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SBI slashes MCLR by 35 bps, interest rates on savings accounts down by 25 bps
Posted on 8th April 2020
India's largest lender State Bank of India on Tuesday announced that it will slash the marginal cost of funds based lending rate (MCLR) by 35 bps across all tenors. Effective from April 10, SBI's one-year MCLR will be 7.40% from 7.75%.

This is the 11th consecutive cut in MCLR by SBI in FY 2019-20.

The move will be beneficial for borrowers who have MCLR-linked floated rate loans, such as home loans.

As amalgamation with United Bank, OBC takes effect, PNB becomes India’s second largest PSB after SBI
Posted on 1st April 2020
The Punjab National Bank (PNB) has become the second-largest nationalized bank of the country - both in terms of business and branch network - after its amalgamation with United Bank of India and Oriental Bank of Commerce which came into effect on April 1.

The State Bank of India (SBI) still remains the largest state-run bank in the country.

Covid-19: SBI opens emergency credit line for borrowers till June 30
Posted on 21st March 2020
Amid businesses getting affected due to the novel coronavirus pandemic, the country's largest lender State Bank of India has opened an emergency credit line to meet any liquidity mismatch for its borrowers.

The additional liquidity facility Covid-19 Emergency Credit Line (CECL), will provide funds up to Rs 200 crore and will be available till June 30, 2020, SBI said in a circular issued on Friday.

Sensex crashes over 1,900 points on opening, Nifty below 9,500
Posted on 16th March 2020
Indian benchmark indices Sensex and Nifty extended their opening loses on Monday with the former losing 1950 points or 5.72% and the latter shedding 440 points or 4.43%.

About 190 shares have advanced, 730 shares declined, and 62 shares are unchanged.

SBI to invest Rs 7,250 cr in crisis-hit YES Bank as part of RBI rescue plan
Posted on 13th March 2020

State Bank of India (SBI) on Thursday said it would infuse Rs 7,250 crore into ailing YES Bank to pick up to 49 per cent equity as part of the Reserve Bank of India-mandated bailout plan.

SBI will pick 7,250 million shares at Rs 10 each, and its shareholding will remain within 49 per cent of the paid-up capital of the private sector lender.

BSE m-cap at lowest since June 2017; investors lose Rs 33-trn in a month
Posted on 12th March 2020

The total market capitalisation of companies listed on the Bombay Stock Exchange (BSE) hit an over 32-month low on Thursday as the benchmark indices crashed over 7 per cent after the World Health Organization (WHO) declared the worldwide outbreak of the new coronavirus as pandemic.

Investors had lost a whopping nearly Rs 11 trillion in the stock markets till 11:10 am today. The total investor wealth, measured in terms of the cumulative market value of all listed stocks on the BSE, fell by Rs 10.97 trillion to Rs 126.15 trillion, exchange data shows.

SBI lowers FD, lending rates by up to 15 bps in its 10th cut this year
Posted on 11th March 2020

The country's largest lender State Bank of India (SBI) on Wednesday said it has reduced its fixed deposit rates for certain tenors and marginal cost of funds-based lending rates (MCLR) across various tenors.

Making it a second reduction in a month, the public sector bank has reduced retail term deposits (less than Rs 2 crore) by 10 to 50 basis points for a few tenors.

Legal team working on YES Bank's rescue, depositors' money safe: SBI Chief
Posted on 7th March 2020

State Bank of India chairman Rajnish Kumar on Saturday said that the bank had received the draft scheme for the reconstruction for crisis-hit Yes Bank and a legal team was doing its due diligence on it. He said the bank would go to the Reserve Bank of India by March 9.

Speaking at a press conference, Rajnish Kumar said that SBI had been approached by many investors, who saw an opportunity in YES Bank.

SBI gets board approval to invest in Yes Bank, hours after RBI imposes moratorium on capital-starved lender
Posted on 6th March 2020

The State Bank of India (SBI) has been authorised by its board members (an in-principle approval, it is being said) to invest in the capital-starved Yes Bank, hours after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the troubled private lender and the withdrawal limit for depositors at Rs 50,000.

On Thursday, the central board of SBI discussed the matter at a meeting and later informed the exchanges.

SBI cuts MCLR for ninth straight month making auto, home loans cheaper
Posted on 7th February 2020

India's largest lender State Bank of India (SBI) has decided to reduce its Marginal Cost of Funds based Lending Rate (MCLR) by five bps across all tenors. The one year MCLR comes down to 7.85 per cent per annum (p.a) from 7.90 per cent per annum with effect from 10th February 2020. This is the ninth consecutive cut in MCLR in FY 2019-20, SBI said in statement. This will lead to a reduction in home and auto loan rates.

The lender also decided to slash interest rate on term deposits – retail and bulk – by 10-50 basis points (bps) across various tenors as it is sitting on a pool of surplus funds. The revised rates will come into effect from February 10, 2020.

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