SBI Deputy Managing Director Shyamal Acharya has been ordered to proceed on leave, while an internal committee has been set up to investigate a graft case involving a loan worth Rs 400 crore.
The Central Bureau of Investigation (CBI) has named Acharya along with former SBI Assistant General Manager KK Kumarah and Worlds Window Group's Cahirman Piyoosh Goyal in the graft case.
The investigative agency's Mumbai Economic Offences Wing (EOW) has already registered a case against Acharya, Kumarah, Goyal and other unknown officials of state-run lender and private persons.
New Delhi, Nov 6 : The country's largest lender State Bank of India (SBI) Wednesday said it has decided to raise lending rates by 0.20 percent that will make home, auto and other loans costlier.
SBI will raise base rate or the lowest rate at which the bank lends to 10 percent from the existing 9.8 percent.
The bank has also decided to hike Benchmark Prime Lending rate by 0.20 percent to 14.75 percent per annum from the existing 14,55 percent.
The new rates will be applicable from Thursday, SBI said in a statement.
Government-run State Bank of India (SBI) on Sunday announced that it acquired a stake in the U. S.-based Equifax Inc’s Indian subsidiary Equifax Credit Information Services (ECIS).
In a press release, the SBI said that the investment gave it an interest in the credit bureau ECIS along with a membership in its board.
State Bank of India (SBI), on Thursday revised upwards its lending as well as deposit rates, as part of its efforts to deal with liquidity crunch.
The country’s largest state-owned lender announced that it had hiked Base Rate (the minimum rate of lending) and the Benchmark Prime Lending Rate by 10 basis points to 9.80 per cent and 14.55 per cent, respectively.
Mumbai, Sep 19 : The State Bank of India (SBI) Thursday hiked deposit and lending rates, a day ahead of the monetary policy announcement by the central bank.
The decision by the country's largest lender will make home, auto and other loans costlier, which may impact demand negatively.
In a statement, SBI said it had raised the base rate to 9.8 percent per annum from the earlier rate of 9.7 percent. The new rate became effective from Thursday.
The Benchmark Prime Lending rate is also increased by 10 basis points to 14.55 percent per annum from the earlier rate of 14.45 percent.
In a bid to minimise possible defaults on four-wheeler loans, State Bank of India (SBI) has announced its decision not to give car loans to those who earn less than Rs 6 lakh per annum.
Tightening eligibility conditions for its car loan schemes, SBI, the biggest state-owned lender of the country, said that it had raised the eligibility limit for four-wheeler loan issuance for salaried people from annual income of Rs 2.5 lakh to annual income of Rs 6 lakh.
Public sector lender State Bank of India (SBI) has announced that it has acquired 23 per cent more shares of Bank State Bank of India, Indonesia (BSBII), raising its stake in the Indonesian subsidiary to 99 per cent.
In a filing with the Bombay Stock Exchange (BSE), SBI said it bougt the stake in a recent deal with its Indonesian partner P T Ravindo Jaya. However, the largest public sector lender of India didn't disclose the financial terms of the deal.
Chennai, Aug 28 : The Reserve Bank of India (RBI) is looking into the complaint against State Bank of India (SBI) for shaming students and their parents for defaulting on their education loan.
"RBI's assistant general manager Sharmila Sampath Kumar has sent me an email Aug 28 stating that the issue is receiving the attention of the central bank," K. Srinivasan, convenor, Education Loan Task Force (ELTF), told IANS here Wednesday.
Mumbai, Aug 12 : The country's largest lender State Bank of India (SBI) Monday said its net profit dropped by 13.6 percent to Rs. 3,241.08 crore (Rs. 32.41 billion) for the quarter ended June 30 due to higher operating expenses and sluggish growth in interest income.
The bank has posted a net profit of Rs. 3,241.08 crore for April-June quarter of the current financial year as compared to Rs. 3,751.56 crore profit recorded during the same period last fiscal, posting a decline of 13.6 percent.
Indian Market closed positive on Monday with BSE Sensex closing 181 points higher at 19,577 after remaining most of the trading session in positive territory. The European markets opened positive and offered support to the upbeat sentiment in Indian market during the afternoon session.
The Reserve Bank of India (RBI) should become the regulator for all loans, including home loans, State Bank of India (SBI) Chairman Pratip Chaudhuri said.
Speaking at the fifth ICC Banking Summit, Mr. Chaudhuri said that there was no justification for having different regulators for different verticals like industrial loans, vehicle loans and home loans.
Speaking on the topic, he added, “Perhaps, the objective of the regulations is better served with RBI itself becoming the sole regulator for all loans, including home loans.”
Kolkata, May 18 : The country's largest lender, State Bank of India (SBI), Saturday the Reserve Bank of India (RBI) should become the sole regulator for all home loan institutions - banks as well as housing finance companies.
"Where is the justification for a separate home loan regulator? Why should not the RBI become the sole regulator," asked SBI chairman Pratip Chaudhuri while talking to reporters on the sidelines of an ICC Banking Summit here.
Kolkata, May 18 : Public sector lender State Bank of India (SBI) chairman Pratip Chaudhuri Saturday said the lender's margins in overseas business were under pressure.
However, non performing asset (NPA) levels of the country's largest lender in the fourth quarter last fiscal remained low compared to third quarter.
Kolkata, May 18 : Pratip Chaudhuri, chairman of the country's largest lender, State Bank of India (SBI), said Saturday that the RBI and SEBI should start public awareness campaigns for depositors on the risk of investing in shady companies.
Chaudhuri's comment came amid the chit-fund catastrophe in West Bengal after the collapse of the scam-tainted Saradha Group.
"Regulatory authorities, particularly RBI (Reserve Bank of India) and SEBI (Securities and Exchange Board of India), should launch campaigns," Chaudhuri told reporters on the sidelines of the ICC Banking Summit here.
Despite the recent cut of 25 basis points in repo rate by the Reserve Bank of India (RBI), individual banks have no plans to bring lending rates down right away.
Pratip Chaudhuri, chairman of public sector lender SBI, yesterday ruled out any immediate cut in lending rates, saying that the repo rate cut announced by the central bank didn't give any room for a cut in lending rates.
The State Bank of India (SBI) has announced the launch of a pre-paid card, State Bank Smart Payout Card, to provide unbanked people with an alternative to bank accounts.
The State Bank Smart Payout Card targets at blue-collar workers, contract labourers and who employees of small & medium enterprises who do not have a bank account.
The card is apt for workers whose monthly salary is not less than Rs 10,000.
A decline of up to 20 per cent in gold prices would not impact the State Bank of India (SBI) but any further decline would definitely become an issue, Pratip Chaudhuri said.
On Tuesday, gold prices slipped more than 10 per cent to a two-year low of Rs 25,900 per 10 grams, and the decline is expected to continue in the near future.
Mr. Chaudhuri, chairman of the country's biggest lender, said that the lender would reduce the quantum of loan amount it gives against gold collateral, as a precautionary measure.
State Bank of India (SBI), the country's largest bank, has confirmed that it has raised one billion dollars by successfully selling its five-year senior unsecured bonds.
The bonds were sold at 255 basis points over five-year US Treasuries to yield 3.27 per cent.
Pratip Chaudhuri, chairman of the bank, said, "SBI is very pleased that the transaction received such success. The strength of the order book and the fine pricing reflects the level of investors' confidence in the SBI credit."
Mumbai, Jan 31 : A benchmark index for Indian equities markets was trading flat in the afternoon trade Thursday, even as several banks announced cuts in their lending rates.
Several banks, including the State Bank of India (SBI), cut the rates following the Reserve Bank of India's (RBI) decision to lower key lending rates in its third quarterly review of monetary policy.
There was heavy buying in the interest rate sensitive consumer durables and banking stocks.
However, metal, oil and gas and information technology (IT) stocks came under selling pressure.
The Parliament approval of the Banking Laws (Amendment) Bill, 2012, is expected to provide a great boost to the economy by attracting foreign investors, creating new banks, expanding the existing ones, and generating thousands of new jobs.