SBI

SBI Card to roll out financial package for defaulting clients

SBI Card to roll out financial package for defaulting clientsSBI Card would release a financial package for defaulting clients. SBI card is the joint venture company of State Bank of India and GE Money. SBI card intends to help those customers who have been good at repaying in the past, but have failed to repay following the turbulent global financial conditions. The company said that it would restructure its card-portfolio to check further defaults.

SBI MF introduces ‘Debt Fund Series-90 Day Fund-31’; NFO opens on October 31st

SBI Mutual FundSBI Mutual Fund (SBI MF), one of the largest mutual funds in the country has introduced ‘SBI Debt Fund Series -90 Days Fund-31’ in Indian market.

The fund is a close ended equity scheme with primary objective to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising debt instruments such as government securities, AAA/AA+ bonds and money market instruments.

The fund is open for subscription from October 31, 2008 till November 3, 2008.

The Scheme will offer Growth Option and Dividend Option.

SBI inks JV pact with Macquarie, IFC for ‘Infrastructure PE Fund’

SBI inks JV pact with Macquarie, IFC for ‘Infrastructure PE Fund’State Bank of India (SBI), India's largest commercial bank has signed a Joint Venture pact with Macquarie Group and International Finance Corporation (IFC).

Under the arrangement, both foreign partners will help the lender in the set up and management of an Infrastructure Private Equity Fund for investing in Indian Infrastructure projects and Companies. 

However, the fund will be operational on receipt of requisite regulatory approvals. The JV agreement is based on the earlier MOU signed on April 16, 2008. 

Dena Bank plans to launch Credit Card in tie-up with SBI

Dena Bank plans to launch Credit Card in tie-up with SBIPublic sector lender Dena Bank has revealed its plans to launch co-branded credit cards in coming months.

According to sources, Dena Bank's credit card would be launched in association with State Bank of India (SBI).

Besides launching credit cards, Dena Bank also plans to open 26 new branches and 12 retail assets centers during the current fiscal, besides 108 off-site ATMs.

Dena Bank’s net profit for the second quarter ended September 30 grew 11.6% at Rs 102.8 crore over the Rs 92.15 crore in the corresponding period a year ago.

SBI Life rolls out “Criti9”- a health insurance plan for SBI Group Customers

SBI Life rolls out “Criti9”- a health insurance plan for SBI Group CustomersSBI Life Insurance, the third largest private life insurance company in the country has launched its first group health insurance plan "Criti9" for State Bank Group customers, to provide a superior health insurance option.

The newly introduced policy will be available for State Bank Group account holders aged 18 to 55 years, with maximum cover ceasing age being 65.

SBI introduces new deposit rates w.e.f October 1, 2008

SBI introduces new deposit rates w.e.f October 1, 2008

India's biggest public-sector lender State Bank of India (SBI) has increased its deposit rates in certain maturities effective from October 1.

The bank has launched a 1000-days deposit scheme that provides 10.5% interest to depositors. However, senior citizens will receive a higher 11% interest in the new deposit-scheme.

Besides this, the lender has informed that an additional 0.25% rate above the card rate will be offered on a single term deposit of Rs 15 lakh and above, having tenure of 181 days to less than 2 years.

SBI increases interest rates on deposits by 25-50 bps

SBI increases interest rates on deposits by 25-50 bps
India's largest public sector bank State Bank of India (SBI) has raised interest rates on fresh medium and long-term deposits by 25-50 basis points effective June 1, 2008.

The deposits for duration two years to less than three years will now earn an interest of 8.75 per cent, the same as deposits of one year to less than two years.

SBI register 26% increase in Net Profit for Q4

State Bank of India
Country’s biggest PSU lender State Bank of India (SBI) has registered a 26.1 per cent rise in net profit at Rs 1,883.2 crore for the fourth quarter ended March 2008 as against Rs 1,493.19 crore a year ago.

While, the Interest earned for the quarter climbed 17.63% to Rs 135,767.30 million and total income for the quarter rose 13.56% to Rs 163,939.30 million, when compared with the prior year period.

The bank posted earnings of Rs 35.43 a share during the quarter, registering 24.89% growth over same period last year.

SBI to launch “Real Estate Equity Mutual Fund”

SBI Mutual Funds Management has finally filed its initial papers with India's market regulator for launching a dedicated scheme for the real estate and related sector.

The objective of Magnum Sector Funds Umbrella (MSFU) Real Estate Equity Fund is to provide investors opportunities for long-term growth in capital through an active management of investments in equity and equity-related instruments (including derivatives) of companies in the realty and similar sectors and in debt and money market instruments.  

The open-ended scheme will be available in Retail and Institutional Plan with growth and dividend options.

The minimum investment under the retail plan is Rs 5,000 while under the institutional plan, it is Rs 5 crore.  

SBI to raise 16736 crore; Rights Issue price fixed at Rs. 1590

The country’s State Bank of Indialargest bank, State Bank of India (SBI) has announced that bank’s board has decided to raise money with the Country's largest ever rights issue by the end of the current financial year in March 2008.

The board has approved a 1:5 rights issue at a 35.42% discount to its closing price on the Bombay Stock Exchange (BSE) on Monday. The rights share with a face value of Rs 10 each will be offered at a premium of Rs 1,580, an official release said.

On Monday, shares of SBI closed at Rs 2,462 up by 1% over previous close of Rs 2,437.

SBI expects stable interest rates, plans to finalize rights issue details by mid January

State Bank of India - Interest rates stable
The country’s largest bank, State Bank of India has announced that it expects interest rates to remain stable in the near future.

O P Bhatt, Chairman, SBI said in a statement, "Interest rates look stable for the time being... at least till April."

Yesterday, the bank has hiked deposit rates by 25 to 50 basis points for different slabs and by 100 basis points for six months.

SBI plans to merge all associate bank by March 2009

The country’s largest commercial bank, State Bank of India has announced that the bank plans to merge all the associate banks with itself by March 2009. The move comes at a time when SBI is gearing up for a rights issue which, at an estimated Rs 17,000 crore, is one of the biggest mop ups from the domestic capital markets. The bank is looking to consolidate its position as a global giant with its balance sheet expected to grow manifold. SBI had earlier this month approved merger of State Bank of Saurashtra with itself.

High Interest Rates Decelerate SBI’s Personal Loan Growth

SBIState Bank of India, the largest public sector bank in the country, has recorded a slowdown in personal loans due to high interest rates.

Sitaramam Komaragiri, deputy managing director & group executive, national banking, SBI, said that this year bank has seen a 5-10% slowdown in personal loans.

On launch of a tie-up with MasterCard Mr. Komaragiri said, “We have seen a slight slowdown in personal loans. However, there has not been any decline in home and auto loans. Deposit growth has been healthy at 25-26% so far in the second half of the year (started October) but retail (credit as well as deposit) growth has picked up in the second half.

Indian Government To Invest $2.5 Bn In SBI Rights Issue

SBIThe government of India has announced that it will invest 100 billion rupees ($2.5 billion) in the rights issue of State Bank of India (SBI), the nation’s largest commercial bank.

However the actual number of shares to be subscribed, coupon rate and tenure of the securities will be worked out later, an official release said.

The announcement was made by Information & Broadcasting Minister Priya Ranjan Dasmunsi in New Delhi today.

Union Cabinet approves enhancement of capital requirement of SBI

New Delhi, Nov 30: The Union Cabinet today gave its approval for enhancing the capital of State Bank of India (SBI) by subscribing to bank's rights issue of equity shares against marketable SLR (statutory liquidity ratio) bonds worth Rs 10,000 crore (Rs. 100 billion).

The actual number of shares to be subscribed, coupon rate and tenure of the securities will be worked out later, an official release said.

It will enable the Government to receive around Rs. 1358 crore (Rs. 13.58 billion) by way of dividend and taxes from the bank during the years 2008-09, as against an expenditure of around Rs. 790 crore (Rs 7.9 billion) as interest to be paid to the bank for proposed securities.

SBI will offer Reverse Mortgage from 12 October

State Bank of India Reverse Mortgage
The State Bank of India (SBI) will start offering reverse mortgage products for senior citizen on October 12, 2007. Joint loans will be given if the spouse is alive and is over 58 years of age.

The loan will be offered by all branches of SBI from October 12, 2007. The loan will be offered at an interest rate of 10.75% pa and is subject to change at the end of every five years along with revaluation of security. Every five years, bank may even re-adjust the loan installments, if it is needed, depending on market conditions and loan status.

SBI Brings Down Interest Rates On New Loans

SBIMumbai: Here is good news for those dreaming up buying a home or a car, as India’s largest bank, State Bank of India (SBI) has decided to slash interest rates to make the most of the upcoming festive season.

In order to encourage falling demand, SBI has also linked up with a long list of banking institutions, which are providing a special discount on fresh loans.

SBI’s new floating rate home loans will now be cheaper by 0.5-1% effective from October 8 to December 31.

The country’s biggest lender has also slashed the processing fees by 50%. The bank will also extra discount if the borrower has an active salary account.

SBI Cleared $1 Billion In 5 Minutes For Tata-Corus Deal

New Delhi: Stating that no banking institution throughout the world could match it in fast decision making, State Bank of India (SBI) on Tuesday has sanctioned one billion dollar credit for Tata group in just five minutes, a philosophy, which has placed it much ahead of challengers on overseas mergers and acquisitions (M&A) transactions.

SBI Official murdered in Dehradun, Five Detained

Dehradun: A SBI official was found murdered, actuating protestations from bank staff, who closed down all arms of the bank on Thursday even as police force claimed to have settled the case with the arrest of five persons.

The body of Kamal Gairola was found lying in a pool of blood inside the SBI's ONGC extension counter, in Kaulagarh, where he was working as its in-charge, last evening.

DIG (Garhwal) Ashok Kumar told that the police force apprehended suspected mastermind Mohammad Mustafa, who comes from Begusarai area of Bihar, together with four others.

The police stated that the murder came to light when a few bank employees carrying cash went into the branch. Gairola had been continually pierced with a pointed weapon.

SBI Plans Big For Rural Biz

State Bank of India
Mumbai: State Bank of India (SBI), the country’s largest bank is arranging plans to blow up its rural business and establish an individual unit for the same by 2010.

This was the main objective at the three-day meeting of the bank’s senior functionaries being held at Mumbai.
A SBI official said the plan is to have a vertical split of the bank’s structural arrangement into rural and metro-urban.

The bank’s rural network also provides products including personal and home loans, whilst metro-urban arms would provide agricultural products together with other products.




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