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SBI revises recurring deposit (RD) interest rates. Check latest rates here
Posted on 17th September 2019
Recurring deposit (RD) account is the best option for investors who wants to save on a monthly basis. Recently State Bank of India (SBI) has slashed interest rates on RDs effectively 10th September. SBI RD has term ranging from 12 months to 120 months. SBI RD interest rates vary between 5.80%-6.25% for general public and an additional interest rate hike of 50 bps for senior citizens.

SBI chief slams “selfish” private sector bank for Altico crisis
Posted on 16th September 2019
State Bank of India chairman Rajnish Kumar has slammed a “selfish” private sector lender for the crisis at Altico Capital, as its unilateral move to secure its own money can potentially cause troubles to the wider financial system. The realty-focused non-banking lender Altico, which owes over Rs 4,500 crore to the system (mostly banks), defaulted on a nearly Rs 20 crore interest payment late last week on an external commercial borrowing (ECB) loan.

SBI minimum account balance and penalty charges: Key things to know
Posted on 14th September 2019
Country's largest lender State Bank of India (SBI) is revising its service charges from 1st October 2019. Maintenance of average monthly balance (AMB) charges are different for metro, semi-urban and rural areas. Currently, the metro and urban centre branches, the requirement of AMB is ₹3,000. For someone not maintaining ₹3,000, with a shortfall of less than or equal to 50%, will be charged ₹10 plus GST.

SBI Life offer for sale to fetch Rs 3,500 crore; stock falls marginally
Posted on 13th September 2019
State-owned lender State Bank of India (SBI) has successfully divested 4.5 per cent stake in SBI Life Insurance Company. The share sale will fetch SBI nearly Rs 3,500 crore which will help the state-owned institution augment its capital base.

The offer for sale (OFS) on Thursday saw nearly two times more demand than the shares on offer.

SBI approves sale of 3.5% stake in SBI Life
Posted on 12th September 2019
The country’s largest lender, State Bank of India (SBI), on Wednesday approved to divest at least 3.5% stake in SBI Life Insurance through the offer for sale (OFS) route. SBI Life in the notice to exchange said that SBI proposes to sell 3.5 crore shares in aggregate representing 3.50% of the total issued and paid-up equity share capital of the company. The floor price for the offer shall be Rs 770 per equity share and offers open on September 12. With this, the bank will raise around Rs 2,695 crore.

After lending rate cut, SBI makes steeper cut in deposit rates
Posted on 10th September 2019
State Bank of India (SBI) has reduced its lending rates by 10 basis points, but has slashed its deposit rates by up to 25 basis points.

The one year lending rate, to which most of the loans, both corporate and retail, are linked, would come down to 8.15% from 8.25% with effect from September 10, 2019. SBI has also realigned interest rate on term deposits (TD) from September 10.

SBI sought issuance of 147 Look Out Circulars in last five months: RTI
Posted on 9th September 2019
The Country’s largest public sector bank – State Bank of India – sought issuance of 147 Look Out Circulars (LoCs) in the last five months in connection with bank fraud cases, an RTI response from the bank said.

Data shows that the bank started seeking LoC from the Bureau of Immigration from April this year.

SBI repo-linked home loan vs Bank of Baroda (BoB) repo-linked home loan: Key things to know
Posted on 4th September 2019
After India's biggest bank State Bank of India (SBI) launched India's first repo-linked home loan product in July many banks including Bank of Baroda have also come up with repo-linked home loan offers. Under this repo-linked home loan product, the effective home loan rates are linked to the banks' repo-linked lending rate, which in turn is linked to the RBI's repo rate.

SBI's credit card business aims to raise ₹8,000 crore via IPO: Report
Posted on 30th August 2019
Mumbai: SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said.

SBI has already tapped banks to run the IPO process and a listing is expected to happen in the last quarter of this financial year, bank officials have previously said.

SBI economists slam 'intelligentsia' for 'misunderstanding' RBI autonomy
Posted on 29th August 2019
Economists at the state-run State Bank Wednesday hit out the defenders of the central bank autonomy, saying the RBI's independence has been "misunderstood by the intelligentsia".

In a note prepared in the context of the Bimal Jalan committee report which cleared transfer of Rs 1.76 trillion of its surpluses to the government, the economists said fears of "heavens falling" stoked by the "scholars" have been given a burial by the panel's recommendations.

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