The government has raised Rs 5,000 crore from the money market, outside its scheduled borrowing programme for the first half of the current fiscal, to takeover the Reserve Bank's 59.73 per cent stake in State Bank of India (SBI) by the month-end.
State Bank of India partnered GE Capital in 1998 for its credit card business.
The consortium might get about Rs 1,000.
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.
The transmission of the last cash reserve ratio cut has also not happened fully because that came in March.
The consolidated entity can target good growth FY18 onwards, analysts say.
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.
This is the fourth cut in term deposit rates by SBI since April and has brought the cumulative reduction to 150 basis points. The new rates will be applicable to fresh deposits and those that come up for renewal. Since December, deposit rates have come down by up to 300 basis points. In contrast, the benchmark prime lending rate has been cut by 150 basis points. SBI will review its lending rate by the end of the month.
One of the MDs, R Sridharan, is focusing on associates and subsidiaries. Another managing director, S K Bhattacharyya, who retired in October, 2010, was the chief credit risk officer.
'SBT's merger with SBI could lead to closure of several branches and hurt employment opportunities.'
Maximum customer complaints were received against State Bank of India, ICICI Bank and HDFC Bank during 2010-11, said banking ombudsman of New Delhi region.
Adani Group on Friday raised Rs 4,850 crore from the sale of 13.5 per cent of its stake in Fortune oil maker Adani Wilmar as part of a strategy to exit non-core activities to focus on main infrastructure business. The conglomerate, which last month announced its exit from Adani Wilmar by selling the bulk of its stake to a joint venture partner, had on Thursday announced sale of 17.54 crore shares (13.50 per cent equity) in the company on January 10 (to non-retail investors) and on January 13 (to retail investors) at a floor or minimum price of Rs 275 apiece.
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.
State Bank of India is planning a joint venture with a reputed IT company in a bid to bring its technology level at par with the private and foreign banks.
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.
For banks to give debt requires equity from promoters, Kumar said, adding that the number of people or business houses who have that capability to invest has shrunk.
A grooming branch network for servicing HNIs is a stepping stone for a full-fledged wealth management business.
Deputy Election Commissioner Umesh Sinha said here that that it has now been established the amount belongs to SBI.
State Bank of India is likely to show a credit growth of about 19 per cent for the current fiscal ending March 2005 on the back of buoyant economy.
The SBI report, however, said the economic growth rate will pick up pace in 2020-21 to 6.2 per cent.
The bank, however, has ruled out cut in benchmark lending rate saying the bank is offering one of the lowest rates in the industry.
Inaugurating the Grameen Bharat Mahotsav, the Prime Minister exuded confidence that villages will play a key role in pushing forward the dream of Viksit Bharat by 2047.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
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 fund used to fight the coronavirus pandemic will be spent from CSR funds.
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 airline is operating just 6-7 planes, with almost its entire fleet being grounded due to non-payment of rentals to lessors amid severe paucity of cash.
From the 30 Sensex pack, Hindustan Unilever fell by nearly 6 per cent after the FMCG major reported a 2.33 per cent decline in consolidated net profit at Rs 2,595 crore for the second quarter ended in September 2024 impacted by moderation in demand from the urban market.
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.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
SBI Cards and Payment Services reported numbers that met Street expectations in the first quarter of the 2023-24 financial year (Q1FY24). The net profit came in at Rs 590 crore, while pre-provision operating profit grew 17 per cent year-on-year (YoY) (a little better than expectations). But provisions were hiked due to surprise stress from pre-Covid-19 period of 2018-19, and that dragged earnings.
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.
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.
"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.
