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.
Between 2016-17 and 2021-22, the last year for which the data is available, seven national parties and 24 regional parties received a total donation of Rs 9,188.35 crore through electoral bonds.
The stock was the top gainer among the blue-chips on both Sensex and Nifty.
State Bank of India is keen to encourage women to take home loans.
Senior citizens and others depending upon income from bank fixed deposit (FD) schemes will be at the receiving end with the retail inflation exceeding the interest rates. The Reserve Bank of India (RBI) in its latest monetary policy review has projected retail inflation at 5.3 per cent for the current financial year. Last week, the RBI said that the Consumer Price Index (CPI)-based inflation is now projected to be at 5.3 per cent for 2021-22 with risks evenly balanced.
SBI, which accounts for about a quarter of India's loans and deposits, said standalone net profit fell about 8 per cent from a year earlier to Rs 30.41 billion ($519.8 million) in its fiscal fourth quarter to March 31.
The finance ministry on Thursday denied a newspaper report that it has increased the foreign fund ceiling in State Bank of India, the country's biggest commercial bank.
The central bank will have to draw a balance between the need to fuel economic growth and contain inflation.
In what could be the country's biggest rights issue, State Bank of India has approached the government for permission to raise Rs 20,000 crore during the current financial year to finance its expansion.
The State Bank of India on Friday said it was looking at strategic acquisitions in Asia, Africa and New Zealand and Australia to expand its overseas presence.
India's first digital rupee pilot project will commence on Tuesday with nine banks, including SBI, HDFC Bank and ICICI Bank, issuing the virtual currency for transactions in government securities. "...the first pilot in the digital rupee - Wholesale segment shall commence on November 1, 2022," the RBI said in a statement on 'Operationalisation of Central Bank Digital Currency-Wholesale (e?-W) Pilot'. It also announced that the first pilot in digital rupee - Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.
Normal banking operations were affected on Wednesday as the Left-leaning bank employees went on a one-day nation-wide strike to protest the proposed merger of the State Bank of Indore with its parent SBI.
The forthcoming public issue by rating agency ICRA Ltd will see State Bank of India diluting its stake in the company by a nominal 0.21 per cent, but the meagre divestment has larger implications on both the entities.
The other board members will be Sunil Mehta, former non-executive chairman of Punjab National Bank, as the non executive chairman of Yes Bank, Mahesh Krishnamurthy and Atul Bheda as non-executive directors.
The airline is operating just 6-7 planes, with almost its entire fleet being grounded due to non-payment of rentals to lessors amid severe paucity of cash.
Part of a focus on retail advances, as corporate demand remains subdued; could reverse if RBI raises repo next month
These PSU banks also account for the lion's share of bad loans or NPAs plaguing the sector and need crores of rupees in new capital in the next two years to meet global Basel III capital norms.
One of the reasons why the TMC decided not to demand a JPC is that the chairperson and most of its members would be from the BJP, he said, adding JPC means putting the issue under the carpet.
The association had earlier called for a strike on July 3 to oppose the merger plans of the subsidiary banks with the parent SBI. AIBEA General Secretary C H Venkatachalam said though the government authorities and the bank managements deny any policy decisions or guidelines in this regard, there had been overt and covert attempts to merge the banks.
SBI said the crisis in Grece would have little impact on the bank.
'The case was detected when Hukum Singh of Rurai village checked his account on October 16 this year, and found large withdrawals'
In the recent past, the country's largest bank has been aggressive in cutting the lending rates, especially for those buying homes and cars. It is extending both these loans at eight per cent interest per annum. Earlier this week, finance minister Pranab Mukherjee said in Kolkata that he was against a tight money policy.
MTN is a kind of bond note with a maturity period usually between 5 to 10 years continually offered through various brokers, rather than issued all at once like other bonds.
Thapar, 60, was arrested under the Prevention of Money Laundering Act (PMLA) on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai, they said. He is expected to be produced before a court on Wednesday where the ED will seek his custody, they added. The ED has been probing an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife, who are already being investigated under the PMLA by the agency.
India's premier lender State Bank of India has said its exposure to Dubai firms are insignificant and ruled out any cause of concern due to the debt crisis there.
SBI's move may not have moved the farmers, who had stopped paying their monthly installments ever since Finance Minister P Chidambaram announced a Rs 60,000-debt waiver plan, but it did create a furore in political circles. Finally, Chidambaram, by his own admission, had to intervene and get SBI to roll back the move. For the 57-year-old SBI chief, who has earned an unprecedented five-year term, it proved to be a rare instance of being 'misunderstood'.
State Bank of India is planning to open branches in Bangladesh and South Africa while proposing a slew of launches in the domestic market to benchmark itself and achieve world-class levels of efficiency and service.
With real estate prices dropping, action is hotting up in the home loan market. State Bank of India, the country's largest lender, said on Tuseday that it had improved upon its home loan scheme and would offer home loans starting at 8 per cent in the first year before rising 100-150 basis points in the second and third years.
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
Bank of Baroda has relatively better position on impaired assets.
The draft scheme, seen by PTI, said it will provide an option and a respectable exit route to employees who have reached a level of saturation in their career, may not be at the peak of their performance, have some personal issue or want to pursue their professional or personal life outside the bank.
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