Public sector entities Life Insurance Corporation, UTI AMC, State Bank of India and Punjab National Bank are among the front-runners to become pension fund managers under the new pension system.
'The case was detected when Hukum Singh of Rurai village checked his account on October 16 this year, and found large withdrawals'
Shares of State Bank of India plunged sharply by over 8 per cent on Wednesday, on concerns about its exposure to Kingfisher Airlines and reports about public sector lender giving fresh loans to the debt-ridden carrier.
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.
Total income on a standalone basis increased to Rs 1,74,972.96 crore.
According to SBI executives, the aim is to do things efficiently with an eye on profitability, and get a feedback on areas, including which business to enter and which to exit.
The bank's gross non-performing assets rose to 5.56 per cent of total advances at the end of June, against 4.99 per cent a year ago, reflecting the impact of slowing economy.
Close on the heels of a cut in the interest rate on long term domestic deposits, State Bank of India is now contemplating a downward revision in its prime lending rates.
SBI, the country's largest lender, first announced a rate cut of 0.25 per cent in its home loan rates on Thursday, forcing HDFC, the second biggest home loan financier, to respond.
Is the SBI chairman leaving the bank in a stronger and better position than what it was? Abhijit Lele finds out.
SBI has been reeling under a mountain of bad loans for the past few years as the key sectors in the economy are faltering.
Why banks are going hammer and tongs behind defaulters.
The interest money which is not claimed by people due to religious obligations is kept in suspended bank accounts.
At 12:25 PM, the barometer index, the S&P BSE Sensex was down 358 points or 1.3% at 26,368.
SBI would now offer interest of 8.75 per cent on deposits of 1 year to two years, which is a 50 basis points increase on its earlier maturity slab of 1 year to 549 days and a 25 basis points hike on 550 days deposits.
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.
Cox & Kings is currently going through the corporate insolvency resolution process. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore.
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
Stung by rising costs, State Bank of India wants to further reduce dependence on expensive large corporate deposits.
IPOs worth Rs 50,000 crore including Hyundai, NTPC Green Energy and Swiggy are set to hit the market in late October or early November.
The number of active SIP accounts is nearing the 100 million milestone.
The bank is considering a share-purchase scheme for all employees.
The revision in rate is for deposits of up to five years and will be effective from Sept 07, 2012.
SBI home loans will now be available under two slabs -- under Rs 75 lakh (Rs 7.5 million) and above Rs 75 lakh.
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 consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore (Rs 70 billion) from the carrier.
The State Bank of India is likely to float a second offering of its medium-term notes foreign currency bonds in next financial year to fund its operation of overseas offices.
Home loans of up to Rs 75 lakh (Rs 7.5 million) would now be available to fresh borrowers at 10.10 per cent against the existing rate of 10.15 per cent, State Bank of India said in a statement.
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 vignette that deserves a wider audience relates to Talwar's ouster.
The state-owned bank also disclosed in the report that its overall staff strength declined by 7,452 employees during the last fiscal, but it has decided to recruit 9,500 clerical staff during 2012-13 to meet the growing needs of the bank.
Less than a week after its teaser home loan scheme expired, HDFC has re-launched it at slightly higher rates. And, SBI is also likely to extend its own teaser rate scheme, due to expire on September 30, a top official said on Monday.
State Bank of India on Friday reduced its deposit rates by 0.25 per cent, making it the third bank after private sector rivals, ICICI Bank and HDFC Bank, to reduce deposit rates this week.
State Bank of India's decision to freeze home loan interest rates at 8 per cent for a year has stirred a controversy with the country's largest mortgage player HDFC on Tuesday terming the move as a 'gimmick'. SBI executives retorted by saying that the package was not a 'teaser rate', as HDFC chairman Deepak Parekh described the move.
In 5 years, the AMC has clocked a growth rate of 40% with its AUM up nearly 4 times.
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.
Interest rate on fixed deposits between 7-179 days has been reduced to 7 per cent from 7.5 per cent, SBI said in a statement.
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
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