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.
Shares of real estate companies advanced at the bourses on Thursday, gaining up to 6 per cent on the National Stock Exchange (NSE), after the State Bank of India (SBI) launched a Residential Builder Finance with Buyer Guarantee (RBBG) scheme to safeguard home buyers financially.
Sunteck Realty, Indiabulls Real Estate, DLF and Oberoi Realty were up more than 2 per cent each on the NSE in the intra-day trade today. Meanwhile, Sobha, Mahindra Lifespace Developers, and Godrej Properties gained in the range of 1 to 2 per cent.
Bank unions have claimed that cheques worth Rs 21,500 crore will not be cleared on Wednesday due to the bank employees’ strike.
Five trade unions from the banking industry including AIBEA, AIBOA, BEFI, INBEF and INBOC, employees of RBI, co-operative banks, RRBs have joined the National General Strike called by the central trade unions - INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF and UTUC along with various independent federations and unions in different sectors to protest against the alleged continued anti-worker labour policies of the government.
Banking counters, including Punjab National Bank, Bank of Baroda, State Bank of India, and Canara Bank slipped over 4 per cent on the National Stock Exchange (NSE) in the early deals on Monday as heightened tensions between the United States and Iran pushed bond yields higher in India.
US President Donald Trump on Sunday vowed major retaliation if Iran tried to avenge the death of its key military commander Qasem Soleimani, who was killed by the US military on Friday.
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