State Bank of India has selected Finacle Universal Banking, the core banking solution of Infosys Technologies, to power its international operations
Telenor Financial Services, IDFC Bank and Sun Pharma's Dilip Shanghvi have decided to withdraw their licence to set up a payments bank.
Banking services across the country were hit on Wednesday by the day-long strike by 10 central trade unions and 14 bank unions, but workers of largest lender SBI and a few other banks stayed off the agitation.
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 Congress on Friday alleged that the electoral bonds data has exposed 'corrupt tactics' of the Bharatiya Janata Party such as quid pro quo, seeking donations for the company's protection, kickbacks and money laundering through shell companies.
SIBs are perceived as ones that are 'Too Big To Fail'
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
Some of the services like cash deposit and withdrawal at the counter and cheque clearances have been impacted due to the strike by banking staff.
A week after it announced a nationwide strike on June 6, the State Bank of India Officers' Association on Tuesday threatened to go in for a two-day strike subsequently if their demands were not met.
Infosys has withdrawn all its deposits with State Bank of India, the largest commercial bank in the country, in the just concluded October-December quarter.
Eight months after barring the country's largest private sector lender HDFC Bank from selling new credit cards, the Reserve Bank of India (RBI) has lifted the ban, banking sources said on Tuesday. However, the ban on launching new technology initiatives remains, the sources said. In December last year, the RBI had come out with an unprecedented
The new rates will be effective from May 9.
The bank's gross non-performing assets rose to 5.56 per cent of total advances at the end of June, against 4.99 per cent a year ago, reflecting the impact of slowing economy.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
SBI has reduced deposit rates by 40 to 50 basis points across maturities. On deposits for a period of one year up to two years, the bank has reduced interest rates by 40 basis points to 8.10 per cent. And, deposits for any length of time between two years and 1,000 days would now earn an interest of 8.5 per cent against 9 per cent earlier. Other lenders are expected to follow suit.
The SBI (Subsidiary Banks Laws) Amendment Bill 2009, introduced by minister of state for finance P K Bansal, was necessitated as these powers were vested with the Reserve Bank of India from whom the ownership of these banks were transferred to the Centre few years ago. Once passed, the bill would empower the Centre to increase or reduce the authorised capital of a subsidiary bank.
The State Bank of India has registered a significant victory as a court of appeal in the Belgian port city of Antwerp has dismissed a money laundering case against it.
Many other companies have expressed intent of diluting stakes.
Country's largest lender State Bank of India on Wednesday said it will extend its 8 per cent concessional home loan scheme, popularly called teaser rates, by another 3 months till December.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
From steel tycoon Lakshmi Mittal to billionaire Sunil Bharti Mittal's Airtel, Anil Agarwal's Vedanta, ITC, Mahindra and Mahindra, and a lesser-known Future Gaming and Hotel Services were among the prominent buyers of the now-scrapped electoral bonds for making political donations.
State Bank of India on Monday invited bids from strategic as well as financial bidders for stake sale in ailing Jet Airways, and the bids have to be submitted by April 10, said a public notice.
As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following this merger, PNB will become second largest after the SBI, Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.
SBI rose 2.43 per cent, Maruti gained 2.38 per cent, Sun Pharma 1.87 per cent and HUL was up by 1.78 per cent.
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.
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.
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
State Bank of India on Friday reduced its deposit rates by 0.25 per cent, making it the third bank after private sector rivals, ICICI Bank and HDFC Bank, to reduce deposit rates this week.
Reliance Industries Ltd was the biggest wealth creator during the five-year period from 2018 to 2023 while Adani Enterprises Ltd was the top all-round wealth creator, according to a study by Motilal Oswal Financial Services. The study, based on stock market performance of companies, said for the fifth time in succession, Reliance emerged as the largest wealth creator, adding Rs 9,63,800 crore wealth over 2018-23. It was followed by Tata Consultancy Services (Rs 6,77,400 crore wealth addition), ICICI Bank (Rs 4,15,500 crore), Infosys (Rs 3,61,800 crore) and Bharti Airtel (Rs 2,80,800 crore).
