9DECEMBER 2025SBI CHAIRMAN C S SETTY SIGNALS STEADY MARGINS AMID CREDIT SURGEABHYUDAY JINDAL CALLS FOR STANDALONE STAINLESS STEEL POLICYC S Setty, chairman of State Bank of India, says the bank is riding a strong wave of credit demand, with corporate loans picking up pace and set for double-digit growth this financial year.He notes that steady liability management will help the bank hold its margin above 3 percent, even as the policy environment stays uncertain.According to Abhyuday Jindal, Managing Director of Jindal Stainless Ltd (JSL), the government's National Steel Policy of 2017 should include a dedicated policy for the Indian stainless steel industry rather than just a chapter."Adding just one chapter diminishes the value and importance of this industry," Jindal said. In India, JSL makes Speaking in Mumbai, Setty explained that the upcoming Monetary Policy Committee review will hinge on growth and inflation trends, not on deposit mobilization. "For the policy repo rate, I don't think they (the RBI) are looking at deposit mobilization. The policy rate is dependent on the dynamics of growth and inflation, at least that's what classical monetary theory says," he said.Setty pointed out that the second quarter delivered robust economic expansion, while inflation stayed modest. But he also warned that low food prices, a key reason behind the softer inflation print, could reverse quickly. This leaves the Reserve Bank of India cautious as it weighs its next move.He added that before the latest GDP numbers were released, a rate cut seemed like a "close call." With stronger-than-expected growth now in the picture, expectations have shifted. "I think the robust growth rate is going to be a communication challenge for monetary policy in case the rate cut has to happen," he said.For now, the industry anticipates a pause, though the final decision will rest on the RBI's view of the inflation path. Setty's outlook shows how State Bank of India is positioning itself amid a complex policy backdrop while continuing to benefit from rising credit demand. up about half of all sales of stainless steel. It sold 2.37 million tonnes of stainless steel in FY25, with majority sales centered for the local market.The entire domestic usage of stainless steel was 4.8 million tonnes during the same time, according to industry group Indian Stainless Steel Development Association (ISSDA). In order to address the long-standing concerns of the sector, the steel ministry plans to include the stainless steel section in the National Steel Policy."The present National Steel Policy does not have anything on stainless steel, but we are incorporating a chapter on stainless steel in the proposed new policy," a senior steel ministry official said. The official, who did not want to be identified, added the new provisions would factor in sectoral realities, including underutilised capacity, higher production costs and raw material constraints.The major part of the "dedicated policy" pitch by the 40,000-crore company revolves around raw material securitisation, especially for nickel and chrome. "Nickel is critical for us and we don't have nickel in India. Like rare earth materials, nickel securitisation should be encouraged," he said.
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