SBI reduced interest rates for minor irrigation loans upto Rs 25 lakhs to eight per cent in the first one year and nine per cent in the second and third years. The existing rates in this category is 10.5 per cent-13,25 per cent.
The fund house has proposed the government allow those investing up to a specified amount, to contribute on a monthly basis without submitting PAN, which is a must for all mutual fund investments. SBI MF is hoping to get around 250,000 investors to invest in 'Chota SIP.' The product aimed at the lower income group, the subscription level could rise to 1 million if the PAN requirement was done away with.
The government is set to earn an equity dividend of nearly Rs 13,800 crore from the listed public-sector banks (PSBs), all 12 of them, for FY23, up 50 per cent from Rs 9,210 crore in FY22. This will be the highest ever dividend for the government from PSBs. The 12 PSBs in our sample are paying an equity dividend of nearly Rs 21,000 crore for FY23, up 53 per cent from Rs 13,710 crore for FY22.
Lenders had asked the management to come up with a revival plan and $1 billion capital infusion.
SBI to e-auction over 300 properties on March 14.
The corporate affairs ministry has ordered an inspection of the books of Byju's, a senior government official said on Monday amid the edtech major facing multiple headwinds, including delay in submitting financial statements and concerns over corporate governance issues. The inspection of Bengaluru-based Think & Learn Pvt Ltd, which operates under the brand Byju's, will be carried out by the ministry, which is implementing the companies law. The ministry decided to carry out the inspection after taking note of the developments, including that the company has been unable to finalise its financial statements and that its auditor has resigned, the official told PTI.
Asian Paints dropped the most by 1.33 per cent. IndusInd bank fell 1.2 per cent, Axis Bank by 1.19 per cent, SBI by 1.12 per cent, Bajaj Finance by 1.07 per cent, Nestle by 1.04 per cent, and TCS by 0.97 per cent. Hindustan Unilever, Reliance Industries, Power Grid and Kotak Bank also retreated. Maruti Suzuki was the lead gainer, rising by 2.22 per cent.
'SBI is already too big. Too big to fail.' 'It already is a moral hazard. What will it do with 20,000 branches that it cannot do with 14,000, especially in these days of online and mobile banking?'
SBI's overall gross NPA as on end-December 2013 was close to Rs 68,000 crore ( Rs 680 billion) or 5.73 per cent of its gross advances.
Leading private financial players HSBC and ICICI Prudential along with country's largest bank SBI have been shortlisted to manage about Rs 25,000 crore (Rs 250 billion) in provident fund of about four crore employees annually.
The website will provide information in Hindi, Marathi, Gujarati, Tamil, Telugu, Malayalam, Bengali, Kannada and Punjabi.
Realty, Capital goods, Bankex among key draggers; HDFC and Sun Pharma bucks trend.
Indian banks are the 2nd-fastest-growing ones.
On the day P Chidambaram took charge as the Union finance minister, the country's largest lender, State Bank of India (SBI), brought interest rate relief to its new home and automobile loan customers.
SBI, which accounts for about a quarter of India's loans and deposits, said standalone net profit fell about 8 per cent from a year earlier to Rs 30.41 billion ($519.8 million) in its fiscal fourth quarter to March 31.
The bookings for Rs 1 lakh Nano car by the Tata Motors are pouring in from all parts of the country as the sole booking agent SBI said it has distributed lakhs of applications for the world's cheapest car.
The broader NSE Nifty jumped 57.25 points or 0.49 per cent to close at 11,844.10.
The proposal to merge the Gujarat International Finance Tec-City (GIFT City) units of the National Stock Exchange (NSE) and BSE has reached an advanced stage, and both bourses could file an application before the National Company Law Tribunal as early as this month, according to a top regulatory official. Sources indicate that the merger proposal has received approval from their respective boards. Both the NSE and BSE are arch rivals when it comes to onshore trading.
SBI's home loans, which offer a lower interest rate in the initial years and rate increases in the later years, were termed teaser loans by the Reserve Bank of India.
Kingfisher promoter Vijay Mallya is ready to infuse Rs 425 crore (Rs 4.25 billion) into the airline and restart its limited operations as soon as DGCA gives a go-ahead, the lead lender to the grounded carrier SBI said.
The State Bank of India, the country's largest bank, has had to shut down its corporate website after overseas hackers tried to break in.
The State Bank of India hopes to upgrade its Representative Office in Shanghai soon into a full-fledged branch and commence normal banking operations by early next year, sources said on Tuesday.
Home, auto and other retail loans from SBI and Union Bank of India will cost more, with the two public sector banks on Thursday announcing an identical 0.5 hike in their benchmark prime lending rates to protect margins.
One of the reasons why the TMC decided not to demand a JPC is that the chairperson and most of its members would be from the BJP, he said, adding JPC means putting the issue under the carpet.
Though the economy is recovering, the non-performing assets (NPAs) may rise further because the asset quality will improve only with a lag effect, says O P Bhatt.
Hindenburg Research has alleged that Adani Group was "engaged in a brazen stock manipulation and accounting fraud", a charge the conglomerate described as malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin its share-sale.
State Bank of India has received the permission from the Chinese Government to lend in the local currency -Yuan, a top official said on Thursday
Many other companies have expressed intent of diluting stakes.
SBI, the country's largest lender, first announced a rate cut of 0.25 per cent in its home loan rates on Thursday, forcing HDFC, the second biggest home loan financier, to respond.
This cashless transaction is a part of corporate debt restructuring agreed by banks and the airline company.
She said I treated her like a bachchi. At another moment, she said I had gone to various people and 'bitched' about her. She also threatened to bring the entire matter to the PM's notice. A revealing excerpt from Subhash Chandra Garg's We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.
Tata Motors was the biggest loser in the Sensex pack, skidding 1.77 per cent, followed by SBI, Power Grid, Tata Steel, Infosys, UltraTech Cement, Titan, Larsen & Toubro, Reliance Industries and Maruti. On the other hand, IndusInd Bank, Bharti Airtel, Asian Paints, NTPC, HCL Technologies, HDFC and Sun Pharma were the gainers.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
State Bank of India is keen to encourage women to take home loans.
State Bank of India on Tuesday ruled out physical merger of its associate banks with itself in the near future but said "virtual merger" of the entities was on.
Ulhas Joshi, Head -- Sales, Rank MF, a mutual fund investment platform, answers your queries.
From the Sensex pack, Larsen & Toubro jumped 4.26 per cent to emerge as the biggest gainer, followed by IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro. Mahindra & Mahindra, Infosys, UltraTech Cement and Hindustan Unilever were the major laggards.
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