RBI Governor Raghuram Rajan asked banks to follow suit and pass on the rate cuts.
State Bank of India is planning to set up an information technology company for which it is scouting for a joint venture partner, Arun Kumar Purwar, chairman, SBI, has said.
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.
SBI was slow in filing and following up on winding-up cases.
The BJP cited the amendments to the Representation of People Act, 1951 and the relevant portions of the Reserve Bank of India Act and the Income Tax Act for not revealing its donors.
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.
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.
The Delhi high court on Monday dismissed a public interest litigation (PIL) challenging the RBI's decision to withdraw Rs 2,000 denomination banknotes from circulation. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad, which had reserved its order on the PIL on May 30, rejected the plea. Petitioner Rajneesh Bhaskar Gupta has contended that the Reserve Bank of India (RBI) has no power to withdraw Rs 2,000 currency notes from circulation and only the Centre could have taken a decision in this regard.
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 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).
The consortium might get about Rs 1,000.
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.
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.
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.
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.
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.
Sundararaman Ramamurthy has assumed charge as managing director and chief executive officer of leading stock exchange BSE. In a regulatory filing last year, BSE said that markets regulator Sebi has approved the appointment of Ramamurthy as its MD and CEO. "Sundararaman Ramamurthy has assumed charge as MD and CEO of BSE," the exchange said in a release on Wednesday.
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.
Government asks banks to furnish capital, ratings and NPA details.
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.
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.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
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.
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
Rising rates prompt extension by 10 more years; others may follow suit.
'We have collected Rs 83,702 crore in deposits in five days.'
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
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.
The Reserve Bank of India (RBI) on Tuesday told the Delhi high court that withdrawal of Rs 2000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience.
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.
Pratip Chaudhuri, SBI chairman, feels that the airlines should bring the amount to the table.
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.
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.
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