Mumbai (Maharashtra) [India], Apr. 1 : The State Bank of India has merged its five Associate Banks - State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore besides Bharatiya Mahila Bank - with itself with effect from April 1.
With this six-way mega merger, the SBI has joined the league of top 50 banks globally in terms of assets.
The total customer base of the bank is now expected to reach 37 crore with a branch network of around 24,000 and nearly 59,000 ATMs across the country.
The merged entity will have a deposit base of more than Rs. 26 lakh crore and advances level of 18.50 lakh crore.
New Delhi [India], Mar. 30 : SBI Card, one of India's leading credit card issuers announced the launch of a credit card, 'SBI Card Unnati', targeted at all State Bank of India (SBI) customers, including Jan Dhan account holders, throughout the country.
The card, launched at an event by Piyush Goyal, Minister of State (Independent Charge) for Power, Coal, New & Renewable Energy and Mines in the Government of India, will place the power of card transactions in the hands of first time credit card users, including those who do not have a credit history.
New Delhi [India], Mar. 25 : Arundhati Bhattacharya, Chairman, State Bank of India (SBI) has been ranked 26th in the fourth edition of Fortune's 'World 50 Greatest Leaders' list.
With this, Arundhati Bhattacharya has become the only Indian corporate leader to be featured in the list.
While announcing the names that have featured in the list, Fortune highlighted that Bhattacharya, the first-ever woman to helm India's largest bank, has steered SBI through rough waters.
Bhattacharya has helped to accomodate the 211-year-old institution into the digital era and overhaul the human resources department for more than 2,00,000 employees.
New Delhi [India], Mar. 16 : The State Bank of India (SBI) and the Confederation of Real Estate Developers' Associations of India (CREDAI) on Wednesday inked a Memorandum of Understanding (MOU) to jointly conduct various initiatives towards the development of the Real Estate Sector for a period of three years.
SBI and CREDAI have a common objective of providing housing for all.
Each of them will leverage their individual strengths and collaborate in areas which will be beneficial to the sector and the consumers at large.
The MOU was exchanged between Rajnish Kumar, Managing Director SBI and Geetambar Anand, President CREDAI at the CREDAI National Conclave held in Delhi on March 6 and March 7.
Union Minister Venkaiah Naidu was also present for the occasion.
New Delhi [India], Mar 11 : The State Bank of India (SBI) on Saturday announced the incorporation of SBI Infra Management Solutions Pvt. Ltd. (SBIIMS Pvt. Ltd.) - a wholly owned subsidiary of SBI to manage premises and estate related matters of SBI.
The new subsidiary will be responsible for handling transaction management or advisory services, project management, facility management and implementation of policies and initiatives.
The decision to incorporate separate entity is implemented to save time of banks' executives who were involved in managing this non-core business so that these executives can instead focus on core Banking Services.
New Delhi [India], Mar 1 : The State Bank of India's Economic Research Department in its report on GDP estimates noted that the Q3 FY17 estimates are crucial in the sense that it should have given the impact of what happened in the economy during those two months of demonetization.
The report further added that despite the upward revision of Q1 FY16 and Q2 FY16, the GDP estimates for Q1 FY17 and Q2 FY17 have been revised upwards indicating improvement in economic activity in first half of current fiscal.
New Delhi [India], Nov 8 : London Stock Exchange Group's global index and data provider FTSE Russell today announced that FTSE Russell and State Bank of India (SBI) are working closely to create the FTSE TMX SBI India Index series.
The announcement follows the signing of a letter of intent between the two parties last year. The index series will give market participants from India, the UK and internationally the tools they need to analyze India's bond market.
The commitment to create this innovative index series demonstrates significant progress in the development of India's bond market, a priority of the India UK Financial Partnership ( UKFP), launched by the Chancellor of the Exchequer and the Indian Finance Minister in July 2014.
Mumbai - Improvement in asset quality and high interest income pushed State Bank of India's net profit in December quarter by 30 percent to Rs 2,910 crore, boosting the shares of country's largest lender by 6.8 percent.
The bank had reported a net profit of Rs 2,234 crore in the October-December quarter of previous fiscal, SBI said in a statement.
The gross non-performing assets (NPAs) as a percentage of total advances came down to 4.90 percent at the end of third quarter from 5.73 percent in the year-ago period while net NPAs stood at 2.80 percent.
During the quarter, the net interest income increased by 9.20 percent to Rs 13,777 crore as against Rs 12,616 crore in the October-December period of last fiscal.
Mumbai: The country's largest lender, SBI has said that public sector banks should be given an opportunity to tap the best talent from premier institutes like IITs and IIMs.
"The public money goes into formation of the institutions like IITs and IIMs. From all of these good institutions, which nurture the best talents of the country, the public sector banks are barred from recruitment," SBI chairperson Arundhati Bhattacharya said at a recent event.
She said currently the Supreme Court does not allow state-run banks to go for campus recruitment to these premier institutions as every vacancy has to be advertised so that everyone should be able to participate in it.
London : State Bank of India is determined to carry on retail banking operations in the UK despite a recent crackdown by the Bank of England on the operations of foreign-owned banks in the country.
SBI, which has been operating in the UK for 95 years, said it is prepared to set aside 100 million pounds in ring-fenced capital and restructure its operations if that is necessary to keep operating on the high streets.
Mrutyunjay Mahapatra, the UK head of the bank, told 'The Times' newspaper that the bank will keep serving retail customers in Britain as well as open new branches.
New Delhi - Country's largest bank SBI on Tuesday slashed home loan rate by up to 0.15 percent on housing loan and removed the slab for advances, a development which will have bearing on mortgage rate of other lenders.
Home loan of any amount would now be available at 10.15 percent while for women borrower the rate of interest would be 10.10 per cent, SBI said in a corrected press statement.
The base rate or the minimum lending rate below which the bank cannot lend is 10 percent.
New Delhi - The RBI's monetary policy review on Tuesday and a bunch of earnings from blue-chips including SBI, Mahindra & Mahindra and Hero MotoCorp, will dictate the near-term trend on bourses, market experts said.
Besides, trend in investment by overseas investors, global cues, movement of rupee against the dollar, oil prices and progress of monsoon will also hold key for the markets.
New Delhi: Public sector SBI and PNB could be among the first banks to tap capital market this financial year to raise funds to meet global risk norms Basel III, a top finance ministry official said here Friday.
Financial Services Secretary G S Sandhu also said no final decision has been taken yet.
"Which banks will go first, that we have to work out. We have asked all banks to submit their capital requirement plans. They have given their proposal and we are giving final touch to them. The schedule will be worked out soon," he added.
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.