SBI

Tata Steel & Tata Motors Gain; Markets Rise 1.2 Per Cent

Tata Steel & Tata Motors Gain; Markets Rise 1.2 Per CentIndian Stock market went higher on Friday with NSE Nifty closing at 5099.85, gaining 56.85 points while BSE Sensex gained 199 points.

Tata Steel gained 3.9 per cent to close the day at Rs 399. Tata Motors gained 3.78% to close at 212. Sterlite Ind and HDFC Bank were among major gainers.

Stocks touching 52-week high include Ambuja Cements, Deccan Cements, Divis Labs, Marico, UltraTech Cement and Wockhardt.

SBI to consider crucial mutual funds reforms

SBI to consider crucial mutual funds reformsA special committee of the State Bank will consider implementing mutual funds reforms at a meeting on Tuesday.

The mutual fund advisory committee (MFAC) will discuss a proposal to make it mandatory for the asset management company to invest at-least Rs 50 lakh in every scheme offered by it to the customers. The move will indicate the company's commitment to the schemes as it will put its own money at stake and this will significantly boost investor confidence.

SBI to increase workforce by 10500 employees this year

SBI to increase workforce by 10500 employees this yearIndia's largest lender, the State Bank of India (SBI) has said that it is planning to increase its workforce by 10500 employees this year in order to handle its business in a better way.

The bank is looking to hire both probationary officers and clerical staff across the country. The number of employees of the bank stood at 2, 15,481, including 80,404 officer level employees, 95,715 clerical level employees and 39,362 sub-staff, during the previous fiscal year.

SBI reduces lending rates for SMEs, agriculture sector

SBI reduces lending rates for SMEs, agriculture sectorThe largest lender in the country, the State Bank of India (SBI) has announced a reduction in its lending rates by between 0.5 percentage point and 3.5 percentage points for small and medium enterprises (SMEs) and the agriculture sector.

.Krishna Kumar, Managing Director and Group Executive for National Banking, SBI said that the bank has reduced the overall interest rates by 50 to 350 basis points. He also said that the bank's rate could remain at 10 per cent.

Bankers want promoters to pledge more equity for CDR

Bankers want promoters to pledge more equity for CDRBankers in the country are gathering to discuss the new corporate debt restructuring (CDR) regulations and have urged the promoters should pledge more equity for CDR.

The banks offer extension of repayment period, decreases the interest rate and also convert short-term working capital loans into longer tenure term loans when the companies are unable to pay back their borrowings under the CDR. They have urged corporate not to misuse the new regulations.

Buy SBI and Cipla: KR Choksey

Buy SBI and Cipla: KR ChokseyTechnical House KRChoksey has suggested buy call for SBI. The stock is good for long term. SBI is pioneer in Indian banking Public sector. The stock has touched 52-week high and low of Rs 2657 and 1571 respectively.

SBI is trading currently with a P/E ratio of 16. Market expert Dilip Bhat has also suggested buy call for State Bank of India.

Pharmacetical major Cipla is good defensive bet at current levels, as per market experts at KR Choksey. The recently declared results of Cipla were as per market expectations. The net profit for Q4 was up by 36.5 per cent at Rs 292 crore compared to same quarter previous year.

SBI to cut interest rate on auto loans

SBI to cut interest rate on auto loansThe State Bank of India is planning to announce a reduction in interest rates on vehicle loans in the coming days.

Mr A. Krishna Kumar, Managing Director, State Bank of India said that the bank will already started adjustment of rates and will announce the reduction today or tomorrow. He also said that the bank will soon reduce rates on smaller ticket loans to small and medium enterprises.

SBI targeting 25-26% growth in FDs

SBI targeting 25-26% growth in FDsAccording to a senior official, the State Bank of India (SBI) is targeting a growth rate of 25-26 per cent for Fixed Deposits (FDs) in the country in the 2012-13 fiscal year.

Krishna Kumar, managing director and group executive for national banking, “We want to achieve a growth of at least 25-26% in fixed deposits in FY13 compared with a growth of roughly 20% in FY12.”

India’s largest lender is increasing its rates for FDs and is aiming to increase its FDs by a forth within the financial year. The bank had announced in increase in FD rates on select maturities by up to 25-100 basis points.

SBI increases interest rate on short-term retail deposits

India’s largest lender, the State Bank of India (SBI) announced an increase of up to 1 percentage point on short-term retail deposits.

The move comes after the government said that it would increase interest in small savings schemes interest rates. The government will increase the interest rates on post office schemes like Public Provident Fund (PPF) and Monthly Income Scheme (MIS) from April 1, a move that will boost savings of small savers.

The increased rate will benefit small-scale savers and also allow SBI to raise funds. According to a new filing with the stock exchanges, the new retail deposit rates will come into effect from Wednesday.

Banking stocks rise following CRR cut

Banking stocks rise following CRR cutBanking stocks in the country rose on Monday in the morning trade following a cut in the cash reserve ratio (CRR) by the Reserve Bank of India (RBI) on Friday.

The reduction is larger than expected as the market analysts believed that the central bank might reduce the CRR by 50 bps. The 75 bps cut would increase the liquidity by Rs. 48,000 in the country’s economy. The additional funds in the economy would help the economy in the coming motnsh as the liquidity position is expected to become tighter in mid-March due to advance tax outflows.

SBI not considering fresh investments in Kingfisher, MD

SBI not considering fresh investments in Kingfisher, MDThe managing director of the State Bank of India, Krishna Kumar has said that the state-run bank is not considering any new loans for the troubled Kingfisher Airlines Ltd.

SBI is the lead lender for the airline and it has said that the bank will wait for clarity on policy in the aviation sector before it considers nay more exposure to the sector. SBI leads a consortium of 18 banks that have lent money to the airline. The consortium has already declared loans to the company as non-performing assets (NPAs) in their financial records.

SBI says banks are trying to help Kingfisher Airlines

SBI says banks are trying to help Kingfisher AirlinesState Bank of India Chairman Pratip Choudhuri, who is heading the consortium of bank lenders to Kingfisher Airlines has said that the banks are trying to help the airline to soft out its issues and are also open to extending the loans to the aviation firm.

He said that "everything is on the table" when asked if the banks are ready to provide extra loans to the cash strapped airline. Kingfisher Airlines has already grounded 15 aircraft after it was unable to pay for their maintenance and services, according to some repots.

SBI reports 12 per cent rise in net profits

SBI reports 12 per cent rise in net profitsThe State Bank of India (SBI) has reported an increase of 12 per cent in net profit in the second quarter to Rs 2810 crore compared to Rs 2501 crore for the same period of previous fiscal.

The country's largest lender had seen a steep decline in net profits for the first quarter of this fiscal by 46 per cent to Rs 1584 crore. The second quarter has helped the bank recover the decline. The total income for the bank rose to Rs 41249.08 crore for this period.

Some banks may reduce rates for bulk deposits

Some banks may reduce rates for bulk depositsSome banks in the country have indicated that they might reduce rates for bulk deposits if they raise interest rates on savings account following RBI's deregulation of interest rates.

Indian banks are racing to increase savings account interest rates in order to attract more customers. However, state-run banks appear more cautious in increasing their rates and are waiting for the Reserve Bank of India's final guidelines on savings rate deregulation to finalize their new rates and features for savings accounts.

SBI officers to delay nationwide strike

SBI officers to delay nationwide strikeThe State Bank of India (SBI) has said that the nationwide strike called by a union body of the bank's officers has been delayed.

All India State Bank Officers Federation had earlier sent a notice to the State Bank of India informing the management about a two-day nationwide strike. The bank had not explained the reasons for the strike but said efforts are underway to avert the strike.

SBI expecting service disruption due to strike

SBI expecting service disruption due to strike The State Bank of India has said that customer service at its branches on Tuesday and Wednesday might be affected due to a planned strike by staff members "in pursuance of certain demands".

Its officers' body, All India State Bank Officers Federation has sent a notice to the State Bank of India informing about a two-day nationwide strike. The bank has not explained the reasons for the strike but said efforts are underway to avert the strike.

SBI and ICICI Raise Interest Rates by 0.50%

SBI and ICICI Raise Interest Rates by 0.50%From August 13, the home loan, auto loan and personal loans would get costlier for many customers as India’s largest lender State Bank of India (SBI) and the second largest private lender ICICI Bank are going to raise their interest rates by 50 basis points.

The move is followed by the Reserve Bank of India’s decision to hike repo rates by a similar margin. SBI has raised the interest from 9.50 %to 10%; similar has been done by ICICI bank.

SBI has also increased the benchmark prime lending rate from 14.25 % to 14.75% and deposit dates from 180 days to 240 days.

SBI Adopts FPO as New Fund Raising Tool

SBI Adopts FPO as New Fund Raising ToolThe State Bank of India (SBI) declared that if the government did not subscribe to its rights issue, it would look at private institutional placements and a follow-on public offer (FPO) as their new tools to raise funds.

Chairman, Pratip Chaudhuri commented that by 12 March, the bank had planned to make the mixture of rights issue and other instruments which would be used to raise an amount of Rs 20,000 crore.

State Bank of India Expects New Plan

State Bank of India Expects New PlanState Bank of India is the Country’s largest bank, and it is hoping to move a new proposal for the bank’s rights of a smaller amount than Rs 20,000 crore that was proposed earlier because the government is currently experiencing a fiscal constraint. Right now, the government holds a 59% stake in the bank and will then pick up the amount that is offered.

SBI Looking Forward to Raise $5 Bn in Offshore Loans

SBI Looking Forward to Raise $5 Bn in Offshore LoansState Bank of India is known as the country's largest lender, which seems to grow higher with its new plans of raising $5 billion through offshore loans by December, announced by the company officials on Friday.

To initiate for the plans, SBI officials also held a meeting with Finance Minister Mr. Pranab Mukherjee and Chiefs of public sector banks in New Delhi, during which, SBI Chairman Mr. Pratip Chaudhury discussed about their plans and said that according to SBI’s planning, the debt would be raised during the second or the third quarter of this fiscal.




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