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IRDAI imposes penalty on SBI's general insurance arm

State Bank of India (SBI) informed that insurance regulator, IRDAI, has imposed a penalty of Rs 25 lakh on SBI General lnsurance Company, an unlisted subsidiary of SBI.
The penalty has been imposed for non-compliance with minimum obligations under Motor Third-Party Business as specified in IRDA regulation 2015. It has been imposed for violation of Section 32D of lnsurance Act, 1938, the PSU bank announced after market hours on Tuesday, 20 April 2021.
SBI is an Indian multinational, public sector banking and financial services statutory body. As of 31 March 2021, the Government of India held 57.63% stake while Life Insurance Corporation of India held 9.25% stake in the bank. ....

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SBI slips after RBI imposes penalty

State Bank of India (SBI) fell 0.63% to Rs 376.05 after the Reserve Bank of India (RBI) imposed a monetary penalty of Rs 2 crore on the bank.
The central bank has imposed the penalty for contravention of certain provisions of the Banking Regulation Act, 1949 and specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission.
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 31 December 2020, the Government of India held 56.92% stake while Life Insurance Corporation of India held 9.61% stake in the bank.
SBI s net profit fell 6.9% to Rs 5,196.22 crore on 1.1% decrease in total income to Rs 75,980.65 crore in Q3 December 2020 over Q3 December 2019. ....

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SBI extends gains after Q3 numbers

State Bank of India (SBI) surged 13.04% to Rs 401.40, extending recent gains after the bank declared Q3 results during market hours yesterday, 4 February 2021.
Shares of SBI soared 42.31% in five trading sessions from a recent closing low of Rs 282.05 on Friday, 29 January 2021. The stock climbed 5.73% to end at Rs 355.10 on Thursday, 4 February 2021.
SBI s net profit fell 6.9% to Rs 5,196.22 crore on 1.1% decrease in total income to Rs 75,980.65 crore in Q3 December 2020 over Q3 December 2019.
The net profit rose 13.60% sequentially. Bank registered an operating profit of Rs 17,333 crore in Q3FY21 compared with Rs 16,460 crore in Q2FY21, an increase of 5.31% sequentially.
Profit before tax (PBT) dropped 36.3% to Rs 6,990.77 crore in Q3 FY21 as against Rs 10,969.66 crore in Q3 FY20. Provision for taxes tumbled 66.7% to Rs 1,794.55 crore in Q3 FY21 compared with Rs 5,386.30 crore in Q3 FY20. ....

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