State Bank of India Related news
With State Bank of India (SBI) lowering savings bank rate to 3.25 per cent, and the latest print of inflation at 3.2 per cent, depositors keeping their money in savings bank account are technically not seeing their money grow.
Inflation is expected to rise from here, and according to the Reserve Bank of India’s (RBI’s) estimates, the consumer price-based index (CPI) could be between 3.5 per cent and 3.7 per cent in the second half of fiscal 2019-20.
State Bank of India (SBI) on Wednesday announced reduction in its marginal cost of fund based lending (MCLR) rate by 10 basis points across all tenors, effective October 10.
This is the sixth time that the country’s largest lender has cut its MCLR or minimum lending rate in the current financial year. The rate reduction is not applicable to the repo-linked loans.
SBI Debit Card EMI : With the festivities all around, the shopping season is at its full throttle. As manufacturers and dealers dole out deals, offers and discounts to the consumers, not participating in the shopping extravaganza could be a tad difficult. If you as a SBI customer holding a debit card and want to shop but pay back in installments, the country’s largest lender State Bank of India has launched ‘Debit Card EMI facility’ for its existing customers like you.
Shares of rate sensitive sectors like banking, real estate and automobile companies came under heavy selling pressure on Tuesday, falling by up to 30 per cent on the National Stock Exchange (NSE).
The Nifty PSU Bank index tumbled 8 per cent in intra-day deals to 2,118, its lowest level since May 2016. Nifty Realty, too, slipped 6 per cent to 241, while Nifty Private Bank and Nifty Auto indexes down 3 per cent and 2 per cent, respectively. In comparison, the benchmark Nifty 50 index down 1.75 per cent at 11,273 points.
We raise our F21 and F22 EPS estimates ~5% each, as the tax rate cut outweighs lower margins. We downgr-ade to EW; upside appears limited given uncertainty on asset quality (for SBI and the system) and NIMs. We prefer large private banks where we see better EPS progression and re-rating.
Shares of India’s largest state-run lender SBI plunged on Wednesday morning, after global firm Morgan Stanley slashed its share price target. SBI shares plunged more than 4.6% to hit the day’s low at Rs 288.75 on BSE. Morgan Stanley said that the upside on the shares remains limited given uncertainty on Asset quality and Net Interest Margin. The global firm noted that the recent tax rate cut outweighs lower margins. Morgan Stanley has raised the FY21, FY22 EPS estimates by 5% each.
State Bank of India (SBI) will adopt repo rate as the external benchmark for all floating rate loans for micro, small and medium enterprises (MSMEs), housing and retail from October 1, 2019.
The bank has extended the scheme to medium enterprises also to boost lending to the MSME sector as a whole. SBI had introduced floating rate home loans effective July 1, 2019.
State Bank of India on Monday said it will adopt repo rate as the external benchmark for all floating rate loans for MSME, home and retail loans, from October 1, 2019.
On September 4, the Reserve Bank of India (RBI) had mandated all banks to link all new floating rate personal or retail loans and floating rate loans to micro, small and medium enterprises (MSMEs) to an external benchmark from October 1 onwards.
Corporate loan is likely to pick up from October due to the sharp cut in corporate tax rates and festive season sales, State Bank of India’s deputy managing director Sujit Kumar Varma said on Friday.
Varma said in first two quarters of the current fiscal, the loan growth was mainly driven by retail credit, while there was a negative growth in corporate loan. Private sector investment was largely muted in the last 12-18 months.
Mumbai: India’s largest lender State Bank of India (SBI) has put on hold its existing repo-linked home loan product as it prepares to launch a new one on 1 October, complying with the direction of the Reserve Bank of India (RBI), according to a person familiar with the development.
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