The SBI report, however, said the economic growth rate will pick up pace in 2020-21 to 6.2 per cent.
State Bank of India is planning a joint venture with a reputed IT company in a bid to bring its technology level at par with the private and foreign banks.
Deputy Election Commissioner Umesh Sinha said here that that it has now been established the amount belongs to SBI.
State Bank of India is likely to show a credit growth of about 19 per cent for the current fiscal ending March 2005 on the back of buoyant economy.
The bank, however, has ruled out cut in benchmark lending rate saying the bank is offering one of the lowest rates in the industry.
The fund used to fight the coronavirus pandemic will be spent from CSR funds.
Country's largest lender SBI on Tuesday said it is likely to raise Rs 50,000 crore (Rs 500 billion) capital for its expansion plans in domestic and overseas markets in the next three years and proposed a holding company for its non-bank subsidiaries.
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.
Eminent economist and Nobel laureate Amartya Sen on Monday described the electoral bonds scheme as a scandal and welcomed the Supreme Court's recent judgment annulling it.
The decision to bring about changes in the role of the RBI nominee on SBI's board through amendments in the State Bank of India (amendment) Bill, 2006, was taken at the meeting of the Union Cabinet on Thursday. The government has also decided to bring about enabling amendments in the State Bank of India (subsidiary banks) Act, 1959, following transfer of ownership of the SBI from the Reserve Bank to the central Government.
Life insurance companies reported a 13.16 per cent year-on-year (Y-o-Y) growth in new business premium (NBP), totting up Rs 30,347 crore in October, even as the number of policies sold saw a sharp decline. The growth was largely driven by strong performance from private sector life insurers.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
After private banks, it is now the turn of large public sector banks to raise interest rates on non-resident (external) rupee (NRE) deposits after the central bank lifted the cap on rates for these deposits.
Despite modifying its teaser home loan scheme, State Bank of India (SBI) may have to make higher provisions for such loans as interest rates in the first few years will still be lower than in the following years
SBI shares were seen trading under pressure with a fall of nearly 2 per cent this afternoon, despite an overall uptrend in the market, while HDFC Bank shares gained by more than 3 per cent.
The various deposit rates of SBI are in the range of 4 per cent to 7.75 per cent. The bank added that it reviewed the base rate -- the minimum lending rate below which bank cannot offer loans -- at existing level of 7.50 per cent.
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
Processing fee waived on car, gold and personal loans till December
State Bank of India on Wednesday said it did not have any immediate plans to revise its home loan rates, including that of the 8 per cent special scheme originally slated to end this week.
"For a bank like ours, it (hike in interest rate on savings deposits) does (augurs well)... (People are) keeping Rs 9.5 lakh crore at home in cash because of the low interest rate (on savings deposits). They are not comfortable in committing money in long-term deposit," SBI Chairman Pratip Chaudhuri told reporters after the post-policy meet with the RBI Governor.
Jet has come under regulatory scrutiny twice this year.
Home loan rate for new customer is 9.9 per cent.
Largecap, flexicap, and balanced advantage funds together recorded a net inflow of Rs 9,363 crore in August, representing a 70% increase from the previous month's total.
"Fresh viability is there for everyone to see. If they [Kingfisher] get more equity, the company is viable," SBI Chairman Pratip Chaudhuri said.
SBI is planning one man branches and FSCs to tap the mass affluent and HNI customers in cities.
Investors' wealth plummeted by Rs 4.12 lakh crore during the morning trade on Friday as markets faced a massive correction tracking a weak trend in global peers and fresh foreign fund outflows. Falling for the third day running, the 30-share BSE Sensex tanked 896.7 points or 1.09 per cent to 81,304.46 during the morning trade.
A public interest litigation was filed in the Delhi high court on Monday against permission to exchange Rs 2000 banknotes without obtaining any requisition slip and identity proof.
In 5 years, the AMC has clocked a growth rate of 40% with its AUM up nearly 4 times.
State Bank of India has sold 37 per cent stake in its mutual fund arm -- SBI Fund Management Pvt Ltd -- to France-based Societe Generale Asset Management, for an undisclosed sum.
State Bank of India is open to overseas acquisitions in case there is synergy in businesses.
Till March 2007, the bank had invested a total of Rs 1,973 crore (Rs 19.73 billion) in shares of companies. In the nine months since then, it has added Rs 3,000 crore (Rs 3 billion) to its investment kitty, making investments of over Rs 100 crore (Rs 1 billion) in a clutch of blue-chip companies including GMR Infrastructure, Godrej Industries, Maruti Suzuki, Cairn India and DLF, besides closest rival ICICI Bank.
One97 Communications (OCL), the company that operates brand Paytm, received a nod from the National Payments Corporation of India (NPCI) to onboard new Unified Payments Interface (UPI) users. This comes nearly nine months after the Reserve Bank of India (RBI) placed an embargo on OCL to add new customers.
As part of its vision to become a multinational corporation, State Bank of India is now scouting for more banks in South Asia and Africa while steadily consolidating its seven associate banks.
The State Bank of India said on Monday it would launch a gold exchange traded fund in 2008. "We are examining this product in our mutual fund company and we are hopeful we should be able to come out with an ETF next year," O P Bhatt, SBI chairman said at a conference in Mumbai.
State Bank of India Chairman O P Bhatt says the bank did differ with the Reserve Bank of India's views on a host of issues, but it was unfair to blame the country's largest bank for taking care of the interests of the aam aadmi (common man).
We do not expect any major price action at SBI counter as the swap ratio being largely neutral
