The country's largest lender SBI on Wednesday said it does not see interest rates rising till Diwali this year and ruled out any immediate plans of rights issue offer.
In the recent past, the country's largest bank has been aggressive in cutting the lending rates, especially for those buying homes and cars. It is extending both these loans at eight per cent interest per annum. Earlier this week, finance minister Pranab Mukherjee said in Kolkata that he was against a tight money policy.
The bank plans to scale up presence in UK by setting up 5 new offices in the next one year, starting with one in November, Bhatt said. Presently, SBI has seven branches in UK.
'This is the best time to do a pan-Indian film.'
Commenting on the proposed fiscal stimulus package that the government intends to announce tomorrow, Bhatt said, although there is no threat of recession in the country, growth is slowing. This package will help increase liquidity and encourage consumption behaviour.
An increased level of 'stressed assets' in the banking system could push up the NPA levels of banks, State Bank of India's chairman O P Bhatt, told reporters on the sidelines of a Ficci-IBA organised banking seminar on Thursday.
Former All Party Hurriyat Conference Chairman Abdul Gani Bhatt has welcomed US Secretary of State Hillary Clinton's viewpoint that the Kashmir issue must be looked at from a fresh angle that may lead to finding an amicable solution to the problem.
Liquidity pressures to top agenda of RBI's meeting with bankers.
Leader of Opposition Mallikarjun Kharge and some other members sought that the bill be referred to a standing committee for scrutiny.
The State Bank of India (SBI) is setting up a Rs 500-crore (Rs 5 billion) private equity (PE) fund to cater to the small and medium enterprise (SME) sector.
Sheela Bhatt speaks to BJP insiders and those privy to Modi's thinking to piece together the Gujarat's strongman plan/journey that aims for the biggest prize in Indian politics.
SBI is keen on big overseas acquisitions that will give it a 'strategic fit' along with new products and access to cheaper capital. SBI is not keen on small foreign banks worth a few millions, chairman O P Bhatt said.
Rediff.com's Sheela Bhatt analysis what Rahul Gandhi's elevation to number 2 position means to a struggling Congress party and a government facing a credibility crisis.
The central bank will have to draw a balance between the need to fuel economic growth and contain inflation.
Faced with an increase in defaults on home loans, banks are beginning to feel the 'bite' after growing their portfolios at breakneck pace in the last three years, according to State Bank of India Chairman O P Bhatt.
Last November, he said he wanted SBI's balance sheet to grow from $150 billion (Rs 600,000 crore), at the time, to $250 billion (Rs 10,00,000 crore), in the next couple of years. By the end of the March 2008, SBI had already hit a balance sheet size of Rs 720,000 crore, which meant it had clocked a brisk 28 per cent growth in FY08. But, in the meanwhile the environment too has deteriorated.
State Bank of India's chairman O P Bhatt on Monday said that interest rates are likely to go up in the coming months if the Reserve Bank of India (RBI) tightens its monetary stance.
The meeting was also attended by State Bank of India Chairman O P Bhatt and Indian Banks Association and Bank of India Chairman T S Narayanaswami.
'It is very difficult to be an honest politician in a country where the system is absolutely corrupt. Jaipal Reddy is one up even on Prime Minister Manmohan Singh who is considered clean and honest. Reddy has gone a step ahead by playing an active role in stopping corruption. He has put things on record; he has walked the extra mile to ensure that public money is valued highly. One must recognise Reddy's efforts, and make it an example for India's younger generation.'
Workaholic CEOs find their job appealing, but their subordinates find that appalling.
Bankers said on Friday interest rates are likely to be stable in the short term as the liquidity position in the country is comfortable. "Interest rates look stable for the time being... at least till April," O P Bhatt, chairman of State Bank of India, told reporters on the sidelines of Finance Minister P Chidambaram's meeting with bankers in New Delhi.
Sheela Bhatt and Sharat Pradhan bring voices from the ground in Barabanki in Uttar Pradesh, which is voting today in the first phase of elections
Ahead of the Special Investigation Team probing the 2002 riots finalising its report, suspended Indian Police Services officer Sanjiv Bhatt on Wednesday again demanded that it should seek to prosecute Gujarat Chief Minister Narendra Modi for his "complicity" in the Gulburg society riot case.
State Bank of India and Canara Bank said on Thursday interest rates are expected to remain soft and stable in the near future as inflation is down and there is ample liquidity with the banks. "Interest rates are expected to remain stable to down," SBI Chairman O P Bhatt told reporters before participating in a meeting of bankers and exporters with Finance Minister P Chidambaram in New Delhi.
Do you think company head honchos who slog all the time are very difficult to handle? Do they put a lot of stress on their subordinates' minds?
A day after Kedarnath, the portals of famous Himalayan shrine of Badrinath were reopened on Monday for pilgrims after a gap of six months.
Bank will charge floating rates of interest from January.
Chaudhuri succeeds managing director R Sridharan, who was the acting chairman after O P Bhatt retired on March 31.
SBI's home loans, which offer a lower interest rate in the initial years and rate increases in the later years, were termed teaser loans by the Reserve Bank of India.
The entire CBI investigation is veering around how, when, why and under which terms and conditions Shahid Balwa became a frontman for A Raja!
Ambani remained at the CBI headquarters for nearly two hours in connection with the agency's investigation into the 2G scam. The media was told he went to the CBI HQ because the Bureau had sought clarification on certain documents relating to Swan Telecom -- one of the companies allegedly involved in the 2G scam. But couldn't one of his company directors have gone instead to explain?
A teaser loan is one where the lender offers a slightly lower rate in the initial years and then charges higher rates in later years.
State Bank of India (SBI) has put on the backburner its plan to acquire a stake in Tata Motors Finance, following the Reserve Bank of India's (RBI's) objection.
Journalist Shakti Bhatt located former Union Carbide Chairman Warren Anderson's luxury home in New York, declared unknown by the American and Indian governments, in India Abroad, the newspaper owned by Rediff.com, back in September 2002. As a Bhopal court convicted eight people on Monday, June 7, for the worst-ever industrial disaster, we reproduce the global scoop
The RBI has been tightening key benchmark rates since November last year as the country started recovering from the impact of the global economic slowdown.
State Bank of India (SBI) Chairman O P Bhatt said the bank might raise deposit rates next week, at least by 50 basis points. However, he ruled out any increase in the base rate or the benchmark prime lending rate in December.
RBI on Tuesday took steps to discourage teaser loan rate schemes, which have a fixed component initially before becoming floating, in order to rein in 'loose practices in pricing of risks in the housing sector'.
As against an allocated Rs 1,000 crore (Rs 10 billion), subscription by retail investors stood at Rs 4,500 crore (Rs 45 billion), while an additional subscription of nearly Rs 4,000 crore (Rs 40 billion) came from other investors, including high net-worth individuals.
Stung by the public criticism of teaser rates, SBI Chairman O P Bhatt told RBI officials in a post-monetary policy meeting on Friday that only eligible persons are given these loans and the norms are not diluted while extending such loans.
Cost of home, auto and corporate loans may not go up immediately, even though the Reserve Bank of India on Tuesday raised short-term key policy rates by 25 basis points to check high inflation, bankers said.
