He said money supply is under pressure, but interest rates will remain stable in immediate future.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
Under the teaser rates scheme, home loans are offered at 8 per cent in the first year and will be fixed in the initial years and turn floating in the remaining years.
The nation's largest lender State Bank of India today said it will not hike its lending rates immediately but will wait for further signals from the Reserve Bank's forthcoming annual monetary policy.
Terming the timing of monetary tightening by the Reserve Bank as 'a bit of a surprise', country's largest bank SBI today said the apex bank may further hike its key rates in the annual monetary policy on April 20, if inflation remains high in March as well.
This will be second such merger of State Bank of India's associate banks.
The fund house has proposed the government allow those investing up to a specified amount, to contribute on a monthly basis without submitting PAN, which is a must for all mutual fund investments. SBI MF is hoping to get around 250,000 investors to invest in 'Chota SIP.' The product aimed at the lower income group, the subscription level could rise to 1 million if the PAN requirement was done away with.
Though the economy is recovering, the non-performing assets (NPAs) may rise further because the asset quality will improve only with a lag effect, says O P Bhatt.
"We hope to start general insurance operations before the end of the current fiscal. We already have got stage one approval from IRDA," SBI Chairman O P Bhatt told reporters in New Delhi.
United States Secretary of State Hillary Clinton on Saturday had a breakfast meeting with top honchos of India Inc at the iconic, sea-facing Taj Hotel in Mumbai. Amongst those from India Inc who were present at the meeting included Ratan Tata, chairman of Tata Group and Reliance Industries' Mukesh Ambani. Others present were the chiefs of India's two largest banks, O P Bhatt of State Bank and Chanda Kochhar of ICICI Bank, Swati Piramal and Sudha Murthy.
Sources close to the development said the finance ministry was yet to receive a formal proposal to this effect from the bank, though SBI chairman OP Bhatt had recently said the lender had sought government permission to raise Rs 20,000 crore (Rs 200 bn).
A day after they signed the Memorandum of Understanding with television producers, the workers' union Federation of Western India Cine Employees has gone back on its word and renewed the strike.
The State Bank of India (SBI) on Wednesday said that it was examining the possibility of another round of reduction in its benchmark prime lending rate (BPLR), while adding that it was offering the cheapest rates across loan categories.
Bollywood glamour will meet sporting world to kick off the third Indian Super League football tournament, in Guwahati, on October 1.
Soon after RBI's decision, three banks namely Yes Bank, HDFC Bank and Union Bank reduced the benchmark prime lending rate by 50 basis point each. SBI had last month slashed benchmark prime lending rate by 75 basis points to 13 per cent.
The RBI, had, earlier in the day, hiked CRR by 0.75 per cent in two tranches, a move, it said, would help flush-out Rs 36,000 crore (Rs 360 billion) from the system.
In what could be the country's biggest rights issue, State Bank of India has approached the government for permission to raise Rs 20,000 crore during the current financial year to finance its expansion.
State Bank of India Chairman O P Bhatt on Sunday said the country's largest lender will take a call on revising interest rates in the second half of the week.
The bookings for Rs 1 lakh Nano car by the Tata Motors are pouring in from all parts of the country as the sole booking agent SBI said it has distributed lakhs of applications for the world's cheapest car.
Public sector lenders led by State Bank of India said on Monday that they will look at further interest rate cuts.SBI chairman O P Bhatt told reporters after a meeting with Finance Minister Pranab Mukherjee that the bank is considering cutting its prime lending rate for the second time in as many months.
On the extent of cut in lending rates, the SBI chief said 'it is difficult to say at this point of time' but indicated that it would not be less than 25 basis points. SBI earlier reduced the benchmark PLR by 75 basis points to 12.25 per cent with effect from January 1. Bhatt is in the capital to attend a meeting of state-owned bankers called by external affairs minister Pranab Mukherjee, who is also holding the finance portfolio.
Several PSU lenders, including Canara Bank, Bank of India and Bank of Baroda, Syndicate Bank, have already slashed their benchmark prime lending rates by 0.75 per cent after Finance Minister P Chidambaram met state-owned banks' heads to discuss the possibility of rate cuts.
Among the cars unveiled at the Auto Expo on Wednesday was Mahindra and Mahindra's e-KUV for Rs 8.2 lakhs ex-showroom Delhi. With a single charge range of 150 km and a 55 min fast charging upto 80 pc, it was both a head-turner and a conversation-starter.
"We are still examining the market condition and will take a view on home loan rates in another week or 10 days," SBI Chairman O P Bhatt told reporters. SBI had increased its PLR by 50 basis points to 12.75 per cent last week. Following the hike in lending rates, the bank also increased deposits rates for various maturities.
Speaking at a function at Ghaziabad on Monday, State Bank Chairman-cum-Managing Director O P Bhatt said the bank has decided to raise the interest rate by 0.5 per cent on all loans such as home loans and auto loans which are linked to PLR. The revision in PLR came after SBI raised its PLR from 12.25 per cent to 12.75 per cent last week following Reserve Bank's increasing its key short-term lending rate to banks.
SBI's move may not have moved the farmers, who had stopped paying their monthly installments ever since Finance Minister P Chidambaram announced a Rs 60,000-debt waiver plan, but it did create a furore in political circles. Finally, Chidambaram, by his own admission, had to intervene and get SBI to roll back the move. For the 57-year-old SBI chief, who has earned an unprecedented five-year term, it proved to be a rare instance of being 'misunderstood'.
The country's largest public sector lender State Bank of India on Thursday said that it does not expect the interest rates to go up in the short term.
A host of public sector banks had cut interest rates in the earlier part of this year following an advisory from Finance Minister P Chidambaram in January. Private and smaller state-owned banks, however, did not cut rates.
SBI said it could give discount to new housing credit seekers and might cut home loan rates. SBI is currently offering home loans at 12.75 per cent on fixed interest rate basis. The floating interest rate ranges between 10.75-11.25 per cent.
Apple CEO landed in Kanpur for IPL match as jet to Vizag was late; he also got to see Lucknow
RBI will not follow US Federal Reserve's cue of cutting rates, as Indian conditions differ greatly from US.
The State Bank of India said on Monday it would launch a gold exchange traded fund in 2008. "We are examining this product in our mutual fund company and we are hopeful we should be able to come out with an ETF next year," O P Bhatt, SBI chairman said at a conference in Mumbai.
'Unlike India and Sri Lanka, there was no internal air travel needed.' 'For all 8 teams, different hotels are available, a separate one for the broadcasting team too.'
After a meeting of banks on Friday on ways to make funds available immediately, a source in the know said lenders other than SBI and Punjab National Bank had not come on board so far to chip in with their funds.
The country's largest commercial bank State Bank of India is likely to go for stake sale by December as a part of its efforts to mobilise Rs 50,000 crore (Rs 500 billion) in the next three years.
State Bank of India, the country's biggest lender, on Monday cautioned against rising debt in housing loans and said this could lead to an asset bubble in the real estate sector.
India's economic growth does not match its intellectual prowess, but now the government and the private sector are waking up, says Hong Kong tycoon Ronnie Chan.
The State Bank of India on Wednesday became the first Indian bank to begin full-fledged operation in China.
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