Mop-up misses target as big FIIs skip issue.
'The rate cut will reduce the stress on customers and help the bank reduce its provisioning bill.'
Kingfisher Airlines needs to invest at least Rs 2,000 crore to restart its operations, said one of its lender SBI's Chairman Pratip Chaudhuri.
The State Bank has won the prestigious Asian Banker Achievement Award for being the strongest bank in Asia Pacific region, instituted by the Qatar Financial Centre Authority and the Asian Banker magazine.
Insiders say some issues that demand immediate attention include improving asset quality and conservation of capital.
A senior SBI official dealing with the retail business confirmed the country's largest lender's decision.
The share of Life Insurance Corporation of India (LIC) in monthly new business premium (NBP) in the life insurance sector declined to 58.50 per cent in September 2023 from 68.25 per cent in September 2022 -- a drop of 975 basis points -- owing to shortcomings in the product and distribution side of business. However, the market share saw a marginal uptick from the 57.37 per cent recorded in August this year. According to the monthly business data released for September 2023 by the Life Insurance Council, the NBP of LIC up to September 2023 stood at Rs 92,462.62 crore as compared to about Rs 1.25 trillion in the same period a year ago.
RBI Governor Raghuram Rajan asked banks to follow suit and pass on the rate cuts.
Customers can meet in the Sapphire conference room, put away their valuables in the Topaz locker room and freshen up in the Opal dressing room.
Bank will charge floating rates of interest from January.
The top-notch faculty at Crotonville, including Noel Tichy, Ram Charan, Vijay Govindarajan, along with GE's top leaders Jack Welch, Gary Reiner, Bill Conaty, Jeffrey Immelt and Susan Peters, together delivered sought-after programmes on leadership to generations of early-stage leaders, mid-tier and senior managers from all over the world, recounts Indrajit Gupta.
The fund house has proposed the government allow those investing up to a specified amount, to contribute on a monthly basis without submitting PAN, which is a must for all mutual fund investments. SBI MF is hoping to get around 250,000 investors to invest in 'Chota SIP.' The product aimed at the lower income group, the subscription level could rise to 1 million if the PAN requirement was done away with.
SBI reduced interest rates for minor irrigation loans upto Rs 25 lakhs to eight per cent in the first one year and nine per cent in the second and third years. The existing rates in this category is 10.5 per cent-13,25 per cent.
Set to increase its base rate by 25 basis points
SBI blamed poor coal prices for the decision to turn down the loan request.
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
Higher provisioning drags net profit down by 7.8 per cent.
The Delhi high court on Monday dismissed a public interest litigation (PIL) challenging the RBI's decision to withdraw Rs 2,000 denomination banknotes from circulation. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad, which had reserved its order on the PIL on May 30, rejected the plea. Petitioner Rajneesh Bhaskar Gupta has contended that the Reserve Bank of India (RBI) has no power to withdraw Rs 2,000 currency notes from circulation and only the Centre could have taken a decision in this regard.
Leading private financial players HSBC and ICICI Prudential along with country's largest bank SBI have been shortlisted to manage about Rs 25,000 crore (Rs 250 billion) in provident fund of about four crore employees annually.
Lenders had asked the management to come up with a revival plan and $1 billion capital infusion.
Shrinking inflows and surging outflows on account of profit-booking has curtailed mutual fund (MF) investments in equities since April. The total investments made by equity MFs during the first three months of 2023-24 stands at just Rs 2,980 crore, compared with an average monthly investment of Rs 14,500 crore in 2022-23, reveals data from the Securities and Exchange Board of India. "We are seeing signs of moderation in non-systematic investment plan (SIP) contribution, which has impacted domestic fund inflows in recent months to some extent," says Kunal Vora, head-India equity research, BNP Paribas.
The Securities and Exchange Board of India (Sebi) has asked fund houses operating smallcap funds with a large corpus to share data on their holdings in the total free float of smallcap stocks, according to sources. This is part of the stress tests that the regulator wants fund houses to undertake amid a surge in inflows into smallcap schemes and growing concerns about valuations. Free float refers to the quantum of freely available shares for trading on the stock market.
The State Bank of India hopes to upgrade its Representative Office in Shanghai soon into a full-fledged branch and commence normal banking operations by early next year, sources said on Tuesday.
The operating income of the bank fell by 5.17 per cent to Rs 25,612 crore during April-June quarter of 2017-18
The bookings for Rs 1 lakh Nano car by the Tata Motors are pouring in from all parts of the country as the sole booking agent SBI said it has distributed lakhs of applications for the world's cheapest car.
The website will provide information in Hindi, Marathi, Gujarati, Tamil, Telugu, Malayalam, Bengali, Kannada and Punjabi.
The State Bank of India, the country's largest bank, has had to shut down its corporate website after overseas hackers tried to break in.
SBI to e-auction over 300 properties on March 14.
SBI's overall gross NPA as on end-December 2013 was close to Rs 68,000 crore ( Rs 680 billion) or 5.73 per cent of its gross advances.
Home, auto and other retail loans from SBI and Union Bank of India will cost more, with the two public sector banks on Thursday announcing an identical 0.5 hike in their benchmark prime lending rates to protect margins.
On the day P Chidambaram took charge as the Union finance minister, the country's largest lender, State Bank of India (SBI), brought interest rate relief to its new home and automobile loan customers.
SBI's home loans, which offer a lower interest rate in the initial years and rate increases in the later years, were termed teaser loans by the Reserve Bank of India.
rediffGURU Kirtan A Shah answers your personal finance queries.
Realty, Capital goods, Bankex among key draggers; HDFC and Sun Pharma bucks trend.
Though the economy is recovering, the non-performing assets (NPAs) may rise further because the asset quality will improve only with a lag effect, says O P Bhatt.
State Bank of India on Tuesday ruled out physical merger of its associate banks with itself in the near future but said "virtual merger" of the entities was on.
Indian banks are the 2nd-fastest-growing ones.
