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Inflation continues to be a bugbear : Soumya Kanti Ghosh

Kolkata, May 16 : Inflation continues to be a bugbear and it looks unlikely that it will correct anytime soon, according to Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India here on Monday. Ghosh said the latest inflation numbers however reveal that while in the rural areas, the impact has been disproportionately higher for food prices, in urban areas it is disproportionately higher as far as fuel price impact and pass through is concerned since the war began. “We did a dipstick study to understand the exclusive impact of war on inflation trajectory in both the rural and urban areas.

SBI reports 41.28 pc jump in its net profit at Rs...

Kolkata, May 13 : State Bank of India (SBI) on Friday reported a 41.28 per cent jump in its net profit at Rs 9,114 crore for the fourth quarter ended March 31, 2022. The Bank had posted a Net profit for FY22 grew by 55.19% YoY to Rs. 31,676 crores. SBI's Return on Equity (RoE) as at the end of FY22 stands at 13.92% which is higher by 398 bps YoY. Domestic NIM for Q4FY22 increased by 29 bps YoY at 3.40%. SBI's Net Interest Income (NII) for Q4FY22 increased by 15.26% YoY. The Bank had posted Operating Profit for FY22 grew by 5.22% YoY to Rs. 75,292 crores; while Operating Profit for Q4FY22 at Rs. 19,717 crores. Whole Bank Advances grew by 11.00% YoY. Domestic Advances growth stood at 10.27% YoY primarily driven by growth in Retail Personal Advances (15.11% YoY). Foreign Office Advances grew by 15.42% YoY. The Bank's Retail Portfolio crosses Rs. 10 lakh crore. Home loan, which constitutes ~23% of Bank's domestic advances, has grown by 11.49% YoY. Corporate Loans has also registered growth of 11.15% QoQ during Q4FY22. The Bank's total Deposits grew at 10.06% YoY. Saving Bank Deposits grew by 10.45% YoY while Term Deposit grew by 11.54% YoY. CASA Deposit grew by 7.78% YoY with CASA ratio of 45.28% as on 31st March 22. SBI's Gross NPA ratio down by 101 bps YoY at 3.97%, while Net NPA ratio down by 48 bps YoY at 1.02%. Provision Coverage Ratio (PCR) improved by 416 bps YoY at 75.04%. PCR (Incl. AUCA) stands at 90.20%. The Bank's Slippage Ratio for Q4FY22 stands at 0.43%. Credit Cost for Q4FY22 stands at 0.49%. SBI's Cost to Income Ratio for FY22 down by 29 bps YoY at 53.31%. Cost to Income Ratio is lower by 27 bps YoY at 54.23% during Q4FY22. The Bank's Capital Adequacy Ratio (CAR) as at the end of Q4FY22 stands at 13.83% Return on Assets (RoA) increased by 19 bps YoY to 0.67%. SBI's Share of Alternate Channels in total transactions has increased from 93.2% in FY21 to 95.5% in FY22.

Amit Shah arrives Arjun Chowrasia’s home in Kolkata

Kolkata, May 6 : Union Home Minister Amit Shah arrived at the residence of Arjun Chowrasia, whose body was found hanging at Cossipore in North Kolkata on Friday. Leader of Opposition in West Bengal Assembly Suvendu Adhikari along with State BJP president Sukanta Majumder and Minister of State for Home Nishith Pramanik accompanied Shah. People, who thronged there, demanded a CBI probe into the incident. Meanwhile, a special task force of Kolkata Police took away the body of Chowrasia, denying the bereaved family members' wish to wait until the arrival of Union home minister Amit Shah, BJP's women wing leader Priyanka Tibrewal said. Tibrewal has taken Chowrasia's mother to High Court with a demand of stopping the post-mortem.

IndiGo becomes first airline in Asia to land using GAGAN aided...

Kolkata, April 28 : IndiGo, India's leading carrier, has become the first Airline in Asia to conduct Localiser Performance with Vertical Guidance (LPV) Approach. IndiGo conducted the LPV approach on its ATR 72-600 aircraft, equipped with GAGAN, at Kishangarh Airport (Ajmer) on April 28, 2022. This test flight is a part of the approval process with DGCA, which includes training of pilots, validation of approach, simulator sessions amongst others, an IndiGo official here on Thursday said. The test flight was operated by Captain Sandip Sud and Capt Satish Veera and landed in the presence of Capt Shweta Singh, Dy CFOI, FSD, Cdr R.S. Jamwal, Director, ANS, Capt Adhiraj Yadav, SFOI, FSD, Capt Aditya Kumar Singh, FOI, FSD, Capt Vasu Gupta, FOI, FSD and Gaurav Raghuvanshi, AAI, and IndiGo team. This initiative was possible due to continuous endeavours of all stakeholders - MoCA, DGCA, ISRO, AAI and IndiGo.

Airtel Payments Bank partners with IndusInd Bank to offer FD facility...

Kolkata, April 26 : Airtel Payments Bank on Tuesday announced the launch of the Fixed Deposits (FD) facility in partnership with IndusInd Bank. With this Airtel Payments Bank has further strengthened its digital banking portfolio. Customers can now book fixed deposits starting from Rs 500 up to Rs 190,000 within minutes through a seamless digital journey on the Airtel Thanks app. With this partnership, Airtel Payments Bank's savings account customer will get an interest rate of up to 6.5 per cent p.a. and senior citizens will get an additional 0.5 per cent on all fixed deposits. Customers can book multiple FDs for a fixed duration of either 1, 2 or 3 years

SBI Ecowrap – Jumpstarting women participation in labour force

Kolkata, April 26 : The bidirectional relationship between economic development and women's empowerment, defined as improving the ability of women to access the constituents of development with thrust on identical representation across multiple pivots, can have a fulfilling proposition through making structural reforms in the Banking Correspondents ecosystem, said Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India. He said one such earliest initiative in the direction of empowering women with scale benefits was the introduction of PMJDY. Of the total 45.2 crore accounts opened till date, a whopping 55% of the account holders are women.

No statement on controlling spiralling unemployment in Union Budget: Amit Mitra

Kolkata, Feb 01 (UNI) Former West Bengal Finance Minister Amit Mitra on Tuesday said there is no statement on controlling spiralling unemployment in the Union Budget. " They are talking of reaching tap water to all rural housholds. But the fact is to date, only 17 percent rural household has tap water, " said Mitra, currently Finance Advisor to Chief Minister Mamata Banerjee.

Indian-American Biostatistician brings out the charm of ghazals

Kolkata, Dec 29 : An Indian-American professor at the University of Florida has come out with a modern ghazal album titled Nostalgia, bringing out the charm of a genre known for portraying an extraordinary variety of expression around its central themes of love and separation.

GST hike on textiles to lead loss of 15 million jobs:...

Kolkata, Dec 26 : Former West Bengal finance minister Amit Mitra on Sunday said the proposed hike of Goods and Service Tax (GST) on textile products from five to 12 per cent would lead to loss of 15 million jobs and closure of one lakh units.

Trinamool heads to a landslide win in Kolkata civic polls

Kolkata, Dec 21 : Chief Minister Mamata Banerjee-led Trinamool Congress in West Bengal on Tuesday demolished the opposition challenge and headed to a landslide victory in the prestigious Kolkata Municipal Corporation polls. As per the latest vote count position, the Trinamool has already bagged 112 wards and is leading in 22 more, to retain the board for the third time in succession.
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