Ten State Bank of India (SBI) officials with deputy managing director (DMD) rank will be interviewed by the Banks Board Bureau (BBB) on Wednesday for the post of the fourth managing director (MD) of the bank, sources told FE. Among those expected to be interviewed include Mrutyunjay Mahapatra (chief information officer), Anshula Kant (chief financial officer), Prashant Kumar (corporate development officer), Pallav Mohapatra (of Stressed Assets Management Group) and Haridas KV (head of retail business in national banking group).

Mumbai: Post the merger of its five associates, State Bank of India (SBI) has changed names and Indian Financial System Code (IFSC) codes of nearly 1,300 of its branches. The country’s largest lender has changed the names and IFSC codes of branches located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow, among others.

“Some of our old associate branches are getting merged with SBI branches. When that merger happens, the IFSC codes get changed,” the bank’s managing director (retail and digital banking), Praveen Gupta, said.

State Bank of India (SBI) has sanctioned around 10,000 home loans under the government’s Credit Linked Subsidy Scheme (CLSS) for home buyers from the economically weaker section (EWS), low income group (LIG) and middle income group (MIG) categories, said a senior executive at the bank. Vaijinath MG, chief general manager for real estate and housing business unit, told FE that demand for loans under the subsidy scheme was rising every month. “Last year, we saw demand particularly in the west, in states like Gujarat,” he said.

After the Narendra Modi-led government announced a massive Rs 2.11 lakh crore for recapitalisation of banks in October this year, former SBI Chairman Arundhati Bhattacharya called for a three-pronged approach to solve India’s NPA mess. Speaking to ET Now, on the sidelines of an event, Arundhati Bhattacharya said, “ The NPA mess needs a three-pronged approach. There has to be recognition, resolution and recapitalisation. All three must go together. The recognition and resolution were over, and now the recapitalisation has also come.”

State Bank of India will "redesign" its envelopes used to dispatch tax refund cheques of customers to cover their PAN and contact numbers, after an activist raised that the crucial personal information was visible to anyone which may result in misuse, the bank said.

The move comes nearly 16 months after activist Commodore (retd) Lokesh Batra raised the issue that the window envelopes used by SBI make it easy for someone to glance through permanent account number (PAN) and contact number of the tax payee and misuse it.

State Bank of India has raised its rate on all bulk term deposits by one per cent (100 basis points) from Friday. The revision comes after about a year and also signals the end of a rate easing cycle, said bankers, which had begun in the second quarter of 2015-16.

Bulk deposits are those where amounts kept are at least Rs 1 crore or above. Senior officials at the country's largest bank said interest rates offered on bulk money raised from companies and institutions were below those offered by competing banks. This was affecting corporate relationships, with SBI losing in bids sought by those entities for parking their surplus funds. SBI has seen an outflow of over Rs 70,000 crore from bulk deposits in a year.

Mumbai: The State Bank of India (SBI) is set to launch YONO, a digital service platform.

According to the bank, YONO, an acronym for You Only Need One, will be the first such integrated digital platform in the country that will offer financial services and lifestyle products. It will be launched by Union finance minister Arun Jaitley in New Delhi on Friday.

Public lender State Bank of India (SBI) is taking the digital route for both customer interface and back-end processes to improve its cost efficiency.

Chairman Rajnish Kumar said the lender’s digital initiatives have twin objectives —offering a new and innovative product to the customers as well as improving the bank’s cost efficiency. “The ultimate idea is customers should get enhanced experience. It should also result in cost efficiencies for the bank through optimisation of bank power, which we intend to use more and more for sales and customer interface, rather than most of our manpower being involved in the back-end processes,” he said.

State Bank of India will be launching a comprehensive lifestyle and financial services platform called YONO (you need only one) for its customers.

If you are shopping and run out of cash the app enables you to avail apre -approved personal loan without any paperwork. Besides being a shoppers' paradise it will also undertake a gamut of banking services.

Are you a State Bank of India customer and haven’t linked your Aadhaar number to your bank account yet? You must do it now or latest by December-end, else your bank account may be suspended. SBI has recently tweeted that “Avail benefits of the digital life. Simply link your Aadhaar number with your bank account.” It further said, “In terms of amended PML rules dated 1st June 2017, all existing customers are requested to submit Aadhaar number by 31st December 2017, failing which the account shall cease to be operational till the time Aadhaar number is submitted.”

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.