State Bank of India expects decent growth in FY16.
To help reduce rental costs by 20 to 25 per cent within the next three years.
Loss takes analysts by surprise, as they were expecting the bank to post a net profit of Rs 19 billion.
State Bank of India (SBI) and Housing Development Finance Corporation (HDFC) will see maximum inflows from passive trackers on account of the quarterly rebalancing exercise of the National Stock Exchange Nifty Bank Index. IndusInd Bank and AU Small Finance Bank could see maximum outflows. The rejig of the Nifty CPSE Index will result in inflows in Oil and Natural Gas Corporation, NTPC, and Coal India and maximum outflows in Bharat Electronics, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
'Higher inflows into these securities should lead to lower borrowing costs for the government.'
Amidst global financial distress, State Bank of India has hinted that it is mulling overseas bank acquisition. SBI Chairman O P Bhatt today indicated that though there were no immediate plans, but the bank was definitely having a look at it.
A 'virtual merger' of State Bank of India with its seven associate banks will take place within 6-12 months as part of the consolidation exercise
The new rates will be effective from May 9.
The State Bank of India and its seven associate banks, have awarded a $ 29 million contract to Datacraft to implement the second phase of its nation-wide corporate network, Datacraft announced on Wednesday.
'Look not just at the interest rate but also the processing fee.'
Its total income (consolidated) rose to Rs 79,302.72 crore in the quarter under review, compared to Rs 74,948.51 crore in the year-ago period
Both the Lok Sabha and Rajya Sabha were adjourned till 2 pm after opposition members held protest in Parliament seeking a discussion on the issue.
Earlier this month, the Union Cabinet had approved the merger of SBS with SBI. The boards of both the banks had given their approval for the merger in August last year. SBS is a wholly-owned subsidiary of the State Bank of India. The merger would be effective from the 'date as may be notified by the Govt of India in the official Gazette'.
Ahead of RBI's monetary policy review, SBI on Monday expressed hope the apex bank will cut interest rates by 0.5 per cent and CRR by up to one per cent to boost sagging growth.
We do not expect any major price action at SBI counter as the swap ratio being largely neutral
State Bank of India's (SBI) two-year-long wait to expand its operations in the United States is set to end with the New York State Banking Department (NYSBD) clearing the bank's application for opening another branch, senior SBI officials confirmed.
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.
In addition, both will offer services jointly, subject to financial viability.
The SBI auction will be the biggest nationwide online sale.
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.
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.
State Bank of India (SBI) on Wednesday reduced interest rates on loans for car and consumer durables and also decided to lower processing charges to cash in on the festival season demand.
A full rollout of the products will be completed by March 2011 and the UK branch of SBI will be adding three branches over the existing seven to push its retail agenda. With this, SBI will take on local heavyweights in the mortgage segment such as HSBC, Barclays, NatWest, Lloyds and RBS.
State Bank of India (SBI), the country's largest lender, is likely to reduce interest rates on home loans and other retail loans by next week, to coincide with the start of the festive season.
The "Tiny Card" with biometric identification is State Bank of India's answer to the challenge of financial inclusion of one lakh villages in the country.
The development of the coal mine located at Queensland in Australia and required infrastructure including railways would cost $7.6 billion.
Budget this year has allowed PSBs to bring down govt stake to 51%
Last year SBI's credit growth was 15.6 per cent.
The bank is considering a share-purchase scheme for all employees.
rediffGURU Sunil Lala answers your MF-related queries.
Wait for some days, as other lenders are likely to follow suit. You can also negotiate for a lower rate before deciding on a change of bankers.
Against the security of their self-acquired, self-occupied houses, senior citizens can avail of a loan that will be released in monthly or quarterly installments or as a lump sum payment at the beginning based on their need. The loan will be given jointly if the spouse is alive, provided he/she is above 58 years of age. The loan need not be repaid by the borrowers during their lifetime.
SBI home loans are now cheaper by 0.50-1 per cent depending on loan maturities and amount of loan. The bank also gives discount if the salary account is with the SBI and further discount if a higher margin is available. The interest rates on new car loans and two-wheeler loans have been reduced by 1 per cent depending on the amount and maturity of loan.
Ahead of the assembly elections in Gujarat and Himachal Pradesh, the government on Monday approved the issuance of the 23rd tranche of electoral bonds that will open for sale on November 9.
State Bank of India (SBI) on Wednesday reduced the processing fee on home and auto loans by 50 per cent to cash in on festive season demand.
In a massive push for cashless transaction, State Bank of India, the country's largest bank, plans to increase the number of its ATMs by over three times to 25,000 in the next three years.
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