SBI

SBI launches 'Mobicash Easy' mobile wallet service

SBI launches 'Mobicash Easy' mobile wallet serviceState Bank of India (SBI), the country's largest public sector lender, has announced the launch of a mobile wallet service called MobiCash Easy, which offers facilities like fund transfer, bill payment, DTH recharge, balance inquiry and mobile top-ups.

State Bank MobiCash Easy, which is currently available only in Mumbai and Delhi, can be had over Wallet Application and plain text SMS. The public sector lender has launched the new service in partnership with a private service provider Oxigen to offer 24x7 money transfer and other services.

Public sector banks express concerns over power NPAs

Public sector banks express concerns over power NPAsPublic sector banks, including the State Bank of India (SBI) and Punjab National Bank, have urged the Union Finance Ministry to help them prevent loans of nearly Rs 2.3 lakh crore to private sector power companies from turning bad.

The banks have urged Finance Minister P Chidambaram to covey their concerns over to power, coal, petroleum and environment ministers.

According to a Credit Suisse report, private companies' 36 thermal power projects involving a debt of more than Rs 2 lakh crore are now facing potential strain.

Kingfisher files application for renewal of operating licence

Kingfisher files application for renewal of operating licenceKingfisher Airlines Ltd. on Thursday applied to the Directorate General of Civil Aviation (DGCA) to renew its operating licence, sources familiar with the development revealed.

The beleaguered airline had its operating licence suspended by civil aviation regulator DGCA in late October.

SBI to record higher growth than industry, says Chaudhuri

SBI to record higher growth than industry, says ChaudhuriPratip Chaudhuri, the Chairman of State Bank of India (SBI), India's largest public sector lender, has said that the bank is likely to grow at a faster rate than the average industry in the coming future.

Mr. Chaudhuri said that the banking sector is likely to grow well in the country due to the fast that Indians make considerable savings. He said that the country's GDP is about Rs 80 lakh crore and 30 of this or about Rs 24 lakh crore is being saved by the people each year. This presents enormous opportunity for the banks in the country.

Lenders trying everything to find amicable solution to KFA’s financial woes

Lenders trying everything to find amicable solution to KFA’s financial woesState Bank of India (SBI)-led consortium of lenders that have lent to Vijay Mallya's grounded Kingfisher Airlines now wants an amicable solution to the debt-laden carrier's financial woes.

Earlier, SBI had said that Kingfisher Airlines' management should infuse at least $1 billion by the end of November to revive the carrier before seeking fresh lending, but the management has so far failed to do that.

RBI establishes supervisory college for SBI and ICICI Bank

Cognizant expected to post 16% growth in 2013 In order to cope with supervisory issues revolving around State Bank of India (SBI) and ICICI Bank, the Reserve Bank of India (RBI) has established a supervisory college for these banks.

The central bank said supervisory colleges have evolved all over the globe as a significant component of efficient supervisory oversight of a banking group. It added that the supervisory college would help reduce supervisory overlap, and bridge supervisory gaps. It added that

Morgan Stanley advises investors to “avoid” public sector lenders

Morgan Stanley advises investors to “avoid” public sector lendersMorgan Stanly has advised investors to keep away from State Bank of India (SBI) and several other Indian public sector lenders citing asset quality issues.

SBI reports 30% jump in quarterly net profit, bad loans also surge

SBI reports 30% jump in quarterly net profit, bad loans also surgeState Bank of India (SBI), the country's largest lender, on Friday reported a bigger-than-expected increase of 30 per cent in second quarter net profit even as bad loans piled up.

The state-run lender revealed that its net profit jumped to Rs 3,658.14 crore in the three months to September 30, from Rs 2,810.43 crore in corresponding period of last fiscal. The net profit figure exceeded analysts' average projection of Rs 3,504.7 crore.

SBI records rise in loan applications following rate cut

SBI records rise in loan applications following rate cutIndia's leading lender, the state bank of India (SBI) has recorded a rise in the number of loan applications since it reduced its interest rate in August.

The bank said that the total worth of daily home loan applications has increased in the country since the rate cut announced by the bank. The bank is now working to make it easier for customers to move loans from other banks considering difficulties faced by the customers.

Lenders to meet Kingfisher founders soon

Lenders to meet Kingfisher founders soonThe prime lender to troubled Kingfisher Airlines, the State Bank of India’s (SBI) senior executives will meet founders of the airline in the coming days to discuss the matters following Indian government’s decision to allow foreign airlines to pick up stakes in India aviation firms.

SBI Chairman Pratip Chaudhuri said that Mr. Mallya is determined to keep the control of the airline under him and thus he might be ready to take bold steps to resolve the situation. The relaxation of FDI norms in the aviation sector has been welcomed by the industry players including Kingfisher.

Banks' loans grew 1.2 per cent as of September 7

Banks' loans grew 1.2 per cent as of September 7According to the latest figure released by the central bank in India, the total bank loans grew 1.2 per cent as of September 7 since the beginning of the current financial year on 1 April, 2012.

Experts say that the increase in loans is due to a cut in interest rates by banks for vehicle and home loans in the country. Loans from banks had risen 0.6 per cent from the beginning of April to August 24, according to the data released earlier.

SBI reduces base rate by 25 bps

SBI reduces base rate by 25 bpsState Bank of India (SBI), the country's largest lender, on Wednesday slashed its base rate by a quarter of a percentage point, in a move that will alleviate burden on all borrowers.

SBI slashed base rate by 25 basis points, from 10 per cent to 9.75 per cent per annum. The country's largest lender announced the decision just a day after the Reserve Bank of India (RBI) hacked cash reserve ratio (CRR) by 25 basis points.

A spokesperson for SBI said, "All the existing as well as new customers for home loans, car loans and all other loans which are not fixed, will benefit from this cut."

Oriental Bank cuts fixed deposit interest rates

Oriental Bank cuts fixed deposit interest ratesFollowing footsteps of India's biggest state-owned lender SBI, Oriental Bank of Commerce (OBC) also slashed fixed deposit interest rates on select maturities by up to 0.5 per cent.

Fixed deposit for a period of 91 days to 79 days will now fetch 7.50 per cent interest for OBC customers, down from 8 per cent. Interest on term deposit of 180 days to 269 days has also been slashed by 0.5 per cent, at 8 per cent.

SBI slashes fixed deposit rates by 50-100 bps across maturities

SBI slashes fixed deposit rates by 50-100 bps across maturitiesState Bank of India (SBI) on Wednesday slashed interest rates on term deposits by 50-100 basis points across maturities.

The new SBI interest rate on deposits of up 15 lakh for fix deposits from 241 days to 1 year is now 6.5 per cent, 1 per cent down from 7.5 per cent paid previously.

A syndicate of lenders to meet Kingfisher representatives today

A syndicate of lenders to meet Kingfisher representatives todayA syndicate of lenders led by State Bank of India (SBI) will hold a meeting with executives of Kingfisher Airlines today (Wednesday) in Mumbai to discuss the Vijay Mallya-promoted debt-laden carrier's operations.

Representatives of nearly seventeen banks, which have exposure of more than Rs. 7,000 crore in advances to the struggling carrier, will meet Kingfisher executives to figure out valuations of two mortgaged properties belonging to the carrier.

SBI sees significant pickup in car loan demand in August

SBI sees significant pickup in car loan demand in AugustState Bank of India (SBI) saw a significant increase in demand for car loans in August, thanks to a cut in interest rates on auto loans by the state-owned lender.

SBI chairman Pratip Chaudhuri confirmed the strong pickup in demand for car loans. He said the demand for car loans almost doubled in August from the previous months. He noted that the pickup in car loan demand was despite a short supply from Maruti.

SBI management mulls plan to keep branches open on Sundays

SBI management mulls plan to keep branches open on SundaysState Bank of India (SBI), the largest lender of the country, is mulling over a plan to have its branches open even on Sundays, Chairman Pratip Chaudhuri revealed.

Mr. Chaudhuri told analysts that opening branches on Sundays would help improve efficiency.

Revealing the plan, he said, “Possibly we would like to see Sunday working which would increase the time available for doing banking and increase the business.”

SBI reports 137% increase in profits in first quarter

SBI reports 137% increase in profits in first quarterThe State Bank of India (SBI) has reported an increase of 137 per cent in profits during the first quarter of the current financial year till June 2012.

The profits of the firm rose to Rs 3,752 crore, ahead of market expectations. The retail advances of the lender increased 12.83 per cent to Rs 186,322 crore during the quarter. The home loans rose 13.04 per cent and auto loan increased 10.97 per cent.

June IIP Numbers Push Indian Markets Lower; Bharti Airtel & SBI Major Losers

June IIP Numbers Push Indian Markets Lower; Bharti Airtel & SBI Major LosersIndian Stock Markets ended the recent rally as the depressing June IIP numbers deteriorated investors sentiment. Also, rating agency Moody's has reduced India's GDP growth forecast to 5.5 per cent for 2012-2012. BSE Sensex closed 40 points lower at 17560. NSE Nifty closed 15 points down at 5322.

CRISIL Report Reduces India GDP Growth Target to 5.5%

CRISIL Report Reduces India GDP Growth Target to 5.5%CRISIL Research has cut India GDP growth forecast to 5.5 per cent for 2012-13 based on lower foreign investment inflows to the country. The report has reduced the estimates from earlier 6.5% GDP growth.

CRISIL report also expects the WPI inflation to remain higher at 8 per cent. Indian economy is already struggling lower growth. The policy in-action of UPA government will result in lower foreign investment and can reduce growth in various sectors.




Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate


Syndicate content