Mumbai: State Bank of India has partnered with payments service provider, Ezetap Mobile Solutions, to deploy mobile point-of-sale (mPOS) solution.
SBI plans to deploy 5,00,000 point-of-sale terminals within the next five years, it said in a release. "Mobile POS has the power to transform payments and commerce. It can be deployed easily and at low cost in every corner of the country," SBI's deputy managing director S K Mishra said.
The SBI-Ezetap platform would allow the bank to provide value-added services for merchants and consumers from a single, secure POS device and application, he added.
New Delhi, May 23State Bank of India (SBI), the country's largest lender, Friday said its net profit declined by 7.82 percent to Rs. 3,041 crore in January-March quarter of this year from Rs. 3,299 crore recorded in the same period last year.
This is the fifth consecutive quarter of decline in profit for the bank.
For the whole financial year 2013-14, the company posted a net profit of Rs. 14,174 crore, 20.89 percent lower than the Rs. 17,916 crore recorded in the previous fiscal.
State bank of India (SBI), the country's largest lender, is taking bold steps to trim down bad loans or non-performing assets (NPAs), Managing Director & Group Executive (National Banking) A Krishnakumar said.
Mr. Krishnakumar said that all zones of the bank had been asked to tighten the recovery of debts and cut NPAs, which have swelled to 5.73 per cent.
He said the bank has already initiated legal action against entities that have not cleared loans, stressing that even major clients like airlines would not be spared.
State Bank of India (SBI), the country's biggest stat-run lender, has welcomed the announcement of four-year moratorium on education loans, saying it would help lenders regularise their loan accounts.
In the interim Budget for the financial year 2014-15 on Monday, Finance Minister proposed a moratorium period for each and every education loan taken up to March 31, 2009 and outstanding as of December 31, 2013.
Mumbai, Feb 14 : The country's largest lender State Bank of India (SBI) Friday reported 34 percent slump in its net profit for the third quarter of the current financial year.
The bank posted a net profit of Rs. 2,234.34 crore for the quarter ended Dec 31, 2013 as compared to Rs. 3,396.06 crore posted in the corresponding quarter of last year, registering a decline of 34.20 percent.
SBI's non-performing loans or bad loan as proportion of total assets rose to 5.7 percent during the quarter under review as compared to 5.6 percent posted in the previous quarter.
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.