State Bank of India has raised the interest rate on new NRI term deposits up to 0.30 per cent across various maturities effective from Tuesday.
Banks led by State Bank of India are set to lower deposit rates by over 50 basis points by the middle of the month, followed by a reduction in lending rates.
And will sell its 50 per cent stake to State Bank of India in Russia as part of rationalisation of overseas branch network.
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.
Happy days are here again for home buyers as the bank freezes the rate for a year.
State Bank of India is planning to sharpen its focus on the healthcare sector and is in the process of appointing a market research organisation for identifying new projects, including speciality hospitals.
Loss takes analysts by surprise, as they were expecting the bank to post a net profit of Rs 19 billion.
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.
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.
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.
Home loans also pose lower bad-debt risks for the banks than corporate loans.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
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.
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).
'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.'
SBI cuts priority sector lending rates by 50bps
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.
Budget this year has allowed PSBs to bring down govt stake to 51%
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
Dr Rajan is a person of very high caliber
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.
The government's holding in the bank will not decline below 58 per cent pursuant to the QIP.
SIBs are perceived as ones that are 'Too Big To Fail'
It is believed that the new draft guidelines will encourage foreign banks to acquire stakes in Indian banks.
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.
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.
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.
Of the total 9 maturity periods for fixed deposits, rates have been revised upwards in 4 categories with maturities of over one year.
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.
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.
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
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.
Pencilling in a GDP growth in third and fourth quarters, SBI Research on Wednesday revised its contraction forecast for the current fiscal year to 7 per cent. The agency had earlier forecast a 7.4 per cent contraction in 2020-21 GDP numbers. In April-September, the economy contracted 15.7 per cent but the second half may see a surprise 2.8 per cent growth, if the SBI analysis turns out to be correct.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances