Citing continuous revisions in India’s GDP estimates as the current norm, State Bank of India (SBI) revised their second-quarter (Q2) GDP to -10.7 per cent from -12.5 per cent with a positive bias, in a research report from SBI Ecowrap on Friday.

SBI, the country’s largest lender by assets, posted a 52% rise in second-quarter profit on Wednesday, helped by higher income from its treasury operations and a drop in bad loan provisions. The results come as consumer demand picks up during India’s festive season.

Delhi high court on Monday sought the Centre and State Bank of India’s (SBI’s) reply to former Reliance Communications (RCom) chairman Anil Ambani’s plea to include the Chinese banks, which have got a decree of $717 million against him from a court in United Kingdom, in the proceedings here related to recovery of Rs 1200 … Continue reading HC seeks Centre, SBI stand in Anil Ambani case

The government on Tuesday appointed SBI managing director Dinesh Kumar Khara to head the country’s largest bank on incumbent Rajneesh Kumar’s retirement. His appointment will be effective from October 7 for 3 years. Separately, the Banks Board Bureau has recommended the appointment of Swaminthan Janakiraman and Ashwini Kumar Tewari as managing directors of SBI.

A vacancy was created in March this year after the bank’s former CFO Prashant Kumar put in his papers to join Yes Bank as an RBI-appointed MD & CEO to implement a rescue package. In the interim, C Venkat Nageshwar was officiating as the CFO.

With the upcoming festive season, the country’s largest lender State Bank of India (SBI) on Monday announced a slew of festive offers for its retail borrowers including 100 per cent waiver of processing fee for all customers applying for car, gold, and personal loans through Yono.

State Bank of India’s (SBI’s) specially-carved vertical for financial inclusion is looking to ramp up its network of customer service points (CSPs) by adding close to 11,000 new centres during the second half of the current fisal.

State Bank of India will provide relief to home and retail loan borrowers impacted by Covid-19 in the form of either a moratorium of up to 24 months or by rescheduling instalments and extending the tenure by a period equivalent to the moratorium granted. ​​​​​The moratorium period can be extended by a maximum of 2 … Continue reading SBI offers up to 2 years repayment relief for home & retail loans

India’s largest lender the State of Bank of India (SBI) on Monday launched an online portal for implementation of loan restructuring scheme to provide relief to its customers amid the ongoing Covid-19 pandemic. Retail borrowers can easily check their eligibility for restructuring of their loans through the portal.

These watches will have contactless payment functions. With this launch, account holders of the bank can tap their Titan Pay watch on contactless payment point-of-sale (POS) machines without the need of swiping or inserting their debit card, the bank said in a statement.

The country’s largest lender State Bank of India (SBI) will make OTP-based cash withdrawal facility operational round the clock at its ATMs for transactions of Rs 10,000 and above from September 18. In January this year, the lender had introduced OTP-based cash withdrawals for above Rs 10,000 between 8 PM–8 AM through all its ATMs.

SBI moots VRS, about 30,000 eligible

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In a bid to optimise costs, SBI has planned a voluntary retirement scheme under which over 30,000 employees are eligible. The total employee strength of country’s largest lender stood at about 2.49 lakh at the end of March 2020 as compared to 2.57 lakh a year ago.

The State Bank of India (SBI) on Monday said it proposes to recruit 14,000 employees during the current year and its ‘on tap VRS’ is not a cost-cutting exercise. The country’s largest lender has planned a voluntary retirement scheme (VRS) under which about 30,190 employees are eligible.

The Banks Board Bureau (BBB) on Friday recommended State Bank of India’s (SBI’s) senior-most managing director Dinesh Kumar Khara as the next chairman of the country’s largest lender. Khara will replace SBI chairman Rajnish Kumar, whose three-year term ends on Oct 7. Members of BBB interviewed four managing directors of SBI on Friday for the … Continue reading Dinesh Khara recommended to be next SBI chief

The contraction of first quarter GDP growth is likely to be much narrower than previously estimated, an SBI report said on Monday, but cautioned that rural recovery may not have much impact on GDP growth and called for remedial steps.

State Bank of India (SBI) has issued a warning against online frauds while using a viral ‘Binod’ trend. Taking it to Twitter, SBI wrote: “Only if everyone behaved like #Binod when online, there would be lesser fraud reports.” The lender also shared a message that reads as: “This is Binod. Binod likes sharing his own … Continue reading SBI uses viral trend to warn against online frauds

Amid Covid-19 induced disruption, the SBI will institute work-from-anywhere infrastructure and expects to save Rs 1,000 crore from this measure, chairman Rajnish Kumar said. Speaking to shareholders at the bank’s 65th annual general meeting on Tuesday, he said the focus going forward will be on cost reduction, rationalisation and reskilling of workforce.

The country’s largest lender State Bank of India (SBI) on Wednesday said it has reduced its marginal cost of funds based lending rate (MCLR) by 5-10 basis points (bps) for shorter tenors from July 10.

State Bank of India (SBI), country’s largest lender’s executive committee has approved a further investment of upto Rs 1,760 crore in public offering of Yes Bank, according to a regulatory filing.

State Bank of India is set to invest $100-150 million (Rs 750-1,000 crore) and leverage its YONO platform to set up a business-to-business (B2B) e-commerce marketplace for micro, small and medium enterprises (MSMEs). The country’s largest lender hopes this will also help it better manage financing of small businesses.

State Bank of India (SBI) has moved the National Company Law Tribunal (NCLT), seeking to recover loans disbursed to the Anil Ambani-led group of companies from a personal guarantee given by Anil Ambani. The bank has filed two applications under section 95(1) to nominate a resolution professional for insolvency resolution process of personal guarantor — … Continue reading SBI moves NCLT to recover Anil Ambani’s personal guarantee

The country’s largest lender State Bank of India (SBI) on Monday announced it will reduce marginal cost of fund based lending rate (MCLR) by 25 basis points (bps) across all tenors from Wednesday. The one year MCLR has been revised to 7 per cent from 7.25 per cent, the bank said in a release.

Equity indices on Friday finished in green with the benchmark BSE sensex rising over 300 points led by gains in financial stocks. The 30-share BSE index finished 307 points or 0.90% higher at 34,287; while the broader NSE Nifty closed 113 points or 1.13% up at 10,142. Top gainers in the sensex pack included SBI, … Continue reading Sensex rises 307 points to close at 34,287