Last year, State Bank had recruited around 25,000 people. The banking major also have plans to go for lateral recruitments in the middle-management level in the current year.
And will sell its 50 per cent stake to State Bank of India in Russia as part of rationalisation of overseas branch network.
SBI expects to firm up its new deposit investment scheme aimed at the expatriates, including the Resurgent India Bond holders, in the next two to three weeks.
India has questioned Singapore's decision to not to grant qualifying full banking status to the State Bank of India. The two countries have asked their monetary authorities to set up a committee to look into the matter.
Home loans also pose lower bad-debt risks for the banks than corporate loans.
Stating that its ATM operations are making losses, nation's largest bank SBI has said it is all for charging customers for transactions.
The State Bank of India on Friday announced a net profit of Rs 3,681 crore for the financial year 2003-04 to become one of the few groups in the country with a net profit of over dollar one billion (Rs 5531 crore).
Finance Minister Nirmala Sitharaman on Friday assured cash-starved Yes Bank depositors that their money is safe and the RBI is working on an early resolution of the issue. "I'm in continuous interaction with the Reserve Bank of India (RBI). The central bank is fully seized of the matter and has assured they will give a quick resolution. I want to assure every depositor that their money shall be safe. Their monies are safe," Sitharaman told reporters in New Delhi.
After the finance minister directed public sector banks to join the account aggregator (AA) ecosystem, 5-6 major ones, including State Bank of India (SBI) and Bank of Baroda are expected to go live by July-end. Sahmati, an industry alliance for the AA ecosystem, has been working with PSU banks to get them onboarded for quite some time now. So far, Union Bank of India and Punjab National Bank (PNB) have gone live on the AA ecosystem. While Union Bank has been live for a while, PNB went live earlier this month.
SBI cuts priority sector lending rates by 50bps
State Bank of India's house economists on Monday said the recent farm sector reforms reek of parochial thinking and promote lazy farming as they only cater to cereal-producing states. In the recently concluded monsoon session, the government rushed through three legislation to change the way agricultural produce is marketed, sold and stored by dismantling the decades-old APMC (Agricultural Produce Market Committee) mandis.
Contactless card transactions can be up to three times faster than cash payments
Contactless card transactions can be up to three times faster than cash payments
Budget this year has allowed PSBs to bring down govt stake to 51%
The Supreme Court of India on Wednesday said the problem with electoral bonds scheme is that it provides for "selective anonymity" and "selective confidentiality" as the details are available with the State Bank of India (SBI) and can also be accessed by the law enforcement agencies.
The government's holding in the bank will not decline below 58 per cent pursuant to the QIP.
This is the third bond sale by SBI in the past two years, with the latest being the $1.25 billion, it had raised in a 10-year issue last July.
Dr Rajan is a person of very high caliber
It is believed that the new draft guidelines will encourage foreign banks to acquire stakes in Indian banks.
SIBs are perceived as ones that are 'Too Big To Fail'
The strike by over 200,000 employees of the State Bank of India has entered the fifth day today, affecting transactions, cheque clearing, forex and corporate business across the country.
The Congress on Friday alleged that the electoral bonds data has exposed 'corrupt tactics' of the Bharatiya Janata Party such as quid pro quo, seeking donations for the company's protection, kickbacks and money laundering through shell companies.
'One by one we are seeing these private banks taking people's money and mismanaging it.' 'In the last 30 years, 30 private banks have collapsed.' 'Nationalise all banks so that people's money is safe.'
Of the total 9 maturity periods for fixed deposits, rates have been revised upwards in 4 categories with maturities of over one year.
SBI Staff also threatened to go on an indefinite strike from December 27 if their demands were not met.
Favouring a soft interest rate bias, the State Bank of India on Wednesday set a target of reducing its non-performing assets to two per cent of its advances by this fiscal end.
The finance ministry has asked public sector banks to monitor cases where insolvency proceedings could be initiated against individuals who are guarantors of corporate debtors that have defaulted on loans.
Stung by the public criticism of teaser rates, SBI Chairman O P Bhatt told RBI officials in a post-monetary policy meeting on Friday that only eligible persons are given these loans and the norms are not diluted while extending such loans.
Country's largest lender State Bank of India on Wednesday said it has selected US-based Elavon Incorporation and Visa International as its joint venture partners for merchant acquiring business. Merchant acquiring business is facilitation of payment through debit or credit card at the retail outlets.
Expecting the Reserve Bank of India to maintain stable and soft interest rates in credit policy, State Bank of India on Wednesday hinted at further cut in home and consumer loan rates.
Most of those punished were managers across different scales, from Scale 7 (general managers) to Scale 1 (officers). However, at least one bank - Oriental Bank of Commerce - revealed that 17 single-window operators (SWOs), five head cashiers, two clerks, one clerk-cum-cashier, and one peon-cum-housekeeper were among those penalised for staff delinquency. Punishments against these employees included withholding of increment, demotion for one year, and censure under provisions of the bipartite settlement.
SBI and other public sector banks have decided to lend Rs 4,000 crore to Patanjali Ayurved for the acquisition of Ruchi Soya, which was facing bankruptcy proceedings under the Insolvency and Bankruptcy Code. The money lent by banks will help the PSBs to settle their exposure to Ruchi Soya with a haircut of 65 per cent. Banks led by SBI and others had earlier made claims of over Rs 12,146 crore against Ruchi Soya after the company failed to repay its loans.
The Reserve Bank of India has asked the State Bank of India to rework its special non-resident Indian deposit scheme, which was slated to be offered as an option to the investors of Resurgent India Bonds to park their proceeds.
The new rates will be effective from May 9.
B Sriram, the senior-most managing director at SBI, along with fellow MDs Rajnish Kumar, P K Gupta, and Dinesh Kumar Khara had been interviewed for the post
State Bank of India Chairman Pratip Chaudhuri again made a strong pitch for a reduction in banks' Cash Reserve Ratio (CRR) at the Reserve Bank's mid-quarter review of monetary policy scheduled September 7.
This is in addition to the $3 billion (around Rs 15,000 crore) infrastructure fund being set up in association with the Macquarie group and International Finance Corporation. Though SBI would be a late entrant to the private equity space, Bhatt was confident that it would not be a deterrent.
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