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.
» SBI
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.
On the day he turned 59, the Bank Board Bureau, the selection panel for top jobs at state-run lenders, recommended Khara as its first choice candidate to succeed Rajnish Kumar as the bank’s chairman. Kumar is due to retire in October and was tipped to be getting an extension, although the possibility is not completely … Continue reading Dinesh Kumar Khara is top pick for SBI chairman
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.
Markets regulator Sebi has fined banking major SBI, life insurance major LIC and PSU lender Bank of Baroda Rs 10 lakh each for holding more than 10% share in UTI Mutual Fund in addition to the holding majority stake in fund houses promoted by them. Sebi said that in March 2018, it had amended the … Continue reading Sebi fines SBI, LIC, Bank of Baroda over MFs
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
SBI net jumps 81% to Rs 4,189 crore
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SBI reports 81% jump in quarterly profit
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SBI reported an 81% jump in quarterly profit on Friday, helped by a one-time gain from selling a stake in its life insurance unit and a drop in provisions for bad loans. The bank’s shares rose as much as 4.1% in a weak Mumbai market as investors cheered the numbers and looked past a provision … Continue reading SBI reports 81% jump in quarterly profit
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.
SBI to invest Rs 1,760 crore in Yes Bank
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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 chairman Rajnish Kumar said that interest rates have moderated to a large extent. He said that both the RBI and the govt have taken measures to bring back the economy, derailed by the pandemic, back on track. He said the RBI has been giving calibrated responses quickly and ensured that there … Continue reading Plenty of liquidity available in the system: SBI chief
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
SBI to cut MCLR by 25 bps from June 10
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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
SBI records historic net profit in FY20
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State Bank of India the country’s largest lender by assets, reported a more than four-fold jump in profit for the fourth quarter on Friday, driven by a one-time gain from a stake sale in its credit card unit. Net profit for the three months ended March 31 jumped to Rs 3,581 crore ($474.46 million) from … Continue reading SBI records historic net profit in FY20
He also said the bank is very bullish about the Rs 3 lakh crore credit guarantee scheme for MSME (micro, small and medium enterprises), and through the scheme the government has indirectly infused Rs 30,000 crore into public sector banks.
SBI simplifies EMI deferment process
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India’s largest lender by assets State Bank of India on Wednesday said following RBI’s extension on EMI moratorium by another 3 months – it has decided to extend the moratorium for all eligible customers without waiting for their request. SBI said it has reached out to 85 lakh borrowers for consent to stop their EMIs, … Continue reading SBI simplifies EMI deferment process
State Bank of India (SBI) chairman Rajnish Kumar on Friday said close to 20 per cent of the bank’s borrowers have availed moratorium on repayment of term loans instalments. On March 27, the central bank had announced a three-month moratorium on payment of all term loans falling due between March 1, 2020 and May 31, … Continue reading ‘About 20% SBI borrowers avail loan moratorium’
State Bank of India (SBI) chairman is clear that economic activity needs to resume and it is the pace of recovery that will determine the damage to the economy and bank books. Rajnish Kumar points out that any loss to GDP will get distributed to government, businesses and individuals and thus impact banks. In an … Continue reading Economy can’t be locked down for long: SBI chief
Three promoters of Ram Dev International, recently booked by the Central Bureau of Investigation (CBI) for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India (SBI) reached the agency with the complaint, officials said on Saturday.
The country’s largest lender, State Bank of India (SBI), is offering emergency loans to its customers amid coronavirus lockdown under its ‘Emergency Loan Scheme’. SBI users can get up to Rs 5 lakh as loan within “45 minutes”. The interest rate of the loan is at 10.5 per cent and EMIs will start after a … Continue reading SBI’s emergency loan: ‘Up to Rs 5L in 45-min’
The SBI on Thursday slashed benchmark lending rate by 0.15 basis points (bps), and introduced special deposit scheme for senior citizens with higher interest rate. To safeguard the interests of senior citizens in the current falling rate regime, the bank has introduced a new product ‘SBI Wecare Deposit’ in the retail term deposit segment, SBI … Continue reading SBI cuts benchmark lending rate by 15 bps
State Bank of India (SBI) chairman Rajnish Kumar on Saturday exhorted real estate firms to keep their bank account standard, clear inventory as soon as possible and improve perception about the business.
The country’s largest lender State Bank of India on Tuesday said it has cut the marginal cost of funds based lending rate (MCLR) by 35 basis points (bps) across all tenors from April 10. The one-year MCLR comes down to 7.40 per cent per annum from 7.75 per cent per with effect from April 10, … Continue reading SBI cuts MCLR by 35 bps across all tenors