Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
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.
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.
The possibility of this is inextricably linked with the Unique ID project.
SBI has reduced deposit rates by 40 to 50 basis points across maturities. On deposits for a period of one year up to two years, the bank has reduced interest rates by 40 basis points to 8.10 per cent. And, deposits for any length of time between two years and 1,000 days would now earn an interest of 8.5 per cent against 9 per cent earlier. Other lenders are expected to follow suit.
Be wary of co-operative banks which have historically been most vulnerable.
The fund used to fight the coronavirus pandemic will be spent from CSR funds.
IPOs worth Rs 50,000 crore including Hyundai, NTPC Green Energy and Swiggy are set to hit the market in late October or early November.
The home loan scheme offers a discount in the interest rate for the first three years. The interest rate structure of the scheme remains unchanged, said a top SBI official.
Cites steep rise in provisioning for restructured standard assets.
If you want to apply for a job at State Bank of India (SBI), any default on loans or credit card payment will render your ineligible.
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The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
SBI clearly needs to use information technology extensively to overcome the management challenge created by its size
The new rates would be effective from Friday.
The number of active SIP accounts is nearing the 100 million milestone.
Announcing the reduction in interest rate, SBI managing director and group executive (national banking) A Krishna Kumar said the base rate will also remain unchanged at 10 per cent.
Every employee on an average contributed Rs 650,000 to the bank's profit in the last fiscal.
This package also offers automatic sweep to multi-option deposits ensuring higher yield on the salary savings and also free personal accident insurance, it said.
Most of the public sector lenders, including Punjab National Bank, Bank of Baroda and Canara Bank, have hiked their lending rates after the Reserve Bank of India increased its short-term lending (repo) and borrowing (reverse-repo) rates by up to 50 basis points on July 27.
'SBI Exclusif' and 'SBI InCube' were rolled out in Bengaluru.
State Bank of India has raised interest rates on the domestic term deposits by 0.25 to 0.50 per cent across various maturities effective from November 29.
SBI fixed its base rate, the minimum lending rate, at 7.5 per cent which would replace its benchmark prime lending rate from Thursday.
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.
India's largest public sector lender State Bank of India has put on hold the financing of new tractors and other capital equipment, a move that can have an impact on agriculture sector, a priority area for the government.
"Rates are high and obviously it is hurting the industry. We are all hoping for that (lending rates to fall). In the long term, one of the things that will make industry viable and investment come back is to have lower lending rates," Diwakar Gupta, managing director and chief financial officer of SBI, said on Wednesday.
The number of applications has nearly doubled in the home and auto loan segments after the recent reduction in interest rates in these segments.
SBI's ownership should give confidence to depositors and lenders about the bank's solvency.
SBI last reduced its lending rate in January by cutting it by 0.05 per cent.
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.
Two leading banks, State Bank of India and HDFC Bank, have sought permission from the Reserve Bank of India (RBI) to buy gold from retail investors.
Tata Consultancy Services and State Bank of India on Monday launched a joint venture to provide advanced technology solutions and world-class domain consulting for the banking and financial services sector.
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'.
'All account holders of the bank who have not yet complied with the KYC guidelines are hereby requested to make their accounts KYC compliant by contacting their home branches and completing the required documentation latest by October 31,' SBI said in a notice. Failing to comply with the guidelines would result in the freezing of account operations, it said.
SBI reduced interest rates for minor irrigation loans upto Rs 25 lakhs to eight per cent in the first one year and nine per cent in the second and third years. The existing rates in this category is 10.5 per cent-13,25 per cent.
With the rise in interest rates, bond yields have been on the rise; this will dent banks' treasury profits. Also, many retail borrowers may find it difficult to service their loans when the loan rates rise, points out Tamal Bandyopadhyay.
SBI sources in Thiruvananthapuram said a recent circular from the bank's headquarters stated that pregnancy need not be considered a bar for giving immediate postings to women candidates, who had passed the written test and interviews.
The bank's response came to a clarification sought by stock exchange on recent reports on debit cards blocking in the wake of suspected data breach
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