India’s biggest bank, State Bank of India, has been forced to issue warning letters to its customers after fraudsters targeted the banks’ customers with fake schemes and offers. An email message has been sent to customers warning them against depositing money on the advice of such people. “The recent spate of fictitious offers of cheap […]
State Bank of India has opened the largest number of accounts under India’s universal pension scheme for the unorganized sector, the government said today. State Bank of India has opened 51,000 out of the total 3.07 lakh pension accounts opened by banks under the scheme, which guarantees a rate of return of at least 8%. […]
State Bank of India, India’s largest commercial bank, has waived processing charges on car loans till the end of the year, while halving the charge on some personal loans till Sep 30. The bank did not specify the new rates. It already has zero processing fees when someone transfers a home loan from another bank […]
Only three public sector banks — State Bank of India, Indian Overseas Bank and Corporation Bank — levy charges on even the smallest money transfer done via mobile phones using the National Electronic Fund Transfer or NEFT facility, data compiled from public sector banks show. None of the remaining 18 public sector banks have a […]
State Bank of India said it was enabling payment by Samsung Pay service on some of its higher debit card variants. Samsung Pay works by mimicking the ‘swiping’ action of a credit or debit card by sending a magnetic pulse. The ‘card machine’ or point of sale machine mistakes this for an actual swipe and […]
The demonetization of currency notes late last year has doubled the number of card transactions and helped push India’s payment digitisation by three years, State Bank of India said in a note. “Even after seven months post demonetization, the transaction value is quite large and approximately double of what it had been corresponding month last […]
State Bank of India said it had decided to conduct an initial public offer for some of its shares in its insurance subsidiary SB Life Insurance. BNP Paribas Cardif S.A. would also sell some of its shares in the offer. It said the offer would involve 8 crore shares. No valuation or size details were […]
State Bank of India, the largest Home Loan Provider in India has reduced interest rates of high value home loans. Home Loans above Rs. 75 lakhs will now be cheaper by one-tenth of a percentage from 15 June, 2017. The revised interest rates will be 8.55% p.a. for salaried women borrowers. For others the rate […]
State Bank of India said it raised Rs 15,000 cr by selling its shares in a ‘qualified institutional placement’ or QIP, making it the largest such transaction in Indian share market history. QIP’s usually involve selling shares exclusively to big institutions such as mutual funds, banks and other investment houses and are cheaper and quicker than […]
State Bank of India said its committee of directors for capital raising has decided to start receiving bids a qualified institutional placement of its shares with a floor price of Rs 287.58 per equity share. “The Bank may offer a discount of not more than 5% to the Floor Price,” it said. The bank is […]
India’s largest bank, State Bank of India, denied reports that it had scrapped the facility of providing free ATM transactions. The bank was responding to media reports that said that all transactions will be chargeable from now on. Under the Reserve Bank of India’s instructions issued in 2014, all banks must offer a certain number […]
The Indian banking system is likely to get a permanent liquidity boost of Rs 1.7 lakh cr due to the demonetization of high-denomination bank notes, State Bank of India chief economic adviser said in a note to bank clients. He said people were not making the large cash withdrawals that everyone expected them to after the […]
With the country’s largest bank, State Bank of India, refusing to rollback service charges for customers who do not maintain a minimum balance in their accounts, only Oriental Bank of Commerce, UCO Bank and Punjab & Sind Bank remain as ‘free’ providers of savings bank services, according to an analysis of RBI data. SBI said […]
Punjab National Bank, the third largest public sector bank in India, and smaller cousin Corporation Bank can teach bigger siblings like State Bank of India and Bank of Baroda a thing or two about going after big loan defaulters, an analysis of Reserve Bank of India data shows. In the last four years, these two banks […]
The country’s largest bank, State Bank of India, said today that it expects the growth in India’s gross domestic product to fall to 6.1% or lower in the current year from 7.9% last year due to the impact of demonetization. It said the projection by government of India’s Central Statistical Office for a GDP growth […]
State Bank of India, India’s largest bank, has started accepting UPI payments from customers of other banks. However, outgoing payments are yet to be enabled from an SBI account to other accounts. UPI refers to a new way of making instant payments. Instead of entering details such as bank account number and IFSC code, Unified […]
The country’s biggest bank State Bank of India saw nearly Rs 40,000 cr deposited by the public in its branches in the first two days of the ongoing currency swap. A total of Rs 1,666 cr worth of notes were exchanged. Under the ongoing currency swap, bank customers can get up to Rs 4,000 worth […]
Tata Homes and SBI signed an agreement under which the two companies will make special offers to people who hold their salary accounts in the bank and want to purchase a Tata Homes property with an SBI loan. The nature of these offers was not revealed, but it is estimated that they could involve some […]
State Bank of India said it will be raising Rs 11,100 crore debt via private placement to overseas and-or Indian investors. The perpetual debt instruments could be denominated in US dollars or Indian Rupee, the bank said. The debt will rank as Tier 1 capital for India’s largest bank. No timelines for the move were […]
The State Bank of India said it has approved its merger with another two banks, State Bank of Patiala and State Bank of Hyderabad, taking the total of such banks to six. Yesterday, the SBI had said it had approved its merger with four banks including State Bank of Mysore, Travancore and SBBJ. “State Bank […]
