'SBT's merger with SBI could lead to closure of several branches and hurt employment opportunities.'
Privately, many bankers admit their immediate goal is not growth but slowing the erosion of Casa deposits, reveals Tamal Bandyopadhyay.
Data collated for 47 BSE50 companies (as of H1FY25) shows employees and workers filed 8,468 such complaints in FY24.
The bank is also working on a three-year business plan, nearly coinciding with the time its new chairman Rajnish Kumar would be in the corner office.
More than five years ago on an April evening, cash-starved Jet Airways announced temporary grounding of operations after flying as a full service airline for 25 years. Since then, more than 20,000 jobs and money worth thousands of crores owed to lenders, vendors and passengers evaporated while awaiting an insolvency resolution. And today, the Supreme Court ordered the airline's liquidation, marking the formal completion of a turbulent journey into the sunset and shattering lean revival hopes.
The newly-appointed chairman of State Bank of India (SBI) Dinesh Khara on Wednesday said maintaining quality loan book, safety of employees and customers will remain his top most priorities. Khara, who took charge on Wednesday, said the bank will continue to strive for even better customer experience.
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.
Axis Bank, IndusInd Bank, HDFC Bank, State Bank of India, Kotak Mahindra Bank and UltraTech Cement were also among the big gainers. Adani Ports, ITC, Bharti Airtel and Asian Paints were among the laggards.
Deputy Election Commissioner Umesh Sinha said here that that it has now been established the amount belongs to SBI.
The bank, however, has ruled out cut in benchmark lending rate saying the bank is offering one of the lowest rates in the industry.
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.
A consortium of lenders led by State Bank of India (SBI) has agreed to provide loans to Tata Group for the smooth operations of loss-making Air India. Tata Group, which won the bid to acquire the national carrier along with Air India Express and 50 per cent stake in AISATS in October last year, is expected to formally takeover the airline on Thursday. Sources said the SBI-led consortium has agreed to grant both term loans and working capital loans depending on the airline's requirements. All large lenders, including Punjab National Bank, Bank of Baroda, and Union Bank of India, are part of the consortium, they added.
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.
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 bank has already set up 68,000 'Yono cashpoints' and is in the process of scaling it up massively to over 1 million in the next 18 months, which will make the necessity to have a card even less.
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.
For banks to give debt requires equity from promoters, Kumar said, adding that the number of people or business houses who have that capability to invest has shrunk.
The SBI report, however, said the economic growth rate will pick up pace in 2020-21 to 6.2 per cent.
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
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.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
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.
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.
With a deployment of Rs 2,720 crore in July, MFs' total investment in HDFC Bank in calendar year 2024 (till now) surged to Rs 48,820 crore.
SBI is planning one man branches and FSCs to tap the mass affluent and HNI customers in cities.
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 fund used to fight the coronavirus pandemic will be spent from CSR funds.
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.
Processing fee waived on car, gold and personal loans till December
Home loan rate for new customer is 9.9 per cent.
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.
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.
"Fresh viability is there for everyone to see. If they [Kingfisher] get more equity, the company is viable," SBI Chairman Pratip Chaudhuri said.
State Bank of India is open to overseas acquisitions in case there is synergy in businesses.
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.
