State Bank of India's house economists on Monday said the recent farm sector reforms reek of parochial thinking and promote lazy farming as they only cater to cereal-producing states. In the recently concluded monsoon session, the government rushed through three legislation to change the way agricultural produce is marketed, sold and stored by dismantling the decades-old APMC (Agricultural Produce Market Committee) mandis.
The RBI on Tuesday issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as automated teller machines and cheque books.
State Bank of India chairman A K Purwar said on Tuesday the bank will complete acquisition of Giro Commercial Bank of Kenya and PT Bank Indo Monex of Indonesia in two months.\n
The SBI chief said the bank was comfortable on the liquidity front.
SBI offers reward points for various types of banking transactions.
State Bank of India will dilute its holding in the seven associate banks to 51 per cent once the Parliament enacts a law in this regard paving way for them to enter the capital market.
'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
SBI has filed a draft shelf prospectus with the Securities and Exchange Board of India seeking the nod of the regulator for raising funds through bonds in one or more tranches.
State Bank of India will merge its seven associate banks in the next two years to form a consolidated "mega" banking entity, A K Purwar, chairman, SBI said on Thursday.
The Rs 6,145-crore initial public offer of electric two-wheeler company Ola Electric Mobility got fully subscribed on the second day of bidding on Monday, driven by demand from retail investors and non-institutional investors. The initial share sale received bids for 49,43,63,610 shares against 46,51,59,451 shares on offer, translating into 1.06 times subscription, according to the NSE data.
SBI clearly needs to use information technology extensively to overcome the management challenge created by its size
While boards of both the banks had approved the merger plan, bank employees went on one-day strike protesting the move.
The bank is in dialogue with the government and the proposed rights issue should happen this year, SBI chairman Pratip Chaudhuri said in New Delhi.
Apart from 40 modules of Harvard, SBI has internally developed 500 e-modules for employees.
Pratip Chaudhuri, SBI chairman, feels that the airlines should bring the amount to the table.
The home loan scheme offers a discount in the interest rate for the first three years. The interest rate structure of the scheme remains unchanged, said a top SBI official.
After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received.
"The e-donations can be made from any of SBI ATMs across the country. Money can be easily transferred from any account to the Mata Vaishnodevi account," Chief Manager, SBI, Chand Tickoo said.
If you want to apply for a job at State Bank of India (SBI), any default on loans or credit card payment will render your ineligible.
Clearing operations and other transactions were partially affected in around 5,000 branches of State Bank of India's six associate banks on Tuesday after their employees went on a nationwide strike to press various demands.
Cites steep rise in provisioning for restructured standard assets.
Most of the public sector lenders, including Punjab National Bank, Bank of Baroda and Canara Bank, have hiked their lending rates after the Reserve Bank of India increased its short-term lending (repo) and borrowing (reverse-repo) rates by up to 50 basis points on July 27.
The various associate banks for which SBI is looking to recruit the staff include State Bank of Bikaner and Jaipur, State Bank of hyderabad, State Bank of Mysore, State Bank of Indore, State Bank of Patiala and State Bank of Travancore. There are more than 1,000 vacancies each with State Bank of Hyderabad, State Bank of Patiala and State Bank of Travancore.
The State Bank of India is likely to finalise the acquisition of two banks in Asia and Africa in six to eight weeks, its chairman A K Purwar said on Tuesday.
Infosys has withdrawn all its deposits with State Bank of India, the largest commercial bank in the country, in the just concluded October-December quarter.
This will be the second merger of an associate bank with the SBI after a similar exercise with the State Bank of Saurashtra in August 2008.
A teaser loan is one where the lender offers a slightly lower rate in the initial years and then charges higher rates in later years.
SBI put a temporary ban on tractors and farm mechanisation loans, starting this week, citing the reason of rising overdues. SBI finances about 25 per cent of all tractors sold in India, with a finance exposure of Rs 7,000 crore (Rs billion) as of last year. The ban will remain effective for a period of two months. According to an industry expert, India witnessed sales of about 325,000 tractors last year.
Saudi Arabia has allowed State Bank of India to open its branches in the Kingdom.
Several PSU lenders, including Canara Bank, Bank of India and Bank of Baroda, Syndicate Bank, have already slashed their benchmark prime lending rates by 0.75 per cent after Finance Minister P Chidambaram met state-owned banks' heads to discuss the possibility of rate cuts.
The State Bank of India is evaluating four banks abroad for acquisition to expand its foreign operations in a bid to become one of the top three banks in Asia by 2008 and among the top 20 globally over the next few years.
SBI fixed its base rate, the minimum lending rate, at 7.5 per cent which would replace its benchmark prime lending rate from Thursday.
SBI last reduced its lending rate in January by cutting it by 0.05 per cent.
'He is convinced that this will help him in the next election.' 'But as we know, the best laid plans of mice and men can go awry.'
The lender, however, is not likely to reduce its base rate to which all loan rates are linked.
The officers of the country's largest lender State Bank of India have called off the proposed two- day nationwide strike as the officers' as the union has reached an agreement with the management.
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
