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Recognition for SBI UK at Business Moneyfacts Awards

SBI has been operating in the UK since 1921

Recognition for SBI UK at Business Moneyfacts Awards

State Bank of India (UK) Ltd has been chosen as Highly Commended Best Business Fixed Account Provider at Business Moneyfacts Awards 2023 at a glittering ceremony held at Evolution London on 20 April.

Counted as the most prominent business finance awards in the UK, Business Moneyfacts awards celebrate the best brands in the business finance and commercial finance sectors.


Moneyfacts Group plc is the UK’s leading retail financial product data provider and has been pioneering financial comparison technology for over 35 years.

“We are happy to receive the recognition which coincides with the UK subsidiary State Bank of India (UK) Limited completing five years of operations in the UK,” commented Varsha Bhat, SBI UK’s executive director and deputy chief executive.

State Bank of India has been operating in the UK since 1921, and in April 2018, the bank formed the UK subsidiary for retail business State Bank of India (UK) Limited, which has 11 branches across the UK.

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Highlights

  • Services sector optimism falls to -50
  • Chancellor's £26 bn tax increase blamed for adding business costs.
  • Business sentiment remains near record lows despite marginal post-budget uptick.
Confidence in Britain's services sector has tumbled at the fastest rate in three years, with businesses citing mounting cost pressures and reduced profitability, according to the Confederation of British Industry (CBI).

The CBI's optimism index for services firms plummeted to -50 in the three months to November, down sharply from -29 in August. This marks the steepest decline, reflecting growing anxiety among business owners.

The organisation surveyed 398 firms between October (28) and November (13), capturing sentiment both before and after chancellor Rachel Reeves unveiled her autumn budget on November (26). The budget outlined £26 bn in tax rises, equivalent to approximately $34 bn.

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