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The government has finalised plans to buy the Reserve Bank of India's entire stake of 59.73 per cent in State Bank of India (SBI) by December 2006. The finance ministry is working out the modalities. Based on SBI’s current market price, the government may have to pay nearly Rs 350 billion to buy RBI’s stake....read more

In 2005-06, State Bank of India has become the number one Indian investor abroad in 2005-06. It has invested $1bn abroad. In fact, all outward foreign direct investment (FDI) in the banking sector during the year was made by SBI.The PSU bank made investments totalling $1,179m in Mauritius, Kenya and Indonesia last year.

SBI has named new chiefs for four of its subsidiaries - SBI Caps, SBI Mutual Fund, SBI Life and SBI Factors. R Shridharan is new managing director of SBI Capital Markets, its merchant banking arm. US Roy is new MD and CEO of SBI Life. Syed Shahabuddin would take over as managing director of SBI Mutual Fund. Mr DS Das is made managing director of SBI Factors,

Yogesh Agarwal has been appointed managing director and group executive (national banking) of State Bank of India from October 10, 2006, to June 30, 2010. Prior to taking up the new assignment, Agarwal was managing director of State Bank of Patiala. He joined SBI as a probationary officer in 1972 and has worked on varied assignments, including deputy managing director and chief financial officer. He has served at SBI overseas office in Dubai and Singapore.

There has been reshuffle of the portfolios of the top brass of bank. DMD and chief financial officer (CFO) Ashwini Kumar Sharma has been made DMD, information technology (IT). MM Lateef, who was heading SBI-Discount and Finance House of India (SBI-DFHI), State Bank’s primary dealer arm, has taken over from Mr Sharma. Bharati Rao, DMD in charge of international banking, has been made DMD and chief corporate officer (CCO). Former CCO SK Hariharan will now head the bank’s international operations as DMD.

Om Prakash Bhatt has been appointed chairman of the country’s largest bank — State Bank of India. for five-year tenure. Prior to this appointment, Mr Bhatt was managing director at State bank of Travancore. Mr Bhatt, started off as an Probationary Officer in SBI in 1972. Mr Bhatt was posted in London and then in Washington between 1997 and ‘02.

State Bank of India will complete acquisition of Giro Commercial Bank of Kenya and PT Bank Indo Monex of Indonesia by August 2006.

O P Bhatt, managing director of State Bank of Travancore, has taken over as managing director of State Bank of India.



SBI has got three new deputy managing directors (DMD) - Bharti Rao, DMD of international banking group. V K Gupta, DMD, Chief Credit Officer. K Sitaraman, DMD - Information Technology.
These appointments will take the total number of DMDs with SBI to seven. The other SBI DMDs are S K Hariharan (associates and subsidiaries), A K Sharma (chief financial officer), P K Mitra (inspection and audit) and Abhijit Datta (chief development officer). SBI Chairman A K Purwar is retiring at the end of May 2006.

The indefinite strike by employees of SBI has been finally called off after seven-days . Under the settlement, the fresh `cut-off' of basic pay for determining pension has been increased to Rs 21,040 from Rs 8,500 ....read

An Update on SBI Strike....read details

State Bank of India (SBI) Employees have gone for an indefinite country-wide bank strike from April 3, 2006.....read the reason for strike

FAQ ON IMD (India Millennium Deposit) REDEMPTION.....Click here

SBI announces schemes to attract IMD investors.....Click here

SBI becomes the first Indian Bank to get branch licence in Saudi Arabia.....Click here

State Bank of India to acquire 76 per cent stake in Kenyan bank.....Click here

Real Time Gross Settlement System (RTGS) goes live at SBI.....Click here

SBI among Top 30 Indian Companies in the world .....Click here

S&P Rating of State Bank of India.....Click here

State Bank of India and its Associates account for 24.2 per cent of gross bank credit.....Click here

Update on VRS in State bank of India.....Click here

Voluntary retirement scheme (VRS) in State Bank of India.....Click here

SBI launches India Millennium Deposit(IMD) programme.....Click here


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