State Bank of India Welcomes Cricketing icon MS Dhoni As Brand Ambassador

Country’s largest commercial bank, the State Bank of India (SBI) has announced its collaboration with cricketing legend Mahendra Singh Dhoni, as the bank's official Brand Ambassador.

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. This association symbolizes the bank's commitment to forging deeper connections with its customers, reflecting the values of reliability and leadership.

On the occasion, Mr. Dinesh Khara, Chairman, SBI said, "We are pleased to onboard MS Dhoni as Brand Ambassador of SBI. Mr. 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."

About State Bank of India:

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.53 lakh crore. As of June 2023, the bank has a deposit base of over Rs. 45.31 lakh crore with CASA ratio of 42.88% and advances of more than Rs. 33 lakh crore. SBI commands a market share of 33.4% and 19.5% in home loans and auto loans respectively. SBI has the largest network of 22,405 branches and 65,627 ATMs / ADWMs in India with 78,370 BC outlets. The number of customers using internet banking and mobile banking stand at 117 million and 64 million respectively. With SBI’s digital strategy right on track – the bank witnessed 63% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY23. SBI observed 23,400 new digital savings bank accounts being opened per day via YONO in the quarter ended June 2023. YONO, which has more than 6.36 crore registered users, witnessed more than 1 crore average daily logins in Q1 FY24. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 5,428 crore through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.

LG Unleashes Next-Level Audio Experience With The Latest XBOOM Series!

·       New line-up of XBOOM series features XL7S and XL5S models

·       The speakers can turn any event into a karaoke extravaganza

LG Electronics, one of the leading consumer durable brands in India, today announced the launch of its latest ‘LG XBOOM’ series. The speakers aim to transform the way people enjoy music and audio by prioritizing convenience, delivering potent sound and providing captivating lighting effects.

LG XBOOM, the ultimate partner for parties, merges superb sound quality with dazzling lighting effects to generate a vibrant ambiance. The XBOOM series features the XL7S and XL5S models, both delivering unmatched features and advantages for music lovers and those who love to celebrate. For outdoor adventurers and outstation travellers alike, the XBOOM series ensures an immersive musical experience and captivating lighting wherever the journey takes them.

Commenting on the launch, Mr. Hak Hyun Kim, Director- Home Entertainment, LG Electronics India said, “We are delighted to introduce the LG XBOOM series, representing a significant advancement in audio technology. These meticulously designed products are poised to revolutionize the audio experience for our consumers. Moreover, boasting outstanding features, robust sound reproduction, and captivating lighting effects, the fresh LG XBOOM series is poised to establish itself as the top pick for gatherings, occasions, and everyday enjoyment."

The USP of the LG XBOOM series lies in its convenience features. The LG XBOOM speakers are designed for convenience with a rugged build and ergonomic handles, making them a grab-and-go solution that's easy to carry wherever you need it. The LG XBOOM XL7S has an impressive 20-hour battery life* while the LG XBOOM XL5S has a 12-hour battery life*[1] and both the speakers have an IPX4 Water Resistant rating that can withstand water splashes.

Turn any event into a karaoke extravaganza with the LG XBOOM XL5S and XL7S speakers. Simply plug in your microphone and sing your heart out. You can even connect a guitar and host your very own acoustic concert, making it a versatile choice for musical entertainment.

Users can utilize the "My Pick" feature on the XBOOM app to personalize and customize their own party lighting with three special lighting effects and also control its brightness. They can craft their own dazzling light show with flashy double strobe lighting and vibrant Multi Color Ring Lighting for an unforgettable experience.

LG XBOOM XL7S

The LG XBOOM XL7S produces immense sound booming bass and clear high notes. With a colossal 250W output, the LG XBOOM XL7S is made for large gatherings, providing an immense sound that can easily fill any venue.

With the LG XBOOM XL7S's animated pixel display, you can personalize your audio experience by showcasing your own texts and pre-set animations on the product LED panel. This is one of the best features which allows you to your own texts or animations on the product LED panel, adding a unique touch to your event.

The LG XBOOM XL7S features an impressive beat-driven light show called Multi Color Ring Lighting. These vibrant lights dance in sync with your music, infusing dynamic energy into any party or gathering. In addition to the vibrant Multi Color Ring Lighting, the XBOOM XL7S also boasts an exhilarating "Double Strobe" lighting feature. The synchronized double strobe lighting isn't just visually stunning—it enhances the overall audio-visual synergy, giving your event a club-like ambiance.

The XBOOM app's "My Pick" feature lets you customize party lighting, tailoring it to your event. Whether you're a DJ or a music enthusiast, this enhances the party vibe. Choose animations or craft a custom message, doubling the fun for the crowd. Perfect for DJs, the XBOOM XL7S offers specialized tools like DJ Pad, DJ effects, and DJ loop, elevating performances. DJ Pad provides seamless beat control, while DJ effects and DJ loop enable dynamic mixes. Personalized messages through the XBOOM app add a fantastic touch, ideal for DJs and hosts to amplify the occasion, ensuring a lively and memorable experience.

Moreover, the XBOOM XL7S is not only about stunning visuals and pulsating lights; it's also incredibly versatile when it comes to live performances. With two dedicated inputs for karaoke microphones and a guitar, this audio powerhouse transforms into a complete entertainment system.

Experience the bass power with the LG XBOOM XL7S, featuring an impressive 20.32 cm Giant Woofer. This speaker is designed to provide a more powerful bass, delivering a deep and bold sound that will captivate and energize the entire crowd.

One can feel the bass even at lower volumes with the Dynamic Bass Optimizer. This innovative feature ensures you can experience boomy bass without any distortion, delivering a balanced and satisfying sound quality at any volume level. Its two 6.35 cm dome tweeters ensure that high-frequency notes are heard with precision, delivering an enhanced audio experience.

With telescopic handle and wheels, carrying LG XBOOM XL7S got extremely easy. It also tilts back, allowing one to carry it like a luggage.

LG XBOOM XL5S

Turn on the LG XBOOM XL5S anywhere, and watch as it effortlessly transforms any venue into a private club, immersing you in jaw-dropping, massive sound with crystal-clear high notes. One can experience the thrill of body-shaking sound as the LG XBOOM fills the room with its giant 200W output, creating a powerful party atmosphere.

With its impressive 16.51 cm Giant Woofer, it delivers powerful bass that truly sets the stage for any venue. The speakers are equipped with Dynamic Bass Optimizer that allows you to enjoy balanced sound without distortion of the bass.

With two 6.35 cm dome tweeters, this speaker ensures crisp and clear sound, allowing you to hear high-frequency notes clearly whether you're indoors or outdoors.

The LG XBOOM XL5S turns any gathering into an electrifying party with its vibrant party lighting. The dazzling double strobe lighting adds a dynamic flair, synchronizing with your music for an enthralling experience. Using the My Pick feature on the XBOOM app, you can craft your personalized light show, enhancing the party vibe.

Not just limited to lighting, the XL5S transforms events into karaoke extravaganzas. Simply plug in your microphone and unleash your vocals or connect a guitar for an impromptu acoustic concert. With a remarkable 12-hour battery life and a convenient handle, it's designed for on-the-go fun.

The XL5S is built tough with ergonomic handles, ensuring easy portability. Plus, its IPX4 Water Resistant rating means it can handle those unexpected water splashes, adding durability to the excitement.

The LG XBOOM XL7S and XL5S models will be available at a starting price of Rs 54,990/- and Rs 44,990/-, respectively.

About LG Electronics India Pvt Ltd               

LG Electronics India Pvt. Ltd. (LG Electronics), a wholly owned subsidiary of LG Electronics Inc, South Korea was established in January 1997 in India. It is one of the most formidable brands in consumer electronics - Home Entertainment, home appliances*, HVAC, IT hardware. In India, LG Electronics has earned a premium brand positioning and is an acknowledged trendsetter in the industry.  LGEIL's manufacturing unit at Greater Noida is one of the most eco-friendly units among all LG manufacturing plants in the world. The second Greenfield facility is located at Ranjangaon; Pune which manufacture LED TVs, air conditioners, commercial air conditioning systems, washing machines, refrigerators, and monitors.

*Home Appliances include- Refrigerator, Washing Machine, AC, Water purifier, Microwave, Fan, Dishwasher & Air purifier.

TVS Credit Registers Net Profit After Tax Of Rs.252 Crore For H1 FY24 With Book Growth Of 14%

TVS Credit Services Limited, one of India’s leading NBFCs, published its unaudited financial results for the quarter and half-year ended September 30, 2023, which reflect the Company's robust growth and financial stability.

The NBFC reported a net profit after tax of Rs.252 Crore for H1 FY24. The Company’s AUM as of Sep’23 grew by 14% to Rs. 23,516 Crore as compared to Rs.20,602 Crore as of Mar’23. The Company reported a quarterly net profit after tax of Rs.134 Crore for Q2 FY24.

 Q2 FY24 Results Summary:

·         Total Income was Rs.1,399 Crore for the quarter, a rise of 46% as compared to Q2 FY23 

·         Net profit after tax for the quarter was Rs.134 Crore as compared to Rs.96 Crore in Q2 FY23, a growth of 40%

In the first half of FY24, credit demand continued to be strong aided by higher consumption and infrastructure outlay by the Government. During H1 FY24, TVS Credit’s business witnessed significant growth, led by the robust performance of Consumer Loans with a book growth of 59% compared to H1 FY23. The Company also added 20 Lakh new customers during H1 FY24, resulting in a total customer base exceeding 1.2 Crore. As part of the digital transformation initiatives, TVS Credit has also transitioned all applications onto the cloud platform, enhancing operational efficiency and performance.

With the festive season on the horizon, TVS Credit is set to unveil a range of special product schemes and exciting consumer promotions to help individuals fulfil their aspirations.

About TVS Credit Services Limited:

TVS Credit Services Limited is one of India’s fastest growing Non-Banking Financial Company registered with the RBI. With over 40,000 touchpoints across India, the Company aims to empower Indians to dream bigger and fulfil their aspirations. Being the number one financier for TVS Motor Company Limited and one of the leading tractor financiers, TVS Credit has a fast-growing footprint in Used Car Loans, Consumer Durable Loans, Used Commercial Vehicle Loans, and Unsecured Loans segment. Powered by robust new-age technologies and data analytics, the Company has served over 1.2 Crore happy customers.

“Phoenix Mall Of Asia” Spanning Over 12 Lakh Sq. Ft. At Hebbal, Bengaluru Now Opened

Highlights

Immersive luxury development spanning over 12 lakh sq. ft. of gross leasable area. 

A distinct blend of fashion, leisure, and experiences, bringing together a selection of over 440 brands, including over 160 international labels and over 50 debut brands to Bengaluru. 

Thoughtfully designed with five distinct interior themes across floors.  

Showcasing an impressive entertainment zone of over 250,000 sq. ft. comprising a 14-screen INOX Megaplex, and ScreenX - a pioneering 270-degree panoramic theatre experience. 

Expected to generate over 5,000 job opportunities in the city. 

Parking facilities for over 3,400 vehicles with EV charging stations and bicycle bays available for visitors. 

This regional consumption centre will be further enhanced by addition of ~8 lakh sq. ft. of modern offices which will start operating later this year. 

The Phoenix Mills Limited (PML), India’s leading destination retail mall developer and operator, has opened doors to its second mall in Bengaluru, “Phoenix Mall of Asia” at Hebbal, Bengaluru. This sprawling retail destination spread across ~13 acres and encompassing over 12 lakh square feet (sq. ft.) of gross leasable area, is in the expanding consumption centre of Northern Bengaluru. 

The mall has been developed by PML under its joint venture with Canada Pension Plan Investment Board (“CPP Investments”). PML today has an operational retail portfolio of over 1.1 crore sq. ft. of leasable area across 12 retail consumption hubs in 8 major cities of India. 

The mall was inaugurated in the company of notable industry figures, including Mr. Atul Ruia, the Chairman of The Phoenix Mills Limited, Mr. Shishir Shrivastava, the Managing Director of The Phoenix Mills Ltd., and Rashmi Sen, Chief Operations Officer of The Phoenix Mills Ltd. The grand opening featured captivating performances by the musical maestro-, Rickey Kej, as part of the opening festivities. His mesmerizing melodies infused this special day with a symphony of delight. The enchantment of music continues to reverberate throughout our mall, enriching the shopping experience. 

An electrifying display illuminated the night sky and set the stage ablaze! The grand opening of the mall was a dazzling showcase featuring lead dancers, pyro dance shows, carnival dances, as well as violin and piano performances. Witness the harmonious blend of music, dance, and pyrotechnics as we keep the excitement alive throughout the weekend. Don't let this incredible extravaganza slip by; it's setting the stage for an unforgettable shopping experience over the next two days! 

The grand opening was enhanced by an enthusiastic crowd that infused vibrant energy into the city. The Phoenix Mall Of Asia is now here to illuminate your evenings with boundless opportunities! 

Says Mr. Atul Ruia, Chairman of The Phoenix Mills Limited, "In 2011, we entered the Bengaluru market with launch of Phoenix MarketCity in Whitefield, which swiftly established itself as one of the best performing retail assets in our portfolio. Today, I am pleased to announce the launch of our second retail destination in Bengaluru, “Phoenix Mall of Asia” at Hebbal. The interiors of this mall exude opulence, with each floor meticulously crafted to encapsulate a distinctive theme, promising the visitors a unique and visually enthralling experience.  

We have created two grand transformative digital experiences for the shoppers, first being the “Luxe Atria”, a remarkable four-storey LED digital display zone, to welcome the patrons with cascading crystallized falling water elements. Then, we have “Eden Arcadia," spanning five floors, set to captivate the visitors with exclusive displays focused on tranquillity and natural splendour.  

Our themed zones continue with F&B zones like “The Oasis”, which houses open plan restaurants, luxurious cafés and “Foodthopia” which houses over 50 dining options.  

We have also curated an entertainment zone of over 250,000 sq. ft. with wide array of offerings for fun outings with family and friends.  

We are confident that “Phoenix Mall of Asia”, our latest world-class and contemporary retail destination will leave a lasting mark in the landscape of this city and create a legacy of its own.  

Says Mr. Shishir Shrivastava, the Managing Director of The Phoenix Mills Ltd, "With the launch of “Phoenix Mall of Asia”, we continue our path of continuously evolving, adapting, and elevating experiences for patrons with every new destination. This new development in North of Bengaluru is spread across a gross leasable area of ~12 lakh sq. ft., integrated with modern Grade-A commercial office spaces of ~12 lakh sq. ft.  

The commercial offices will be developed in phases, with ~8 lakh sq. ft. in Phase 1 expected to become operational soon. This development is strategically located amidst growing residential areas, IT Parks and office development sites in a rapidly developing area of the city. With easy access from the airport and seamless connectivity to other city centers through means like the new metro, Phoenix Mall of Asia is set to become Bengaluru’s ultimate new-age luxury retail destination.  

With the launch of this mall, we are excited to create more than 5,000 jobs in the city and make an impact in the economy of Bengaluru. This is the third retail destination to become operational under our Joint Venture with our partners CPP Investments and I would like to extend my gratitude to the entire team at CPP Investments for their support through this journey.” 

A Shopping Extravaganza 

 In a world of shopping excellence, Phoenix Mall of Asia stands as a beacon of luxury, offering an unparalleled retail experience that caters to the most discerning shoppers. With a curated selection of 440+ brands, this retail haven hosts 200+ beloved national labels, 160+ coveted international luxury brands, and an exclusive collection of 50 debut brands. This mall  is tailor-made for those who appreciate the finer things in life, whether it's the allure of high-end luxury or the thrill of high street fashion.  

Phoenix Mall of Asia is home to brands across a diverse spectrum of categories, encompassing women's, men's, and children's apparel, fashion accessories, beauty and wellness products, exquisite luxury jewellery, electronics, and a myriad of other offerings.  

Beacon of Luxury: 

Phoenix Mall of Asia will house a diverse array of international luxury brands, including Ferragamo, Canali, Boss, Emporio Armani, Versace, Tods, Villeroy & Boch, Michael Kors, Tumi, Tory Burch, Kate Spade, Bottega Veneta, Zegna, Coach, Bally, Paul Smith, Brooks Brothers, Diesel, Golden Goose, Karl Lagerfeld, Hackett, Ralph Lauren and few more star brands, that are poised to elevate the mall's status as a luxury shopping destination. Furthermore, this mall is also set to be home to the highly anticipated flagship stores from sportswear giants such as Adidas Originals, Nike, Reebok, Puma, Sketchers, and a host of other iconic brands.  The introduction of these renowned names will undoubtedly draw a discerning clientele and significantly enhance the overall shopping experience. It's an exciting time for both the mall and its visitors. 

Watches cluster: 

This is truly a game-changing addition to Mall of Asia's tenant mix. The inclusion of the country's largest international watch cluster featuring brands like Rolex, Panerai, Jaeger LeCoultre, Bell & Ross, IWC, Hublot, Breitling, Ethos Summit, Tudor, Longines, Rado, Tissot, Seiko, Daniel Wellington and few more in pipeline is a testament to the mall's commitment to offering a world-class shopping experience. This collection of esteemed watchmakers will undoubtedly attract enthusiasts and collectors, elevating the mall's status as a hub for luxury timepieces. It's an exceptional development that will undoubtedly draw a discerning clientele. 

Says Rashmi Sen, Chief Operations Officer of The Phoenix Mills Ltd, “Over the past three years, our commitment to pushing boundaries has been evident in every pioneering retail destination we have delivered, from Lucknow and Indore to Ahmedabad and Pune. Our latest offering, “Phoenix Mall of Asia”, stands as another testament to our goal of crafting unique, world-class retail experiences. Through Phoenix Mall of Asia, we present the visitors with an opulent shopping experience with over 440 brands and various flagship stores from iconic brands across the globe. The shopping experience is further enhanced with an exquisite mix of dining options, top-notch invigorating entertainment experiences comprising a vibrant Fan Park, a 14 screen Inox Megaplex, ScreenX etc and mesmerizing interiors creating a luxurious ambience for the visitors. Phoenix Mall of Asia is not just about shopping, but it embodies a realm of luxury, indulgence, and multifaceted wholesome experiences.  

The Empirical Precincts 

The prominent and social media worthy "Luxe Atria", stands as a remarkable four-storey feature, capturing attention with cascading crystallized falling water elements and a transcendent LED digital display zone. This space welcomes shoppers and provides a transformative digital experience, elevating the mall into a significant vertical nexus. 

Prepare for a delightful surprise at "Eden Arcadia", a mystical gateway through a 3D digital forest of tranquillity and natural splendour spanning five stories. This zone enthrals visitors with exclusive anamorphic LED content, immersing them in opulent natural beauty. Enhanced with plants and flowers, it synchronizes sensory well-being with vertical richness, creating an awe-inspiring backdrop experience. 

“The Oasis”, inspired by nature, serves as the heart of the Mall, intersecting at all levels of the building. This node effortlessly transports visitors to a realm where the boundaries between nature and urban elegance harmoniously blend. Open-concept restaurants within this zone offer a tantalizing culinary journey with global flavours, set in an eco-friendly environment infused with natural light, inspired by the tropical beauty of Asia and Bengaluru's botanical splendour. Surrounded by renowned international cafes like Starbucks, Tim Hortons, Perch, Fyole, COCO Café & Third Wave Coffee, it becomes a bustling central hub adorned with lush greenery. Bridging the gap between city life and the natural world, this oasis offers an exclusive international café lounge experience, cocooned in luxury. 

“Foodthopia”, a culinary marvel at the very soul of this retail destination, beckons connoisseurs with its collection of over 50 exclusive F&B outlets.  It sets the stage for an unparalleled lifestyle experience, ideal for gatherings on game days and leisurely dining occasions. This gastronomic wonderland boasts 19 meticulously curated F&B establishments and culinary concepts, redefining the very essence of dining. For those seeking respite from the mundane, Phoenix Mall of Asia offers a dining extravaganza at bars with terraces overlooking the vibrant Fan Park. 

A Plethora of Entertainment Delights 

The entertainment arena features 14 screens from INOX Megaplex, touted as the city's largest and finest, delivering an unparalleled cinematic experience. The introduction of ScreenX, the city's first 270-degree panoramic theatre, injects a pioneering innovation into the entertainment offerings. Spanning over 250,000 sq. ft., the mall's expansive and invigorating entertainment zone promises a diverse range of experiences for every visitor.  

The vibrant ambiance of the “Fan Park”, the tiered atrium fosters a strong communal vibe while offering high-level semi-private zones that can be reserved for hosting celebrations and special events. It's a fantastic place to connect with friends, catch thrilling games, or get work done.  

At the heart of the mall, one will discover the Family Entertainment Zone (FEZ), meticulously designed to be the ultimate destination for families and friends seeking moments of fun, laughter, and cherished memories together.  

An environmentally responsible haven 

At the Phoenix Mills Limited, we are conscious of our responsibility to the environment and are devoted to continually improving our efforts to minimize our impact on it. We are targeting to achieve the prestigious USGBC LEED Certification with a Gold Rating for Phoenix Mall of Asia and Asia Towers, and a WELL Gold Rating for Asia Towers. Moreover, we are dedicated to implementing sustainable practices such as installation of EV charging stations, supply of piped gas for commercial cooking, rainwater harvesting and integration of solar power. These collective initiatives are guiding us towards a more sustainable and eco-friendly future.  

Accelerating economic activity 

As Phoenix Mall of Asia prepares to open its doors, behind the hustle and bustle is a story of potential, vision and opportunity that is being realised in no small measure. 

Strategically located on the North Bangalore Airport Corridor, it is set to usher in unprecedented economic activity that will significantly add to the State exchequer. By boosting employment and career growth for thousands of people, it will significantly improve their quality of life. 

With over a million sq. ft, it is planned with world-class amenities and forward-thinking infrastructure. With a Gold-rated LEED certification, meticulous thought has gone into every detail. From Automatic Organic Waste Converters to Fastag and ANPR technology that provide easy ingress and egress to the two-storey parking for 3100 cars, from wide driveways with multiple drop zones and designated pick-up zones for taxis, the Mall is set to elevate shopping like never before. 

As the pride of Karnakata, Phoenix Mall of Asia is set to be a model of inspiration and the blueprint for mall development across the nation. 

Union Bank of India Financial Results For The Quarter Ended September 30, 2023

The Board of Directors of Union Bank of India approved the accounts of the Bank for the Quarter ended September 30, 2023. 

Key Highlights in Q2FY24 

Strong Financial Performance:  

Net Profit of the Bank increased by 90.00% on YoY basis during Q2FY24. Net interest income of Bank grew by 9.89% on YoY basis during Q2FY24. 

Bank continues to demonstrate a strong Liability franchise:  

The CASA deposits have increased by 4.45% YoY. Bank now have a total deposits base of Rs.11,37,628 Crores as on September 30, 2023. 

Business Growth gaining momentum: 

Total Business of the Bank increased by 9.24% YoY, wherein Gross Advances increased by 9.50% YoY & Total Deposit grew by 9.04% YoY. Bank have a total Business of   Rs.19,84,842 Crores as on September 30, 2023. 

Credit in Retail, Agri and MSME (RAM) segments: 

RAM Segment of the bank increased by 14.62% YoY, where 14.68% growth in Retail, 15.04% growth in Agriculture and 14.03% growth in MSME advances is achieved on YoY basis. RAM advances as a per cent of Domestic Advances stood at 56.92%. 

Reduction in NPA:  

Gross NPA (%) reduced by 207 bps on YoY basis to 6.38% and Net NPA (%) reduced by 134 bps on YoY basis to 1.30% as on 30.09.2023. 

Strong capital ratios: 

CRAR improved from 14.50% as on 30.09.2022 to 16.69% as on 30.09.2023. CET1 ratio improved to 13.05% as on 30.09.2023 from 10.67% as on 30.09.2022. 

Improved return: 

Bank’s Return on Assets & Return on Equity improved to 1.07% and 17.97% respectively during Q2FY24.  

Bank of Baroda Introduces BoB LITE Savings Account – “A Lifetime Zero Balance” Savings Account

- While light on balance, the bob Lite Savings Account comes loaded with offers during the festive season - 

Bank of Baroda (Bank), one of India’s leading public sector banks, has introduced the bob LITE Savings Account – a Lifetime Zero Balance Savings Bank Account, as a part of its “BOB Ke Sang Tyohaar Ki Umang” festive campaign. bob LITE offers customers a hassle-free banking experience without any minimum balance requirement.  

Further, to cater to the requirements of different customer segments, the bob LITE account also comes with a lifetime free RuPay Platinum Debit Card on maintaining a nominal Quarterly Average Balance (QAB) in the account and accountholders can also avail a lifetime free credit card, subject to eligibility.  

The bob LITE Savings Account also comes loaded with offers during the festive season. As a part of its ongoing festive campaign, Bank of Baroda has tied up with leading consumer brands across categories such as Electronics, Consumer Durables, Travel, Food, Fashion, Entertainment, Lifestyle, Grocery and Health, offering a host of attractive offers and discounts on Bank of Baroda Debit and Credit Cards. The festive campaign will run up to 31st December, 2023 and cardholders can indulge in special offers from brands such as Reliance Digital, Croma, MakeMyTrip, Amazon, BookMyShow, Myntra, Swiggy, Zomato, and more. 

Speaking on the occasion, Shri Ravindra Singh Negi, Chief General Manager - Retail Liabilities & NRI Business, Bank of Baroda said, "We are pleased to introduce the bob LITE Savings Account, with the twin objective of bringing banking within reach with an account that is light on charges, while also delivering more joy to our customers this festive season. The account can be opened by any resident individual, including minors above the age of 10 years. bob LITE opens the doors to the formal banking ecosystem for a new generation of aspiring Indians and is aimed at fulfilling their hitherto unmet banking needs.” 

Salient features of the bob LITE Savings Bank Account: 

Lifetime zero balance savings account 

Can be opened by any resident individual, including minors (above 10 years of age and able to read and write) 

Lifetime Free RuPay Platinum Debit Card with a host of attractive features, subject to maintenance of Quarterly Average Balance as follows: 

Rs. 3000 for Metro/Urban branches 

Rs. 2000 for Semi Urban branches 

Rs. 1000 for Rural branches 

Lifetime Free Credit Card, subject to eligibility  

Attractive discounts/ offers on Bank of Baroda Debit & Credit Cards 

30 free cheque leaves in a financial year 

To open a bob LITE Savings account, click on

https://bit.ly/bobLITE for digital account opening through Video KYC or visit the nearest Bank of Baroda branch.  

SBI Card PAT Grows 15% YoY To Rs603 Cr In Q2 FY24 Vs Rs526 Cr In Q2 FY23

The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the quarter and half year ended September 30, 2023. 

Performance Highlights Q2 FY24 

Total Revenue increased by 22% YoY at Rs 4,221 Cr in Q2 FY24 v/s Rs 3,453 Cr in Q2 FY23 

PAT increased by 15% YoY at Rs 603 Cr in Q2 FY24 v/s Rs 526 Cr in Q2 FY23 

ROAA at 4.9% in Q2 FY24 v/s 5.4% in Q2 FY23 

ROAE at 22.3% in Q2 FY24 v/s 24.1% in Q2 FY23 

Capital Adequacy Ratio at 23.3%; Tier 1 at 20.8% 

Business Highlights 

New accounts volume down by 12% at 1,142K in Q2 FY24 v/s 1295K in Q2 FY23 

Cards-in-force grew by 21% YoY at 1.79 Cr as of Q2 FY24 v/s 1.48 Cr as of Q2 FY23 

Spends grew by 27% YoY at Rs 79,164 Cr in Q2 FY24 v/s Rs 62,306 Cr in Q2 FY23 

Receivables grew by 19% YoY at Rs 45,078 Cr in Q2 FY24 v/s Rs 37,730 Cr in Q2 FY23 

Market share for Card-in-force 19.2% (Q2 FY23: 19.1%), Spends 18.0% (Q2 FY23: 17.8%). For Q2 FY24, #2 for both, Cards-in-force and spends, in the industry. 

Profit & Loss Account for the Quarter ended September 30, 2023 

Total income increased by 22% at Rs 4,221 Cr in Q2 FY24 v/s Rs 3,453 Cr in Q2 FY23. This movement was a result of the following key factors: 

Interest income increased by 28% at Rs 1,902 Cr in Q2 FY24 v/s Rs 1,484 Cr in Q2 FY23 

Fees and commission income increased by 23% at Rs 1,974 Cr in Q2 FY24 v/s Rs 1,611 Cr in Q2 FY23 

Finance costs increased by 64% at Rs 605 Cr in Q2 FY24 v/s Rs 368 Cr in Q2 FY23 

Total Operating cost increased by 13% at Rs 2,066 Cr in Q2 FY24 from Rs 1,834 Cr in Q2 FY23  

Earnings before credit costs increased by 24% at Rs 1,551 Cr in Q2 FY24 v/s Rs 1,252 Cr in Q2 FY23 

Impairment losses & bad debts expenses increased by 36% at Rs 742 Cr in Q2 FY24 v/s Rs 546 Cr in Q2 FY23 

Profit after tax increased by 15% at Rs 603 Cr in Q2 FY24 v/s Rs 526 Cr in Q2 FY23  

Profit & Loss Account for the half year ended September 30, 2022  

Total income increased by 23% at Rs 8,268 Cr in H1 FY24 v/s Rs 6,716 Cr in H1 FY23. This movement was a result of the following key factors: 

Interest income increased by 29% at Rs 3,706 Cr in H1 FY24 v/s Rs 2,872 Cr in H1 FY23 

Fees and commission income increased by 23% at Rs 3,872 Cr in H1 FY24 v/s Rs 3,149 Cr in H1 FY23 

Finance costs increased by 74% to Rs 1,176 Cr in H1 FY24 from Rs 676 Cr in H1 FY23.  

Total Operating cost increased by 15% at Rs 4,025 Cr in H1 FY24 from Rs 3,497 Cr in H1 FY23 

Earnings before credit cost at Rs 3,066 Cr in H1 FY24 from Rs 2,543 Cr in H1 FY23.  

Impairment losses & bad debts expenses for the period at Rs 1,460 Cr in H1 FY24 vs Rs 996 Cr in H1 FY23.  

Profit after tax increased by 4% to Rs 1,196 Cr in H1 FY24 vs Rs 1,153 Cr in H1 FY23. 

Balance Sheet as of September 30, 2023 

Total Balance Sheet size as of September 30, 2023, at Rs 50,388 Cr as against Rs 45,546 Cr as of March 31, 2023 

Total Gross Advances (Credit card receivables) as of September 30, 2023, at Rs 45,078 Cr, as against Rs 40,722 Cr as of March 31, 2023 

Net worth as of September 30, 2023, at Rs 11,130 Cr as against ? 9,902 Cr as of March 31, 2023 

Asset Quality 

The Gross non-performing assets were at 2.43% of gross advances as of September 30, 2023, as against 2.14% as of September 30, 2022. Net non-performing assets were at 0.89% as of September 30, 2023, as against 0.78% as of September 30, 2022.  

Capital Adequacy 

As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of Tier I and Tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items. As of September 30, 2023, Company’s CRAR was 23.3% compared to 23.2% as of September 30, 2022.  

The Tier I capital in respect of an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I capital was 20.8% as of September 30, 2023, compared to 20.2% as of September 30, 2022.  

Rating 

CRISIL Long Term         -             AAA/Stable 

CRISIL Short Term        -             A1+ 

ICRA Long Term           -             AAA/Stable 

ICRA Short Term          -             A1+