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.
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.
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.
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.
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.
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.
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.
State Bank of India (SBI) put up a better-than-expected show during the December 2019 quarter (Q3FY20), on most operational parameters. The exception was on the loan growth front, possibly on account of the overall slowdown in the economy.
Good recovery from the Essar Steel stressed loan account provided an impetus to the Q3 performance. However, gains were restricted due to the DHFL account turning bad.
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.