Interest Rates Will Not Rise In Near Future, Says SBI

Interest Rates Will Not Rise In Near Future, Says SBIIn a declaration, the State Bank of India announced that the bank's interest rates would not be going up in the coming future, as there is sufficient liquidity in the banking system and credit off take is generally small in the April-June quarter.

SBI chairman O. P. Bhatt said, "At the moment there is fair amount of liquidity in the system. Secondly, the quarter in the financial year, which traditionally in India is supposed to be lean quarter for building up credit."

Interest rates will not rise sharply in the coming 2-3 months: SBI

SBIAs the investor sentiment is improving by the day and the economy is again moving back to the path of growth, there were discussions of the lending being more expensive for the Indian consumer.

However, India's largest lender, State Bank of India (SBI) has recently confirmed the fact that it does not expect the interest rates to rise very sharply in the coming 2-3 months.

SBI Capital to come up with 20 issues in next 3-4 months

SBI-CapitalSBI's investment banking unit, SBI Capital Markets, said on Tuesday that it is going to start as many as 20 new issues in the next 3-4 months period. The information was given by the CEO of the firm.

The issues are a step forward, by the bank, in the direction of playing a greater role in the mergers and acquisitions that are happening and are expected to happen. During this year, it wants to capitalize on the banking platform built by its parent company.

SBI aims to retain the top slot in Home loans

SBIWith a target of around Rs 23,000 crore in the new financial year, State Bank of India (SBI) is aiming to retain its pole position in the home loans category.

With a bullish target in mind experts believe that it will be tough to clock the Rs. 23,000 figure amidst a rising interest rate regime. But the largest bank in the Indian market is also taking an innovative approach to the same by tweaking its flagship 8% interest rate scheme and other innovative loan targets with an aim to meet its target in the current fiscal.

SBI- State Bank of Indore merger talks intensify

SBI-SBI001The long-awaited process of merger of India's largest lender, State Bank of India (SBI) with State Bank of Indore, has started again. This information was revealed on Monday.

The bank said that it would be issuing 1.16 lakh shares to the minority shareholders of State Bank of Indore. The face value of each share will be Rs. 10.

As of now, the swap ratio has been decided. SBI has agreed to pay the minority shareholders 34 shares of itself for every 100 shares of the subsidiary bank.

SBI to extend its special loan rates

SBIIt seems that SBI will still have to deal with a few teaser loans as the bank is mulling to go on with its 8% happy loan scheme even after 31st March 2010 till July. But it needs to be noted that a formal announcement has yet to be made.

SBI chairperson Mr. O. P. Bhatt said that they still have time and will look into the situation after 31st March.

Bank told to pay Rs.11 lakh for negligence

Bank told to pay Rs.11 lakh for negligenceNew Delhi, March 21- The Delhi consumer commission has asked the State Bank of India (SBI) to pay Rs. 11 lakh for ignoring a request from an Italian company not to honour cheques from a lost cheque book.

Delhi State Consumer Disputes Redressal Commission president Barkat Ali Zaidi and member M. L. Sahni pulled up the Defence Colony branch of SBI: "When a banking institution is guilty of negligence, it cannot shirk its liability to make good the loss suffered by a consumer due to deficiency in service.

No plans for an immediate rate hike: SBI

SBIThe country's largest lender, State Bank of India (SBI) has recently announced its clear intentions of not announcing any rate hike in the coming days on the back the hike announced by the Reserve Bank of India (RBI). Notably, the RBI recently announced a hike in the repo rate and reverse repo rate by 25 basis points taking both to 5% and 3.75% respectively.

In fact, SBI has further said that the bank will look at the option of announcing a hike after the RBI will announce its policy in the month of April as there is still enough liquidity in the market.

SBI tops the list of taxpayers

State-Bank-IndiaAn Income Tax source has informed that State Bank of India is on top of the list of ten highest advance taxpayers among the public sector entities, for the current fiscal year. Reliance Industries is first amongst the private sector companies.

The State Bank of India has paid Rs. 6,552 crore as tax payments. Previous year the figure was Rs. 5,733 crore.

In other public sector biggies, LIC, Indian Oil and Bank of Baroda have managed to be a part of the top ten with second, fourth and seventh spot respectively.

SBI may not charge royalty for its logo

SBI-LOGOState Bank of India may not charge royalty from its associate banks for using its logo. The issue of charging a royalty was first proposed in March 2009. But thereafter SBI has not initiated for such policies. Regarding royalty, Chairman of State Bank of India, Mr. O. P. Bhatt had earlier said that SBI is not looking to earn profit from such pricings.

SBI tops home loan chart with 67% market share

SBIWith most of the Indian banks turning aggressive in their low-interest home loan offers, State Bank of India dominated the segment sanctioning a mammoth 67 per cent of the Rs. 45,000 crore cheap home loans offered during 2009, reports suggested on Thursday.

While SBI sanctioned almost Rs. 30,000 during the year, HDFC remained a distant second with a total sanction of Rs. 9,000 to Rs. 9,600 crore under its various special offers for home loan seekers, CNBC-TV18 reported.

However, such teaser home loan schemes from other state-run banks received only a lukewarm response during the period.

Government to off-load stake in SBI

SBIThe central Government is planning to off-load its stake in the country's largest lender the State Bank of India (SBI) to 51 per cent. A bill regarding the same was presented by finance minister Mr. Panab Mukherjee in the Lok Sabha on Monday.

The government at present holds 55 per cent stake in the bank.

If cleared in the present form, the State Bank of India (Amendment) Bill, 2010 presented, the bank would be able to raise additional capital by issuing preference shares. Earlier in 1993 the SBI Act, 1955 was amended to enable the bank to raise funds from capital market.

SBI planning a rights issue

sbi-logoIndia's largest lender State Bank of India has announced that it has intentions to come up with a rights issue in order to raise USD 4.3 billion in the current financial year. SBI's chairman OP Bhatt on Wednesday said that it would need half the amount of the amount raised to sustain growth for the coming 5 years.

About 8.6 billion US dollars or Rs. 400-500 billion is what the bank needs to raise to fulfill the demands of the growing demand of the fast developing India in terms of loans.

SBI has big plans under its sleeves

SBI-LOGOState Bank of India (SBI) has some really big plans for the year 2010.

India's largest lender is looking forward to buy a big chunk of shares in Tata Motors Finance. It is also planning to raise close to $4.3 billion by issuing rights issue in the coming fiscal. The bank is going to use this amount to sustain its growth over the coming five years time.

Bharti approaches SBI for Zain funding

Bharti-Airtel-zainBharti Airtel has approached State Bank of India (SBI) for funding its recent deal to buy stake in telecom major Zain.

Talking about the issue, SBI Chairman told reporters that the telecom company had approached the bank to partner a deal with Zain. He, however, did not give any further details.

Standard Chartered Bank and Barclays are already acting as the official advisers of Bharti.

As of now, Bharti Airtel is trying to raise loans through a mixture of Indian rupee and dollar to finance its deal. Most of the funding is going to be through offshore loans, which is expected to be to the tune of $5 billion.

SBI not to hike interest rates for now

SBI not to hike interest rates for nowRBI hiked the cash reserve ratio by 75 basis points but the increase in overall credit was still moving at snail's pace. Keeping this in mind, India's largest lender State Bank of India (SBI) announced on Monday that the lending rates would not be changed much and would largely remain stable for the coming 5-6 months.

There are now enough liquidity ratios in the system and the credit offtake is still slow thus the home loan rates are to remain stable for some time. SBI had given teaser home loan rates earlier this year to which the central bank had expressed concern.

SBI may hire up to 20,000 people next fiscal

SBI may hire up to 20,000 people next fiscalIndia's largest lender State Bank of India (SBI) is likely to carry on its hiring spree to next fiscal year.

State Bank of India has recently launched an e-learning package of Indian Institute of Banking and Finance. SBI needs manpower for these new processes.

SBI is planning to hire around 15,000-20,000 people in next fiscal year 2011. State Bank of India already has recruited 25,000 employees in the current year. For next year also, SBI is going to touch this figure. In the year 2008-09, SBI had recruited 27,000 staff across its verticals.

India's SBI may buy stake in Tata Motors unit

sbi-bankAccording to the Mint newspaper India's largest lender State Bank of India plans to take 49% of the stake in Tata motors vehicle finance unit Tata Motors Finance. Bank is planning to expand its presence in the trucks and buses segment where it has no presence right now.

Both Tata motors and SBI have been in the discussion for the take selling since May when Tata Motors raised Rs 4,200 crore through non convertible debentures backed by SBI guarantee.

Finance ministry to check debt provisions by SBI

State Bank Of IndiaThe Finance ministry has observed that the State Bank of India (SBI) is not making provisions for bad loans under agriculture debt relief scheme. The ministry may ask the bank to give an explanation, indicated a ministry official.

The ministry official expressed that all other public sector banks have made adequate provisions for such loans while the SBI has not taken adequate steps. The government had expected SBI to lead other banks in making provisions for such non performing assets.

RBI action could harden interest rates: SBI

OP BhattChairman of the country's largest bank, OP Bhatt said that the interest rates are likely to rise as the Reserve Bank of India moves to tighten its monetary policy.

SBI chief also hinted that loan defaults mainly from the SME segment may rise in the coming quarters.

He said, "Inflation is rising and there are fears that regulatory action may lead to hardening of interest rates," in a conference organised by Indian Banks' Association and SBI. The summit recognized the fact that 650,000 villages in India are yet to be provided with the banking facilities.

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

Syndicate content