SBI Card would release a financial package for defaulting clients. SBI card is the joint venture company of State Bank of India and GE Money. SBI card intends to help those customers who have been good at repaying in the past, but have failed to repay following the turbulent global financial conditions. The company said that it would restructure its card-portfolio to check further defaults.

SBI Mutual Fund (SBI MF), one of the largest mutual funds in the country has introduced ‘SBI Debt Fund Series -90 Days Fund-31’ in Indian market.

The fund is a close ended equity scheme with primary objective to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising debt instruments such as government securities, AAA/AA+ bonds and money market instruments.

The fund is open for subscription from October 31, 2008 till November 3, 2008.

The Scheme will offer Growth Option and Dividend Option.

State Bank of India (SBI), India's largest commercial bank has signed a Joint Venture pact with Macquarie Group and International Finance Corporation (IFC).

Under the arrangement, both foreign partners will help the lender in the set up and management of an Infrastructure Private Equity Fund for investing in Indian Infrastructure projects and Companies. 

However, the fund will be operational on receipt of requisite regulatory approvals. The JV agreement is based on the earlier MOU signed on April 16, 2008. 

Public sector lender Dena Bank has revealed its plans to launch co-branded credit cards in coming months.

According to sources, Dena Bank's credit card would be launched in association with State Bank of India (SBI).

Besides launching credit cards, Dena Bank also plans to open 26 new branches and 12 retail assets centers during the current fiscal, besides 108 off-site ATMs.

Dena Bank’s net profit for the second quarter ended September 30 grew 11.6% at Rs 102.8 crore over the Rs 92.15 crore in the corresponding period a year ago.

SBI Life Insurance, the third largest private life insurance company in the country has launched its first group health insurance plan "Criti9" for State Bank Group customers, to provide a superior health insurance option.

The newly introduced policy will be available for State Bank Group account holders aged 18 to 55 years, with maximum cover ceasing age being 65.

India's biggest public-sector lender State Bank of India (SBI) has increased its deposit rates in certain maturities effective from October 1.

The bank has launched a 1000-days deposit scheme that provides 10.5% interest to depositors. However, senior citizens will receive a higher 11% interest in the new deposit-scheme.

Besides this, the lender has informed that an additional 0.25% rate above the card rate will be offered on a single term deposit of Rs 15 lakh and above, having tenure of 181 days to less than 2 years.