RBI Governor Raghuram Rajan asked banks to follow suit and pass on the rate cuts.
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
The State Bank of India, the country's largest commercial bank, will open its first branch in Australia this week to further promote trade and economic cooperation between the two countries.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
The central government plans to set up a group of public sector banks headed by State Bank of India (SBI), which would brainstorm on ways to make low-cost funding available for power projects that are being set up under the National Solar Mission.
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.
The new recruits would be deployed for marketing, banking and advisory services. The duties involve extensive travelling, SBI said in an advertisement calling for applications from candidates.
The lower interest rates charged by the State Bank of India (SBI) are contributing to a growth in its home loan portfolio at a time when the sky-rocketing real estate prices have slowed the credit demand. While fresh loans for buying houses are growing albeit at slow pace, buying out other banks' home loans is helping the public sector bank to strengthen its home loan book.
The bank has agreed to provide up to $1 billion to Tata Steel's special purpose vehicle, Tata Steel UK, to refinance $7.2 billion of bridge loans taken for the biggest buyout by an Indian company.
SBI's ownership should give confidence to depositors and lenders about the bank's solvency.
In a major step, SBI Capital Markets, India's leading investment banker, has decided to enter commodity broking and expand aggressively its online equity trading to take on competition from ICICI in the sector.
The consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore (Rs 70 billion) from the carrier but has shares of listed entities like United Spirits as collaterals which should realise Rs 500 crore (Rs 5 billion).
While there is more than one irritant that the bank and the insurer are trying to sort out, sources close to the development said the biggest roadblock is the rights that IAG will enjoy if the proposed venture gets a go-ahead from the SBI board. The issues are likely to be discussed at the board's meeting on Friday.
The consortium might get about Rs 1,000.
One of the MDs, R Sridharan, is focusing on associates and subsidiaries. Another managing director, S K Bhattacharyya, who retired in October, 2010, was the chief credit risk officer.
State Bank of India, the country's largest lender, is on an outsourcing overdrive. After outsourcing the back-office work in foreign offices, the bank has now decided to rope in external agencies to set up automated teller machines to save on capital expenditure and reduce the rollout time. It plans to initially outsource 500 ATMs to vendors, including original equipment manufacturers.
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 will lend about Rs 20,000 crore (Rs 200 billion) for operators participating in the auction for third-generation (3G) spectrum, SBI Chairman OP Bhatt said.
To cash in on its huge branch network and client base, State Bank of India is all set to start wealth management business and financial planning services.
The Union home ministry has granted approval to the Shri Ram Janmbhoomi Teerth Kshetra to receive contributions from foreign sources for the construction of Ram temple in Ayodhya, its general secretary Champat Rai said on Wednesday.
The State Bank of India on Thursday successfully raised $1.25 billion from an overseas dollar-denominated bond sale, making it the single largest issue from the domestic banking in recent years.
Government asks banks to furnish capital, ratings and NPA details.
'We have collected Rs 83,702 crore in deposits in five days.'
Rising rates prompt extension by 10 more years; others may follow suit.
SBI chief Rajnish Kumar said the focus going forward will be on cost reduction, rationalisation and reskilling of workforce, improving staff productivity and redeployment of workforce from admin offices to sales roles.
While removing the slab of up to five years, SBI would now charge an interest of nine per cent and 9.25 per cent on floating and fixed basis respectively for loans up to 10 years, a top SBI official said
The State Bank of India has transferred 37 per cent of its stake in SBI Mutual Fund to French financial major Societe Generale Asset Management.
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.
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.
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.
Funds raised by India Inc. through offshore loan syndication hit a 15-year high in 2023 with companies and banks raising $21.4 billion, the highest since 2007. The momentum is expected to continue in 2024 as well with over $4 billion fund raising expected in the first three months of this year. Companies raise funds, both onshore and offshore, depending on interest rates and activities. Funds raised offshore can be deployed in overseas activities.
Amid the displeasure expressed by the regulators and judiciary on high-handedness of agents hired by banks to recover loans, the country's biggest lender -- State Bank of India -- is planning to hire 3,000 marketing and recovery officers in its second such recruitment drive in less than a year.
The amount would enable the banking behemoth to fuel its business plans, particularly in the face of rising competition from private and overseas rivals with deep pockets.
Pratip Chaudhuri, SBI chairman, feels that the airlines should bring the amount to the table.
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.
Claims to have the lowest base rate in the market.
Years before the Supreme Court struck down as 'unconstitutional' an opaque political funding tool that allowed individuals and companies to donate money to political parties anonymously and without any limits, the then finance minister Arun Jaitley -- the prime mover of electoral bonds -- had termed them legitimate and transparent.
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