SBI hikes base rate by 0.1%

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The country’s largest lender State Bank of India (SBI) has increased benchmark lending rate or base rate by 0.1 per cent, a move that may be followed by other lenders. With the increase the revised base rate is 7.55 per cent, as per the information posted on SBI’s website.

India is ready to move into the next orbit of growth with the hugely successful implementation of the Covid-19 vaccination programme, SBI chairman Dinesh Kumar Khara said on Saturday. “The kind of vaccine drive the country has seen makes all the Indians proud, especially because the domestically produced vaccine is being used in a big … Continue reading India ready to move into next orbit of growth: SBI chief

The country’s biggest lender State Bank of India (SBI) on Wednesday reported its highest ever quarterly profit for the July September period. SBI posted a 66.73 per cent jump in its standalone net profit at Rs 7,627 crore, up from Rs 4,574 crore posted in the same period last year.

Banks have always been the backbone of India’s economic growth and as the country pivots to sustainable growth, the banking sector will have to accelerate green lending, said SBI chairman Dinesh Khara on Thursday.

State Bank of India (SBI) has cut interest rates on home loans above Rs 75 lakh by 45 basis points (100bps= 1 percentage point) and has also reduced interest rates for non-salaried borrowers as part of its festive offer. The bank has said that it will offer credit score-linked home loans at just 6.7%, irrespective … Continue reading SBI cuts home loan rates, non-salaried to benefit too

SBI raises Rs 4,000 crore from AT1 bonds

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The State Bank of India (SBI) has raised Rs 4,000 crore of additional tier-1 (AT1) bonds, offering a coupon rate of 7.72%. This comes close on the heels of HDFC Bank raising $1 billion through issue of AT1 bonds in the international market.

The country’s gross domestic product (GDP) is expected to grow at around 18.5 per cent with an upward bias in the first quarter of the current financial year, according to SBI research report Ecowrap. This estimate is lower than the Reserve Bank of India’s (RBI) GDP growth projection of 21.4 per cent for the April-June … Continue reading GDP likely to grow at 18.5% in Q1 this fiscal: SBI report

The country’s largest lender State Bank of India on Monday announced a slew of offers for its retail customers ahead of the festive season. The bank has announced a 100 per cent waiver on processing fees for its car loan customers across all channels, a release said, adding that customers can get the facility of … Continue reading SBI announces various special offers for retail customers

The country’s biggest bank SBI on Wednesday posted a 55 per cent rise in standalone net profit at Rs 6,504 crore for the first quarter of the current financial year, helped by decline in bad loans.

Billionaire Mukesh Ambani’s oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list released on Monday. Reliance took a beating on the rankings as revenues dropped owing to the Covid-19 pandemic. This is its lowest ranking since 2017.

The Debt Recovery Tribunal (DRT) on behalf of SBI-led consortium of banks sold shares worth Rs 792.12 crore of Vijay Mallya on Friday, that were confiscated by the ED in a money laundering case, to recover their loan money. The ED had gave them NOC for it recently. Earlier, the consortium had recovered Rs 5,824.50 … Continue reading SBI led consortium recovered Rs 792cr more from Mallya’s shares

Banks need to operate on lower net interest margins for the good of the economy, an official of State Bank of India said on Monday.Speaking at a webinar organised by MCCI, deputy managing director V S Radhakrishnan said lenders must develop the capability to function with NIMs less than the existing 3-3.5 per cent range.

State Bank of India (SBI) chairman Dinesh Khara has said that, despite localised containment, the second wave of the pandemic will have an impact on the economy this year. The bank is meeting the challenges by increasing its focus on digital and maintaining momentum on stressed asset recovery.

The country’s largest lender State Bank of India (SBI) has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said.