The State Bank of India announced that it has got in-principle approval to set up a wholly owned subsidiary by SBI Funds Management Ltd at IFSC Gift City Gandhinagar. “In terms of provisions of Regulation 30 and other applicable provisions of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we submit that the Competent Authority has accorded in-principle approval on August 29, 2023, to set up a wholly owned subsidiary by SBI Funds Management Ltd at IFSC Gift City Gandhinagar subject to receipt of all regulatory approvals,” it said in a regulatory filing.
The plan, it said, involved creating an entirely new entity in the IFSC Gift City premises. While SBI has received approval from the authorities, the final authorisation hinges on the adherence to regulatory protocols.
Earlier at the B20 Summit 2023, Dinesh Khara, Chairman of State Bank of India had said that the ongoing financial inclusion initiative is set to democratize the financial landscape. He had stressed the significance of financial inclusion and had said that credit linkage will play a crucial role, requiring a collective embrace of the credit culture.
During its fiscal first quarter earnings announcement, SBI posted profit at Rs 18,735.95 crore, up 148.9 per cent as against Rs 7528.25 crore during the corresponding quarter of FY23. It posted total interest earned during the quarter at Rs 1,01,460.01 crore, up 32.1 per cent in comparison to Rs 76,780.86 crore during Q1FY23. On a standalone basis, the bank posted net profit of Rs 16,884 crores, up 178.25 per cent on-year. Operating Profit for Q1FY24 grew by 98.37 per cent YoY to Rs 25,297 crores. The Net Interest Income (NII) for Q1FY24 increased by 24.71 per cent on-year to Rs 38,905 crore. SBI’s domestic NIM for Q1FY24 increased by 24 bps on-year to 3.47 per cent.