State Bank of India, the country's largest lender, has raised lending rates by 75 basis points (0.75 per cent), making all types of loans, including housing and auto, costlier for both new and existing borrowers.
Axis Bank, IndusInd Bank, HDFC Bank, State Bank of India, Kotak Mahindra Bank and UltraTech Cement were also among the big gainers. Adani Ports, ITC, Bharti Airtel and Asian Paints were among the laggards.
Data collated for 47 BSE50 companies (as of H1FY25) shows employees and workers filed 8,468 such complaints in FY24.
While a total of 4,987 officers would be recruited for associate banks of SBI, as many as 206 officers would be hired for State Bank of India itself.
Not ordering disclosure of details of electoral bonds prior to April 12, 2019, was a "conscious choice" by the Constitution bench, the Supreme Court said on Monday while refusing to entertain the submissions of ASSOCHAM and CII against the disclosure of bond details on the ground of their plea not being listed.
SBI, along with a few other banks, had given loans to Gopinath for Deccan Cargo, a venture he started in 2009, a few years after he sold Air Deccan to Kingfisher Airlines.
The country's largest lender State Bank of India (SBI) on Wednesday reported a 55 per cent increase in consolidated net profit at Rs 5,245.88 crore for the second quarter ended September 30 on account of decline in bad loans. The bank's net profit stood at Rs 3,375.40 crore in July-September quarter of the previous fiscal, SBI said in a regulatory filing.
The bank will give 3.25 per cent interest on savings bank deposits with a balance exceeding Rs 100,000. At present, the interest rate is 3.5 per cent.
Under this service, SBI will give services in person or through remote mode.
The rating agency revised the outlook for EXIM, SBI, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank, Axis Bank while affirming their ratings. At the same time, Fitch has affirmed IDBI Bank Ltd's (IDBI) rating, while maintaining the outlook at negative.
Earlier this month, the Union Cabinet had approved the merger of SBS with SBI. The boards of both the banks had given their approval for the merger in August last year. SBS is a wholly-owned subsidiary of the State Bank of India. The merger would be effective from the 'date as may be notified by the Govt of India in the official Gazette'.
A week after it announced a nationwide strike on June 6, the State Bank of India Officers' Association on Tuesday threatened to go in for a two-day strike subsequently if their demands were not met.
Country's largest lender State Bank of India on Wednesday said it will extend its 8 per cent concessional home loan scheme, popularly called teaser rates, by another 3 months till December.
The "Tiny Card" with biometric identification is State Bank of India's answer to the challenge of financial inclusion of one lakh villages in the country.
Ahead of RBI's monetary policy review, SBI on Monday expressed hope the apex bank will cut interest rates by 0.5 per cent and CRR by up to one per cent to boost sagging growth.
The All India Bank Employees Association had called for a strike on June 24,
The State Bank of India has registered a significant victory as a court of appeal in the Belgian port city of Antwerp has dismissed a money laundering case against it.
Largecap companies are generally less vulnerable to economic slowdowns than their mid- and smallcap counterparts.
State Bank of India (SBI), the country's largest lender, is likely to reduce interest rates on home loans and other retail loans by next week, to coincide with the start of the festive season.
Rajnish Kumar was on Wednesday appointed the new chairman of the largest public sector bank, State Bank of India (SBI), replacing Arundhati Bhattacharya who completes her one-year extended term on Friday.
The bank plans to launch a similar application on the mobile platform.
Air Deccan announced on Tuesday its tie-up with State Bank of India for on-line ticket booking.
Apart from fulfilling banking services, one can access more than 100 e-commerce sites, book tickets, and even pay for small value groceries through the app. The bank is now proposing to allow other banks to use this to serve their own customers.
A full rollout of the products will be completed by March 2011 and the UK branch of SBI will be adding three branches over the existing seven to push its retail agenda. With this, SBI will take on local heavyweights in the mortgage segment such as HSBC, Barclays, NatWest, Lloyds and RBS.
State Bank of India plans to open its office in Dubai International Finance Centre in a few weeks, a move which will boost India's largest bank's presence in the Gulf region.
The RBI on Tuesday said state-owned SBI, along with private sector lenders ICICI Bank and HDFC Bank continue to be Domestic Systemically Important Banks (D-SIBs) or institutions which are 'too big to fail'. SIBs are perceived as banks that are 'too big to fail (TBTF)'. This perception of TBTF creates an expectation of government support for these banks in times of distress. Due to this perception, these lenders enjoy certain advantages in the funding markets.
Against the security of their self-acquired, self-occupied houses, senior citizens can avail of a loan that will be released in monthly or quarterly installments or as a lump sum payment at the beginning based on their need. The loan will be given jointly if the spouse is alive, provided he/she is above 58 years of age. The loan need not be repaid by the borrowers during their lifetime.
SBI home loans are now cheaper by 0.50-1 per cent depending on loan maturities and amount of loan. The bank also gives discount if the salary account is with the SBI and further discount if a higher margin is available. The interest rates on new car loans and two-wheeler loans have been reduced by 1 per cent depending on the amount and maturity of loan.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Last year SBI's credit growth was 15.6 per cent.
SBI introduced this products three months after the Reserve Bank issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as automated teller machines and cheque books.
State Bank of India has become the first Indian bank to start commercial operations in China, confident of tapping and aiding the booming trade and commercial linkages between the two Asian giants.
From the 30-share Sensex pack, Tata Consultancy Services, Infosys, NTPC, HCL Technologies, Axis Bank, Tech Mahindra, Bajaj Finserv, Sun Pharma, IndusInd Bank and Reliance Industries were the major laggards. Tata Steel, Hindustan Unilever, Mahindra & Mahindra, Nestle and State Bank of India were among the gainers.
Wait for some days, as other lenders are likely to follow suit. You can also negotiate for a lower rate before deciding on a change of bankers.
With a deployment of Rs 2,720 crore in July, MFs' total investment in HDFC Bank in calendar year 2024 (till now) surged to Rs 48,820 crore.
As a step to protect its interest as a lender, SBI will look at the financial stability and corporate governance practices in companies where it has exposure.
At its 58th annual convocation to be held on March 22, Bhattacharya will be conferred the prestigious Sir Jehangir Ghandy Medal for industrial and social peace.
