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.

In a bid to grab as many home loan customers as possible before the fiscal year ends, State Bank of India (SBI) and Kotak Mahindra Bank have sweetened their offer in this segment by cutting interest rates by up to 10 basis points (100bps = 1 percentage point).

The State Bank of India (SBI) provides annuity deposit scheme with a fixed amount every month after making a one-time lump sum payment. Any individuals, including minors, can opt for the plan and mode of holding could be singly or jointly.

HDFC Bank has outdone State Bank of India (SBI) in disbursements under the Emergency Credit Line Guarantee Scheme (ECLGS) introduced by the government as a part of the Covid relief package.

India’s largest lender, State Bank of India (SBI), plans to double its home loan portfolio to Rs 10 lakh crore ($137 billion) in the next five year after crossing the 5 trillion-mark in January, the bank’s top executive said.

State Bank of India, the country’s largest lender by assets, reported a 7% fall in third-quarter profit on Thursday, hurt by higher provisions. Net profit fell to Rs 5,196 crore ($712.73 million) for the three months ended December 31.

The Reserve Bank of India (RBI) on Tuesday said state-owned SBI, along with private sector lenders ICICI Bank and HDFC Bank continue to be domestic systemically important banks (D-SIBs) or institutions which are ‘too big to fail’.

PSU lenders back Piramal’s DHFL bid

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Public sector banks, led by SBI, are understood to be in favour of the resolution plan submitted by Piramal Group for troubled housing finance company DHFL. PSU lenders hold a significant portion of the debt and are likely to determine the direction of voting by financial creditors, which concludes on January 15.

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.