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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News Network
June 22,2020

New Delhi, June 22: Former Prime Minister Manmohan Singh on Monday asked Prime Minister Narendra Modi to be “mindful of the implication of his words” as a controversy raged over his “no intrusion” remark about the violent face-off with Chinese troops in the Galwan Valley.

“The Prime Minister must always be mindful of the implications of his words and declarations on our Nation’s security as also strategic and territorial interests,” Singh said in a statement here as Chinese media welcomed Modi’s ‘no intrusion’  remarks contending that it may lead to a de-escalation of tensions between China and India.

Congress has been maintaining that Modi’s assertions at Friday’s all-party meeting that neither was there any intrusion nor was any Indian post captured ran counter to the statements made by the Indian Army and the External Affairs Ministry.

Singh said the prime minister cannot allow his words to be used by China as a vindication of its position and all organs of the government should work together to tackle this crisis and prevent it from escalating further.

“We remind the Government that disinformation is no substitute for diplomacy or decisive leadership. The truth cannot be suppressed by having pliant allies spout comforting but false statements,” the former prime minister said.

Singh said the prime minister and the government should rise to the occasion to ensure justice for Colonel B Santosh and the army jawans who made the supreme sacrifice and resolutely defended the nation’s territorial integrity.

“To do any less would be a historic betrayal of the people’s faith,” the former prime minister said.

“At this moment, we stand at historic crossroads. Our Government’s decisions and actions will have serious bearings on how the future generations perceive us,” Singh said.

Singh said China was brazenly and illegally seeking to claim parts of Indian territory such as the Galwan Valley and the Pangong Tso Lake by committing multiple incursions between April 2020 till date.  

“We cannot and will not be cowed down by threats and intimidation nor permit a compromise with our territorial integrity,” said Singh. 

The former prime minister said this was a moment where “we must stand together as a nation and be united in our response to this brazen threat.”

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News Network
March 21,2020

New Delhi, Mar 21: A couple was deboarded from a Delhi-bound Rajdhani train on Saturday after co-passengers observed a home quarantine seal on the husband's hand, the Railways said Saturday.

Officials said the Delhi-based couple boarded the Bangalore City-New Delhi Rajdhani at Secunderabad on Saturday morning.

When the train reached Kazipet in Telangana at 9:45 am, a co-passenger noticed the quarantine mark authorities are putting on suspected coronavirus cases —on the husband's hand when he was washing his hands. Other co-passengers then informed the TTE onboard.

The train was briefly detained and the couple was taken to a hospital. The coach was completely sanitised in Kazipet and was locked, officials said.

The air conditioning was also switched off.

The train left for its destination at 11.30 am.

People fleeing quarantine has been a common problem reported from different parts of the country.

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News Network
February 17,2020

Feb 17: Chinese authorities on Monday reported a slight upturn in new virus cases and 105 more deaths for a total of 1,770 since the outbreak began two months ago.

The 2,048 new cases followed three days of declines but was up by just 39 cases from the previous day’s figure. Another 10,844 people have recovered from COVID-19, a disease caused by the new coronavirus, and have been discharged from hospitals, according to Monday’s figures.

The update followed the publication late Saturday in China’s official media of a recent speech by President Xi Jinping in which he indicated for the first time that he had led the response to the outbreak from early in the crisis. While the reports were an apparent attempt to demonstrate the Communist Party leadership acted decisively from the start, it also opened Xi up to criticism over why the public was not alerted sooner.

In his speech, Xi said he gave instructions on fighting the virus on Jan. 7 and ordered the shutdown of the most-affected cities that began on Jan. 23.

The disclosure of his speech indicates top leaders knew about the outbreak’s potential severity at least two weeks before such dangers were made known to the public. It was not until late January that officials said the virus can spread between humans and public alarm began to rise.

New cases in other countries are raising growing concerns about containment of the virus.

Taiwan on Sunday reported its first death from COVID-19, the fifth fatality outside of mainland China. Taiwan’s Central News Agency, citing health minister Chen Shih-chung, said the man who died was in his 60s and had not traveled overseas recently and had no known contact with virus patients.

Japanese Prime Minister Shinzo Abe convened an experts meeting to discuss containment measures in his country, where more than a dozen cases have emerged in the past few days without any obvious link to China.

“The situation surrounding this virus is changing by the minute,” Abe said.

Japanese Health Minister Katsunobu Kato said the country is “entering into a phase that is different from before,” requiring new steps to stop the spread of the virus.

Japan now has 413 confirmed cases, including 355 from a quarantined cruise ship, and one death from the virus. Its total is the highest number of cases among about two dozen countries outside of China where the illness has spread.

Hundreds of Americans from the cruise ship took charter flights home, as Japan announced another 70 infections had been confirmed on the Diamond Princess. Canada, Hong Kong and Italy were planning similar flights.

The 300 or so Americans flying on U.S.-government chartered aircraft back to the U.S. will face another 14-day quarantine at Travis Air Force Base in California and Lackland Air Force Base in Texas. The U.S. Embassy said the departure was offered because people on the ship were at a high risk of exposure to the virus. People with symptoms were banned from the flights.

About 255 Canadians and 330 Hong Kong residents are on board the ship or undergoing treatment in Japanese hospitals. There are also 35 Italians, of which 25 are crew members, including the captain.

In China’s Hubei province, where the outbreak began in December, all vehicle traffic will be banned in another containment measure. It expands a vehicle ban in the provincial capital, Wuhan, where public transportation, trains and planes have been halted for weeks.

Exceptions were being made for vehicles involved in epidemic prevention and transporting daily necessities.

Hubei has built new hospitals with thousands of patient beds and China has sent thousands of military medical personnel to staff the new facilities and help the overburdened health care system.

Last Thursday, Hubei changed how it recognized COVID-19 cases, accepting a doctor’s diagnosis rather than waiting for confirmed laboratory test results, in order to treat patients faster. The tally spiked by more than 15,000 cases under the new method.

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