SBI, which accounts for a quarter of the country's loans and deposits, said on Wednesday its net profit fell 35 per cent to Rs 2,375 crore (Rs 23.75 billion) in the quarter ended September.
Eminent economist and Nobel laureate Amartya Sen on Monday described the electoral bonds scheme as a scandal and welcomed the Supreme Court's recent judgment annulling it.
State Bank of India (SBI) wants to extend its footprint to 11,943 unbanked villages, with a population of at least 2,000, this financial year. The country's largest lender recently submitted its plan to the Reserve Bank of India (RBI).
SBI put a temporary ban on tractors and farm mechanisation loans, starting this week, citing the reason of rising overdues. SBI finances about 25 per cent of all tractors sold in India, with a finance exposure of Rs 7,000 crore (Rs billion) as of last year. The ban will remain effective for a period of two months. According to an industry expert, India witnessed sales of about 325,000 tractors last year.
The newly-appointed chairman of State Bank of India (SBI) Dinesh Khara on Wednesday said maintaining quality loan book, safety of employees and customers will remain his top most priorities. Khara, who took charge on Wednesday, said the bank will continue to strive for even better customer experience.
As many as 26 premises are being searched in these cities by the federal agency under the criminal sections of the Prevention of Money Laundering Act, they said.
At issue size of Rs 10,355 cr, the offering will be Asia's biggest this year and fifth-largest domestically.
An index value of 42 to 46 means moderate decline.
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.
Banking operations across the country may be impacted on Thursday as some bank unions would be joining the one-day nationwide strike called by central trade unions. Ten central trade unions, except Bharatiya Mazdoor Sangh, will observe the nationwide general strike to protest against various policies of the central government. Many lenders, including IDBI Bank and Bank of Maharashtra, in regulatory filings on Wednesday said their normal working could be affected at the branches and offices.
The State Bank of India plans to integrate many of the bank's functions with that of its seven subsidiaries, including treasury operation, ATMs and technology, in the near future for greater synergy and growth.\n\n\n\n
Processing fee waived on car, gold and personal loans till December
The ATMs are fully up now and customers can withdraw up to Rs 50,000 from Yes Bank as well as from other banks' ATMs.
Country's largest lender SBI on Tuesday said it is likely to raise Rs 50,000 crore (Rs 500 billion) capital for its expansion plans in domestic and overseas markets in the next three years and proposed a holding company for its non-bank subsidiaries.
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.
Despite modifying its teaser home loan scheme, State Bank of India (SBI) may have to make higher provisions for such loans as interest rates in the first few years will still be lower than in the following years
Do not keep a large portion of your long-term portfolio in FDs.
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.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
Home loan rate for new customer is 9.9 per cent.
"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
On whether the bank will consider making fresh advances to Kingfisher, SBI managing director Hemant Contractor said, "We have to be satisfied about the viability of the company.
The 57-year-old Bhattacharya, front-runner for the post on account of years of service left, was managing director and chief financial officer of the bank prior to her elevation.
SBI's home loan portfolio has recorded a 73.86 per cent growth against Rs 623.38 billion as on September 30, 2009
As a registrar, SBI will collect both demographic and biometric information of the bank's 170 million account holders.
Apart from 40 modules of Harvard, SBI has internally developed 500 e-modules for employees.
State Bank of India is open to overseas acquisitions in case there is synergy in businesses.
State Bank of India has sold 37 per cent stake in its mutual fund arm -- SBI Fund Management Pvt Ltd -- to France-based Societe Generale Asset Management, for an undisclosed sum.
"For a bank like ours, it (hike in interest rate on savings deposits) does (augurs well)... (People are) keeping Rs 9.5 lakh crore at home in cash because of the low interest rate (on savings deposits). They are not comfortable in committing money in long-term deposit," SBI Chairman Pratip Chaudhuri told reporters after the post-policy meet with the RBI Governor.
The RBI on Tuesday 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 on Wednesday said it did not have any immediate plans to revise its home loan rates, including that of the 8 per cent special scheme originally slated to end this week.
The bank is also working on a three-year business plan, nearly coinciding with the time its new chairman Rajnish Kumar would be in the corner office.
After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received.
Analysts expect banks with a strong deposit franchise to benefit from SBI's rate cut as they too are likely to follow the leader.
Reserve Bank of India on Thursday said a centralised portal would be ready in three to four months wherein depositors and beneficiaries can access details of unclaimed deposits across various banks. As of February this year, about Rs 35,000 crore of unclaimed deposits were transferred to RBI by public sector banks in respect of deposits which were not operated for 10 years or more. "In order to improve and widen the access of depositors/beneficiaries to such data, RBI has decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs," RBI Governor Shaktikanta Das said while announcing the first bi-monthly monetary policy for the current financial year.
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.
NBFCs are facing the heat of a crisis at IL&FS, which defaulted on repayment of its commercial paper dues, leading to a contagion effect in the sector.
SBI has filed a draft shelf prospectus with the Securities and Exchange Board of India seeking the nod of the regulator for raising funds through bonds in one or more tranches.
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