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strongMumbai:/strong State Bank of India notched up nearly 60 percent uptick in deposits so far this fiscal, partly due to the flight of savings from ponzi and bogus schemes, many of which went belly up in recent months, chairman Pratip Chaudhuri said. Surprisingly, during the latter part of the past fiscal, the country's largest bank had witnessed a sharp fall in deposit accretion, just like other banks. Chaudhuri described the development, which has its roots in one of the biggest tragedies to hit the investors, especially in the eastern states, as flight to safety.[caption id=attachment_868881 align=alignleft width=380 strongMumbai:/strong State Bank of
strongNew Delhi:/strong State Bank of India (SBI) on Monday announced reduction in interest rate on fixed deposits of maturity up to one year by 0.25 percent to 7.25 percent. It has been decided to revise downwards by 25 basis points the interest rate on bulk deposits above Rs 1 crore for the tenors 7 days to less than 1 year, SBI said in a statement. [caption id=attachment_838109 align=alignleft width=380 strongNew Delhi:/strong State Bank
Leaflets advertising loans are pictured inside a commercial branch of the UCO Bank in Mumbai June 1, 2013. Fed up with a profitable textile company's failure to repay its loan, India's UCO Bank has taken its grievance public, placing newspaper ads last month that brand the industrialist owner of S. Kumar's Nationwide Ltd a defaulter. State Bank of India (SBI), Bank of India Ltd and Bank of Baroda are also preparing to name and shame corporate borrowers which are not paying them back, bank executives told Reuters. This aggressive tactic for dealing with bad debt marks a major departure from the traditional laid-back approach of Indian state lenders. Picture taken June 1, 2013. To match Story INDIA-BANKS/DEBT. Leaflets advertising loans are pict
Indian pedestrians walk past the State Bank of India's Mumbai head office on March 12, 2013. India's largest state-run bank has received 1.7 million applications for just 1,500 entry-level clerk jobs and has promised to examine all of them, a report said on March 12. Indian pedestrians walk past the St
In this photograph taken on May 18, 2012 the chairman of the State Bank of India (SBI), Pratip Chaudhuri answers a question during a press conference in Kolkata. India's largest state-run bank has received 1.7 million applications for just 1,500 entry-level clerk jobs -- and has promised to examine all of them, a report said on March 12, 2013. In this photograph taken on May 18,
strongNew Delhi:/strong State Bank of India today said it expects to clock a net profit of Rs 14,000-15,000 crore in the current fiscal, backed by strong internal generation and robust demand for loans. For SBI we got an allocation of 3,000 crore this year (capital infusion by the government) and we expect to make a net profit of another Rs 14,000-15,000 crore of net profit this year, State Bank of India (SBI) Chairman Pratip Chaudhuri told a television channel. [caption id=attachment_647636 align=alignleft width=380 strongNew Delhi:/strong State Bank
strongMumbai:/strong State Bank of India today said it does not have any exposure to Sahara group companies but have deposits of Rs 700-800 crore from the firms. I think some of our branches have their (Sahara companies) deposits ... so if they get pulled out it will be Rs 700-800 crore. But we don't have any advances to them, SBI chairman Pratip Chaudhuri told reporters when asked about its exposure to Sahara group.[caption id=attachment_626006 align=alignleft width=380 strongMumbai:/strong State Bank of
India's key stock market indices declined weighed down by heavyweights State Bank of India and Maruti Suzuki, despite the lower-than-expected WPI inflation data. The Sensex closed at 19497.18, down 0.57 percent and Nifty at 5896.95, down 0.61 percent. Investors are waiting for the next big trigger from the 2013/14 budget to be presented on 28 February. [caption id=attachment_625556 align=alignleft width=380 India's key stock market indices de
strongMumbai:/strong State Bank of India, the country's biggest lender, reported a 4 percent gain in quarterly net profit, the smallest increase in more than a year, as higher provisions for bad loans and slower loan demand hurt growth.[caption id=attachment_625201 align=alignleft width=380 strongMumbai:/strong State Bank of
strongNew Delhi:/strong State-run NTPC today said it has signed a loan agreement worth $250 million with State Bank of India and Japan-based Mizuho Corporate Bank for financing its expansion plans. NTPC has signed a term-loan agreement for $250 million (approximately Rs 1,327 crore) with the New York branch of State Bank of India and Singapore branch of Mizuho Corporate Bank as lead arrangers and lenders, the company informed the stock exchanges today.[caption id=attachment_615937 align=alignleft width=380 strongNew Delhi:/strong State-run N
strongNew Delhi:/strong State Bank of India outperformed private sector peers, including HSBC AMC and Reliance Capital AML, in managing retirement fund body EPFO's corpus. SBI has been placed at top position with a score of 99.79 out of 100 for managing EPFO funds during 1 November 2011 to 30 September 2012, said a report on financial performance prepared by rating agency Crisil.[caption id=attachment_614668 align=alignleft width=380 strongNew Delhi:/strong State Bank
The Reserve Bank of India on Tuesday cut its key policy rate and cash reserve ratio (CRR) for banks by 25 basis points. The CRR cut frees up Rs 18,000 crore for banks to lend to consumers. The CRR is the amount that banks have to park with the central bank on a compulsory basis. By today, State Bank of India, Royal Bank of Scotland and IDBI Bank have cut their base rates in the range of 5 to 75 basis points, making loans cheaper for new as well as existing borrowers. HDFC Bank and Federal Bank also cut rates for auto loans. IDBI Bank also decreased its interest on select fixed deposits. [caption id=attachment_608969 align=alignleft width=380 The Reserve Bank of India on Tuesda
The State Bank of India (SBI) cut its base rate by 5 basis points (i.e. 0.05 percent, one basis point is one hundredth of a percentage) to 9.7 percent in response to the Reserve Bank of India (RBI) cutting repo rate by 25 basis points (i.e. 0.25 percent). Guess it was their idea of a 'bad' joke. Repo rate is the interest rate at which the RBI lends to banks. While newspapers have gone to town trying to tell you and me that interest rates are falling, nothing like that has happened. A few banks have cut their auto loan rates but no major bank (other than SBI) has cut its base rate. Base rate is the lowest rate of interest at which a bank can lend. [caption id=attachment_608828 align=alignleft width=380 The State Bank of India (SBI) cut i
The State Bank of India is yet to receive any communication from Kingfisher Airlines even as the consortium of lenders to the troubled airline is meeting next week, Chairman Pratip Choudhury said on emCNBC TV18/em today. State-run SBI, the country's largest bank, has the highest exposure to the airline. Choudhury said one cannot infer that the Diageo-United Spirits deal will result in inflows to Kingfisher Airlines. He, however, ruled out any further funding to the Kingfisher. [caption id=attachment_531227 align=alignleft width=380 The State Bank of India is yet to r
strongMumbai:/strong State Bank of India, which leads the consortium of lenders for Kingfisher Airlines, today described the Vijay Mallya promoted UB Group's decision to sell majority stake to Diageo for over Rs 11,166 crore as a positive development. It said a meeting would be held with the airline's management soon. The deal may provide Mallya a breather from troubles emanating from his grounded Kingfisher Airlines. [caption id=attachment_521003 align=alignleft width=380 strongMumbai:/strong State Bank of
State Bank of India, the country's biggest lender, posted a 30 percent gain in quarterly net profit, the smallest increase this year, as higher provisioning for bad loans constrained earnings growth. Net profit rose to Rs 3658 crore for the quarter ended September from Rs 2810 crore a year earlier, the bank said on Friday. Gross non-performing loans increased to 5.15 percent of total assets at end-September, compared with 4.19 percent a year earlier. [caption id=attachment_520393 align=alignleft width=380 State Bank of India, the country's
strongNew Delhi:/strong State Bank of India, a major banker for debt-laden Suzlon, today said the wind turbine maker's move to approach corporate debt restructuring cell would give more time for lenders to sort out the issues. Loss-making Suzlon Group last month said it has started discussions with lenders for restructuring debt, including a two-year moratorium on repayment of term loans. I think reference to the Corporate Debt Restructuring (CDR) cell gives the bankers more time to iron out these issues and Suzlon's financials are a little more complex, SBI Chairman Pratip Chaudhuri told reporters on the sidelines of the World Economic Forum on India summit here. [caption id=attachment_518372 align=alignleft width=380 strongNew Delhi:/strong State Bank
strongNew Delhi: /strongState Bank of India (SBI), the largest lender to ailing Kingfisher Airlines, wants the airline's promoters to bring in a minimum of $1 billion (about Rs 5,400 crore) from any source by month-end for its revival. We do not put a gun on their head...I think about $1 billion would be a good starting point but the more comes in the better because airlines are a very capital intensive business, SBI Chairman Pratip Chaudhuri told reporters on the sidelines of World World Economic Forum on India summit here. [caption id=attachment_518359 align=alignleft width=380 strongNew Delhi: /strongState Bank
State Bank of India Chairman Pratip Chaudhuri attends the World Economic Forum on India meeting in Gurgaon on the outskirts of New Delhi, India, Wednesday, Nov. 7, 2012. More than 700 business leaders from more than 40 countries are participating in the three-day meet that began Nov. 6. State Bank of India Chairman Pratip
State Bank of India (SBI), the lead bank to ailing Kingfisher Airlines, today cautioned the carrier that it will not fly if it fails to bring in fresh capital by November 30. Banks' consortium has done everything possible to make the company (Kingfisher) work. Only the company is not working... The management has to get capital. We have given time till November 30 that they should get capital otherwise the company will not fly..., SBI Chairman Pratip Chaudhuri told emPTI/em. [caption id=attachment_516681 align=alignleft width=380 State Bank of India (SBI), the lead
State Bank of India (SBI) wants you to sign its cheques with darker ink. From 1 January, the bank will accept only those cheques which conform to new standards. The step has been taken as per the directions of the Reserve Bank of India. A emPTI/em report said that the move is part of the effort for standardising and enhancing the security features in cheque forms and its migration to the CTS (cheque truncation system) 2010 standard. All branches of the bank will now issue only CTS 2010 standard cheques to customers, SBI said in a public notice today.[caption id=attachment_515384 align=alignleft width=380 State Bank of India (SBI) wants you
State Bank of India (SBI) has ruled out any cut in its lending rates due to steep hike in the provisioning for restructured standard assets, a senior bank official said on Thursday. The 75 bps (0.75 percent) hike in provisioning has closed the room for any lending rate cuts. Therefore, our asset liability committee, which met yesterday, decided to leave the lending rates unchanged, an SBI official said. The only measure which may have prompted a look at the rate cut was the 0.25 per cent reduction in the cash reserve ratio by RBI in its second quarter policy announcement on Tuesday. [caption id=attachment_512100 align=alignleft width=380 State Bank of India (SBI) has ruled
State Bank of India has reduced processing fee by up to 50 percent on home and auto loansavailed until 31 December, 2012. With this offer, the bank now offers the cheapest processing fees on both home and auto loans, as compared to other banks. [caption id=attachment_493624 align=alignleft width=380 State Bank of India has reduced pro
State Bank of India today said it is witnessing early signs of revival in credit growth as mid-corporates have started seeking fresh funds. There are early signs of credit uptake. Mid-size corporates are coming for fresh lending..., SBI managing director and group executive for national banking A Krishna Kumar said. [caption id=attachment_484731 align=alignleft width=380 State Bank of India today said it i
strongMumbai/strong: State Bank of India on Friday said Kingfisher lenders have decided to release funds to the debt-ridden airline on humanitarian grounds considering that its employees have not been paid for the past seven months. The money that has been released by the tax authorities, 80 per cent of that will be made available to the company on humanitarian grounds, specifically to pay salaries of the employees, SBI Chairman Pratip Chaudhuri told reporters here. Sources had said bankers after an emergency meeting yesterday had agreed to release funds from escrow accounts, which is likely to fetch up to Rs 60 crore for the carrier. SBI heads the consortium of 17 lenders to the crippled carrier. Chaudhuri, however, did not divulge the total quantum of the money banks were having. [caption id=attachment_481257 align=alignleft width=380 strongMumbai/strong: State Bank of
State Bank of India officials are persuading their home loan costumers to convert their savings on lower EMI (home loan) into deposits with the bank. The country's largest lender had recently cut its rates on home loans, thus resulting in a lower EMI. It is this savings that the officials are talking about. For a 20-year Rs 20 lakh loan, the EMI will fall to Rs 966 per Rs 1 lakh from Rs 982, a a href=http://www.thehindubusinessline.com/industry-and-economy/banking/article3958473.ecereport/a in emBusiness Line/em said. Explaining the rationale behind the advice, bank officials quoted in the report, said if a borrower park this Rs 320 per month savings in a recurring deposit (RD), which offers an 8.50 percent return, he would save Rs 200,640 (assuming the RD for the initial 10 years is later extended for another 10 years). [caption id=attachment_479214 align=alignleft width=380 State Bank of India officials are p
The State Bank of India has cut its base rate, the minimum interest rate at which it lends, by 25 basis points to 9.75 percent with effect from Wednesday, it said in a statement late on Tuesday. [caption id=attachment_460855 align=alignleft width=380 The State Bank of India has cut its
The State Bank of India's decision to cut fixed deposit (FDs) rates is going to nick you where it hurts most: your wallet. If you are a saver, this calls for a quick rethink on where you should put your money in order to improve effective post-tax yields. Remember, the bank's cut isn't the only thing you need to keep in mind. The unkindest cut is the one the taxman will seek, assuming you are in the top tax bracket where you pay 30 percent tax on your FD earnings. SBI has cut rates on FDs under one year to 6.5 percent; for tenures beyond that the rate is 8.5 percent. The first point to make is that since other banks are still offering rates in the range of 8.75 percent to 9.25 percent (Punjab National, ICICI Bank and HDFC Bank), its better to move your FDs there before that window closes. However, even if these windows close, there is a much better alternative for people in the higher brackets, especially those in the top bracket of 30 percent: the near-sovereign- rated AAA tax-free bonds. And what's more, these bonds can be bought from the stock market in any kind of quantities you may like. [caption id=attachment_446373 align=alignleft width=380 The State Bank of India's decision
State Bank of India (SBI), the country's largest lender, today cut fixed deposit (FDs) rates by 50 basis points across tenures. For instance, for FDs below Rs 15 lakh with maturity of one year to less than two years will be 8.50 percent. Rates on FDs above Rs 15 lakh and less than Rs 1 crore too have been cut. For instance, a 180-day FD, which had 8%, will have 7.50%. The rates are effective from 7 September. [caption id=attachment_444853 align=alignleft width=380 State Bank of India (SBI), the coun
Indian public sector banks' non-performing assets last year increased more than 50 percent, with agriculture remaining the big drag, according to an analysis of their annual reports by brokerage Motilal Oswal. Union Bank of India and State Bank of India witnessed the sharpest increase in NPAs from the sector. While for Union Bank, the farm sector NPAs rose to 9.6 percent from 4.1 percent in the year earlier, for SBI the increase was to 8.9 percent from 6.7 percent. [caption id=attachment_443999 align=alignleft width=380 Indian public sector banks' non-per