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SC Pulls Up SBI On Poll Bonds

A five-judge Constitution bench of Chief Justice of India DY Chandrachud and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra asked SBI’s Chairman to file a compliance affidavit 5 pm of March 21…reports Asian Lite News

The Supreme Court on Monday directed the State Bank of India (SBI) to disclose all details to the Election Commission of India which are in its possession, including the Electoral Bonds’ unique alphanumeric numbers corresponding to each bond.

A five-judge Constitution bench of Chief Justice of India DY Chandrachud and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra asked SBI’s Chairman to file a compliance affidavit 5 pm of March 21.

The Chairman has to file affidavit indicating that SBI has disclosed all details of Electoral Bonds which were in its possession and custody and no details have been withheld, the court said.

It further asked the Election Commission of India to upload the details on its website forthwith upon receipt of information from the SBI.

There is no manner of doubt that SBI was required to disclose all details available with it. This, we clarify, will include the alphanumeric number and serial number, if any, of the bonds purchased,” the bench ordered.

It added, “In order to avoid any controversy in the future, the Chairperson of the bank should file an affidavit by 5 pm on Thursday that it has disclosed all details in its custody and that no details have been withheld.”

The bench said that its February 15 judgment mandated the SBI to disclose all details including the date of purchase/redemption, name of purchaser/recipient, and the denomination of Electoral Bonds.

The use of the word including means that the details specified in the judgment are illustrative and not exhaustive, the apex court said.

The bench, during the hearing, observed that SBI should not be selective on disclosing the details.

Last week, the apex court took exception to SBI for not furnishings Electoral Bonds data with unique alphanumeric numbers, which help identify the bond, and issued notice to it.

It had said that the SBI has not fully complied with its March 11 order in which it had ordered the bank to disclose all details concerning Electoral Bonds.

During today’s hearing, the top court also expressed displeasure on SCBA President Adhish Aggarwala writing letter to CJI DY Chandrachud for suo motu review of Electoral Bonds judgement, and CJI said these are all publicity related issue and we will not get into this.

CJI told Aggarwala, “Apart from being a senior counsel, you are president of SCBA. You have written a letter invoking my suo Motu powers. These are all publicity related… and we will not get into this. Do not make me say anything more. It will be distasteful.”

Solicitor General Tushar Mehta, appearing for Centre, told the apex court that ultimate aim was to curb black money and top court must be aware of how this judgment is being played outside the court.

“Now the witch hunting has started on another level and not at the level of the Central government. Those before the court started giving press interviews and deliberately embarrassing the court. A series of social media posts, at least intended to cause embarrassment, started,” Solicitor General said and asked it to consider issuing some direction in this regard.

To this, CJI DY Chandrachud said that as judges we are only on the rule of law and work as per the Constitution.

“Our court is only to work for the governance of rule of law in this polity. As judges we are also discussed in social media but our shoulders are broad enough to take this. We are only on enforcing our directions of the judgment,” said the CJI.

The Supreme Court by its February verdict had struck down the Electoral Bonds Scheme which allowed for anonymous funding to political parties, and ordered the SBI to stop issuing Electoral Bonds immediately.

It had unanimously quashed the Electoral Bonds scheme as well as amendments made to the Income Tax Act and the Representation of People Act which had made the donations anonymous.

It had asked SBI to furnish the details about each Electoral Bonds encashed by the political parties, which shall include the date of encashment and the denomination of electoral bond.

An Electoral Bond is an instrument in the nature of a promissory note or bearer bond which can be purchased by any individual, company, firm or association of persons provided the person or body is a citizen of India or incorporated or established in India. The bonds are issued specifically for the purpose of contribution of funds to political parties.

Various petitions were filed before the top court challenging amendments made to different statutes through Finance Act 2017 and Finance Act 2016 on the ground that they have opened doors to unlimited, unchecked funding of political parties. (ANI)

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SBI Submits Data on Electoral Bonds to EC

In its February 15 judgement, the apex court had set the deadline for SBI as March 6, however, the SBI last week moved the top court seeking an extension till June 30 to comply with the court’s directions….reports Asian Lite News

Complying with the Supreme Court’s directions, the State Bank of India supplied the data on electoral bonds to the Election Commission of India, the poll body said on Tuesday.

In a post on X, the Election Commission of India said, “In compliance with the Supreme Court’s directions to the SBI, contained in its order dated Feb 15 and March 11, 2024 (in the matter of WPC NO.880 of 2017), data on electoral bonds has been supplied by State Bank of India to Election Commission of India, today, March 12, 2024.”

Earlier a five-judge Constitution bench of Chief Justice of India DY Chandrachud and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra ordered that the details be disclosed by the bank on March 12.

In its February 15 judgement, the apex court had set the deadline for SBI as March 6, however, the SBI last week moved the top court seeking an extension till June 30 to comply with the court’s directions.

Passing the order on SBI’s application today, the bench ordered, “Submissions of SBI in the application indicates that information sought is readily available. Thus, the application by SBI seeking an extension of time until June 30 is dismissed. SBI is directed to disclose the details by the close of business hours of March 12, 2024.”

The Constitution bench also warned the SBI of contempt of court against it for wilfully disobeying its order in the event of non-compliance with the latest directions.

The Supreme Court had struck down the Electoral Bonds Scheme which allowed for anonymous funding to political parties, and ordered the SBI to stop issuing Electoral Bonds immediately.

SCBA Seeks Presidential Reference

Senior advocate and Supreme Court Bar Association (SCBA) President Adish C. Aggarwala on Tuesday urged President Droupadi Murmu to seek a presidential reference of the Constitution Bench judgement in the Electoral Bonds case.

In his letter written on the letterhead of the All India Bar Association, Aggarwala said that revealing the names of corporates would render them vulnerable to victimisation by those parties which had received less contribution from them and would have a chilling effect on corporate donations and participation in the democratic process.

“Besides drying up further donations, such an act (of disclosing names of corporates and their quantum of contributions to various parties) would discourage and dissuade foreign corporate entities from setting shops in India or participating in the democratic process but contributing to winning horses,” he said in the letter to President Murmu.

It added that if the Constitution Bench judgment is enforced by retrospectively releasing all sensitive information, the same will “shatter the reputation the nation enjoys in the international arena”.

“I, therefore, request your good self to withhold the enforcement of the Hon’ble Supreme Court judgment in the Electoral Bonds case by seeking a Presidential Reference on the matter. Till the Reference is heard and answered, the Hon’ble Supreme Court shall not give effect to its verdict of March 11, 2024,” he said in the letter.

Article 143 of the Constitution confers advisory jurisdiction on the Supreme Court and provides for the power of the President to consult the apex court on a question of law or fact of public importance.

On Monday, a Constitution Bench, headed by Chief Justice of India D.Y. Chandrachud, ordered the State Bank of India (SBI) to disclose the information on encashed Electoral Bonds to the Election Commission by Tuesday.

“As regards, the Election Commission of India, we direct that the ECI shall compile the information and publish the details on its official website no later than by 5 pm on 15 March 2024,” ordered the 5-judge Bench, also comprising Justices Sanjiv Khanna, B.R. Gavai, J.B. Padriwala and Manoj Misra. (ANI/IANS)

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Business

SBI Sets Aside Funds for Employee Wage Hikes

RBI Governor Shaktikanta Das had in the recent monetary policy committee (MPC) meeting expressed concern over the surge in unsecured credit growth of banks and NBFCs…reports Asian Lite News

SBI Chairman Dinesh Khara on Saturday said the country’s largest bank said that a surge in provision for the likely salary and pension hike of its employees had impacted the net profit for the second quarter.

The bank has been making the provision in the second quarter assuming a 14 per cent increase in wages.

The bank has been setting aside money for a likely salary revision effective from November 2022 and it has so far provided a cumulative Rs 8,900 crore for the same, Khara said at a press conference after the declaration of SBI’s second quarter results in Mumbai.

“Profits have been a bit muted because of this one-time provision that we had to make. Otherwise we expect the growth momentum to continue at 16 per cent to 17 per cent in the next fiscal. Domestic demand is robust and will be further boosted by festival linked spending,” Khara added.

SBI reported an 8 per cent increase in net profit to Rs 14,330 crore on Saturday for the July-September quarter of the current financial year.

Growth in retail loans at 16 per cent continued to outpace corporate loan growth which was at 7 per cent.

Khara, however, said that companies are slowly availing of loans and the bank is sitting on a Rs 4.77 lakh crore pipeline of loans awaiting sanctions and disbursals.

“The bank has a Rs 3.20 lakh crore of unsecured loans. Around 86 per cent of our unsecured loans have been given to salaried customers who are working in secure government jobs and there is no cause for concern,” Khara said.

RBI Governor Shaktikanta Das had in the recent monetary policy committee (MPC) meeting expressed concern over the surge in unsecured credit growth of banks and NBFCs.

“Banks and NBFCs would be well advised to strengthen their internal surveillance mechanisms, address the build-up of risks, if any, and institute suitable safeguards in their interest,” Das said.

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SBI Welcomes Dhoni as Brand Ambassador

MS Dhoni undergoes successful knee surgery in Mumbai: Report

As the brand ambassador of SBI, MS Dhoni will play a pivotal role in various marketing and promotional campaigns…reports Asian Lite News

India’s largest commercial bank, the State Bank of India (SBI) has announced its collaboration with cricketing legend Mahendra Singh Dhoni, naming him as the bank’s official brand ambassador, the bank said in a statement.

Dinesh Khara, Chairman, SBI said, “We are pleased to onboard MS Dhoni as Brand Ambassador of SBI. Dhoni’s association with SBI as a satisfied customer makes him a perfect embodiment of our brand’s ethos. With this partnership, we aim to reinforce our commitment to serving the nation and our customers with trust, integrity, and unwavering dedication.”

As the brand ambassador of SBI, MS Dhoni will play a pivotal role in various marketing and promotional campaigns. His remarkable capacity to maintain composure in stressful situations and his renowned ability for clear thinking and rapid decision-making under duress makes him the ideal choice that resonates with SBI, to connect with its customers and stakeholders across the country, the bank said.

This association symbolizes the bank’s commitment to forging deeper connections with its customers, reflecting the values of reliability and leadership, it said. (ANI)

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‘Indomitable’ story of Arundhati’s life as a banker

Did that mean people like me couldn’t dream? This book is written to prove that India can be the land of our dreams and it is our ability to reach out with the right attitude and the right ideas that will get us there…reports Asian Lite News

Growing up in the sleepy towns of Bhilai and Bokaro, Arundhati Bhattacharya never imagined that one day she would go on to chair India’s largest bank. It was sheer chance that she came to know of the bank probationary officers’ entrance examination through a friend. She applied, was selected and went on to have a glorious banking career spanning four decades.

Indomitable is the story of Arundhati’s life as a banker and the challenges she faced in a male-dominated bastion. She takes the reader through her growing up years and early education in the 1960s, getting to Kolkata for her college education and then into the State Bank of India, where she started her career. The life of a woman banker with a family in a frequently transferrable job isn’t easy. In Arundhati’s life, too, there were breaking points when she almost thought of quitting her career to balance her personal aspirations with her family’s needs. But she didn’t give up. Instead, she faced her challenges with humour and positivity and took up every assignment as a new chapter in learning and adapting.

In her role as the chairman of SBI, she steered the bank through some of its worst phases. She inspired confidence in the banking sector when the NPA crises led to a significant public trust deficit. Under her leadership, SBI metamorphosed into a customer-centric and digitally advanced bank while playing a pivotal role in national development. Some of her human resources initiatives included industry-first practices that were appreciated and later adopted by other banks.
Candid, lucid and humble, Indomitable is the story that will galvanize you to embrace challenges, break barriers, push forward and achieve greater heights.

“From a very young age I listened to many older people talking about migrating to the Western world as it was defined as ‘the land of your dreams’. First it was UK then USA and Canada and thereafter Australia and Singapore. I often wondered why India couldn’t become the land of one’s dreams. But I was told in India things don’t work unless you know people. That capital was scarce and that the multiple barriers to living out your dreams didn’t allow for anything other than a mundane existence to people coming from small towns with no backers or backgrounds.

Did that mean people like me couldn’t dream? This book is written to prove that India can be the land of our dreams and it is our ability to reach out with the right attitude and the right ideas that will get us there. Today’s generation is proving me right and I am so proud of them. So to all those who dared to dream – cheers! Hang in there and you will make it,” says the author, Arundhati Bhattacharya.

“Indomitable is the story of small towns, big dreams and greater achievements. Arundhati’s journey, growing up in the sleepy towns of Bhilai and Bokaro, getting into a challenging banking job and leaving her mark as an exceptional leader is an inspiring tale that will be etched in a reader’s mind for years. We are excited and privileged to be publishing this book,” says Sachin Sharma, Executive Editor, HarperCollins India.
Arundhati Bhattacharya is the first woman to chair the State Bank of India (SBI), a 210-year-old institution, India’s largest bank and a Fortune 500 company. Currently, she is the chairperson and CEO of Salesforce India, a cloud-based SaaS company, listed in the USA and headquartered in San Francisco.

HarperCollins Publishers India is a subsidiary of HarperCollins Publishers. HarperCollins India publishes some of the finest writers from the Indian Subcontinent and around the world, publishing approximately 200 new books every year, with a print and digital catalogue of more than 2,000 titles across 10 imprints.
Its authors have won almost every major literary award including the Man Booker Prize, JCB Prize, DSC Prize, New India Foundation Award, Atta Galatta Prize, Shakti Bhatt Prize, Gourmand Cookbook Award, Publishing Next Award, Tata Literature Live Award, Gaja Capital Business Book Prize, BICW Award, Sushila Devi Award, Prabha Khaitan Woman’s Voice Award, Sahitya Akademi Award and the Crossword Book Award.

HarperCollins India has been awarded the Publisher of the Year Award three times: at Publishing Next in 2015, and at Tata Literature Live! in 2016 and 2018.HarperCollins India also represents some of the finest publishers in the world including Egmont, Oneworld, Harvard University Press, Bonnier Zaffre, Usborne, Dover and Lonely Planet.
This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)

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Business Economy

SBI hikes IMPS limit

The motive behind the move was to encourage customers towards digital banking….reports Asian Lite News

The State Bank of India has increased the limit on IMPS (Immediate Payment Service) transactions from Rs 2 lakh to Rs 5 lakh.

IMPS, offered by National Payments Corporation of India, empowers customers to transfer money instantly through banks and RBI authorised Prepaid Payment Instrument Issuers (PPI) across India.

The motive behind the move was to encourage customers towards digital banking.

For transactions below Rs 2 lakh at the banks, transaction charges are nil, while for between Rs 2-5 lakh, it is kept at Rs 20 plus the Goods and Service Taxes applicable.

However, charges are nil for transactions done through net banking or SBI’s application ‘YONO’.

“In case of Branch Channels, there has been no change in the service charges for IMPS done through the Branch Channel in the existing slabs. However, a new slab for Rs 2,00,000 to Rs 5,00,000 has been added and the proposed service charges for this slab is Rs 20 + GST w.e.f 01.02.2022,” the bank said in a statement.

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Alleged loan scam case: Ex-SBI Chief arrested

The bank then sold both the hotels to a company for Rs 25 crore at a much lower price than the market rate. On this, the hotel group went to court…reports Asian Lite News.

Former SBI chairman Pratip Chaudhary has been arrested by the Jaisalmer Police from Delhi on the basis of arrest orders issued by the Chief Judicial Magistrate Court in the case of selling a hotel property at a cheap price after declaring it NPA.

Pratip Chaudhary was arrested on Sunday and will be brought to Jaisalmer on Monday.

According to information received from the police, Pratip Chaudhary was arrested from his residence in Delhi in a case related to a hotel group in Jaisalmer. It is alleged that the property worth about Rs 200 crore was sold for Rs 25 crore by declaring it Non Performing Asset (NPA).

This property, in fact, was seized in lieu of the loan.

According to the police, the hotel group had taken a loan of Rs 24 crore from SBI in 2008 for the construction purpose. At that time, another hotel of the group was running smoothly. After that, when the group could not repay the loan amount, the bank seized both the hotels of the group after considering it as a non-performing asset. At that time, the chairman of the bank was Pratip Chaudhary.

The bank then sold both the hotels to a company for Rs 25 crore at a much lower price than the market rate. On this, the hotel group went to court.

Meanwhile, the buyer company took over it in 2016 and when this property was valued in 2017, its market value was found to be Rs 160 crore. At the same time, after retirement, Pratip Chaudhary joined the same company as a director to which this hotel was sold. At present, the value of these hotels is being estimated at Rs 200 crore.

In this case, the CJM Court of Jaisalmer ordered the arrest of Pratip Chaudhary.

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