Tata Steel was the top laggard in the Sensex pack, cracking over 6 per cent, followed by SBI, IndusInd Bank, HDFC, ICICI Bank and ONGC. Bajaj Auto, Maruti and Asian Paints were the only gainers.
State Bank of India has agreed to lend Vodafone-Essar, the joint venture between United Kingdom's Vodafone and Essar, Rs 10,000 crore to finance the company's entry into 3G (third generation) telecom services and expansion of its broadband operations.
'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
Private players like HDFC Bank, ICICI Bank and Citibank have outsmarted heavyweight State Bank of India by attracting more clients to buy railway tickets through their Internet banking facilities.
State Bank of India, India's largest lender, may cut interest rates in the new financial year on the back of a lower-than-expected credit growth.
Raising the issue during Zero Hour, he said SBI has signed an MoU pledging one of the single largest loans to a corporate house despite five international banks refusing to lend to the Adani project.
No limit exists on the number of electoral bonds that a person (including corporate entities) can purchase.
The sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
"The scheme was there for 11 months. On review, we decided to discontinue it. We may also re-introduce it going ahead," SBI chief financial officer S S Ranjan said.
Apart from SBI, the consortium will include leading entities like Citibank, Standard Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and Mizuho Financial Group, a source closely connected to the development told PTI. The country's largest lender is also in talks with two-three public sector banks to be a part of the consortium, the source said. The company reported a loss of $12.7 billion for the fiscal ended December 30, 2006.
Do not keep a large portion of your long-term portfolio in FDs.
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.
Total income increased to Rs 41,833 crore (Rs 418.33 billion) during the quarter from Rs 37,199.92 crore (Rs 371.99 billion) in the corresponding period last year.
Stand-alone total income rose by 20.4 per cent to Rs 29,787.37 crore.
The bank has fixed an issue price of Rs 1,782.74 per share for a preferential stock allotment to the government as part of the capital infusion plan for this fiscal. The SBI board had approved the preferential allotment in October.
Having grabbed pole position in the automobile loan market, State Bank of India, the country's largest bank, today upped the ante by dropping the interest rate by 200 basis points for the first year of the loan.
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
Three branches of the State Bank of India's in Nicobar Island have been severely damaged due to the Tsunami disaster, which struck the union territory of Andaman and Nicobar on December 26.
Former RBI governors Urjit Patel and Raghuram Rajan have also expressed worry about the Mudra scheme, particularly government's target-setting practice and the rising bad loans.
State Bank of India on Monday said it aims to retain at least 25-30 per cent of the Rs 25,000 crore (Rs 250 billion) Resurgent India Bonds proceeds by launching an "instrument" having both fixed and floating rates in September.
The action comes days after the CBI registered an FIR in the country's biggest alleged bank loan fraud case till date.
SBI leads a 17-member consortium of lenders that is trying to recover dues running into over Rs 7,500 crore (Rs 75 billion) in principal alone from Kingfisher Airlines.
Chaudhuri succeeds managing director R Sridharan, who was the acting chairman after O P Bhatt retired on March 31.
The government will promulgate an ordinance to buy RBI's 59.7 per cent stake in the country's largest lender SBI for estimated cost of Rs 40,000 crore (Rs 400 billion).
State Bank of India, which has been on the prowl for acquisition in the international arena, has identified the US, Asia and African sector as part of its expansion plan.
The Reserve Bank of India (RBI) is likely to reiterate its view that it would be comfortable only with holding companies at the top in financial services groups when it releases final guidelines on setting up bank holding companies or financial holding companies by November 15.
In an effort to grab a share of the hefty Diwali bonus to employees in government and corporate sector, country's largest lender State Bank of India may raise the interest rate on term deposit rates in next few days.
Authorities of the Sabarmati Ashram in Ahmedabad were surprised when they received a letter from the SBI's central recruitment and promotional department in Mumbai, in the name of Mohandas Karamchand Gandhi.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
In a two-way tie up with two leading private sector banks, State Bank of India has forged one of the biggest alliances to share ATM networks.
Justice Shalini Phansalkar Joshi, who presides over the special court set up for cases related to the 1992 securities scam, said in her judgment last week that there was no hesitation in holding that that the prosecution had failed to prove the case beyond reasonable doubt.
The Delhi Commission for Women has issued a notice to Indian Bank seeking withdrawal of its new recruitment guidelines which prevents a woman, who is three or more months pregnant, from joining service.
State Bank of India is set to cross the 5,000 mark in number of ATMs installed in the country.
State Bank of India targets 35 per cent of the $5.5 billion Resurgent India Bonds' proceeds mainly through the new NRI schemes, Pravasi Vaibhav and Pravasi Samriddhi, even after the Reserve Bank of India tightened the NRI deposit norms on Monday.
"Absolutely not," RBI told reporters when asked to comment on reports suggesting that SBI has agreed to pump more money into the airline. RBI does not oppose "professional decision" of the bank.
MasterCard International is likely to offer a stake to State Bank of India, which generates a quantum business for the global credit card major in the country.
SBI was the top gainer after it reported lower-than-expected rise in bad loans
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