MUMBAI: State Bank of India (SBI), the nation’s largest lender, announced the inauguration of its Local Head Office (LHO) in Pune, marking a significant milestone in the Bank’s continued efforts to deepen its regional presence, enhance customer service delivery, and accelerate its growth journey.

The Local Head Office was inaugurated by the Hon’ble Union Finance Minister, Smt. Nirmala Sitharaman, in the august presence of the Hon’ble Secretary – Department of Financial Services, Shri M. Nagaraju, SBI Chairman Shri Challa Sreenivasulu Setty, SBI Chief General Manager – Maharashtra Circle Shri Nand Kishor Singh, and Member of Parliament, Maharashtra, Smt. Medha Kulkarni, along with senior officials from SBI and other distinguished dignitaries.

The establishment of the Pune LHO underscores State Bank of India’s commitment to strengthening its operational capabilities in a key economic region. The state-of-the-art facility will house key administrative and operational functions of the Circle. This integrated framework will collectively enable a more seamless, responsive, and scalable banking experience. The Maharashtra circle was carved out of the Mumbai circle to sharpen the Bank’s regional focus. While the Mumbai LHO will continue to serve the country’s financial capital and Goa, the Pune LHO will serve the rest of Maharashtra.

Inaugurating the Local Head Office, the Hon’ble Finance Minister Smt. Nirmala Sitharaman said, “The decision of State Bank of India to move its Local Head Office to Pune to serve the rest of Maharashtra, with districts towards the east and southeast of the state, reflects the Bank’s nimble, dynamic, and responsive approach. This move is an indication of how SBI is moving forward to meet the aspirations of Viksit Bharat 2047.”

Expressing his thoughts at the ceremony, the Department of Financial Services Shri M. Nagaraju said, “SBI’s strengthened presence in Maharashtra through this new LHO is aligned with the State Govt.’s own vision of economic development. This new LHO at the heart of Pune will bring financial decision-making closer to the people. It also positions the Bank right at the intersection of commerce, technology, and opportunity. SBI is an institution woven into the very fabric of India’s growth story with a balance sheet that represents nearly 20% of India’s GDP, and a customer base that is approx 35% of the nation’s population.”

Commenting on this development, Shri Challa Sreenivasulu Setty, Chairman, State Bank of India, said: “The inauguration of our Local Head Office in Pune reflects our intent to be closer to our customers and be more responsive to regional opportunities. As SBI aspires to increase its balance sheet’s size to 25% of the Country’s GDP from the existing 20%, this step is both timely and forward-looking as Maharashtra offers immense untapped economic potential and is also a leading indicator of India’s economic activity and scale of the country’s ambitions. Within this Maharashtra circle, Pune accounts for its significant share – 27% of deposits and 34% of loans, underscoring its central role in our business. Pune has evolved into one of India’s foremost centres of education, technology, and industry. It is also recognized as a thriving hub for IT, engineering, and automotive innovation. Therefore, establishing an LHO in Pune is a strategic alignment with a high-growth, future-ready ecosystem.”

The inauguration reflects SBI’s continued support for the Government of India’s vision of inclusive and sustainable economic development. By strengthening its regional footprint, the Bank aims to contribute meaningfully to the region’s economic development by supporting critical sectors such as infrastructure, agriculture, MSMEs, and emerging industries. The Pune Local Head Office stands as a testament to the Bank’s enduring commitment to scale, service excellence, and innovation- further solidifying its leadership as India’s foremost banking institution.

As part of this special occasion, SBI donated Rs 22.15 crore under its CSR activities for supporting various projects such as water conservation, wastewater management, education, rural livelihoods, community well-being, and healthcare.

During the event, Hon’ble Finance Minister also unveiled a commemorative postal stamp dedicated to State Bank of India as a tribute to the Bank’s unwavering commitment to financial inclusion, innovation, and customer service.

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Establishing a clear focus on protection, SBI Life’s protection new business premium stood at ₹2,211 crores for the period ended September 30, 2025, marking a growth of 29%. Protection Individual new business premium stands at ₹371 crores for the period ended September 30, 2025. Individual New Business Premium stands at ₹12,175 crores with 6% growth over the corresponding period ended on 30^th September, 2024.

SBI Life’s profit after tax stands at ₹1,089 crores for the period ended September 30, 2025, with a growth of 4% over the corresponding period ended on September 30, 2024.

The company’s solvency ratio continues to remain robust at 1.94 as of September 30, 2025, as against the regulatory requirement of 1.50.

SBI Life’s AUM also continued to grow at 10% to ₹4,81,465 crores as on September 30, 202,5, from ₹4,38,954 crores as on September 30, 2024, with the debt-equity mix of 60:40. 95% of the debt investments are in AAA and Sovereign instruments.

The company has a diversified distribution network of 343,543 trained insurance professionals and a wide presence with 1,154 offices across the country, comprising of strong bancassurance channel, agency channel, and others, comprising corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators, and direct business.

Performance for the period ended September 30, 2025

• Private Market leadership in Individual New Business Premium & Individual Rated Premium with market share of 25.4% & 22.6% respectively.
• Annualized Premium Equivalent (APE) stands at ₹9,917 crores with growth of 10%.
• Total New Business sum assured stands at ₹7,11,739 crores with 99% growth.
• Improvement in 13M persistency by 70 bps
• Value of New Business (VoNB) stands at ₹2,753 crores with a growth of 14%.
• VoNB Margin stands at 27.8%.
• Indian Embedded value (IEV) stands at ₹75,997 crores with a growth of 15%.
• Profit After Tax (PAT) stands at ₹1,089 crores with 4% growth.
• Robust Solvency ratio of 1.94.
• Assets under Management stand at ₹4,81,465 crores with 10% growth.
• Operating return on embedded value stands at 17.6%.

Disclaimer:

Except for the historical information contained herein, statements in this release that contain words or phrases such as ‘will’, ‘expected to’, etc., and similar expressions or variations of such expressions may constitute ‘forward-looking statements’. These forward-looking statements involve several risks, uncertainties, and other factors that could cause actual results, opportunities, and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. SBI Life Insurance Company Limited undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

This release does not constitute an offer of securities.

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NEW DELHI: SBI Card, India’s largest pure-play credit card issuer, in partnership with PhonePe, announced the launch of PhonePe SBI Card today. This new co-branded credit card aims to provide a rewarding experience on everyday spending, crafted to serve the evolving financial needs of customers across India. The credit card comes in two variants, the PhonePe SBI Card PURPLE and the PhonePe SBI Card SELECT BLACK, catering to diverse customer preferences and lifestyle spending needs. Additionally, both variants of this contactless credit card are available on the RuPay and VISA payment networks, giving consumers the choice of the network that best suits their needs. The RuPay cards can be linked to UPI as well and can be used for transactions at millions of UPI merchants across the country. The VISA variant can be tokenised on PhonePe and used securely across a host of online merchants.

With the new PhonePe SBI Card, customers can earn reward points on various everyday transactions, including groceries, bill payments, travel bookings, utility payments, insurance premium payments, and more, across online and offline shopping platforms. PhonePe SBI Card SELECT BLACK cardholders can earn up to 10% value back as reward points on essential and frequent PhonePe in-app transactions. Customers can also earn up to 5% value back as reward points on all their online spending on other platforms.

Furthermore, the application process is integrated into the PhonePe app, where customers can easily apply for the PhonePe SBI Card through a digital application. Customers can make purchases using the PhonePe app and repay their credit card bill on the PhonePe platform.

Speaking on the launch, Salila Pande, MD & CEO, SBI Card, said,

Adding to this, Sameer Nigam, Co-founder & CEO at PhonePe, said,

The PhonePe SBI Card SELECT BLACK offers a ₹1,500 welcome e-gift voucher upon joining fee payment of ₹1,499. It provides up to 10% value back as reward points on PhonePe and Pincode app spends, up to 5% value back as reward points on all other online merchant spends, and 1% value back as reward points on all other eligible spends. The PhonePe SBI Card PURPLE offers a ₹500 welcome e-gift voucher upon joining fee payment of ₹499. It includes up to 3% value back as reward points on PhonePe and Pincode app spends, 2% value back as reward points on all other online transactions, and 1% value back as reward points on all other eligible spends. All these reward points can be redeemed to settle outstanding credit card bills or avail e-gift vouchers from the SBI Card redemption catalogue.  

In addition to rewards, both credit cards feature significant milestones and travel benefits. PhonePe SBI Card SELECT BLACK cardholders will receive a ₹5,000 travel voucher upon reaching ₹5,00,000 in annual spends. Customers can also enjoy four complimentary domestic lounge visits per year (one per quarter), along with Complimentary Priority Pass membership for international lounge access. The PhonePe SBI Card PURPLE offers a ₹3,000 travel voucher on achieving ₹3,00,000 in annual spends. Both credit cards also include a 1% fuel surcharge waiver.

Eligible customers can easily apply for the PhonePe SBI Card through a simple and seamless digital process, which will be rolled out to customers in a phased manner on the PhonePe app.

Key Highlights

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NEW DELHI: SBI Card, India’s largest pure-play credit card issuer, in partnership with Tata Digital, announced the launch of Tata Neu SBI Card today. This one-of-a-kind lifestyle co-branded credit card has been designed to provide a premium and highly rewarding shopping experience for discerning customers across segments. This co-branded card has been launched in two variants, the Tata Neu Infinity SBI Card and the Tata Neu Plus SBI Card. Customers earn rewards on all spends, whether online or in-store, and across domestic and international merchant outlets in the form of NeuCoins that are redeemable on the Tata Neu app.

With this launch, Tata Neu SBI Card customers can now enjoy a range of benefits for an enhanced shopping experience. Cardholders can enjoy up to 10% rewards on spends with the Tata Neu Infinity SBI Card and up to 7% rewards on spends with the Tata Neu Plus SBI Card in the form of NeuCoins. These are credited monthly to the cardholder’s NeuPass account within the Tata Neu app. These NeuCoins can be redeemed across a wide range of products and services, including grocery, travel bookings, jewelry, fashion, electronics, and pharmacy services, both online and in-store, addressing the varied lifestyle needs of customers.

The co-branded card also offers rewards on everyday payments, providing up to 1.5% back in NeuCoins (with the Rupay variant) on UPI transactions and up to 5% back on bill payments made through Tata Neu. Customers can enroll for the card digitally via SBI Card SPRINT, by visiting the SBI Card website SBI Card.com, and can also opt to enroll offline by visiting SBI Card retail kiosks at select Croma stores. 

Speaking on the launch, Salila Pande, MD & CEO, SBI Card said, “In today’s era, with evolving preferences, lifestyle needs of customers have become more diverse. We are delighted to partner with Tata Digital to enhance the lifestyle experiences of our customers. Our partnership is a testament to our commitment to offering customer-centric products that deliver the best-in-class value. The Tata Neu SBI Card is designed to offer a holistic experience that adds value in each transaction, elevating the shopping experience with a blend of unparalleled benefits and seamless convenience. The card is a significant addition to our robust co-brand card portfolio.“

Naveen Tahilyani, MD & CEO, Tata Digital, added, “The Tata Neu Card, in partnership with SBI Card, reflects our vision and reaffirms our commitment to offer seamless, rewarding experiences to the modern Indian consumer. It brings together the power of trusted brands to deliver real value and reimagine how India experiences loyalty and credit.”

Tata Neu SBI Card customers earn accelerated rewards on making purchases across the Tata Neu mobile App, the Tata Neu website, and on platforms of leading partner brands, including Air India & Air India Express, BigBasket, Croma, IHCL (Taj Hotels), Tata CLIQ, Tata 1MG, Titan, Tanishq, Westside, and Qmin. Additionally, the co-branded card enables customers to avail of spend-based annual fee reversal upon reaching annual spends of INR 1 lakh on the Tata Neu Plus SBI Card and INR 3 lakhs on the Tata Neu Infinity SBI Card. The card also provides complimentary access to domestic and international airport lounges, adding to the premium experience.

The joining and annual renewal fee of Tata Neu Infinity SBI Card is ₹1,499 plus applicable taxes, and that of Tata Neu Plus SBI Card is ₹499 plus applicable taxes. Both variants of the contactless card are available on RuPay as well as Visa payment platforms.

Key highlights

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Shri Naveen Chandra Jha has been associated with the State Bank of India since 1994 and has held several key positions during his tenure. Before his current role at SBI General Insurance, Shri Naveen Chandra Jha, Deputy Managing Director, at State Bank of India, served as the Chief General Manager of Amaravati Circle, Andhra Pradesh.

Shri Naveen Chandra Jha brings over three decades of extensive experience in the banking industry. Throughout his career, he has held various important functional and operational roles, including Branch Management, Credit and Risk Management with a focus on SME Credit, HR & Administration, and Retail Banking. He has excelled in numerous crucial roles such as Regional Manager, Deputy General Manager (CDS), Deputy General Manager (Cadre Management), General Manager of Network, and Chief General Manager of the Circle.

During his tenure, the Amaravati Circle was consistently perceived as the top-performing circle. He has made significant contributions to business development and has been recognized for his exceptional service by being selected for the Chairman’s Club in the Branch manager category in 2005 and as Regional Manager in 2015.

At SBI General Insurance, Shri Naveen Chandra Jha is set to leverage his vast experience and business acumen to drive the company towards greater success. His emphasis on overall business strategy, operations, budgeting, and strategic growth aligns perfectly with the company’s mission of being a leading player in the industry.

Shri Jha firmly believes that the engagement of human resources and customer centricity is key to the success of any organization. He has consistently worked towards ensuring that both employee satisfaction and customer experience are prioritized. His motto, “Great Numbers with Excellent Quality,” reflects his commitment to achieving outstanding results while maintaining high standards of service and operational excellence. Shri Jha’s extensive experience will be invaluable as SBI General Insurance continues to navigate its path to success aiming to provide “Suraksha aur Bharosa Dono” to all its customers.

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Shri Naveen Chandra Jha has been associated with the State Bank of India since 1994 and has held several key positions during his tenure. Before his current role at SBI General Insurance, Shri Naveen Chandra Jha, Deputy Managing Director, at State Bank of India, served as the Chief General Manager of Amaravati Circle, Andhra Pradesh.

Shri Naveen Chandra Jha brings over three decades of extensive experience in the banking industry. Throughout his career, he has held various important functional and operational roles, including Branch Management, Credit and Risk Management with a focus on SME Credit, HR & Administration, and Retail Banking. He has excelled in numerous crucial roles such as Regional Manager, Deputy General Manager (CDS), Deputy General Manager (Cadre Management), General Manager of Network, and Chief General Manager of the Circle.

During his tenure, the Amaravati Circle was consistently perceived as the top-performing circle. He has made significant contributions to business development and has been recognized for his exceptional service by being selected for the Chairman’s Club in the Branch manager category in 2005 and as Regional Manager in 2015.

At SBI General Insurance, Shri Naveen Chandra Jha is set to leverage his vast experience and business acumen to drive the company towards greater success. His emphasis on overall business strategy, operations, budgeting, and strategic growth aligns perfectly with the company’s mission of being a leading player in the industry.

Shri Jha firmly believes that the engagement of human resources and customer centricity is key to the success of any organization. He has consistently worked towards ensuring that both employee satisfaction and customer experience are prioritized. His motto, “Great Numbers with Excellent Quality,” reflects his commitment to achieving outstanding results while maintaining high standards of service and operational excellence. Shri Jha’s extensive experience will be invaluable as SBI General Insurance continues to navigate its path to success aiming to provide “Suraksha aur Bharosa Dono” to all its customers.

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Sharma is a seasoned industry professional with close to two decades of experience across various industries. He has held key positions in renowned companies like ICICI Lombard, MetLife India, Vserv Capital, Bajaj Allianz Life, and Getit Infomediary. His expertise and strategic leadership have consistently contributed to the growth and success of these organizations. Mr. Sharma holds an MBA degree with a specialization in Marketing from M.K.M. Indian Inst. of Management, University of Rajasthan, Jaipur.

“We are delighted to welcome Ajit to our team as the Regional Head – East 2. His extensive industry knowledge, proven leadership skills, and track record of delivering exceptional results make him a valuable addition to our organization. I am confident that under Ajit’s leadership, our East 2 operations will continue to thrive and achieve new milestones.” said Rakesh Kaul, CBO, SBI General Insurance.

On his appointment, Ajit Sharma said, “I’m thrilled to join SBI General Insurance as the Regional Head – East 2. I look forward to leveraging my experience to drive growth, expand our reach, and ensure we add value to the lives of our customers and stakeholders.“

Mr. Sharma’s appointment underscores SBI General Insurance’s commitment to fostering talent and driving excellence across all facets of its business.

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