#state_bank_of_india

CBI Files First Charge Sheet Against Reliance Communications and 15 Others The Central Bureau of Investigation (CBI) has filed its first charge sheet against 16 accused, including Reliance Communications Limited and five senior officials of the company. The charges are under the Prevention of Corruption Act, the Indian Penal Code, and other relevant laws, alleging criminal conspiracy, fraud, misuse of funds, and corruption. The investigation is linked to a 1,200 crore rupee loan allegedly misused by Reliance Communications, with specific amounts involving the State Bank of India (SBI), Bank of Maharashtra, and Syndicate Bank. The case was initiated based on a complaint from the SBI, which claimed that Reliance Communications caused a loss of approximately 2,929.05 crore rupees. The CBI stated that the accused entities and individuals were involved in the misuse of loans sanctioned by 11 banks, with SBI leading the consortium. The charge sheet includes allegations of financial irregularities and potential violations of banking regulations. The CBI’s investigation also revealed that the accused may have engaged in fraudulent activities related to the allocation and utilization of funds. The agency emphasized that the case is ongoing, with the possibility of additional charge sheets being filed in the future. This marks a significant step in the probe into the financial dealings of Reliance Communications, which has been under scrutiny for several years. Earlier this year, the CBI conducted raids at seven locations, including the residences of former executives of Reliance Communications in Mumbai, Gurugram, and Bengaluru. These raids targeted individuals who served as officers between 2015 and 2017.#reliance_communications #cbi #state_bank_of_india #bank_of_maharashtra #syndicate_bank

CBSE Ropes In IIT Experts, 4 PSBs To Fix Payment Portal After Class 12 Fee Glitch Union education minister Dharmendra Pradhan on Sunday directed technical experts from IIT Madras and IIT Kanpur, along with four public sector banks, to overhaul the Central Board of Secondary Education’s (CBSE) payment gateway following a technical failure that caused incorrect fee deductions for Class 12 students applying for scanned copies of their evaluated answer books. The crisis emerged after portal errors on May 21 and 22, during which students were either overcharged or charged less than the applicable fee. CBSE controller of examinations Dr Sanyam Bhardwaj announced that excess amounts would be refunded through the same payment method used during the application process, while undercharged students would be informed separately about required balance payments. Scanned copies would be provided to all affected students without requiring fresh requests. Pradhan emphasized that student interests remained paramount and ordered CBSE to prioritize corrective measures to ensure a transparent and efficient system. The education ministry stated that the coordinated effort with the finance ministry and the four banks—State Bank of India, Bank of Baroda, Canara Bank, and Indian Bank—was expected to enhance digital transaction security, improve gateway stability, and streamline post-result services for students. The expert teams were tasked with assessing portal stability, server performance, and IT infrastructure, while addressing login authentication, user access systems, and payment gateway vulnerabilities. The incident highlighted the need for a complete overhaul of CBSE’s payment gateway system, as the scale of the disruption became apparent.#bank_of_baroda #cbse #state_bank_of_india #iit_madras #iit_kanpur

Bank Holidays in India: RBI Schedule and Additional Observances for Eid-ul-Adha and SBI Strike Banks across India will remain closed on Saturday, May 23, as part of the Reserve Bank of India’s (RBI) standard schedule, which designates the second and fourth Saturdays of each month as non-business days. This closure aligns with the broader calendar of bank holidays for the month, which also includes all Sundays from May 3 to May 31. Additional days off are scheduled for May 9, the second Saturday, and May 24, the fourth Saturday, further shaping the timeline for financial services. The month’s holiday calendar also incorporates religious and regional observances. Eid-ul-Adha, also known as Bakrid, will be celebrated on May 27, with some states granting an extra day off to mark the occasion. However, Jammu and Kashmir will observe the holiday on May 28, reflecting local variations in the calendar. These additional days off may impact customer access to banking services, particularly for those planning to conduct transactions during the festive period. A planned strike by State Bank of India (SBI) staff is expected to cause disruptions on May 25 and 26. The strike, which is tied to ongoing discussions over recruitment policies and job-related concerns, may affect operations at SBI branches. While the exact scope of the strike’s impact remains unspecified, customers are advised to plan ahead and consider alternative methods for managing their financial needs. Despite the closures and potential disruptions, digital banking services, including Unified Payments Interface (UPI) transactions and ATM access, will remain operational. Customers are encouraged to verify the holiday schedule and adjust their plans accordingly to avoid inconvenience.#jammu_and_kashmir #reserve_bank_of_india #state_bank_of_india #unified_payments_interface #eid_ul_adha

Banks To Remain Closed On A Few Days In The Next Two Weeks Banks across India will observe weekend and festival-related holidays over the next two weeks, while online banking services will continue to function normally. The Reserve Bank of India (RBI) has outlined a holiday schedule for the second half of May 2026, which includes regular weekend closures and a festival-related holiday. Customers are advised to plan branch visits for in-person services such as cash deposits, document submissions, locker access, or other transactions accordingly. The upcoming closures include the second and fourth Saturdays of the month, as well as Sundays, which are standard weekend holidays. Additionally, a festival-related holiday will be observed on May 27, 2026, coinciding with Bakrid or Eid al-Adha in many states. This date may vary slightly depending on regional observances and local RBI notifications, so customers are encouraged to confirm with their respective bank branches for state-specific details. Private and public sector banks, including major institutions like State Bank of India (SBI), HDFC Bank, and ICICI Bank, will remain closed on the following dates: May 23 (Saturday), May 24 (Sunday), May 27 (Wednesday), and May 31 (Sunday). These closures are part of the RBI’s holiday calendar, which ensures consistency across scheduled and non-scheduled banks. The holiday on May 27 may differ in some states, requiring customers to verify local applicability before planning visits. Under RBI guidelines, all banks in India are required to remain closed on the second and fourth Saturdays of every month, along with all Sundays. Branches typically operate on the first, third, and fifth Saturdays unless a public holiday is declared.#icici_bank #reserve_bank_of_india #hdfc_bank #state_bank_of_india #bakrid

SBI Branches to Remain Closed for Six Days from May 23 to 28, 2026 The State Bank of India (SBI) has announced that its branches will remain closed for six consecutive days from May 23 to May 28, 2026. This closure is attributed to a combination of factors including weekends, a planned two-day strike by employees, and the observance of Eid al-Adha (Bakrid) holidays. Customers are advised to complete essential banking transactions before the closure period, as physical branch operations will be suspended during these dates. The closure schedule begins on May 23, which falls on a Saturday, and extends through May 28. The weekend closures on May 23 and 24 are standard practice for the bank, as branches typically remain closed on weekends. Additionally, the bank will be closed on May 25 and 26 due to a planned strike by SBI staff. The strike is part of ongoing negotiations between the bank and the All India State Bank Staff Federation (AISBFS), which has raised concerns over issues such as outsourcing policies, pension fund management, and security protocols. The Eid al-Adha holiday will also contribute to the closure period. According to the Reserve Bank of India (RBI) holiday calendar, SBI branches in Jammu and Kashmir will remain closed on May 27 and 28 to commemorate the festival. While most branches across India will observe the holiday on May 27, some regions may extend the closure to May 28, depending on local observance practices. Despite the physical branch closures, SBI has confirmed that online banking services, Unified Payments Interface (UPI) transactions, and ATM operations will continue to function as usual. Customers are encouraged to utilize digital platforms for routine banking activities during the closure period.#jammu_and_kashmir #reserve_bank_of_india #state_bank_of_india #eid_al_adha #all_india_state_bank_staff_federation

SBI Bank Holidays: 6 Days of Closure from May 23 to 28, 2026 The State Bank of India (SBI), India’s largest bank, is set to remain closed for six consecutive days from May 23 to May 28, 2026. During this period, all bank branches across the country will be fully operational, and no offline transactions will be conducted. Customers are advised to complete any pending tasks at SBI branches before May 23 to avoid disruptions. Online services, including internet banking, ATM withdrawals, mobile banking, and other digital platforms, will remain functional throughout the closure. This ensures that customers can manage their accounts and conduct transactions remotely. However, in-person services at physical branches will be unavailable during the specified dates. The extended closure is attributed to a combination of factors. The first two days, May 23 and 24, will coincide with weekends, as May 23 is the fourth Saturday of the month and May 24 is a Sunday. Additionally, a proposed two-day strike by SBI staff, scheduled for May 25 and 26, will further contribute to the closure. The strike is linked to ongoing discussions regarding issues such as outsourcing of staff, equity in career progression, and the management of the National Pension System (NPS) funds. Another key reason for the closure is the observance of Eid-ul-Azha, a significant Islamic holiday. The Reserve Bank of India (RBI) has announced a two-day holiday for the occasion. In most parts of India, the holiday will be observed on May 27, while in other regions, it will fall on May 28. In Jammu and Kashmir, the holiday will be celebrated on both May 27 and 28, resulting in a two-day break for banks in the region.#reserve_bank_of_india #state_bank_of_india #national_pension_system #all_india_state_bank_staff_federation #eid_ul_azha

Vodafone Idea Shares Surge 6% Amid ₹35,000 Crore Loan Deal Vodafone Idea (Vi) shares surged 6% on May 19, driven by news of a ₹35,000 crore loan from the State Bank of India (SBI) and a consortium of public, private, and foreign banks. The stock closed at ₹13.45, up 4.59%, reflecting investor optimism about the company’s financial turnaround. CEO Abhijit Kishor confirmed discussions with the SBI-led consortium, stating the loan would accelerate Vi’s expansion plans and stabilize its balance sheet. The loan announcement came after Vi reported its fourth-quarter results, revealing a consolidated net profit of ₹51,970 crore for the period ending March 31. Analysts had expected a loss, but the profit was attributed to a revaluation of the company’s Adjusted Gross Revenue (AGR) liabilities rather than operational performance. However, Vi faced an operational loss of ₹5,515 crore in the quarter, with the full fiscal year 2026 loss standing at ₹24,059 crore. Kishor emphasized that the loan would help Vi meet its capital expenditure (capex) target of ₹45,000 crore over the next three years. This includes ₹25,000 crore in funded facilities and ₹10,000 crore in non-funded facilities. Funded facilities, such as term loans or overdrafts, involve direct bank funding with interest, while non-funded facilities, like bank guarantees or letters of credit, require third-party guarantees in case of default. The loan is critical for Vi’s plan to expand its 4G and 5G networks to compete with Reliance Jio and Bharti Airtel. Kishor stated that the company’s capex would increase significantly, aligning with its ₹45,000 crore investment plan. He noted that the current quarter’s spending would be part of this three-year roadmap, ensuring faster network expansion and customer retention.#state_bank_of_india #bharti_airtel #vodafone_idea #reliance_jio #abhijit_kishor

Vodafone Idea Shares Surge 6% Amid ₹35,000 Crore Loan Deal Vodafone Idea (Vi) shares surged 6% on May 19, driven by news of a ₹35,000 crore loan agreement with a consortium led by State Bank of India (SBI). The stock closed at ₹13.45, up 4.59%, reflecting investor optimism about the financial support. CEO Abhijit Kishor confirmed ongoing discussions with the SBI-led consortium, which includes public sector banks, private banks, and foreign institutions. He emphasized the consortium’s commitment to expedite the loan process, which he said is critical for the company’s financial stability. The loan announcement follows Vi’s quarterly results, which revealed a net profit of ₹51,970 crore for the quarter ending March 31, despite an operational loss of ₹5,515 crore. Analysts noted that the profit was largely attributed to a revaluation of outstanding Adjusted Gross Revenue (AGR) liabilities rather than improved business performance. The company also announced plans to raise ₹45,000 crore over the next three years, combining funded and non-funded facilities. Kishor highlighted that the SBI consortium’s support would help address financial uncertainties tied to AGR disputes and operational challenges. Vi’s strategic focus includes expanding its 4G and 5G networks to compete with Reliance Jio and Bharti Airtel. Kishor stated that the ₹45,000 crore investment will accelerate infrastructure upgrades, ensuring the company retains customers and maintains market share. The loan is expected to fund a significant portion of this expansion, alongside promoter investments and tax refunds. However, the CEO declined to specify a timeline for completing the funding process, stating the company would comment only after the process concludes.#state_bank_of_india #bharti_airtel #vodafone_idea #reliance_jio #abhijit_kishor

State Bank of India Reports 5.5% Rise in Net Profit, Shares Drop 7.4% Amid Mixed Results State Bank of India (SBI) reported a 5.5% year-over-year increase in net profit for the March quarter, reaching ₹19,683.75 crore, according to standalone financial statements filed on stock exchanges. The bank’s net interest income (NII) also rose 3% to ₹1,23,097 crore, reflecting stable performance in its core lending activities. However, the results failed to meet investor expectations, leading to a sharp decline in SBI’s share price, which fell 7.4% intraday on May 8, 2026. The stock’s steep drop followed a mixed set of financial metrics. While SBI’s asset quality improved, with non-performing assets (NPAs) declining to 1.49% from 1.82% a year earlier, its treasury operations faced challenges. Treasury income dropped 23% YoY, attributed to lower gains from market activities. Additionally, provisions for bad loans fell 21% to ₹3,140 crore, signaling a reduction in loan defaults. Despite these improvements, investors remained unimpressed, as the bank’s net profit growth remained modest compared to expectations for single-digit growth in the January-March quarter. SBI’s net interest margin (NIM) stood at 2.81% for the March quarter, with domestic NIM at 2.93%. However, analysts warned that the NIM could face pressure in the coming months due to a repo rate cut by the Reserve Bank of India and rising costs of funds. The bank’s net interest income is projected to grow between 7-9% in the next quarter, supported by healthy loan book expansion. The results also included a significant dividend declaration. SBI’s board announced a dividend of ₹17.35 per equity share for the financial year ended March 31, 2026.#reserve_bank_of_india #state_bank_of_india #kalyan_jewellers #titan_co #ujjivan_small_finance_bank

Stocks to Watch: Key Financial Reports and Market Outlook for May 8, 2026 The Indian domestic equity market is expected to open lower on Friday, May 8, with the NIFTY50 index projected to decline by 122 points based on GIFT NIFTY futures. This follows mixed signals from the broader market, including earnings reports from major companies and geopolitical factors influencing renewable energy trends. Investors are closely monitoring several stocks, including Britannia Industries, State Bank of India (SBI), Pidilite Industries, and others, as they prepare for potential volatility. Pidilite Industries Ltd reported a significant rise in its consolidated net profit for the March quarter of FY26, reaching ₹584.15 crore, a 36.63% increase from ₹427.52 crore in the same period the previous year. The growth was attributed to volume expansion and improved operating margins. The company’s revenue also rose 13.24% to ₹3,648.16 crore, while total expenses increased 9.23% to ₹2,861.51 crore. For the full FY26, Pidilite’s profit surged 17.86% to ₹2,470.72 crore, with total consolidated income rising 11% to ₹14,867 crore. State Bank of India (SBI) announced plans to raise funds through a $2 billion foreign currency bond issuance in FY26-27. The bank’s executive committee will meet on May 12 to finalize the details, including the issuance of bonds in US dollars or other major currencies. This move comes amid efforts to strengthen the bank’s capital base and manage liquidity. Lupin Ltd, a leading pharmaceutical company, reported an 87.7% jump in consolidated profit after tax (PAT) to ₹1,468.7 crore for the fourth quarter ended March 31. This was driven by strong performance in the US market, where sales rose 56.9% to ₹3,398.7 crore. India sales also grew 11.5% to ₹1,908.#state_bank_of_india #coromandel_international #pidilite_industries #lupin_ltd #britannia_industries

Vodafone Idea’s Rs 25,000-Crore Loan Talks Gain Momentum Following AGR Relief Vodafone Idea, India’s largest telecom operator, is advancing discussions with a State Bank of India-led consortium to secure a Rs 25,000-crore debt raise, alongside Rs 10,000 crore in letter of credit facilities, to fund its 4G and 5G network expansion. The talks, which have gained traction after the company received significant adjusted gross revenue (AGR) relief, are expected to yield a decision in the coming weeks, signaling renewed confidence among lenders. The AGR relief, finalized by the Department of Telecommunications (DoT), reduced Vodafone Idea’s outstanding liabilities from Rs 87,695 crore to Rs 64,046 crore, deferring a majority of payments to fiscal years 2036–2041. This 27% reduction in liability, coupled with a previous relief in December 2025, has alleviated near-term cash flow pressures, allowing the telco to prioritize investments over regulatory obligations. The company emphasized that the new credit line will not be used for spectrum dues, which will be managed through internal cash flows. Lenders, however, remain cautious about the company’s long-term financial health, particularly its spectrum liabilities. Goldman Sachs noted that Vodafone Idea’s material spectrum repayment obligations could continue to strain free cash flow, while Bank of America highlighted that spectrum debt remains a key overhang despite the AGR relief. The telco’s bank debt stands at Rs 4,400 crore, with Rs 3,300 crore raised through non-convertible debentures via a subsidiary. Analysts argue that faster debt raising is critical to accelerate network rollout, a necessity for maintaining competitiveness against rivals like Reliance Jio and Bharti Airtel.#aditya_birla_group #state_bank_of_india #vodafone_idea #department_of_telecommunications #relance_jio

Disinvestment process of IDBI Bank to continue: FM Nirmala Sitharaman Finance Minister Nirmala Sitharaman announced on Friday that the government will proceed with the disinvestment of IDBI Bank, reaffirming its commitment to the privatization process. The decision comes amid ongoing efforts to reduce the public sector's stake in the banking sector, with the government and Life Insurance Corporation (LIC) set to divest significant portions of their holdings. Under the original plan, the government aimed to sell a 30.48 per cent stake in IDBI Bank, while LIC was to divest 30.24 per cent, collectively offering 60.72 per cent of the bank’s shares. Based on previous market valuations, the combined stake was estimated to be worth Rs 72,000 crore. The privatization process has been in motion since January 7, 2023, when the Department of Investment and Public Asset Management received multiple bids from interested parties. Sitharaman emphasized that the government remains focused on completing the disinvestment, stating that there are currently no proposals for consolidation among public sector banks. She noted that a high-level banking committee will review the matter to assess potential strategies for restructuring or merging institutions. The minister made these remarks during a press briefing held at the inauguration of the new premises of the State Bank of India's Local Head Office in Pune, Maharashtra. Beyond the disinvestment plan, Sitharaman highlighted the importance of domestic economic activity as the foundation for India’s growth. She underscored the role of agriculture in driving both internal consumption and exports, pointing out that the country’s vast economy and strong domestic demand are critical to sustaining its position as one of the world’s fastest-growing economies.#pune #state_bank_of_india #idbi_bank #nirmala_sitharaman #life_insurance_corporation

SBI Scam Exploits Fear and Convenience in Sophisticated Cyber Fraud Scheme A growing cybercrime campaign targeting State Bank of India (SBI) customers is leveraging fear and convenience to trick users into divulging sensitive financial information. The scam begins with an urgent text message warning that an SBI account is at risk of being frozen due to outdated Aadhaar or KYC details. The message includes a link that appears to be an official update request, but clicking it leads to a phishing trap designed to steal banking credentials. The fraudulent scheme operates through a multi-step process. When a victim taps the provided link, they are redirected to a fake replica of the SBI login page. In some cases, the link automatically downloads a rogue APK file, a malicious application that installs itself on the device and intercepts private data. Once the user enters their username, ATM PIN, or One-Time Password (OTP), the fraudsters hijack the banking session, transferring funds out of the account before the victim realizes they’ve been scammed. The attack is particularly effective because it exploits the urgency of the situation, prompting victims to act without fully verifying the authenticity of the message. SBI has issued urgent advisories to its customers, emphasizing that the bank will never send links or APK files via SMS or WhatsApp for KYC updates, Aadhaar linkage, or reward redemption. Official communications are exclusively handled through secure platforms such as the Google Play Store, Apple App Store, or physical bank branches. The bank’s warnings underscore the importance of digital skepticism, urging customers to verify any account-related alerts through official channels rather than responding to unsolicited messages.#cybercrime #aadhaar #state_bank_of_india #sbi #kyc

SBI Warns Customers of YONO App Phishing Scam State Bank of India (SBI) has issued a critical advisory to its customers about a new phishing scam targeting users of its mobile banking app, YONO. The bank warned that scammers are sending fraudulent messages claiming the app will be deactivated unless users update their Aadhaar details. SBI urged customers to remain vigilant and avoid engaging with suspicious links or downloading apps from unverified sources. The scam messages, circulating online, falsely inform users that their YONO accounts will be blocked overnight due to an outdated Aadhaar number. The message includes a malicious link purportedly directing users to an "official SBI Aadhaar update app." However, the link is designed to steal sensitive information such as login credentials and personal data. SBI clarified that no such update is required and that all legal updates for the YONO app are available through official app stores or branch offices. In a social media post shared on X (formerly Twitter), SBI emphasized that clicking on the fraudulent links could lead to financial loss, identity theft, and account compromise. The bank warned that fraudulent apps often mimic official platforms to trick users into sharing confidential details. SBI reiterated that customers should never download APK files or update Aadhaar details via unofficial channels. The bank also provided guidance on how to verify messages from financial institutions. Customers are advised to contact the official website or customer support for confirmation, avoid interacting with unsolicited messages, and delete suspicious content immediately. SBI urged users to report phishing attempts to its helpline or official channels.#x #aadhaar #state_bank_of_india #sbi #yono_app

State Bank of India Hits Intraday Low Amid Price Pressure State Bank of India (SBI) experienced a sharp decline in its share price on 2 April 2026, hitting an intraday low of Rs 984.95, a 3.24% drop from its previous close. The stock underperformed both its sector and broader market indices, reflecting heightened volatility and bearish sentiment in the market. Intraday Price Movement and Volatility The public sector banking giant saw its share price fall sharply during the trading session, with a day-to-day change of -3.08%. The stock’s intraday volatility was particularly pronounced, registering a weighted average price volatility of 30.24%, indicating significant price swings throughout the day. Despite trading above its 200-day moving average, SBI remained below its shorter-term moving averages, including the 5-day, 20-day, 50-day, and 100-day lines. This technical setup signaled near-term selling pressure on the stock. Market Context and Broader Indices The decline in SBI’s share price coincided with a broadly negative market environment. The Sensex opened sharply lower, dropping 872.27 points, and further declined by 525.65 points to close at 71,736.40, a 1.91% drop. This placed the benchmark index just 0.43% above its 52-week low of 71,425.01. The Sensex’s technical positioning remained weak, trading below its 50-day moving average, which itself was below the 200-day moving average—a classic bearish signal. The index had recorded losses for three consecutive weeks, shedding 3.79% over the period. Comparative Performance Analysis SBI’s performance on the day was weaker than the Sensex, with the stock falling 2.88% compared to the index’s 1.93% decline. Over the past week, SBI had declined 6.79%, underperforming the Sense, which fell 4.71%. The one-month trend was similarly negative, with SBI down 16.#sensex #mojo_score #state_bank_of_india #moving_average #bollinger_bands

SBI Share Price Live Updates: Breaking Above Key Technical Levels State Bank of India (SBI) shares demonstrated significant momentum on April 8, 2026, as the stock surged past critical technical thresholds, signaling renewed investor confidence. The stock closed at Rs 1,032.75 on April 7, reflecting stability amid broader market dynamics. However, the following day saw a notable breakout as SBI’s price climbed above its 100-day Exponential Moving Average (EMA) and Simple Moving Average (SMA), key indicators often used to gauge trend strength. At 09:35:12 AM IST on April 8, SBI’s price broke above the 100-day EMA, which was priced at Rs 1,041.16, with the stock recording a 4.23% positive change. This move marked a pivotal moment for traders, as crossing the EMA often indicates a shift in market sentiment. Earlier in the day, the stock also surpassed its 100-day SMA, which stood at Rs 1,032.23, further reinforcing the bullish momentum. The breakout was accompanied by a surge in trading activity. On April 7, SBI’s shares closed at Rs 1,032.75, a decline of 0.23% from the previous day’s close. However, the following day’s trading volume reached 23,576,634 shares, surpassing the average of 20,804,219 shares recorded over the past seven days. This increase in volume suggests heightened interest from investors, possibly driven by the stock’s technical breakout. The stock’s performance was further highlighted by its weekly returns, which surged to 5.21% over the last seven days. This growth underscores the stock’s resilience and appeal to investors seeking exposure to the banking sector. Additionally, SBI’s beta, a measure of its volatility relative to the broader market, stood at 1.6862 over the past six months.#state_bank_of_india #the_economic_times #100_day_ema #100_day_sma #rs_1032_75

Bank Holiday on April 3: SBI, HDFC Bank, and Others to Remain Closed in Specific Cities The Reserve Bank of India (RBI) has announced that several major banks, including State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), Axis Bank, and ICICI Bank, will be closed on April 3, 2024, due to the observance of Good Friday. This decision aligns with the RBI’s bank holiday calendar, which designates certain days for closures across different regions. The holiday falls on a Saturday, April 3, and is observed in multiple cities where these banks operate. The RBI’s guidelines indicate that the closure will apply to branches in specific cities, though the exact list of locations has not been fully detailed in the initial announcement. However, the bank holiday calendar typically includes major metropolitan areas and regional hubs where these financial institutions have a significant presence. The closure is part of the broader observance of religious holidays, which often result in temporary operational adjustments by banks and other public services. Good Friday is a Christian holiday commemorating the crucifixion of Jesus Christ and is widely observed in countries with significant Christian populations. In India, while it is not a national holiday, several states and cities recognize it as a public holiday, particularly in regions with substantial Christian communities. The RBI’s decision to mark April 3 as a bank holiday reflects the importance of the occasion in certain parts of the country. For customers, the closure means that banking services such as account inquiries, fund transfers, and loan applications may be unavailable during the holiday. However, some branches may offer limited services or operate on reduced hours.#punjab_national_bank #reserve_bank_of_india #axis_bank #hdfc_bank #state_bank_of_india

Bank fraud: CBI files case against 2 ex-directors of Reliance Telecom The Central Bureau of Investigation (CBI) has registered a case against former Reliance Telecom directors Satish Seth and Gautam Doshi, along with several public servants, over allegations of bank fraud involving Rs 115 crore. The probe was initiated on a complaint filed by the State Bank of India (SBI), which accused the accused of fraudulent activities. During the investigation, CBI conducted searches at the residences of Seth and Doshi in Mumbai and recovered various documents related to the loan transactions. The FIR has been filed under sections of the Indian Penal Code (IPC) dealing with conspiracy, cheating, and criminal misconduct, as well as provisions of the Prevention of Corruption Act. Reliance Telecom has also been named as an accused in the case. According to the CBI, SBI was the lead banker and a member of a consortium of 11 banks that had sanctioned a total of Rs 735 crore in term loan facilities to Reliance Telecom Ltd. SBI was the first bank to classify Reliance Telecom's accounts as fraudulent and subsequently filed a formal complaint with the CBI. This led to the registration of the FIR. A 12-member CBI team visited the SBI office in Mumbai on Wednesday as part of the investigation. The case highlights the complexities of financial misconduct in corporate and banking sectors, with multiple entities implicated in the alleged fraud. The probe underscores the role of regulatory bodies in addressing financial crimes and the importance of cross-institutional cooperation in such cases. The CBI's actions reflect its commitment to investigating allegations of corruption and misuse of official positions, even when they involve high-profile corporate entities.#central_bureau_of_investigation #state_bank_of_india #satish_seth #gautam_doshi #reliance_telecom

Black Monday: Sensex crashes 1,800 points, Nifty near 22,550; 6 key factors behind market decline The Indian stock market experienced a sharp decline on Monday, with the Sensex falling over 1,800 points and the Nifty nearing 22,550. The market decline was attributed to a combination of factors, including global tensions, rising crude oil prices, and sustained foreign fund outflows. The benchmark indices were down more than 2 percent, tracking weak global cues as the West Asia conflict entered its fourth week and pushed crude oil prices higher. At 10:45 am, the Sensex was down 1,785.12 points or 2.4 percent at 72,747.84. The broader Nifty declined to 22,547.35, down 567.15 points or 2.45 percent, its lowest level since April 9, 2025. Market breadth remained weak, as about 521 shares advanced, 3,265 shares declined, and 138 shares remained unchanged. Among the stocks, HDFC Bank fell about 2.5 percent after sliding 7.4 percent in the previous two sessions following the resignation of its part-time chairman Atanu Chakraborty. State Bank of India dropped 3.6 percent after receiving a tax demand of Rs 6,337 crore from the Income Tax Department for the assessment year 2024. All 16 major sectoral indices were in the red. The broader indices also saw sharp losses, with the Nifty smallcap100 and Nifty midcap100 falling 3.82 percent and 3.45 percent, respectively. The decline was driven by several key factors, including elevated crude prices, persistent foreign portfolio investor (FPI) selling, a rise in the India VIX, geopolitical tensions, weak global cues, and a record low rupee. Crude oil prices surged, fueling inflation and rupee weakness. Brent crude rose 0.62 percent to USD 112.9 per barrel, remaining above the USD 110 mark amid concerns over supply disruptions linked to the ongoing conflict.#nifty #sensex #hdfc_bank #state_bank_of_india #black_monday

Stock markets rebound in early trade after 3-day slump Equity benchmark indices, the BSE Sensex and NSE Nifty, showed a recovery on Monday, March 16, 2026, after a three-day decline. The Sensex opened lower, dropping 179.31 points to 74,384.61, while the Nifty fell 53.1 points to 23,098. However, the indices later rebounded, with the Sensex rising 342.02 points to 74,899.76 and the Nifty gaining 88.55 points to 23,240.95. The rebound was driven by value-buying in major blue-chip stocks such as HDFC Bank and State Bank of India. Among the top performers in the Sensex, UltraTech Cement, Tata Steel, InterGlobe Aviation, ITC, and other large-cap firms saw significant gains. The recovery came amid mixed global market conditions, with Asian indices showing divergent trends. South Korea’s Kospi and Japan’s Nikkei 225 fell, while Hong Kong’s Hang Seng rose. The U.S. market closed lower on Friday, March 13, adding to the volatility. Crude oil prices also saw a positive movement, with Brent crude rising 1% to $104.2 per barrel. Analysts highlighted the influence of geopolitical tensions in West Asia on market dynamics. Hariprasad K, a research analyst, noted that ongoing conflicts involving Iran, Israel, and the U.S. have disrupted energy markets and raised concerns over shipping routes through the Strait of Hormuz. These factors have kept crude prices elevated and kept risk sentiment fragile. Investor activity reflected cautious optimism, with Foreign Institutional Investors (FIIs) selling equities worth ₹10,716.64 crore on March 13, while Domestic Institutional Investors (DII) purchased stocks totaling ₹9,977.42 crore. The Sensex ended the previous trading session at 74,563.92, down 1,470.50 points or 1.93%, and the Nifty closed at 23,151.10, dropping 488.05 points or 2.06%.#bse_sensex #nse_nifty #hdfc_bank #state_bank_of_india #ultra_tech_cement