Well-developed financial system crucial for Viksit Bharat at 2047: SBI Chairman

Mumbai, Sep 27 (IANS) A well-developed financial system will be crucial as India embarks on its journey towards Viksit Bharat at 2047, SBI Chairman CS Setty has said.

Addressing the capital market leaders here, he said a well-developed financial system will be crucial which calls for deepening of capital markets, fostering innovation, and nurturing financial talent.

“At SBI, we are deeply committed to being a partner in this journey. We are here not only to provide banking solutions but to co-create the future of India’s capital markets alongside you,” said Setty.

Capital Market participants widely appreciated the quality of service extended by SBI as well as the quick turnaround time in handling their requests.

The country’s largest lender reported a 12.5 per cent increase in net profit at Rs 19,160 crore for the April-June quarter of the current financial year, compared to the corresponding figure of Rs 17,035 crore in the same quarter of the previous fiscal. SBI’s operating profit for Q1 FY26 grew by a robust 15.49 per cent year-on-year to Rs 30,544 crore.

Meanwhile, the combined value of all Bombay Stock Exchange-listed companies has crossed Rs 465 lakh crore, marking its highest level in 11 months.

The figure is currently just 2.7 per cent shy of the all-time peak recorded on September 27, 2024, with nearly Rs 20 lakh crore added since the beginning of September.

Potential easing by the Reserve Bank of India (RBI) in October also boosted investor sentiments, as domestic inflation showed signs of softening.

State-owned firms played a huge role in the recent rally driving the BSE PSU Index up by 7.5 per cent, even as the BSE 500 gained 5 per cent. BSE Auto rose by 9 per cent, BSE Bankex up 6.8 per cent, BSE Metal added 8.1 per cent and Oil & Gas went up 4.5 per cent.

According to market watchers, there is a high likelihood of above 15 per cent growth in corporate earnings in FY27 due to GST reforms, leading to a turnaround in FPI sentiments.

—IANS

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