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SBI hits 52-week low; down 22% in two months
Posted on 22nd March 2018
State Bank of India (SBI) hit a 52-week low of Rs 240.65, down 3% on the National Stock Exchange (NSE), falling below its previous low of Rs 241.15 touched on October 26, 2017 in intra-day trade.

In past three months, SBI has underperformed the market by falling 22% as compared to 7% decline in the Nifty 50 index. At 03:04 pm; the stock was trading 2.7% lower at Rs 241, against 0.32% decline in the benchmark index.

Nirav Modi scam: Diamond traders now courting firms with long-term credit
Posted on 21st March 2018
In the aftermath of the Rs 129-billion fraud at Punjab National Bank (PNB) involving Nirav Modi and Gitanjali Gems, traders of loose diamonds are now shifting to organised sectoral players with deeper pockets for credit offers to consumers.

Since most banks have tightened their lending to diamond merchants and others are in the process of doing so, many medium and small diamond dealers are approaching large players for credit facility within the industry.

SBI slashes fine for not keeping min balance
Posted on 14th March 2018
Mumbai: In a move that will benefit 25 crore account holders, State Bank of India (SBI) has reduced charges for non-maintenance of average monthly balance (AMB) in savings accounts by more than 70%. The revised charges will be effective from April 1, 2018.

The charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month plus goods and services tax (GST) to Rs 15 plus GST.

Good news! SBI cuts charges for non-maintenance of minimum balance from April 1
Posted on 13th March 2018
The State Bank of India, on Tuesday morning, cut charges for non-maintenance of average minimum balance. The new charges will be applicable from April 1, 2018. India’s largest bank has specified different monthly average balances (MAB) for accounts and if the holder fails to maintain this balance, he is charged depending on the degree of shortfall. The decision was taken by the bank in view of the feedback from various stakeholders.

SBI to take 5 companies to NCLT for Rs 3,250 crore
Posted on 13th March 2018
MUMBAI: State Bank of India (SBI) is likely to drag five Kolkata-based companies, including Burnpur Cement and four Patni group entities, to the National Company Law Tribunal for insolvency proceedings over Rs 3,250 crore in unpaid loans.

Three people familiar with the exercise told ET that the Patni group has defaulted on Rs 3,000 crore of loans and dues, with Burnpur Cement accounting for the rest.

SBI, UCO Bank looking for buyers to clear off Rs 12.45-billion NPAs
Posted on 12th March 2018
State owned lenders SBI and UCO Bank are looking for buyers to sell non-performing accounts (NPAs) worth Rs 12.45 billion and have invited bids from ARCs, banks, NBFCs and FIs to clean their books of such dud assets.

"In terms of bank's revised policy on sale of financial assets in line with the regulatory guidelines, we place Zenith Birla (India) Ltd and Sona Alloys Pvt Ltd for sale to ARCs/banks /NBFCs/FIs," SBI said in the bid document.

SBI puts up Rs 787 cr of NPA accounts on sale
Posted on 10th March 2018
State Bank of India (SBI) on Friday put on sale two non-performing assets (NPAs) worth Rs 787 crore and sought bids from asset reconstruction companies (ARCs) on a cash basis, or through a mix of cash and security receipts (SRs), according to a sale document. The two accounts on the block are the bank’s Rs 647.64-crore exposure to Sona Alloys and its Rs 139.36-crore exposure to Zenith Birla (India).

RBI slaps Rs 40 lakh penalty on SBI for flouting counterfeit notes norms
Posted on 8th March 2018
MUMBAI: The RBI has penalised SBI Rs 40 lakh for not complying with its directions on detection and impounding of counterfeit notes. The RBI said it found deficiencies on SBI’s part in regulatory compliance with counterfeit note norms. The action is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI added.

EMIs to go up as State Bank of India, PNB and ICICI Bank hike lending rates
Posted on 2nd March 2018
State Bank of India (SBI), the country’s largest lender, on Thursday raised its benchmark lending rates by up to 25 basis points for the first time since the marginal cost-based lending rate (MCLR) regime was introduced in April 2016. One basis point is 0.01 per cent.

The rate hike, effective immediately, comes a day after the bank raised its deposit rates by as much as 50 basis points (bps) across various maturities.

Good news! SBI hikes FD rates of both term and bulk deposits
Posted on 28th February 2018
The State Bank of India, India’s largest bank, has announced revision in interest rates on ‘retail domestic term deposits’ (below Rs 1 crore) w.e.f. February 28, 2018, ie. today. The bank has also revised interest rates on ‘domestic bulk term deposits’ of Rs 1 crore to Rs 10 crore as well as above Rs 10 crore with effect from February 28.

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