Equity benchmark indices Sensex and Nifty rebounded sharply on Monday after five days of steep decline amid value buying at lower levels and a rally in global markets. Besides, hectic buying in blue-chip stocks ITC, HDFC Bank and Reliance Industries also helped in market recovery.
Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency to political funding.
At issue size of Rs 10,355 cr, the offering will be Asia's biggest this year and fifth-largest domestically.
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.
The bank, however, has ruled out cut in benchmark lending rate saying the bank is offering one of the lowest rates in the industry.
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.
Deputy Election Commissioner Umesh Sinha said here that that it has now been established the amount belongs to SBI.
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.
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.
;The entire INDIA bloc, led by Rahul Gandhi, was against the bonds and they wanted the old system of cut money to rule over politics once again;
The NBFCs, which filed for ECB in January with the Reserve of India (RBI), include REC (over $500 million), Tata Motors Finance ($200 million), L&T Finance Holdings ($125 million), and Shriram Finance ($750 million), according to the RBI data. A senior executive with State Bank of India (SBI) said overseas borrowing by Indian companies, including highly rated NBFCs, was likely to grow because hedging costs were low and there was a softening bias in global interest rates.
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.
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.
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.
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.
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SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
"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.
Credit card spending in September recorded strong growth of 25 per cent year-on-year (Y-o-Y), marking the highest increase in six months. Even as many banks saw higher slippages during the July-September quarter of 2024-25, spending growth exceeded 20 per cent for the first time since February. According to the latest data released by the Reserve Bank of India (RBI), September spending reached Rs 1.76 trillion, compared to Rs 1.42 trillion in the same period a year ago. In August 2024, credit card spending was Rs 1.68 trillion.
SBI is planning one man branches and FSCs to tap the mass affluent and HNI customers in cities.
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.
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.
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.
The SBI report, however, said the economic growth rate will pick up pace in 2020-21 to 6.2 per cent.
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.
Infrastructure bond issuances by commercial banks in the current financial year (FY25) are likely to surpass Rs 1 trillion, almost double that of FY24, market participants said. So far this financial year, banks have raised Rs 74,256 crore via infra bonds. In FY24, the total issuances stood at around Rs 51,081 crore.
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 is open to overseas acquisitions in case there is synergy in businesses.
Home loan rate for new customer is 9.9 per cent.
The State Commission concluded the insurer could not take advantage of a typographical error on the bank's part to repudiate a legitimate claim, points out Jehangir B Gai.
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
Shares worth over Rs 50,000 crore (or approximately $6 billion) are set to become freely tradable between now and April 10. Historically, such substantial volumes have been absorbed by a buoyant block-deal market.
"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 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.
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).
