Citi has maintained its buy recommendation on State Bank of India (SBI) with a target price of ₹1,110, signaling continued confidence in the country's largest public sector bank.

Analyst Recommendation

The global brokerage firm has reiterated its positive stance on SBI, keeping the buy rating unchanged. The target price of ₹1,110 indicates the firm's expectation of potential upside for the banking stock.

Investment Outlook

Citi's maintained buy rating reflects the brokerage's continued optimism about SBI's business prospects and financial performance. The target price provides investors with a reference point for potential returns on their investment in the banking stock.

The recommendation comes as part of Citi's ongoing coverage of the Indian banking sector, with SBI being one of the key stocks under their research purview.

SBI Life Insurance has received a favorable ruling from the Securities Appellate Tribunal (SAT) regarding the acquisition of Sahara India Life Insurance Company Limited's (SILIC) policyholder assets and liabilities. The tribunal's decision, communicated on December 10, 2025, represents a crucial development in the ongoing consolidation within India's life insurance industry.

SAT Dismisses Sahara's Appeal

The Securities Appellate Tribunal has dismissed the appeal filed by Sahara India Life Insurance Company Limited against the IRDAI order dated June 2, 2023. The SAT's order, dated December 5, 2025, firmly upheld the Insurance Regulatory and Development Authority of India's directive for the immediate transfer of all policyholder-related assets and liabilities from SILIC to SBI Life Insurance Company Limited.

Regulatory Timeline and Background

The acquisition process began with the IRDAI's original order on June 2, 2023, directing the immediate transfer of Sahara India Life Insurance's policyholder portfolio to SBI Life Insurance. The company had previously communicated this development to stock exchanges through intimations dated June 2, 2023, and June 15, 2023, ensuring full regulatory compliance and transparency.

Impact on Policyholder Protection

The SAT's decision ensures continuity of insurance coverage for all existing Sahara India Life Insurance policyholders. The tribunal's ruling reinforces the regulatory framework designed to protect policyholder interests during insurance company transitions. This transfer mechanism demonstrates the effectiveness of India's insurance regulatory system in safeguarding customer interests during corporate restructuring.

Corporate Compliance and Disclosure

SBI Life Insurance has maintained full transparency throughout this process, filing appropriate disclosures under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's proactive communication with both NSE and BSE ensures all stakeholders remain informed of significant corporate developments.

The successful resolution of this legal challenge positions SBI Life Insurance to proceed with the integration of Sahara India Life Insurance's policyholder portfolio, strengthening its market position in India's competitive life insurance sector.