SBIN

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, March 31 (Reuters Breakingviews) - India's new cult of equity investing is getting tested. As war in the Middle East ravages stocks, Securities and Exchange Board of India Chair Tuhin Kanta Pandey is urging mom-and-pop investors to "remain patient". Unlike in past crises the $5 trillion market is cushioned by strong domestic flows, but a potential rise in inflation and deposit rates could upset that.

The benchmark Nifty 50 Index .NSEI is down 11% this year and foreigners have dumped shares worth over $13 billion so far in 2026, following a record $19 billion of selling in 2025. Yet valuations remain frothy: the MSCI India index .MIIN00000PIN is trading at par with its 10-year average of 20 times forward earnings, nearly double the MSCI Emerging Markets .dMIEF00000PUS multiple.

The South Asian country's stocks are propped up by steady flows from 125 million Indians investing directly in equities and 53 million through mutual funds, many of whom first entered the market during the pandemic. A $250,000 annual limit on overseas transfers by individuals and a tax regime that makes equity returns more lucrative than debt support the case for local buying of Indian stocks too.

Yet cracks are appearing in that trusty pool of funds. In 2025 net flows into equity and share-focused hybrid funds offered by local asset managers shrank 9% from a peak of 4.5 trillion rupees ($48 billion) in the previous year, per brokerage Kotak Institutional Equities.

Competition from other assets could rise, too. As bullion prices surged late last year, Indians known for their love of the yellow metal piled into index funds linked to bullion and pushed up inflows to levels matching equity-focused schemes in January. A swifter depreciation in the rupee's value could also prompt them to deploy what money they can in other markets.

If the fighting in the Middle East prolongs, worries about India's external finances and a weak rupee INR=IN will add to the selling pressure. Fuel and food supply disruptions could eventually push inflation much higher than the current level of 3.2% and prompt the central bank to hike interest rates.

Assuming the war ends within the next month, Bernstein analysts see India's equity benchmark falling 0.6% by the end of 2026. That's disappointing for first time investors accustomed to year-on-year gains. Meanwhile, the return from a one-year deposit with State Bank of India SBI.NS, taxed at the top rate of 30%, works out to 4.4% and could rise to 4.55% if the lender raises the yield by 25 basis points. Faced with that reality, the small impatient investor could yet shake the stock market.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Securities and Exchange Board of India Chair Tuhin Kanta Pandey on March 14 advised the country's mom-and-pop investors to not react sharply to volatility in capital markets. "For retail investors, the best strategy would be to remain patient," he said, adding that markets have historically recovered after major global disruptions.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))

March 20 (Reuters) - State Bank of India SBI.NS:

• INCOME TAX DEPARTMENT RAISES DEMAND OF 63.38 BILLION RUPEES FOR AY 2023-24

Source text: ID:nBSE5H5NRF

Further company coverage: SBI.NS

((Reuters.Briefs@thomsonreuters.com;))

Adds IPO details, company background from paragraph 5

March 19 (Reuters) - India's largest asset manager SBI Funds Management filed for an initial public offering, where its existing investors State Bank of India SBI.NS and Amundi AMUN.PA will together offload a 10% stake, its draft prospectus showed on Thursday.

In their second attempt to list the asset manager, SBI, India's largest lender, will sell a 6.3% stake, while Europe's biggest fund manager, Amundi, will sell a 3.7% stake.

The bank currently owns a 61.8% stake, while Amundi holds 36.3%. SBI Funds will not be issuing any new shares in the IPO.

SBI Funds Management has a market share of more than 15% in India's mutual fund market, where it manages assets worth 12.5 trillion rupees ($134.15 billion).

Asset managers such as SBI Funds, recently-listed ICICI Prudential Asset Management Company IICL.NS, and HDFC Asset Management HDFA.NS benefited from strong inflows into mutual funds last year, particularly from retail investors.

For the nine months to December 2025, SBI Funds posted a 26% climb in profit to 24.32 billion rupees on total revenue that rose 23% to 32.51 billion rupees.

The IPO would be the third for an SBI subsidiary, after the listing of SBI Cards SBIC.NS and SBI Life Insurance SBIL.NS.

In December, ICICI Prudential Asset Management, the country's second-largest asset manager, became India's fourth most-subscribed IPO. The stock surged over 23% on its trading debut and is currently up about 8.5% since listing.

Kotak Mahindra Capital, Axis Capital, BofA Securities and HSBC are among the nine bankers for the SBI Funds IPO.

($1 = 93.1810 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru, additional reporting by Nishit Navin; Editing by Devika Syamnath)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

** Shares of India's SBI Life Insurance SBIL.NS rise 1.63% to 1,963.50 rupees

** Motilal Oswal ("buy", PT:2400 rupees) expects new business premium growth to remain steady at roughly 15% during FY 2026–2028

** Brokerage expects profitability to improve as the insurer shifts toward higher-margin products, sees demand for pure insurance products driving growth

** Notes strong distribution via parent SBI's network and consistent growth track record

** Stock rated "buy" on average by 36 analysts, median PT at 2,415 rupees, according to data compiled by LSEG

** YTD, stock down 5.05% vs parent SBI's 8.4% rise

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

MUMBAI, March 17 (Reuters) - State Bank of India SBI.NS has accepted bids worth 60.51 billion Indian rupees ($654.78 million) for Basel III-compliant Tier II bonds maturing in 10 years, three bankers said on Tuesday.

The nation's largest lender will pay an annual coupon of 7.05% and had invited coupon and commitment bids for the issue earlier in the day, they said.

The bank did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 17:

*Size includes base plus greenshoe for some issues

($1 = 92.4125 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)

((Dharamraj.dhutia@tr.com))

By Dharamraj Dhutia

MUMBAI, March 16 (Reuters) - State Bank of India SBI.NS will seek to raise as much as 75 billion rupees ($811.4 million) this week, three bankers said on Monday, marking the second rupee debt sale this fiscal year by the country's biggest lender.

SBI will issue the Basel III-compliant Tier-II bonds with a 10-year maturity and has invited bids on Tuesday, the bankers, who are familiar with the matter, said.

These bonds are debt instruments issued by banks to strengthen their Tier II capital, a component of the regulatory capital required under the Basel III framework implemented by the Reserve Bank of India.

SBI did not immediately respond to a Reuters request for comment, while the bankers declined to be identified as they are not authorised to speak to the media.

The bonds will have a call option at the end of five years, and at the end of every year thereafter, the bankers added.

They also said that mutual funds are likely to bid aggressively for the issue as it would be priced in line with the five-year paper.

In October, SBI had raised 75 billion rupees through 10-year Tier-II bonds at a coupon rate of 6.93%, which was only 30 basis points above the annualized 10-year government bond yield.

Other state-run banks that have raised funds via this route include Bank of India BOI.NS, Indian Overseas Bank IOBK.NS and Canara Bank CNBK.NS, while ICICI Bank ICBK.NS is the lone private lender to opt for Tier-II bonds twice in this financial year.

"Better pricing for this issue could also nudge a couple of state-run lenders to opt for this route," one of the bankers said.

($1 = 92.4360 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

((Dharamraj.Dhutia@thomsonreuters.com;))

March 11 (Reuters) -

• INDIA'S ED: RESTITUTED IMMOVABLE PROPERTIES WORTH 16.9 MILLION RUPEES TO STATE BANK OF INDIA IN BANK FRAUD CASE OF ARVIND CASTING

Further company coverage: SBI.NS

((Reuters.Briefs@thomsonreuters.com;;))

By Dharamraj Dhutia

MUMBAI, March 10 (Reuters) - India's largest lender, State Bank of India SBI.NS, will issue infrastructure bonds in March after a gap of about 16 months, two bankers said on Tuesday.

SBI may sell 7-year or 10-year bonds to raise as much as 100 billion rupees ($1.09 billion), said the bankers, requesting anonymity as they are not authorised to speak to media.

When asked to confirm the bond issues, SBI told Reuters via email that "as a policy bank does not comment upon such matters".

Infrastructure bonds are used to finance long-term development projects.

SBI had last sold infrastructure bonds in November 2024, when it raised 100 billion rupees through 15-year notes.

Three Indian lenders have raised a total of 250 billion rupees through infrastructure bonds so far this financial year, sharply lower than 892 billion rupees raised in the previous fiscal.

India's fiscal year runs April through March.

Bank of Baroda raised 100 billion rupees through seven-year green infrastructure bonds earlier in March, amid demand by a large state-run insurance firm and a provident fund house.

Other state-run lenders could also look to raise funds through the bonds this month, bankers said.

($1 = 91.8550 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

((Dharamraj.Dhutia@thomsonreuters.com;))

March 2 (Reuters) - State Bank of India SBI.NS:

• NITIN CHUGH RELIEVED AS DEPUTY MANAGING DIRECTOR

• CONTRACT PERIOD OF NITIN CHUGH ENDING ON MARCH 3

Source text: ID:nNSE7dTsYX

Further company coverage: SBI.NS

((Reuters.Briefs@thomsonreuters.com;;))

** CLSA reiterates "outperform" on State Bank of India SBI.NS; maintains PT at 1,275 rupees

** Lender's stock up 0.39% to 1,204.80 rupees

** Brokerage says bank has grown faster than industry over past five years, aided by retail lending expansion, strong branch network

** Notes SBI has de-risked balance sheet by reducing infrastructure loan exposure, increasing share of higher-rated corporates

** Adds lender's industry-leading liquidity coverage ratio supports loan growth, margin expansion

** Stock rated "buy" on average; median PT is 1,210 rupees, per data compiled by LSEG

** SBI gains 22.2% YTD

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

Corrects dateline to February 16

By Sudarshan Varadhan, Gopika Gopakumar and Jatindra Dash

SINGAPORE/MUMBAI/BHUBANESWAR, India, Feb 16 (Reuters) - Indian Prime Minister Narendra Modi's push to accelerate the rollout of rooftop solar power is falling short of targets despite heavy subsidies due to loan delays and limited support from state utilities, vendors and analysts say.

The shortfalls represent the latest challenge to India's efforts to nearly double clean energy capacity to 500 gigawatts by 2030, and come as the government plans to suspend clean energy tendering targets amid a mounting backlog of awarded projects yet to be built.

Challenges to plans to increase solar uptake may mean India maintains its reliance on coal-fired power.

India's Ministry for New and Renewable Energy created its subsidy programme for residential solar panel installations in February 2024, covering up to 40% of the costs.

But residential installations at 2.36 million are well below the ministry's target of 4 million by March, according to data from the programme's website.

"Banks' reluctance to lend and states' hesitance to promote the schemes could derail India's efforts to transition away from coal," said Shreya Jai, the lead energy analyst at research firm Climate Trends in New Delhi.

Roughly three in five rooftop solar applications filed on the scheme's website are yet to be approved while about 7% have been rejected, according to government data on the programme, known as the PM Surya Ghar.

In a statement to Reuters about the pending applications, the renewable energy ministry pointed to accelerating installations which have benefited over 3 million households, and said the scheme enables state-owned utilities to reduce subsidy payouts to keep residential power bills in check.

"The loan rejection rate varies across states," the statement said.

Under PM Surya Ghar, consumers apply and select a vendor who handles paperwork and arranges bank financing for solar panels. After loan approval and installation, the vendor submits proof, after which the government subsidy is credited to the bank.

BANK DELAYS

However, banks have been rejecting or delaying loans for numerous reasons including lack of documentation, which they say is necessary to protect public funds.

"We are working with the government to push for some standard documentation, because it is necessary to avoid bad loans. Currently if loans go bad, banks can take away these panels but what will we do with these panels?" said a senior official at a major government-owned bank.

Chamrulal Mishra, a solar vendor in the eastern Indian state of Odisha, said applications are often rejected because the customer has missed electricity payments or because land records are still in the name of deceased relatives.

Residents there dispute the claims that they have missed payments, which they attribute to administrative errors after a change in utility ownership decades prior.

A spokesperson for India's Department of Financial Services, which regulates the country's banks, said they have responded to consumer feedback to allow co-applicants for loans to clear up title claims and the simplification of documentation requirements.

The Renewable Energy Association of Rajasthan said some banks are making collateral demands for loans under 200,000 Indian rupees ($2,208.87), despite scheme guidelines not requiring them to, which is constraining solar power additions.

State Bank of India and Punjab National Bank, some of the country's largest lenders, did not reply to requests for comment on the matter.

State-owned utilities are also not promoting rooftop solar as much, as they are concerned about the loss of revenue as sales move off the electric grid.

"Wealthier households typically have high electricity consumption, tariffs and reliable roof access. When they shift from the grid, it leaves a larger financial burden," said Niteesh Shanbog, an analyst at Rystad Energy.

($1 = 90.5440 Indian rupees)

(Reporting by Sudarshan Varadhan in Singapore, Gopika Gopakumar in Mumbai and Jatindra Dash in Bhubaneswar; Additional reporting by Saurabh Sharma and Sethuraman NR in New Delhi, and Jose Devasia in Kochi; Editing by Christian Schmollinger)

((sudarshan.varadhan@thomsonreuters.com; +65 91164984;))

Updates with closing levels, adds chart

** Shares of State Bank of India SBI.NS close 0.52% higher at 1,198.6 rupees

** India's largest lender by assets gained 12% for the week, its biggest weekly gain since early February, 2021

** The stock also hit multiple record highs through the week, driven by strong Q3 earnings and increase in FY26 credit growth guidance

** On Wednesday, SBI overtook TCS TCS.NS to become India's fourth-largest company by market cap

** 38 analysts on avg rate SBI "buy", their median PT is 1210 rupees

** Stock up 22% so far in 2026

(Reporting by Nishit Navin in Bengaluru)

((nishit.navin@thomsonreuters.com))

** Shares of India's ICICI Bank ICBK.NS rise 1.2% to surpass market capitalisation of Tata Consultancy Services TCS.NS

** IT major now sixth biggest Indian company by market cap after losing two spots in two days; shares down 3.7%

** TCS' market cap drops to 10.13 trillion rupees ($111.92 billion), while that of ICICI Bank rises to 10.18 trillion rupees ($112.47 billion)

** IT bellwether hit by broader sell-off in IT stocks due to fears of AI disruption and fading U.S. rate cut hopes

** Nifty IT index .NIFTYIT down 4.3%

** Reliance Industries RELI.NS, HDFC Bank HDBK.NS and Bharti Airtel BRTI.NS and State Bank of India SBI.NS are the India's top four firms, respectively, in terms of market cap

($1 = 90.5150 Indian rupees)

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

** State Bank of India SBI.NS becomes fourth-largest Indian company by market capitalisation

** Shares of India's largest lender rise 3.4% on the day, pushing market cap to 10.92 trillion rupees ($120.36 billion), per exchange data

** Pips IT bellwether TCS TCS, which fell 2.5% on Wednesday, taking its market cap to 10.52 trillion rupees

** SBI up 7% this week after upbeat Q3 earnings, while TCS is up 1.5%

** Reliance Industries RELI.NS, HDFC Bank HDBK.NS and Bharti Airtel BRTI.NS are the top three, respectively, in terms of market cap

($1 = 90.7275 Indian rupees)

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Feb 10 (Reuters Breakingviews) - A record run of listings is doing little to shore up investment banking fortunes in India. Citi and JPMorgan passed up working on a $1.4 billion float last month by SBI Funds Management, India's largest asset manager, after the issuer set fees at 0.01% of the issue size, Bloomberg reported citing sources. Such state-backed issuers are usually stingy but the hottest private issuers in 2026 are likely to offer slim pickings too.

Fees are growing but remain well short of desirable levels. Net revenue from India's $23 billion of initial public offerings amounted to 1.7% of proceeds in 2025, up from 1.4% a year earlier, Dealogic data show. Underwriters in the U.S. typically command between 4% and 7%.

And while India is now delivering a consistent pipeline of sizeable deals, extracting the measly fees on offer is painful. ICICI Prudential Asset Management's IICL.NS $1.4 billion offering in December was shepherded by 18 banks.

Fees also are increasingly split into equal fixed and variable components tied to the quality of investors a bank brings to a transaction. Roughly one-fifth of the total payout is reserved as a discretionary bonus issuers can choose to hold back. In practice, robust demand for Indian stock means these incentives and bonuses are mostly paid but they suck up time to negotiate.

Firms working on prospective blockbuster deals - such as Reliance Industries' RELI.NS planned offering of Jio Platforms, handled by Morgan Stanley and Kotak Mahindra Bank, per a Reuters report, and National Stock Exchange - won't be spoilt for riches either.

Choosing deals well can be rewarding. Foreigners remain among the few willing to pay for advice. IT exporter Hexaware Technologies HEXW.NS, acquired by global private equity firm Carlyle CG.O in 2021, paid 2.5% to Kotak and Citi for its $1 billion listing, for example. Mandates on the Indian listings of multinationals' local subsidiaries, such as Hyundai Motor India HYUN.NS and LG Electronics India LGEL.NS, have been lucrative too.

Those fees, though, are unlikely to push much higher if the rest of the market is stingy.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Citi and JPMorgan pulled out of a planned $1.4 billion initial public offering by SBI Funds Management over low fees, Bloomberg reported on January 7, citing unnamed people familiar with the matter. SBI Funds later replaced Citi with Jefferies, the report added. Sellers State Bank of India and France’s Amundi offered fees of about 0.01% of the issue size after some domestic advisers quoted only a token fee for the mandate, the report said.

(Additional reporting by Aditya Srivastav; Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))

Updates for market close

By Vivek Kumar M

Feb 9 (Reuters) - Indian shares rose on Monday after an interim framework for a trade deal with the United States and strong earnings from the country's largest lender State Bank of India lifted sentiment, with positive global cues adding support.

The Nifty 50 .NSEI rose 0.68% to 25,867.3 and the BSE Sensex .BSESN added 0.58% to 84,065.75.

Fifteen of the 16 major sectors advanced, while the small-cap .NIFSMCP100 and mid-cap .NIFMDCP100 indexes gained 2.6% and 1.6%, respectively.

State Bank of India SBI.NS, the country's largest public lender, jumped 7.5% to a record high and topped gains on the Nifty 50 after reporting better-than-expected quarterly profit and raising its full-year loan growth outlook.

The move lifted PSU bank stocks .NIFTYPSU 3.3% and financials .NIFTYFIN 1.3%.

Analysts said broadly positive earnings, particularly among mid- and small-cap companies, were also supporting market sentiment.

"Most sectors saw acceleration in (sales, EBITDA and profit), with small caps being the clear outperformer. Earnings downgrades are moderating and upgrades should begin soon," IIFL Capital said.

Export-linked sectors like textiles, seafood, jewellery and aerospace suppliers jumped after the U.S. and India moved closer to a trade pact on Friday, releasing an interim framework that would lower tariffs, reshape energy ties and deepen economic cooperation as both countries seek to realign global supply chains.

"The interim trade framework is a sentimental positive for markets. It cements the faith around the deal considering that there has been a lot of mixed news flows around tariffs over the last year," said Dharmesh Kant, head of equity research at Cholamandalam Securities.

Elsewhere, Asian stocks .MIAPJ0000PUS jumped 2.1% on Monday as a resounding win for Japanese Prime Minister Sanae Takaichi whetted appetites for more reflationary policies, while there was widespread investor relief at Wall Street's last gasp rebound. MKTS/GLOB

(Reporting by Vivek Kumar M; Editing by Sherry Jacob-Phillips, Harikrishnan Nair and Janane Venkatraman)

((VivekKumar.M@thomsonreuters.com;))

Feb 7 (Reuters) - India's largest lender, State Bank of India SBI.NS, reported a higher-than-expected profit for the third quarter on Saturday, supported by healthy loan growth.

The state-backed lender posted a standalone net profit of 210.28 billion rupees ($2.32 billion) for the three months ending December 31, compared with 168.91 billion rupees a year earlier.

Analysts had expected a profit of 173.26 billion rupees, according to data compiled by LSEG.

The bank's net interest income rose 9% to 451.9 billion rupees, aided by a growth in domestic loans, while net interest margin, a key measure of profitability, was flat at 3.12%.

SBI's loans grew 15.4%, helped by a strong rise in loans to small and medium enterprises and retail borrowers.

Following several quarters of easing credit growth, Indian lenders reported double-digit loan growth in the October–December period, as the year-end festive season and sweeping consumption tax cuts spurred consumer spending.

The bank's deposits grew 9%.

Growth in SBI's loan book is seen as an indicator of broader economic trends in Asia's third-largest economy.

Funds kept aside for potential bad loans and other losses rose nearly five-fold to 45.07 billion rupees.

SBI's other income, which includes income from treasury, jumped 66% to 183.58 bln.

The Reserve Bank of India has cut policy interest rates by 125 basis points over the last year to spur consumption and investment.

For banks, rate cuts tend to hurt profitability in the short term as lenders typically pass on rate cuts to borrowers quickly, while deposit rates adjust with a lag — squeezing their net interest margins.

SBI's asset quality improved with gross non-performing asset ratio at 1.57% at the December, improving 50 basis points compared to the year-ago figure.

($1 = 90.5750 Indian rupees)

(Reporting by Ashwin Manikandan; Editing by Rju Gopalakrishnan)

((Ashwin.Manikandan@thomsonreuters.com;))

By Dharamraj Dhutia

MUMBAI, Feb 5 (Reuters) - Indian lenders are pushing the central bank to a change its liquidity regulations to ease a deposit shortfall amid rising bond yields, five treasury officials said.

The Reserve Bank of India has cut the repo rate by 125 basis points since February 2025, but the benchmark 10-year yield remains close to last year's levels. Banks have also struggled to reduce lending rates as deposit growth has lagged credit demand.

The RBI is widely expected to keep rates unchanged on Friday.

Despite the RBI's record liquidity injections, banks remain short of funds as the central bank's FX interventions have absorbed a large amount of rupee liquidity. This makes lenders reluctant to replace government bonds sold through open market operations, keeping yields elevated.

Banks are, therefore, seeking a delay in liquidity coverage ratio norms (LCR), due from April 1, and greater flexibility to shift bonds between held-to-maturity (HTM) and trading portfolios, the treasury officials said, declining to be identified as they are not authorised to speak to the media.

Lenders also want part of the cash reserve ratio (CRR) to count as high‑quality liquid assets, permission to raise longer‑tenor bulk deposits, and the continuation of debt purchases, they said.

The suggestions have been made in meetings with the RBI over the last few days, the officials added.

The central bank did not respond to a Reuters email seeking comment.

Revised LCR rules have compounded banks' funding pressures. The rules, which come into effect from April 1, require banks to maintain a buffer of 2.5% on digitally-linked deposits, which treasury officials have suggested be delayed.

Bankers say some regulatory leeway on LCR could ease pressure by pushing back the implementation date.

Treasurers are also asking for more flexibility to sell securities from their held-to-maturity portfolios beyond those tendered via open market operations.

Since April 2024, the central bank has tightened investment rules, requiring banks to get board and RBI approval to sell securities from these portfolios, where securities are not marked to market prices.

Traders say this has made banks, especially state-run ones, reluctant to buy bonds aggressively, which has contributed to the recent rise in yields.

Banks keep 3% of their total deposits with the RBI as CRR and want a part of that to count as high-quality assets, another kind of buffer that banks are required to hold.

"Currently, banks are permitted to issue CDs of up to one-year maturity. There is continuous rollover pressure and with rise in short-term rates, banks' asset-liability management (ALM) gets impacted," said Neeraj Gambhir, executive director - treasury, markets and wholesale banking products, Axis Bank.

Allowing banks to issue up to three-year certificates of deposits (CD) will help banks with better asset-liability management, he said.

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

((Dharamraj.Dhutia@thomsonreuters.com;))

Feb 4 (Reuters) - Yes Bank YESB.NS said that the Reserve Bank of India on Tuesday approved the appointment of Vinay Muralidhar Tonse as the private lender's MD and CEO for a period of 3 years.

Tonse was managing director (retail business and operations) of State Bank of India SBI.NS till November 30, 2025.

(Reporting by Meenakshi Maidas in Bengaluru)

((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))

** Shares of India's SBI Cards and Payment Services SBIC.NS fall 1.14% to 773.50 rupees

** Co posted 45% rise in Q3 profit after tax to 5.57 billion rupees ($60.51 million), helped by higher consumer spending on credit cards during the Indian festive season

** Brokerage Jefferies ("buy", PT at 880 rupees) says profit beat estimates on lower provisions, with easing stress and improving credit costs, but flags slower receivables and fee growth as a drag on earnings outlook

** JP Morgan ("underweight", PT revised to 820 rupees from 855 rupees) says co's weak receivables growth, softer fee income and rising acquisition costs keep it cautious

** Trading vols at 1.81 mln shares vs 30-day-avg of 1.15 mln shares

** Stock rated "hold" on avg by 23 analysts, median PT at 880 rupees - data compiled by LSEG

** SBIC gained ~30% in 2025, stock down about 10% so far in Jan

($1 = 92.0570 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

Jan 28 (Reuters) - State Bank of India SBI.NS:

• STATE BANK OF INDIA - ASHWINI KUMAR TEWARI HAS ASSUMED CHARGE OF POST OF MANAGING DIRECTOR

Source text: ID:nBSE4cC2Cb

Further company coverage: SBI.NS

((Reuters.Briefs@thomsonreuters.com;))

Updates with more details

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Jan 21 (Reuters) - State Bank of India's mutual fund unit has committed to pick up at least 10% of Adani Power's ADAN.NS nearly $820 million rupee-denominated bond issue, likely to be launched later this week, three merchant bankers said on Wednesday.

The mutual fund, India's biggest in terms of assets under management, is acting as one of the anchor investors for the issue, with a commitment of 7.50 billion rupees, the bankers said, requesting anonymity as they are not authorised to speak to the media.

The planned 75 billion-rupee issue would be the group's largest-ever rupee bond sale.

SBI Mutual Fund and Adani Power did not respond to email queries.

Adani Power is looking to raise 28.60 billion rupees through a two-year option and 26.90 billion rupees via a three-year note.

SBI MF will buy 4.50 billion rupees and three billion rupees of these papers as the anchor investor, the bankers said.

The Adani unit will pay a coupon of 8.00% and 8.20% on the two- and three-year bonds, and 8.30% and 8.40% on four- and five-year papers.

The remaining 6.75 billion rupees and 12.75 billion rupees will be raised through four- and five-year papers, respectively, the bankers said.

Trust Investment Advisors, ICICI Bank and Axis Bank are the arrangers for the issue.

The lenders have will also back the issue by providing commitments worth 3.31 billion rupees and 3 billion rupees, respectively, the bankers said.

The banks did not reply to an email seeking comment.

The bonds are rated 'AA' by Crisil and India Ratings, with the coupons set to step up by 25 basis points for every notch rating downgrade.

Earlier this financial year, another group company, Adani Ports and Special Economic Zone APSE.NS, raised 50 billion rupees by placing 15-year bonds directly with Life Insurance Corporation of India LIFI.NS.

($1 = 91.5630 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

((Dharamraj.Dhutia@thomsonreuters.com;))

MUMBAI, Jan 17 (Reuters) - Indian private lender Yes Bank YESB.NS reported a sharp jump in its third quarter profit on Saturday, helped by a drop in provisions for bad loans and other contingencies.

The Mumbai-based bank, in which Japan's Sumitomo Mitsui Banking Corporation 8316.T bought a 24% stake last year, posted a standalone net profit of 9.52 billion Indian rupees ($104.87 million) for the three months ended December, a 55% increase compared with 6.12 billion rupees a year earlier.

The deal marked one of the major overseas investments by a Japanese financial institution as they look to secure new sources of growth after years of rock-bottom interest rates at home.

Profits jumped as the bank reduced provisions for bad loans and other contingencies by 91% to 2.2 billion rupees after a few quarters of building buffers on its balance sheet.

Yes Bank's net interest income rose 10.8% to 24.65 billion rupees compared with 22.23 billion rupees, as domestic loans grew 5.2%. Deposits rose 5.5% in line with loan growth.

Yes Bank's net interest margin, a key measure of a bank's profitability, rose to 2.6% from 2.5% in the previous quarter, as deposit costs started to drop as a result of India's central bank reducing key interest rates by 125 basis points since February 2025.

The lender's asset quality remained stable with gross non-performing asset ratio at 1.5% at the end of December, compared with 1.6% at the end of September.

($1 = 90.6820 Indian rupees)

(Reporting by Ashwin Manikandan and Ira Dugal in Mumbai; Editing by Jacqueline Wong)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Jan 8 (Reuters Breakingviews) - India's sizzling market for initial public offerings is sparking friction. Fund managers including Aberdeen ABDN.L, Capital and the asset management business of Nomura quietly boycotted e-commerce retailer Meesho's MEES.NS market debut in December after a unit of State Bank of India SBI.NS grabbed a hefty slice of the 54.2 billion rupees ($596 million) deal reserved for anchor investors. The standoff highlights growing pains within the country's $900 billion mutual fund industry.

SBI Funds Management, which oversees $139 billion of assets, picked up about a quarter of the shares Meesho offered to anchor investors, IFR reported at the time. That's more than twice the share a single buyer typically gets in a large offering. Among others walking out in protest were Norway's Norges Bank Investment Management and Nippon Life India as well as SBI compatriot ICICI Prudential Asset Management IICL.NS. For the issuer, a fight to own its stock is not a problem.

It does suggest a mismatch, however. SBI, which runs its investment unit in partnership with France's Amundi AMUN.PA, sweeps up roughly 15% of the 299 billion rupees ($3.32 billion) the industry gets every month in subscription payments towards equity funds, known as systematic investment plans. Inflows are set to increase as Indians become more affluent and move more of their money from bank deposits to the financial markets. SIPs, for example, are growing 25% annually, per Crisil Intelligence. And because of capital controls, Indians' growing wealth is largely captive to the domestic financial markets.

Large IPOs provide an easy opportunity to put that money to work because they let asset managers buy large chunks of stock in one shot, typically not an option with already listed companies. Trouble is, the amount of equity capital raised in IPOs and private placements is far more uneven than SIPs' growth. Proceeds last year were $55 billion, 20% below the 2024 tally, per Dealogic data. Analysts at Axis Capital expect demand for stock to overshoot supply in the next financial year.

That means more Meesho-style tussles between investors are likely. In the short term, that might push up valuations - shares in Meesho have jumped 64% since last month's IPO. Longer term, unless the supply of quality companies - and future earnings power - keeps up with the pace of financialisation, asset prices risk getting inflated. The Meesho spat is an early sign of potential distortions.

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CONTEXT NEWS

Major Indian and global asset managers boycotted the anchor tranche of Indian e-commerce company Meesho's 54.2 billion rupees initial public offering in protest at what they saw as an unfairly generous allocation to SBI Funds Management, IFR reported on December 5, citing unnamed people familiar with the transaction.

Aberdeen, Capital, Norges Bank Investment Management, Nomura Asset Management and mutual fund units of asset managers ICICI Prudential and Nippon India were among those that chose to withdraw from the anchor tranche rather than get fewer shares than they wanted, the report added.

Funds managed by SBI were allotted around 24.6% of shares in Meesho offered to anchor investors, according to the company's filings with stock exchanges.

(Editing by Una Galani; Production by Aditya Srivastav)

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Dec 17 (Reuters) - State Bank of India SBI.NS:

• STATE BANK OF INDIA - RE-APPOINTS ASHWINI KUMAR TEWARI, AS MANAGING DIRECTOR

Source text: ID:nNSEt8QTx

Further company coverage: SBI.NS

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Nov 13 (Reuters) - State Bank of India SBI.NS:

• STATE BANK OF INDIA - SUBSCRIBED 510,000 SHARES OF RAAJMARG INFRA INVESTMENT MANAGERS VIA RIGHTS ISSUE

Source text: ID:nNSE25QtWM

Further company coverage: SBI.NS

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