Tag: State Bank Of India

Home, auto loan EMIs to go up as SBI, PNB hike lending rates

Two state-run lenders State Bank of India and Punjab National Bank on Thursday raised their lending rates by up to 20 basis points, a move that will increase the interest rates on existing as well as home, auto loans and personal loans. While the nation’s largest lender SBI raised its one year MCLR (marginal cost …

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March 2, 2018

Consumer Forum rejects complaints against SBI

The District Consumer Redressal Forum here has rejected four complaints against the State Bank of India (SBI) pertaining to the interest rate on personal loans. Forum’s president Sneha Mhatre and member Madhuri Vishwarupe recently held that SBI’s Thane main branch was right in recovering the difference in the interest rate on the personal loan as …

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December 15, 2017

Lack of S&P upgrade will not impact India: SBI

Rating agency Standard & Poor’s (S&P) refusal to upgrade India’s sovereign ratings will have no major impact on the country’s creditworthiness, state-run State Bank of India (SBI) said on Friday. Earlier in the day, the American rating maintained status quo on India’s soveriegn rating at BBB- with a stable outlook, a development that comes a …

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November 25, 2017

SBI leads rally on Dalal Street

Sharp decline in slippages, jump in Net Interest Income (NII) in July-September quarter sent State Bank of India’s stock soaring on the Dalal Street on Friday. Analysts termed Q2 earnings of the country’s biggest bank as “refreshing” turnaround after several quarters of dismal and worrying performance. The stock shot up to top of the gainers …

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November 10, 2017

Challenges ahead, be ethical, courteous, new SBI chief tells staffers

Warning of challenges ahead, the State Bank of India’s new Chairman Rajnish Kumar asked all the 268,705 employees of the country’s largest bank “to maintain the highest standards of ethics and provide courteous services to customers”. In a two-and-a-half page long letter to each employee this week, he has said that in its 211-year old …

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October 10, 2017

SBI opens new branch in Singapore

The State Bank of India (SBI) today opened its sixth branch in Singapore, extending its services in the country’s heartland. The new branch has come up in Ang Mo Kio area, which is popular for its housing estates. The SBI already operates branches in housing estates Marine Parade and the industrial estate of Jurong. It …

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September 25, 2017

Banks’ borrowing rates will fall with lending rates, says Jaitley

The latest cut in savings bank interest rates by state-run State Bank of India (SBI) comes in the context lower inflation and lending rates, Union Finance Minister Arun Jaitley said on Thursday. "When lending rates go down, the borrowing rates will obviously come down. These are all inter-connected," Jaitley said in the Rajya Sabha during …

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August 4, 2017

Jaitley defends SBI decision to cut savings account interest rate

Finance Minister Arun Jaitley on Thursday defended the State Bank of India's decision to cut interest rate on savings accounts of less than Rs 1 crore, saying the move was in sync with reduction in lending rate. Responding to a Zero Hour mention of the SBI's decision to cut interest rate on savings accounts with …

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August 3, 2017

SBI cuts saving account rate by 0.5% on balance upto Rs.1 cr

Country's largest lender State Bank of India has slashed interest on savings account deposits by 50 basis points to 3.5 per cent on balance up to Rs.1 crore, ahead of RBI's policy review this week. However, the bank will continue to offer 4 per cent interest on savings account balance of Rs.1 crore and above. …

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July 31, 2017

Launching Rs.200 note will fill missing middle: SBI Report

Introduction of Rs.200 note will fill in the “missing middle” even as the new currency in circulation (CIC) has already reached 84 per cent of the pre demonetisation level, says a report. Cash with banks, a CIC component, has however witnessed a decline over November 2016 level, said the State Bank of India Ecowrap report. …

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July 23, 2017

SBI launches INTOUCH, digital village initiatives in Nepal

The State Bank of India (SBI) has launched its flagship service INTOUCH in Nepal, an official spokesperson said here on Saturday. The sbiINTOUCH, inaugurated by SBI Chairperson Arundhati Bhattacharya, will offer customers products like Savings Bank, Saral Bachat Account and Combo Savings Account and the branch will have facilities like kiosks for account opening, debit …

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July 8, 2017

EPFO signs pact with five banks for collection of remittances

The Employees Provident Fund Organisation (EPFO) on Wednesday signed an agreement with five banks — Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank — for the collection of remittances, as well as payments to beneficiaries at zero transaction charges. A collection of EPF dues was earlier done through Punjab National …

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July 5, 2017

SBI’s paid-up share capital rises to Rs.863 crore

Lending major State Bank of India (SBI) on Monday said that its paid-up capital has increased to Rs.863.20 crore after its recent share placement through QIP. "Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased from Rs.810,98,57,182 to Rs.863,20,50,393 comprising 863,20,50,363 equity shares of …

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June 12, 2017

Sensex losses widen on weak global cues, down 112 points

The benchmark BSE Sensex drifted further down by over 112 points in early trade on Friday amid global volatility. Besides, the depreciating rupee against the US dollar also added to the dampened sentiment. The 30-share index fell by 112.14 points, or 0.35 per cent, to 31,101.22 in early trade. The gauge had lost 57.92 points …

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June 9, 2017

‘SBI ATMs not affected by ransomware’

Amid reports of several ATMs remaining shut due to a possible virus attack by WannaCry ransomware, the largest public lender of the country State Bank of India (SBI) on Wednesday said that it has not been affected at all by the malware and all its ATMs were fully functional. "We have not been impacted at …

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May 17, 2017

SBI to allow ATM withdrawals via e-wallet, to charge Rs.25 per transaction

The State Bank of India (SBI) will introduce new facility that will enable withdrawal of cash through ATMs using the bank's mobile wallet. However, the bank will charge Rs.25 on every cash withdrawal from the mobile wallet (State Bank Buddy) via ATMs. Meanwhile, the SBI has denied media reports that it has increased service charges to Rs.25 …

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May 11, 2017

Bad debt situation not that grim, recovery hopes intact: SBI

State Bank of India, the country's largest lender, on Saturday said most of the nation's bad loans belong to industries that are still in business and banks will probably recover the write-downs when growth turns up and they perform again. Speaking at a seminar on 'Asian Banking in Challenging Times' here, SBI Chairman and Managing …

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May 6, 2017