SBI

NTPC inks Rs.10,000 crore loan agreement with SBI

NTPC inks Rs.10,000 crore loan agreement with SBINew Delhi July 8 : State-run power utility major NTPC Friday entered into an agreement with the State Bank of India (SBI) for a loan of Rs. 10,000 crore for its capacity expansion plans.

"NTPC signed the loan (agreement) to surge ahead its capacity expansion plans and to finance the capital expenditure of its ongoing project," the company said in a statement.

The statement further said: "Rupee term loan has a door to door maturity of 12 years with a draw down period of 4 years."

SBI to merge State Bank of Indore with itself

SBI to merge State Bank of Indore with itselfState Bank of India (SBI), the country's largest bank, has decided to merge another subsidiary, State Bank of Indore with itself.

The proposal was approved by the SBI board on Friday.

It should be noted that this will be the second associate bank of the SBI - after State Bank of Saurashtra in July 2008 - to be consolidated with the parent.

Presently, SBI holds a 98.05 per cent stake in State Bank of Indore, the smallest among its six associate banks.

State Bank cuts deposit rates by 0.25% from June 15

State Bank cuts deposit rates by 0.25% from June 15With effect from June 15, the deposit rates across all maturities of country's largest lender, State Bank of India (SBI) will be slashed by 0.25%.

About the new cut, SBI said that deposits rates of 181 days to less than one year term will be reduced to 6.25 per cent as against the earlier 6.50 per cent; while interest rates for deposits of one-year to less than 2-years will be slashed to 7 per cent from 7.25 per cent earlier.

SBI Life Insurance ties knot with Syndicate Bank

SBI Life Insurance ties knot with Syndicate BankSBI Life Insurance, one of the leading private life insurers, has entered into an alliance with Syndicate Bank, one of India’s premier public sector banks, to offer housing loan insurance cover to lender’s home loan borrowers.

Under the arrangement, SBI Life will provide insurance cover to Syndicate Bank’s home loan customers, who have availed loan under the special scheme announced by Indian Bankers Association (IBA) and Government of India.

SBI’s deposit-rate cut by 50 basis points to be effective from May 18

SBI’s deposit-rate cut by 50 basis points to be effective from May 18

With effect from May 18, the deposit rates of various maturities of the State Bank of India (SBI) will be slashed by up to 50 basis points. The soon-to-be-implemented cut is the second one this month, and the third in the last two months. Earlier this month, the lender had implemented a 25 basis points reduction in interest rates on all tenure deposits.

SBI Q4 net jumps 46%; declares dividend of Rs 29 per share

State Bank of IndiaThe country's largest lender the State Bank of India on Saturday announced its results for fourth quarter ended March 31, 2009

The Bank has posted a net profit of Rs 2742.31 crore for the quarter ended March 31, 2009, up 45.61% against Rs 1883.25 crore for the quarter ended March 31, 2008.

Further, lender's total Income has also increased from Rs 16393.93 crore for the quarter ended March 31, 2008 to Rs 22060.61 crore for the quarter ended March 31, 2009.

SBI to raise Rs 20,000 crore to fund “growth needs”

State Bank of IndiaAccording to a recent statement by the State Bank of India Chairman O P Bhatt, the bank might turn to a rights issue for the purpose of raising Rs 20,000 crore for funding its "growth needs" - it is already looking at a 25 percent increase in credit and deposits in 2009-10.

In January this year, the bank had raised nearly Rs 5,000 crore through tier II bonds.

SBI inks pact with Tata Communications and C-Edge for ‘500 new ATMs’

SBI inks pact with Tata Communications and C-Edge for ‘500 new ATMs’State Bank of India (SBI), a large financial services group operating in the banking industry, has entered into an agreement with telecom firm Tata Communications Ltd and C-Edge for the roll-out and management of 500 ATMs.
      
Under the outsourcing arrangement, the two firms will install ATMs and operate them for SBI, for which they will be paid on a per-transaction basis.

SBI slashes interest rates on education loans taken by new borrowers

SBI slashes interest rates on education loans taken by new borrowers

Students availing the education loan facility from the State Bank of India (SBI), during the admission session May to September 2009, will have to pay a lower rate of interest as the bank has slashed the rate by 200 basis points, or two percentage points. However, the changes will affect new borrowers only; the current customers will have to pay the earlier rates.

SBI Mutual Funds celebrates Akshaya Thrithiya week

SBI Mutual FundsWith Akshaya Thrithiya - an auspicious day by the Hindu calendar – falling on April 27, gold suppliers are hoping for a turnaround for the better so far as demand for gold is concerned! Since the gold prices in India having more or less hovered around the Rs 14,000-15,000 per 10-gram range for some time, the jewellery sales have plunged substantially. In fact, there was hardly any import of the yellow metal during February and March.  

SBI extends loans offer for farmers till September 30

State Bank of IndiaThe country's largest lender, State Bank of India (SBI) has decided to extend the period of its concessional financing to the farmers against warehouse receipts by five months to September 30, 2009.

It should be noted that the state-run lender in February this year had started offering loans at a concessional rate of 8% to farmers against cold storage and warehouse receipts, in a bid to save them from falling prey to distress sale of their farm produce.

Earlier this week, the lender has extended its special home and car loans scheme last week at 8 per cent and 10 per cent respectively, for the first one year, till September

SBI sanctions Rs 10000 crore loan to Vodafone

SBI sanctions Rs 10000 crore loan to VodafoneState Bank of India, the country's top lender, has agreed to lend Rs 10,000 crore to Vodafone-Essar, the Indian arm of UK-based telecom firm Vodafone Group to finance the company’s entry into 3G (third generation) telecom services and expansion of its operations.

According to sources, the five-year loan carries an interest rate of 13.25 per cent for the first two years; thereafter, it will be re-adjusted on the basis of the average prime lending rate.

The company intends to use the funds for network rollout, broadband operations, and to pre-pay part of its previous debt.

SBI Funds launches ‘Gold Exchange Traded Scheme’

SBI Funds launches ‘Gold Exchange Traded Scheme’SBI Funds, a leading fund house of the country, has finally launched ‘SBI Gold Exchange Traded Scheme (SBI GETS) in the Indian market.

The investment objective of the fund is to seek and provide returns that closely correspond to returns provided by price of gold through investment in physical Gold.

According to official release, the scheme will invest 90%-100% in gold and gold bullion with medium to high risk profile and 0-10% in debt and money market instruments, with low risk profile.

SBI, IDBI Bank cut deposit rates by 25-50 basis points across various maturities

SBI, IDBI Bank cut deposit rates by 25-50 basis points across various maturitiesThat there is an apparent slide in deposit rates has become all the more obvious with two of India’s leading public sector banks – State Bank of India (SBI) and IDBI Bank – slashing their deposit rates, with the revised rates taking effect from April 13. The state-owned IDBI Bank also intends cutting its yardstick prime lending rate (BPLR) from April 15 onwards.

SBI-Macquarie announce infrastructure fund MSIF; aim to raise 3 billion this year

SBI-Macquarie announce infrastructure fund MSIF; aim to raise 3 billion this year The Macquarie-SBI Infrastructure Fund (MSIF) is the newly-announced joint venture of India's biggest lender State Bank of India (SBI) and the largest Australian investment bank Macquarie Group Ltd., which has raised $1 billion for investment in ports and power plants in India.

The SBI-Macquarie joint venture MSIF also boasts of the participation of the International Finance Corporation (IFC), the private sector lending arm of the World Bank, as a minority shareholder and keystone investor.

SBI might cut interest rates in the new financial year

State Bank of IndiaThe lower-than-expected credit growth might just be enough reason for SBI - State Bank of India - to slash interest rates in the forthcoming new financial year.

Talking to reporters on the sidelines of the 53rd convocation ceremony of the Xavier's Labour Relations Institute in Jamshedpur, SBI Chairman O P Bhatt hinted at measures that India's largest lender intends taking for bringing down interest rates.

New car loan at 10% offered by SBI

New car loan at 10% offered by SBI  The competitors have yet again been surprised by the State Bank of India (SBI), which earlier created hype in the home loan market and this time it has slashed interest rates on loans for new cars. Furthermore, SBI, the country's biggest bank has also reduced its lending rate against warehouse receipts for farmers.

SBI and Tata Motors enter in deal for Nano booking

SBI and Tata Motors enter in deal for Nano bookingTata Motors has appointed the country's largest lender, the State Bank of India (SBI) as an exclusive booking agent for Nano. The ambitious small car due to launch by Tata group soon, is expected to record decent sales.

The Chief Manager of SBI, Jayanta Kumar Sinha, said on Friday, "SBI has been selected as the sole booking agent for Nano."

However, Mr. Sinha refused to disclose details of deal between SBI and Tata and said that official announcement is likely to come in few days.

SBI offers home loan at 8% interest rate

SBI offers home loan at 8% interest rate             The country's largest bank, State Bank of India (SBI) introduced a special offer for home loan segment in which the bank would provide loan at interest rate of 8 per cent, applicable up to April 30, 2009. It would be the lowest interest rate offered by any bank in India, applicable to all new as well as existing borrowers for one year.

SBI clocks 37% rise in Q3 net at Rs 2,478 crore

SBI clocks 37% rise in Q3 net at Rs 2,478 croreIndia's major public sector lender State Bank of India (SBI) has reported a 37% surge in its standalone net profit for the three month period ended December 31, 2008.

The bank has posted a net profit of Rs 2,478.42 crore as compared to Rs 1,808.64 crore for the same quarter year-ago (Dec 2007).

In a filing to the Bombay Stock Exchange, SBI informed that its total income for the quarter ended December 31, 2008 zoomed to Rs 21,255.90 crore as compared to Rs
15,364 crore during the corresponding quarter of the last year.

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