SBI

SBI acquires stake in Equifax Inc’s India-based credit bureau

SBI acquires stake in Equifax Inc’s India-based credit bureau 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.

SBI hikes lending and deposit rates

SBI hikes lending and deposit ratesState 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.

SBI hikes interest rates ahead of RBI policy review

State-Bank-of-IndiaMumbai, 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.

SBI not to give car loan to people with annual income of less than Rs 6 lakh

SBI not to give car loan to people with annual income of less than Rs 6 lakhIn 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.

SBI hikes its stake in BSBII to 99%

SBI hikes its stake in BSBII to 99%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.

RBI looking into the issue of SBI shaming students

RBI looking into the issue of SBI shaming studentsChennai, 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.

SBI profit drops 13.6 percent in April-June quarter

SBI profit drops 13.6 percent in April-June quarterMumbai, 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 Closes Nearly a Percent Higher; SBI and Ranbaxy Rule

Indian Market Closes Nearly a Percent Higher; SBI and Ranbaxy RuleIndian 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.

RBI should act as single regulator for all loans: SBI chief

SBI Chairman PratipThe 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.”

Let RBI be sole regulator for all home loan providers: SBI chief

Pratip-Chaudhuri-SBiKolkata, 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.

SBI's overseas business margins under pressure: Chairman

SBIKolkata, 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.

Make people aware of shady firms: SBI chief

Pratip-ChaudhuriKolkata, 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.

SBI chairman rules out any immediate cut in lending rates

SBI chairman rules out any immediate cut in lending ratesDespite 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.

SBI introduces pre-paid card for unbanked

SBI introduces pre-paid card for unbankedThe 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.

SBI expresses concerns over declining gold prices

SBI expresses concerns over declining gold pricesA 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.

SBI mops up $1bn via international bonds sale

SBI mops up $1bn via international bonds saleState 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."

Sensex trades flat as metal, oil and gas stocks plummet

National-Stock-ExchangeMumbai, 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.

Amendment in banking bill expected to attract foreign investment and create new jobs

Amendment in banking bill expected to attract foreign investment and create new jobsThe 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.

Lenders refuse to give NoC to Kingfisher’s revival plan

Lenders refuse to give NoC to Kingfisher’s revival planA syndicate of lenders, led by state-owned SBI, on Friday declined to give a no-objection certificate (NOC) to ailing Kingfisher Airlines’ plan to resume operations.

The top management Kingfisher Airlines held a meeting with the core group of lenders at the UB Group headquarters, seeking their approval for its revival plan, but the lenders asked for better commitments from the airline.

SBI launches 'Mobicash Easy' mobile wallet service

SBI launches 'Mobicash Easy' mobile wallet serviceState Bank of India (SBI), the country's largest public sector lender, has announced the launch of a mobile wallet service called MobiCash Easy, which offers facilities like fund transfer, bill payment, DTH recharge, balance inquiry and mobile top-ups.

State Bank MobiCash Easy, which is currently available only in Mumbai and Delhi, can be had over Wallet Application and plain text SMS. The public sector lender has launched the new service in partnership with a private service provider Oxigen to offer 24x7 money transfer and other services.




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