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.
State Bank of India (SBI) on Wednesday reduced the processing fee on home and auto loans by 50 per cent to cash in on festive season demand.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
Insiders say some issues that demand immediate attention include improving asset quality and conservation of capital.
State Bank of India, the country's largest lender, plans to hire 11,000 people in the current financial year as it expands operations.
A senior SBI official dealing with the retail business confirmed the country's largest lender's decision.
An index value of 42 to 46 means moderate decline.
NBFCs are facing the heat of a crisis at IL&FS, which defaulted on repayment of its commercial paper dues, leading to a contagion effect in the sector.
Bank will charge floating rates of interest from January.
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.
The top three mutual funds (MFs) paid out 10-18 per cent higher commissions to distributors during the financial year 2022-23 (FY23) compared to FY22 as a sustained rise in flows from the systematic investment plan (SIP) route boosted distributors' share in the assets under management (AUM), according to an analysis of the disclosures by the top three fund houses. State Bank of India (SBI) MF saw its commission payout go up 18 per cent year-on-year (YoY) to Rs 1,675 crore. The payouts rose 10 per cent and 15 per cent for ICICI Prudential MF and HDFC MF, respectively.
The performance of banking and information technology (IT) stocks has had a significant impact on the composition of diversified mutual fund (MF) portfolios. Over the past two months, these sectors have become increasingly dominant, now constituting nearly 30 per cent of the total allocation in many diversified MF portfolios.
Set to increase its base rate by 25 basis points
State Bank of India has received the permission from the Chinese Government to lend in the local currency -Yuan, a top official said on Thursday
The bank also announced that it will reduce its external benchmark linked lending rate as well as repo linked lending rate by 40 basis points from July 1.
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.
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.
Mutual funds (MFs) managed a record Rs 66.2 trillion in assets during the July-September quarter, marking a 12.3 per cent increase over the previous three-month period - the highest quarterly jump in MF assets in at least five years. During the April-June period, the average assets under management (AUM) stood at Rs 59 trillion. The sharp rise in AUM, according to experts, is driven by a robust equity market rally and record inflows into equity schemes.
From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and the number of equity shares at 2,400 crore having face value of Rs 2 each.
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.
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.
Lenders had asked the management to come up with a revival plan and $1 billion capital infusion.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
The need for a manufacturing policy, reining in food inflation and raising investment in the country were among key suggestions given by economists who met Finance Minister Nirmala Sitharaman and senior ministry officials in the first round of pre-Budget consultations on Friday.
SBI Capital Markets Limited, the merchant banking arm of SBI, is eyeing the twin accounts of HPCL and BPCL for managing the divestment programmes of the 2 oil cos.
The country's largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said.
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.
Shares of state-owned bank stocks were under pressure on Monday due to muted deposit and credit growth numbers reported by these lenders in the October-December quarter (Q3) of 2024-25 (FY25). The Nifty PSU Bank index was down 4 per cent, with Union Bank of India emerging as the biggest loser as its shares fell 7.5 per cent to close at Rs 114.7, followed by a 5.7 per cent drop in shares of Bank of Baroda (BoB) to Rs 228 and a 4.7 per cent slide in shares of Bank of India to Rs 99.8 on the National Stock Exchange.
SBI got Rs 1.93 lakh cr in cash deposits from November 10-25.
From the 30-share Sensex pack, Infosys, ICICI Bank, Kotak Mahindra Bank, Mahindra & Mahindra, State Bank of India, HCL Technologies, Axis Bank, NTPC and HDFC Bank were among the laggards. In contrast, Maruti, IndusInd Bank, Adani Ports, ITC and UltraTech Cement defied broader market trends and ended in positive territory.
This cashless transaction is a part of corporate debt restructuring agreed by banks and the airline company.
Leaders from around the world extended their greetings to India on its 76th Republic Day, emphasizing the importance of bilateral relations and expressing hope for a stronger future. The Indian diaspora across the globe celebrated the occasion with enthusiasm at Indian missions abroad, where the national tri-colour was unfurled, accompanied by cultural performances and patriotic fervour. The celebrations highlighted the strong bonds of friendship and cooperation between India and its global partners.
The Indian financial and payments systems remained largely unaffected by the Microsoft services outage, though about 10 banks and NBFCs faced minor disruptions which have either been resolved or are being fixed.
At issue size of Rs 10,355 cr, the offering will be Asia's biggest this year and fifth-largest domestically.
SBI has hired six global giants -- Citigroup, UBS, Barclays Bank, Deutsche Bank, Bank of America Merrill Lynch and JP Morgan -- for the sale of dollar-denominated bonds, they added.
