Bankers expect a stable interest rate this year after Finance Minister P Chidambaram promised to keep government borrowings lower than the budgeted Rs 1,00,836 crore (Rs 1008.36 billion) during 2005-06.
State Bank of India has selected Finacle Universal Banking, the core banking solution of Infosys Technologies, to power its international operations
The government last month had approved a plum Rs 69,000 crore revival package for BSNL and MTNL that includes merging the two loss-making firms, monetising their assets and offering VRS to employees so that the combined entity turns profitable in two years.
Country's largest mutual fund UTI AMC on Friday became a private company with the four sponsors paying Rs 1,236.95 crore (Rs 12.369 billion) to the government.
Bankers see upward pressure on interest rates after the Reserve Bank raised two key short-term rates in the busy season credit policy of October.
As part of its vision to become a multinational corporation, State Bank of India is now scouting for more banks in South Asia and Africa while steadily consolidating its seven associate banks.
The State Bank of India is likely to finalise the acquisition of two banks in Asia and Africa in six to eight weeks, its chairman A K Purwar said on Tuesday.
In the face of hike in repo rate, all leading banks, including State Bank of India, ICICI Bank, Corporation Bank and Bank of Baroda, are exploring the possibility of raising deposit and lending rates.
State Bank of India on Tuesday ruled out physical merger of its associate banks with itself in the near future but said "virtual merger" of the entities was on.
State Bank of India is set to cross the 5,000 mark in number of ATMs installed in the country.
"We are looking at a 16.50 per cent growth in advances and 15 per cent in deposits in 2004-05. For this, we will focus on retail banking, project uptech, infrastructure and international trade," SBI Chairman and Managing Director A K Purwar said.\n\n\n\n
The State Bank of India on Friday said it was looking at strategic acquisitions in Asia, Africa and New Zealand and Australia to expand its overseas presence.
State Bank of India has no plans to hike its corporate lending rates in the short term, but said there was a chance of home loan rates going up after Reserve Bank of India tightened norms for the housing sector.
State Bank of India on Monday ruled out any immediate hike in lending rates amid fears of a rise in interest rates in the economy due to surge in inflation.
SBI expects to firm up its new deposit investment scheme aimed at the expatriates, including the Resurgent India Bond holders, in the next two to three weeks.
The Asset Reconstruction Company of India Ltd, promoted by the State Bank of India, ICICI Bank, IDBI and other banks, is slated to start operation by the middle of this month.
Deogarh District Deputy Commissioner Amit Kumar, Superintendent of Police P Murugan and two other Health department officials were placed under suspension, hours after 10 devotees were killed in a stampede in the temple town of Baidyanath Dham.
State Bank of India is planning to spend Rs 500 crore (Rs 5 billion) on information technology, including computerisation of 3,000 branches in the fiscal 2003-04.
Expecting the Reserve Bank of India to maintain stable and soft interest rates in credit policy, State Bank of India on Wednesday hinted at further cut in home and consumer loan rates.
State Bank of India, the nation's largest commercial bank, may cut the interest rates it offers on deposits, Chairman A K Purwar said on Monday.
Interest rates will continue to be stable with a little downward bias," SBI chairman A K Purwar said. \n\n
State Bank of India on Monday said it aims to retain at least 25-30 per cent of the Rs 25,000 crore (Rs 250 billion) Resurgent India Bonds proceeds by launching an "instrument" having both fixed and floating rates in September.
State Bank of India is likely to show a credit growth of about 19 per cent for the current fiscal ending March 2005 on the back of buoyant economy.
The government is examining a proposal to raise the 20 per cent ceiling on foreign fund holdings in State Bank of India, the bank's chief said
The State Bank of India on Friday announced a net profit of Rs 3,681 crore for the financial year 2003-04 to become one of the few groups in the country with a net profit of over dollar one billion (Rs 5531 crore).
Favouring a soft interest rate bias, the State Bank of India on Wednesday set a target of reducing its non-performing assets to two per cent of its advances by this fiscal end.
'BSNL employee cost is Rs 14,500 crore and we anticipate that around 80,000 should opt for VRS.'
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