Calcutta and Bank of Bombay to form Imperial Bank of India, which in turn became State Bank of India. The government of Indianationalised the Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India.
SBI provides a range of banking products through its vast network of branches in India and overseas, including products aimed at non-resident Indians (NRIs). The State Bank Group, with over 16,000 branches, has the largest banking branch network in India. SBI has 14 Local Head Offices and 57 Zonal Offices that are located at important cities throughout the country. It also has around 130 branches overseas.
With an asset base of $352 billion and $285 billion in deposits, SBI is a regional banking behemoth and is one of the largest financial institution in the world. It has a market share among Indian commercial banks of about 20% in deposits and loans.[2] The State Bank of India is the 29th most reputed company in the world according to Forbes.[3] Also SBI is the only bank featured in the coveted "top 10 brands of India" list in an annual survey conducted by Brand Finance and The Economic Times in 2010.[4]
The roots of the State Bank of India rest in the first decade of 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras(incorporated on 1 July 1843). All three Presidency banks were incorporated as joint stock companies and were the result of the royal charters. These three banks received the exclusive right to issue paper currency in 1861 with the Paper Currency Act, a right they retained until the formation of the Reserve Bank of India. The Presidency banks amalgamated on 27 January 1921, and the reorganised banking entity took as its name: Imperial Bank of India. The Imperial Bank of India remained a joint stock company
Pursuant to the provisions of the State Bank of India Act (1955), the Reserve Bank of India, which is India's central bank, acquired a controlling interest in the Imperial Bank of India. On 30 April 1955, the Imperial Bank of India became the State Bank of India. The government of India recently acquired the Reserve Bank of India's stake in SBI so as to remove any conflict of interest because the RBI is the country's banking regulatory authority.
In 1959, the government passed the State Bank of India (Subsidiary Banks) Act, enabling the State Bank of India to take over eight former state-associated banks as its subsidiaries. On 13 September 2008, the State Bank of Saurashtra, one of its associate banks, merged with the State Bank of India.
SBI has acquired local banks in rescues. For instance, in 1985, it acquired the Bank of Cochin in Kerala, which had 120 branches. SBI was the acquirer as its affiliate, the State Bank of Travancore, already had an extensive network in Kerala.
The Israeli branch of the State Bank of India located in Ramat Gan.
As of 31 December 2009, the bank had 157 overseas offices spread over 32 countries. It has branches of the parent in Colombo, Dhaka, Frankfurt, Hong Kong, Tehran, Johannesburg, London, Los Angeles, Male in the Maldives, Muscat, New York, Osaka, Sydney, and Tokyo. It has offshore banking units in the Bahamas, Bahrain, and Singapore, and representative offices in Bhutan andCape Town. It also has an ADB in Boston, USA.
SBI operates several foreign subsidiaries or affiliates. In 1990, it established an offshore bank: State Bank of India (Mauritius).
In 1982, the bank established a subsidiary, State Bank of India (California), which now has ten branches – nine branches in the state of California and one in Washington, D.C. The 10th branch was opened in Fremont, California on 28 March 2011. The other eight branches in California are located in Los Angeles, Artesia, San Jose, Canoga Park, Fresno, San Diego, Tustin and Bakersfield.
The Canadian subsidiary, State Bank of India (Canada) also dates to 1982. It has seven branches, four in the Toronto area and three in British Columbia.
In Nigeria, SBI operates as INMB Bank. This bank began in 1981 as the Indo-Nigerian Merchant Bank and received permission in 2002 to commence retail banking. It now has five branches in Nigeria.
In Nepal, SBI owns 55% of Nepal SBI Bank, which has branches throughout the country. In Moscow, SBI owns 60% of Commercial Bank of India, with Canara Bank owning the rest. In Indonesia, it owns 76% of PT Bank Indo Monex.
The State Bank of India already has a branch in Shanghai and plans to open one in Tianjin.[6]
In Kenya, State Bank of India owns 76% of Giro Commercial Bank, which it acquired for US$8 million in October 2005.[7]
SBI has five associate banks; all use the same logo of a blue circle and all the associates use the "State Bank of" name, followed by the regional headquarters' name;
Earlier SBI had only seven associate banks that constituted the State Bank Group. Originally, the then seven banks that became the associate banks belonged to princely states until the government nationalised them between October 1959 and May 1960. In tune with the first Five Year Plan, emphasising the development of rural India, the government integrated these banks into the State Bank of India system to expand its rural outreach. There has been a proposal to merge all the associate banks into SBI to create a "mega bank" and streamline operations.[8]
The first step towards unification occurred on 13 August 2008 when State Bank of Saurashtra merged with SBI, reducing the number of state banks from seven to six. Then on 19 June 2009 the SBI board approved the merger of its subsidiary, State Bank of Indore, with itself. SBI holds 98.3% in State Bank of Indore. (Individuals who held the shares prior to its takeover by the government hold the balance of 1.77%.)[9]
The acquisition of State Bank of Indore added 470 branches to SBI's existing network of 12,448 and over 21,000 ATMs. Also, following the acquisition, SBI's total assets will inch very close to the Rs 10-lakh crore mark. Total assets of SBI and the State Bank of Indore stood at Rs 998,119 crore as on March 2009. The process of merging of State Bank of Indore was completed by April 2010, and the SBI Indore Branches started functioning as SBI branches on 26 August 2010.[10]
State Bank of India has 137 foreign offices in 32 countries across the globe.
SBI has about 25,000 ATMs (25,000th ATM was inaugurated by the then Chairman of State Bank Shri O.P. Bhatt on 31 March 2011, the day of his retirement); and SBI group(including associate banks) has about 45,000 ATMs.
SBI has 21,500 branches, including branches that belong to its associate banks.
SBI includes 99345 offices in India.
India's number one ADB is in bellary i e State bank of India bellary ADB
The symbol of the State Bank of India is a circle and not key hole and a small man at the centre of the circle. A circle depicts perfection and the common man being the centre of the bank's business.
Nandan Nilekani appointed as Chairman of program to provide unique identification numbers
BAMCEF And RASHTRIYA MULNIVASI SANGH 26th National Convention,
Vaman Meshram Explains Caste system and Discrimination in context of Indian History
Action DECLARATION
National President Mulnivasi BAMCEF Declaers ACTION sinc 2010 AS socia,geographical and Global Networking COMPLETE.Twenty Nine State ORGS with more than Two THOUSAND Castes Came Togetherl
Ladies Serve FOOD
a Glimpse of Community Kichen
Hits
Share
Facing My People
Me Addressing my Kith and Kin and speaking on UNIQUE Identity Number and Mass Destruction Agenda
Dharamaveer, then Governor of Bengal 9second from Left) with Jyoti basu, deputy CM, Mrs Indira gandhi, PM and Ajoy Mukherjee , CM. Dharamveer belonged to Dhramanagari in Bijnore, Sabita`s maternal Home. Bengali Refugees in Bijnore had been resettled in the State of King Jwala Prasad. Dharmaveer was the Eldest PRINCE of the State
Marichjhanpi Massacre, First genocide by the Marxist Brahaminical Hegemony
Mahendra singh Tikait, the leader of bharatiya Kisan Union and me during the Massive Rally under Peasant uprising in western UP
The Poet with Us
Baba nagarjun the Poet at our Amravati residence where he stayed with us. From Left Shobhakant , the youngest son of the Poet, Me ,Baba and Sabita
Me and Sabita in Home Town
Me and sabita in our Home Town Nainital after our marriage
Cancer Ward
ND Tiwari assureing my Dying father who later succumbed to Cancer in 2001 that he would establish a canser Hospital as my father wished last. Tiwari never Visited Basantipur after my Father`s death and simply forgot about the hospital
MIli and Subhash with the Poet
Mili, My cousin Subhash `s Wife, who died succumbing to Septosemia in NRS Hospital on first May 1995, Subhsh, Me and Sabita with the Prominet Hindi Poet Baba Nagarjun who also died later flanked by Left Totan , only son of Mili and subhsh and Tussu. Baba satyed with us in 1992
Tussu in darjiling
My son Tussu in darjiling the place we visited together
MY family
Standing from Left Sisiter Bhanu and Bharati, Namita wife of Padmlochan, Sabita, Jethima, Mother Basanti devi and othersSeated from LeftPadm Lochan , my younger Brother , my Youngest Brother, Arun , My cousin with his daughter KRISHNA, Jethamoshai, My Father Pulin babu, me and panchanan, my youngest Brother Panchanan and seated on floor the generation Next
Generation Next
From Left, Biplab , the eleder Son of Padmalochan my brother, Tussu my son and Tutul, the yonger son of Lochan. Biplabis no more as heexpired on 25th May 1991, four days after the death of rajiv Gandhi in Bomb Blast. biplab sucumbed to Fever at aged only Six
Meeradi
My eldest cousin Meeradi with her Grand son shivanand who is a Young Man but Deaf and dumb
My villagers
My Villagers during the last journey of their Comrade, and head of the Village family, Pulin Babu
Last Rites
We all brothers and boys at home during Last Rites of my father while Jethamoshai looks on
FRIENDS in DSB
Me9thirdfrom left with DSB Friends in seventies
JETHAMOSHAI
My Father`s elder Brother
ND Tiwar at Home
ND Tiwari on the Death Bed of his Close Friend, my Father accepts ISHWAR KI Galti
Me in GIc
Whie I landed in Nainital GIC
Mango Tree at Home
This Mango TREE is Identity Mark at Home in Basantipur
147,843.92 
No comments:
Post a Comment