Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
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.
The country's real GDP growth in the first quarter will be better than the Reserve Bank's estimate of 8 per cent, economists said on Tuesday. Economists at the country's largest lender SBI pegged the growth at 8.3 per cent while domestic rating agency Icra estimated it to come even higher at 8.5 per cent. The Reserve Bank of India (RBI), which expects the GDP to grow at 6.5 per cent in FY24, has estimated a growth of 8 per cent in the April-June period.
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.
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.
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 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.
Future Gaming of lottery king Santiago Martin was the biggest purchaser of electoral bonds at Rs 1,368 crore, of which nearly 37 percent went to the DMK.
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.
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.
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.
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.
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.
Rajya Sabha MP Kapil Sibal on Friday described the electoral bonds scheme as a 'very big scam' and demanded that a special investigation team (SIT) be set up with court-appointed officials to probe the alleged quid pro quo and wrongdoings under it.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
SBI said the crisis in Grece would have little impact on the bank.
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.
Part of a focus on retail advances, as corporate demand remains subdued; could reverse if RBI raises repo next month
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.
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.
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.
Postings to places at an altitude above 1,000 metres but less than 1,500 metres, between 1,500 and 3,000 metres, and above 3,000 metres entail different rates of allowances -- the higher the location, the bigger the allowance, reveals Tamal Bandyopadhyay.
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.
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.
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'.
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.
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.
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.
'The case was detected when Hukum Singh of Rurai village checked his account on October 16 this year, and found large withdrawals'
Bank of Baroda has relatively better position on impaired assets.
The country's largest lender State Bank of India on Friday reported a 32 per cent decline in fourth quarter net profit at Rs18.67 billion (Rs 1,866.60 crore).
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.
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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