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Inspired by ‘Money Heist’? Six Men Rob SBI of 17.7 kg Gold After Loan Rejection

April 2, 2025, 1:09 pm

Karnataka police have managed to arrest a six-member gang involved in the brazen robbery at the State Bank of India (SBI) Nyamati branch in Davangere. The robbery, which occurred on October 28, 2024, saw 17.7 kg of gold stolen, leaving the authorities stumped for months.

Breakthrough in the SBI Nyamati Heist

After months of unrelenting probing, the Karnataka police struck gold in the case by arresting the suspects and retrieving the loot of stolen gold from SBI. The loot of stolen gold was recovered in a well at Usalampatti town of Tamil Nadu’s Madurai district, a vital lead that proved invaluable in the probe.

Police arrested the suspects as Vijayakumar (30 years), his brother Ajaykumar (28 years), Abhisheka (23 years), Chandru (23 years), Manjunath (32 years), and Paramananda (30 years). The gang had both local rowdies from Nyamati and persons with Tamil Nadu connections.

The authorities disclosed that Vijayakumar and Ajaykumar are brothers, and Paramananda is their brother-in-law. All three were originally from Tamil Nadu but had been living in Nyamati, where they operated a sweets business for a few years. The other three accused—Abhisheka, Chandru, and Manjunath—are locals of Nyamati.

Unraveling a Bigger Criminal Nexus

In their probe into the Nyamati robbery, the police discovered connections to a gang of notorious criminals operating from Kakrala in Uttar Pradesh. The gang has been responsible for several high-profile bank robberies in southern India.

“Five to six gangs are active in Kakrala and surrounding towns, who have been indulging in robberies and thefts for more than a decade, including the gold loot from the SBI branch at Rayaparathy in Warangal,” said a police spokesperson.

The Kakrala gang followed the same modus operandi as the Nyamati robbers, targeting banks in isolated areas, cutting through vaults with gas cutters, and going to great lengths to leave no trace of forensic evidence. But the Karnataka police were able to monitor their activities and arrested several of their members early this month.

The arrested members of the Kakrala gang, as confirmed by the authorities, are Guddu Kalia, Aslam, Hazarath Ali, Kamruddin, and Babu Sahan. The gang has also been involved in significant heists in Karnataka, such as the 15 kg of gold stolen from Karnataka Grameen Bank in Hosahalli in 2022 and the 4 kg of gold stolen from the Bevuru branch in 2023.

Multi-State Operations Led to the Arrests

The police’s extensive investigation campaign covered tough terrain and several states, such as Gujarat, Rajasthan, Delhi, and Uttar Pradesh. Their well-orchestrated effort finally led to the arrest of five senior members of the Kakrala gang, a substantial triumph against organized crime.

The Mastermind of SBI Robbery and His Motive

Nyamati SBI robbery mastermind Vijaykumar plotted the heist out of financial trouble and a long-standing resentment towards the bank. Vijaykumar had approached the bank in August 2023 with a request for a Rs 15 lakh loan, which was turned down by the bank, the police said. Having felt let down and financially strapped, he hatches a plot to steal from the same bank that had not helped him financially.

“Vijaykumar was motivated by TV serials such as Money Heist and other films that showed bank robberies. He also viewed YouTube videos that guided him in planning the heist with precision,” police said.

Meticulously Planned Heist

For six to nine months, Vijaykumar and his gang acquired specialized tools, such as silent hydraulic cutters and gas-cutting equipment. To further rule out any chance of being traced, they stripped serial numbers from oxygen cylinders used for cutting.

During the robbery, the gang carried out their plan with accuracy. They broke into the bank by removing the iron grills from a window, gained access to the strong room, and cut open a locker filled with gold ornaments using gas cutters. To wipe out all traces, they also stole the DVR that was capturing the CCTV footage, making it hard for investigators to track them down.

In spite of their meticulous planning, the Karnataka police were able to trace and capture the criminals with the help of advanced forensic methods. The retrieval of the stolen gold from Tamil Nadu was the key in closing the case.

Crackdown on Criminal Networks

The Nyamati and Kakrala gangs’ successful bust is being touted as a big win for Karnataka’s police forces. This case not only cracked one of the most daring bank robberies in recent times but also unveiled a larger syndicate of crooks working in several states.

Police continued to question the arrested gangsters to reveal more property crimes connected to their criminal activities, especially in Karnataka and Tamil Nadu. The police feel that this arrest will act as a deterrent for future crime related to similar robberies.

Law Enforcement’s Greatest Accomplishment

The relentless efforts of the Karnataka police have ensured that justice is delivered. The recovery of the stolen gold and the dismantling of organized crime networks reflect their seriousness in addressing financial crimes effectively.

This breakthrough is a major step towards improving security measures in financial institutions and reinforcing inter-state cooperation in criminal investigations.

SBI to Open 500 New Branches in FY 2025: FM Sitharaman

November 18, 2024, 1:52 pm

State Bank of India (SBI), the country’s largest public sector bank, plans to open 500 new branches in the financial year (FY) 2025, Union Finance Minister Nirmala Sitharaman announced on Monday. The declaration came during the centenary celebration of the SBI Mumbai main branch building, where the Finance Minister commended the significant growth of the banking PSU and its contributions to India’s banking ecosystem.

Impressive Milestones of SBI

During her address, Sitharaman shared detailed statistics highlighting SBI’s substantial presence in the banking sector. “I understand 500 branches are going to be opened in this financial year 2025. Currently, there are 23,000 branches, 6,580 ATMs, and over 85,000 banking correspondents. Deposits have grown by 22.4 percent, while advances are up by 19 percent,” Sitharaman noted. She further emphasized that SBI caters to over 50 crore customers and holds a 25 percent share in debit card expenses, 22 percent of mobile banking transactions, 25 percent of bank UPI transactions, and a 29 percent share of ATM usage nationwide.

The Finance Minister praised SBI’s strong focus on digital evolution and infrastructure development across all its branches. “The digital app introduced by SBI now serves over eight crore customers, and the bank’s internet banking clientele stands at 13.2 crores. This number exceeds the population of many countries,” Sitharaman stated, adding that SBI’s digital investments are robust enough to handle nearly 20 crore UPI transactions per day.

SBI’s Role in Reaching Remote Areas

Highlighting SBI’s expansion over the past decade, Sitharaman acknowledged the bank’s pivotal role in extending banking services to citizens in remote areas. “Since 2014, SBI has played a significant role in taking banking services to ordinary citizens, whether through digital public infrastructure or digital banking services. The bank has been instrumental in implementing various government schemes aimed at reaching the common man,” she said.

The Finance Minister mentioned key initiatives such as the Jan Dhan Yojana, PM Suraksha Yojana, Jeevan Bima Yojana, and Atal Pension Yojana, underscoring SBI’s active participation in priority sector lending and other social welfare programs.

Comparing SBI’s growth trajectory over the years, Sitharaman reflected on the bank’s transformation. “From having 100 branches during its amalgamation in the 1920s to reaching 22,500 branches today, the growth has been remarkable. Between 2014 and now, the exponential expansion of SBI in reaching every citizen is unprecedented,” she remarked, lauding the bank’s achievements and its vision for continued growth.

SBI’s ongoing expansion and commitment to digital innovation position it as a critical player in India’s banking sector, with its reach extending to even the most distant corners of the country.

SBI Reports 28% Jump in Net Profit for July-September Quarter

November 8, 2024, 3:48 pm

State Bank of India (SBI) announced on Friday a significant rise in net profits for the July-September quarter, with profit after tax surging by 27.92% to reach ₹18,331 crore. Over the combined period of April to September, the bank’s net profit rose by 13.30%, totaling ₹36,367 crore.

Steady Increase in Net Interest Income and Credit Growth

The bank’s net interest income (NII) saw a 5.37% rise year-on-year in the September quarter, reaching ₹41,620 crore. For the first half of the fiscal year, NII grew by 5.54%, amounting to ₹82,745 crore. SBI’s total credit grew by 14.93% year-on-year, hitting ₹39.21 lakh crore, with domestic advances rising by 15.55%.

In particular, the bank’s SME and retail personal loan segments reported healthy year-on-year growth rates of 17.36% and 12.32%, respectively.

Improved Asset Quality and Employee Productivity

SBI’s asset quality also showed improvement, with the gross non-performing assets (NPA) ratio falling to 2.13%, a year-on-year improvement of 42 basis points. Productivity gains were reported as the bank’s profit and business per employee figures continued to rise. SBI’s workforce stands at 2.34 lakh employees, with an attrition rate of just 0.38% for the first half of FY2024-25.

At the time of reporting, SBI’s shares were trading at ₹837.45, reflecting a 2.58% drop.

SBI Announces Major Changes for Credit Card Users: Additional Charges on…

October 8, 2024, 1:29 pm

Starting November 1, 2024, State Bank of India (SBI) will implement a 1% surcharge on utility bill payments made via credit cards if the total bill exceeds ₹50,000 in a single billing cycle. This applies to services such as electricity, gas, and water payments. Customers whose utility payments remain below this threshold will not be subject to this surcharge. This change is part of SBI’s updated charge structure aimed at ensuring transparency in transactions.

Additional Charges on Credit Card Utility Payments

In addition to the surcharge on payments over ₹50,000, SBI has introduced a 1% fee on all utility payments made using credit cards, effective from November 1, 2024. The surcharge will apply to payments for services like electricity, gas, water, and other utility bills. This change is expected to impact users who frequently use credit cards for large payments, particularly in the utility sector.

Revised Finance Charges on Unsecured Credit Cards

Effective from December 1, 2024, the finance charge for unsecured SBI credit cards will increase to 3.75% per month. This adjustment excludes the Shaurya/Defense credit card, which remains unaffected by the change. Unlike secured ones, unsecured credit cards do not require any collateral or security deposit. The bank has communicated these changes to customers via emails, highlighting the need to carefully review billing statements to avoid unexpected fees.

Earlier, in September 2024, SBI made additional adjustments by discontinuing the issuance of the Club Vistara SBI Credit Card and the Club Vistara SBI Credit Card PRIME, effective from September 28, 2024. These changes significantly shift the bank’s credit card offerings, encouraging users to stay informed about new policies and updates.

Abhishek Bachchan Receives ₹18 Lakhs Monthly From SBI | Here’s The Reason Why!

October 5, 2024, 8:08 pm

Have you heard about Amitabh Bachchan? The ‘Agnipath’ star was recently seen in the sci-fi film ‘Kalki 2898 AD.’ Abhishek Bachchan, the son of Bollywood legend Amitabh Bachchan and actress Jaya Bachchan, is a prominent actor and producer in the Indian film industry.

He has appeared in several hit films, including “Guru,” “Dhoom,” and “Bunty Aur Babli.” Besides acting, Abhishek is known for his business ventures and sports affiliations, including stakes in various sports teams.

He tied the knot with Aishwarya Rai in 2007, and they share a daughter named Aaradhya Bachchan. Although media speculation about a divorce between Abhishek and Aishwarya has occasionally surfaced, there has been no confirmed truth to these rumors.

Both Abhishek and Aishwarya have consistently presented a united front, frequently attending public events and family gatherings with their daughter. The couple has not publicly commented on or validated any divorce rumors, continuing to project a supportive family image. Now, let’s explore why Abhishek Bachchan receives ₹18 lakh from the State Bank of India each month.

Abhishek Bachchan gets ₹18,00,000 from the State Bank of India per month: Here’s Why

With an estimated net worth of ₹280 crore, Abhishek Bachchan has leased the ground floor of their opulent Juhu bungalow, Ammu, and Vats, to the State Bank of India, a major Indian public sector bank. This lucrative lease arrangement spans 15 years, ensuring substantial rental income for the Bachchan family.

According to reports from Zapkey.com, documents reveal the specifics of a 15-year lease agreement between the Bachchan family and SBI. Currently, Abhishek Bachchan earns a monthly rent of ₹18.9 lakh from the bank. The lease includes clauses for periodic rent increases, with the monthly rent projected to rise to ₹23.6 lakh after five years and further to ₹29.5 lakh after ten years.

Reports indicate that SBI occupies 3,150 square feet in a building located near the Bachchan family’s residence, Jalsa.

SBI Rolls Out Online Quick Loan Solution For MSMEs

July 1, 2024, 4:37 pm

State Bank of India (SBI) has introduced a digital business loans solution via the web for MSMEs’ Invoice Financing, aiming to expedite MSME loans.

Named “MSME Sahaj – End to End Digital Invoice Financing,” this solution has been developed to handle loan applications, documentation, and disbursement of sanctioned loans within 15 minutes, all automated without manual intervention.

According to a statement released by the bank on Monday, the system automatically closes the loan on its due date. Using “MSME Sahaj,” the bank’s customers can obtain financing against their GST-registered sales invoices of up to Rs 1 lakh in under 15 minutes. The product aims to offer readily accessible short-term credit for working capital to Micro SME units operating under the GST regime.

According to the bank, the product will be accessible through the digital platform of the ‘Yono’ application for existing customers. The release also mentioned that the product is designed to serve sole proprietorship customers of SBI who do not have credit history but maintain satisfactory current accounts with the bank. Chairman Dinesh Khara of SBI stated that SBI is dedicated to establishing new industry standards by introducing digital solutions in SME business loans.

“…MSME Sahaj is crafted with the vision of providing MSME units faster and easier finance using digital mode with self-initiated end-to-end journey. MSME Sahaj is a result of our endeavour to integrate innovation and customer-centric approach to revolutionize the MSME lending universe, reducing human intervention and enhancing the ease of doing business,” Khara added.

Vinay Tonse, MD – Retail Banking and Operations, SBI said, “MSME Sahaj – Digital Business Loans for Invoice Financing will offer a unique proposition to our existing Micro SME units who are part of the GST regime to get immediate “on tap” short term credit for working capital requirement through digital mode on SBI’s Yono B.”

SBI To Discontinue Reward Points For Govt Transactions For Select Cards From This Date, Check If Your Card Is Mentioned?

June 28, 2024, 11:39 am

SBI Bank has recently announced the discontinuation of reward points in govt-related transactions from 15 July 2024.

Issuing the statement, SBI cards said, ‘Government related transactions shall be identified under Merchant Category Codes (MCC) 9399 and 9311, on best effort basis.’

But this transaction will be removed for certain credit cards. Here is the list and Check if your card is featured in this list.

Air India SBI Platinum Card
Air India SBI Signature Card
Central SBI Select+ Card
Chennai Metro SBI Card
Club Vistara SBI Card
Club Vistara SBI Card PRIME
Delhi Metro SBI Card
Etihad Guest SBI Card
Etihad Guest SBI Premier Card
Fabindia SBI Card
Fabindia SBI Card SELECT
IRCTC SBI Card
IRCTC SBI Card Premier
Mumbai Metro SBI Card
Nature’s Basket SBI Card
Nature’s Basket SBI Card ELITE
OLA Money SBI Card
Paytm SBI Card
Paytm SBI Card SELECT
Reliance SBI Card
Reliance SBI Card PRIME
Yatra SBI Card

As per SBI website, the reward points in govt-related transactions will be discontinued in these cards.

SBI And Muthoot Microfin Come Into A Co-lending Agreement To Empower Female Entrepreneurs

June 7, 2024, 4:10 am

Muthoot Microfin has entered into a Co-lending agreement with the State Bank of India (SBI) to empower women entrepreneurs, according to a filing made to the exchange on Thursday. Following this partnership, Muthoot Microfin intends to provide financial services to women entrepreneurs in rural and semi-urban areas across India.

Under the agreement, both Muthoot Microfin and SBI will co-lend to members of Joint Liability Groups (JLGs) involved in agricultural and allied activities, as well as other income-generating enterprises.

“Our collaboration with SBI will enable us to deepen our reach by addressing the diverse financial needs of rural women. Providing these women entrepreneurs with access to credit and supporting them in their entrepreneurial journey is our aspiration with this partnership,” said Thomas Muthoot, Managing Director, Muthoot Microfin Ltd.

The loan amounts under this agreement will range from a minimum of Rs 10,000 to a maximum of Rs 3,00,000, offering significant support to women entrepreneurs from rural areas. This range of financial assistance is aimed at empowering women entrepreneurs to expand their businesses and enhance their livelihoods. The co-lending model seeks to make credit more accessible and affordable for rural women, thereby fostering their entrepreneurial pursuits.

“I am convinced that, with this partnership we will be able to offer wide range of products and services to our clients, most importantly it will help us in meeting the growing demand of our women entrepreneur clients in a cost-effective manner. Together with SBI, we are committed to fostering economic growth and self-sufficiency among women entrepreneurs in rural India,” said Sadaf Sayeed, CEO, Muthoot Microfin.

With a focus on addressing the financial needs of women entrepreneurs, the collaboration aims to generate positive socio-economic impact, promoting inclusive growth and development in rural India.

SBI gets time till March 12 to disclose details of electoral bonds after SC rap

March 11, 2024, 4:33 pm

The State Bank of India’s (SBI) request to extend the Superme Court deadline until June 30 to provide the Election Commission of India with information about its electoral bonds was denied by the apex court on Monday. Instead, the bank was instructed to provide the information by March 12. The order came during the hearing on the SBI petition before the five-judge Constitution bench headed by Chief Justice of India DY Chandrachud and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra.

The top court further ordered the Election Commission of India to gather the data that needs to be provided by the SBI and post the information by 5 pm on March 15, 2024, on its official website.

The bench issued the following order regarding SBI’s appeal today: “SBI’s submissions in the application show that the information requested is easily accessible. Consequently, the SBI’s motion for a time extension till June 30 is denied. SBI has been instructed to release the information by March 12, 2024, at the latest, during business hours.”

“As regards the Election Commission of India, we direct them to compile the information and publish the information on their website no later than by 5 pm on March 15, 2024,” it stated.

If the SBI fails to adhere to the latest order, the Constitution bench further threatened to hold it in contempt of court. “Though we are not exercising the contempt jurisdiction, but we place SBI on notice that this court will proceed against it for wilful disobedience if it does not comply with the timelines indicated in this order,” instructed the bench.

The Communist Party of India (Marxist), Common Cause, and the Association for Democratic Reforms (ADR) have filed a contempt petition against the bank for failing to disclose information about electoral bonds in defiance of orders from the top court.

The bank stated that there are various practical issues with the decoding exercise and the scheduled time for it.

The Chief Justice of India (CJI) retorted that the court’s orders only required the bank to reveal the information, not to carry out a “matching exercise,” and that the bank possessed the required data, as shown by its KYC records.

You are stating that there are two distinct information silos, and it would take a lot of work to match them. However, as you can see from the instructions we provided, you were not asked to do this matching task. All we’ve done is order clear transparency. The justifications you provide for asking for more time are completely at odds with the instructions we gave.”

SC warns SBI, asks it to submit details of electoral bonds by March 12

March 11, 2024, 12:52 pm

Coming down heavily on the State Bank of India (SBI), the Supreme Court on Monday warned the public sector bank while directing it to submit all the details of the electoral bonds purchased from April 12, 2019 till date to the Election Commission of India by March 12. Issuing its final warning, the five-judge constitution bench headed by headed by Chief Justice DY Chandrachud asked the SBI to inform the honourable court of the steps taken by it to disclose details of electoral bonds encashed by political parties before the scheme was scrapped in February 2024.

Asked the SBI to do a “plain disclosure” as per the court’s judgment, the apex court also ruled that after the SBI submits details of the donors by March 12, the Election Commission should release the same for public by 5 pm on March 15. In its ruling the court also warned the SBI that if the orders were not followed, then contempt of court proceedings would be initiatied against the bank.

In a strongly worded order, the courets asked the SBI, “In the last 26 days, what steps have you taken? Your application is silent on that.” The other judges on the bench are justices Sanjiv Khanna, B R Gavai, J B Pardiwala, and Manoj Misra.

A five-judge Constitution bench of the Supreme Court had on February 15 scrapped the Centre’s electoral bonds scheme. Under this scgheme anonymous political funding was allowed. The court in its order called the electoral bonds scheme “unconstitutional” while directing the Election Commission to reveal details of donors as well as the amount donated by them and the political parties which received them by March 13.

In its order, the SC stated that SBI has all the information in a sealed cover which needs to be collated and then handed over to the Election Commission.

While seeking more time to reveal the details till June 30 to disclose the details, the SBI has moved a petition.

Electoral bonds: SC to hear SBI plea today

March 11, 2024, 7:41 am

A five-judge constitution bench of Supreme Court is scheduled to hear on Monday an application submitted by State Bank of India (SBI) seeking an extension of time until June 30 to disclose details of each electoral bond en-cashed by political parties before scheme was annulled last month.

The bench, headed by Chief Justice D Y Chandrachud, will also address a separate plea which alleges contempt against SBI, claiming it ‘wilfully and deliberately’ disregarded apex court’s directive to submit details of contributions made to political parties through electoral bonds to Election Commission (EC) by March 6, 2024. In a groundbreaking verdict delivered on February 15, a five-judge constitution bench nullified the Centre’s electoral bonds scheme of anonymous political funding, deeming it “unconstitutional” and mandating disclosure by the Election Commission of the donors, the donated amounts, and the recipients by March 13.

Directing the immediate cessation of the scheme, the apex court ordered the SBI, the designated financial institution under the scheme, to furnish by March 6 the specifics of the electoral bonds purchased from April 12, 2019, onwards to the Election Commission, which was directed to publish the information on its official website by March 13.

On March 4, the SBI petitioned the apex court seeking an extension of time until June 30 to divulge the details of the electoral bonds encashed by political parties. In its application, the SBI argued that retrieving information from “each silo” and matching the data from one silo to another would be a time-consuming process.

Robber steals SBI’s router mistaking it to be digital video recorder

September 9, 2022, 2:42 pm

In a strange event that was reported in the Gurugram district of Haryana, a robber fled with a State Bank of India (SBI) intranet router, effectively disrupting the bank’s operations. The burglar believed the router to be the CCTV cameras’ digital video recorder at the bank.

According to bank officials on Wednesday, the incident happened on Tuesday at the SBI branch in Narsingpur. At around 3.25 am on Tuesday, the burglar broke into the bank and unsuccessfully searched for cash.

Police said the accused is yet to be identified. “The thief took away intranet router mistaking it for digital video recorder of CCTV cameras. As a result of the theft, we were forced to shut the bank on Tuesday due to connectivity loss. The routine work was completely hit,” a report quoted Parveen Kumar Beniwal, branch manager, as saying.

The bank branch manages 15,000 savings bank accounts and a total deposit volume of Rs 700 crore. The branch employs 25 people. Transactions are carried out through servers.

“Police went to the spot and fingerprint experts and a dog squad also visited the bank on Tuesday,” said SHO Madan Kumar from Badshahpur police station.

The safe contained seven lakh rupees, but the accused was only able to damage it rather than break it. Additionally, he took a few of the keys with him.

The police found a pair of pliers and a hexa blade on the robber, which were recovered from the scene.

The bank manager claims that the accused unsuccessfully attempted to use pliers to open the safe.