State Bank of India set for UK restructuring

Agencies
February 25, 2018

London, Feb 25: State Bank of India (SBI) is set for a major restructuring of its business in the UK from April, India s largest state-owned bank has said.

SBI's UK operations will transform into a subsidiary named State Bank of India UK Limited from April 1, in compliance with wider ring-fencing of capital requirements by the Bank of England.

The move will mean that all retail branches of SBI in the UK will fall under a new UK-incorporated banking entity instead of their previous status as overseas branches of the Indian entity.

"While there will be no visible change, the brand changes to State Bank of India UK Limited. The 12 retail branches that we have seven in London and the rest outside London will become branches of SBI UK Ltd. Apart from that, if we look at the day to day, there will be no dislocation," said Sanjiv Chadha, SBI s Regional Head for UK.

He explains that while customers would be able to carry on using their debit cards and other banking facilities as before, the move marks a strategic shift for the bank with a greater focus on the UK market.

"We will be looking to doing more business in the UK, expanding the products that are designed for the UK market," he said.

The move follows Bank of England's Prudential Regulation Authority (PRA) directing foreign banks a few years ago to move from their retail status as overseas branches to independent entities in order to protect depositors in the UK from fluctuations in foreign markets.

"As a subsidiary, the capital will be ring-fenced and that brings an additional comfort level," said Chadha.

He highlighted that the restructuring marked a major endorsement for London as a financial capital of the world, despite uncertainties triggered by the 2016 referendum in favour of an exit from the European Union (EU).

"The UK market is one of tremendous interest and promise to us and that is unchanged regardless of Brexit. London is the best place for us to base our international business in, we find the regulatory climate proportionate and supportive," he added.

SBI's expansion in the UK market was welcomed as a vote of confidence by the City of London Corporation, which has a remit to support and promote the British capital as a world-leading financial and business hub.

"The move is a reflection of the continued strength of UK-India ties, particularly in financial services. SBI has long been a treasured partner of the City, opening an office here back in 1921. As the City of London looks towards its next decade of engagement with Asia, we also look forward to building on our 100-year relationship with India s largest bank," said Catherine McGuinness, Policy Chairman at the City of London Corporation.

SBI operates seven branches in London and five each in Manchester, Birmingham, Wolverhampton, Leicester and Coventry all cities with a large concentration of Indian diaspora population.

The bank says that while the Indian-origin customer base will remain at the heart of its operations, it will use its expansion to cater to the wider UK market as a competitive local bank.

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Agencies
May 14,2020

New Delhi, May 14: India may witness the death of additional 1.2-6 lakh children over the next one year from preventable causes as a consequence to the disruption in regular health services due to the COVID-19 pandemic, UNICEF has warned.

The warning comes from a new study that brackets India with nine other nations from Asia and Africa that could potentially have the largest number of additional child deaths as a consequence to the pandemic.

These potential child deaths will be in addition to the 2.5 million children who already die before their fifth birthday every six months in the 118 countries included in the study.

The estimate is based on an analysis by researchers from the Johns Hopkins Bloomberg School of Public Health published in the Lancet.  

This means the global mortality rate of children dying before their fifth birthday, one of the key progress indicators in all of the global development, could potentially increase for the first time since 1960 when the data was first collected.

There were 1.04 million under-5 deaths in India in 2017, of which nearly 50% (0.57 million) were neonatal deaths. The highest number of under-5 deaths was in Uttar Pradesh (312,800 which included 165,800 neonatal deaths) and Bihar (141,500 which included 75,300 neonatal deaths).

The researchers looked at three scenarios, factoring in parameters like reduction in workforce, supplies and access to healthcare for services like family planning, antenatal care, childbirth care, postnatal care, vaccination and preventive care for early childhood. The effects are modelled for a period of three months, six months and 12 months.  

In scenario-1 marked by 10-18% reduction of coverage of all the services, the number of additional children deaths could be in the range of 30,000 plus over three months, more than 60,000 over six months and above 120,000 over the next 12 months.

Coronavirus India update: State-wise total number of confirmed cases, deaths on May 13

The numbers sharply rose to nearly 55,000; 109,000 and 219,000 respectively for scenario-2, which was associated with an 18-28% drop in all the regular services.

But in the worst-case scenario in which 40-50% of the services are not available, the number of additional deaths ballooned to 1.5 lakhs in the three months in the short-range to nearly six lakhs over a year.

The ten countries that could potentially have the largest number of additional child deaths are Bangladesh, Brazil, Congo, Ethiopia, India, Indonesia, Nigeria, Pakistan, Uganda and Tanzania.

In countries with already weak health systems, COVID-19 is causing disruptions in medical supply chains and straining financial and human resources.

Visits to health care centres are declining due to lockdowns, curfews and transport disruptions, and due to the fear of infection among the communities. Such disruptions could result in potentially devastating increases in maternal and child deaths, the UN agency warned.

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News Network
February 13,2020

New Delhi, Feb 13: Tibetan spiritual leader the Dalai Lama has congratulated AAP supremo Arvind Kejriwal for his party's stupendous victory in the Delhi Assembly polls, saying the people of the national capital will continue to benefit from his leadership.

Responding to the Dalai Lama's statement, Kejriwal in a tweet on Wednesday said, "Am humbled by the kind words and blessings from His Holiness The Dalai Lama. Thank you very much @DalaiLama."

Referring to the Happiness Curriculum for government schools in Delhi, the Dalai Lama said he has a deep admiration for the efforts the AAP government has made towards "shaping better, happier human beings with improved values".

"These measures will have a positive impact on children's overall education, as well as helping the poor to fulfil their dreams of improving their lives," he said.

He also lauded the AAP government's initiative to incorporate aspects of inner mental development into the school curriculum.

"Through such initiatives, you are showing a path to the rest of India," the Dalai Lama added.

In a near-repeat performance of 2015, the Aam Aadmi Party on Tuesday retained power with a stunning victory, winning 62 of the 70 assembly seats and leaving the BJP with just eight seats.

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News Network
June 2,2020

New Delhi, Jun 2: Prime Minister Narendra Modi on Tuesday said India will definitely get its economic growth back as the government continues to pursue various reforms.

Speaking at industry association CII's annual session, he said the government has taken tough steps to fight the coronavirus pandemic and has also taken care of the economy.

"On the one hand we have to safe lives of our people and on the other hand we have to stabilise the economy and speed up the economy," he said.

He said he gets the confidence from farmers, small businesses and entrepreneurs for getting the economic growth back.

"Corona may have slowed our speed (of growth) but India has now moved ahead from lockdown with the phase one of unlock. Unlock Phase-1 has reopened a large part of the economy," he said.

He said intent, inclusion, investment, infrastructure and innovation are crucial for India to revert back to a high-growth trajectory.

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