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HDFC Bank MD & CEO Sashidhar Jagdishan acknowledged that the merger with HDFC faced unforeseen challenges due to a tightened global economic situation. Changes included RBI's rate hikes and a shift in consumer preferences. Emphasizing branch expansion, Jagdishan highlighted the importance of greater deposit growth over credit growth to navigate the tough economic landscape.
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SBI MD Challa Sreenivasulu Setty was appointed as the new chairman of India’s largest bank on August 28, succeeding Dinesh Khara. Setty has been with SBI since 1988 and has held various key positions. His appointment follows the bank's significant turnaround, achieving record profits and asset quality. Deputy MD Rana Ashutosh Kumar Singh was promoted as MD.
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The upcoming week's market trajectory will be influenced by the Reserve Bank of India's interest rate decision, macroeconomic indicators, and international market trends, according to market analysts. Additionally, the trading patterns of foreign investors and the final set of first-quarter earnings reports will also play a role in shaping the direction of the stock market.
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SBI's Chairman Dinesh Kumar Khara stated that discouraging retail investors from derivative market bets might help banks secure more deposits. Regulatory actions, including adjustments to capital gains, and SEBI's measures addressing losses in derivative trades, aim to curb speculative activities. Despite setbacks, SBI targets 15% credit growth and 8% deposit growth in fiscal year 2025.
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The net profit of the country's largest bank is higher than that of Reliance Industries which totalled Rs 15138 crore. This marks the second consecutive quarter in which SBI has outperformed RIL, a company that has long held the title of the most profitable in the country.
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