Mumbai: State Bank of India (SBI) on Tuesday beat market expectations with a 10.2% rise in net profit on higher other income and a fall in provisions.

Net profit for the quarter ended June was at Rs.3,692 crore compared with Rs.3,349 crore in the year-ago quarter. A Bloomberg poll of 28 analysts expected the bank to post net profit of Rs.3,408.70 crore for the first quarter in review.

Top public sector lender State Bank of India (SBI) today ruled out any interest rate cut for its borrowers, even as the RBI chided banks for not having passed the full benefits of the last three reductions in its policy rate.

SBI Chairperson Arundhati Bhattacharya said any rate cut by the bank would depend on a lot many factors, including credit growth, and she does not see any room for any cut in the near future.

Mumbai: Keen to keep stressed assets under check, large state-owned lenders have taken it upon themselves to hand-hold incomplete thermal power generation projects and ensure their successful completion. Banks are bringing in third party turnaround experts to monitor the progress of such projects and to make sure that deadlines are strictly adhered to. Any additional funds being provided to these projects are being managed by the turnaround experts.

According to three people aware of the talks, banks such as State Bank of India (SBI) and IDBI Bank, have brought in restructuring advisory firms to conduct due diligence on incomplete power generation projects and come up with a turnaround plan. Upon completion, the promoters may choose to produce power and repay the lenders or participate in project sales facilitated by the bankers.

State Bank of India (SBI) today said it plans to offer up to 3 per cent of annual profit to employees as part a talent retention and motivation initiative.

The bank has sought permission from the Finance Ministry in this regard, SBI Chairperson Arundhati Bhattacharya told PTI.

MUMBAI: Shaken by the online shopping frenzy, a string of high-street banks like SBI, Axis and Yes will launch mobile wallets to take on pre-paid issuers like Paytm and MobiKwik who lure customers with easy payment option and attractive retail offerings.

M-wallets — electronic saving accounts that can be used for shopping using mobile handsets — would help banks overcome the edge that pre-paid users have.

SBI Mutual Fund has cut its stake by 3 per cent in Vijay Mallya-led McDowell Holdings to 5.77 per cent.

SBI Mutual Fund, which had 8.77 per cent earlier, brought down its shareholding in the company to 5.77 per cent, McDowell Holdings said in a filing to BSE.

MUMBAI: Government owned State Bank of India and second largest private bank HDFC Bank are most active in addressing customer complaints and queries on social media while Yes Bank has the highest market share of buzz on social media, says a report released by Simplify 360. The report analysed 9 banks wherein it collected data and counting the mentions for each company on Twitter and Facebook.

Uncertainty over Greece, as well as the rest of the euro zone, has prompted State Bank of India (SBI), the country's largest lender, to delay plans for a $1.5-billion bond offering.

Confirming the move, a senior SBI official said the bank was waiting for stability to return to the market. "At present, there is uncertainty over pricing issues," he said.

The Jan Suraksha scheme has witnessed over 100 million enrolments in about two months in its life and accident insurance segments.

As on July 1, banks enrolled about 104 million account holders in the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY). State Bank of India (SBI) and Punjab National Bank (PNB) led the enrolments with 20 million and 7.8 million, respectively.

Timely repayment of loans is expected of borrowers. But if you are a State Bank of India (SBI) customer, you can soon earn reward points for paying your loan instalment on time. You can also earn reward points for opening an account or transferring funds through internet or mobile banking.

To celebrate its 60th Anniversary, the country's largest bank launched State Bank Rewardz, an enterprise-wise loyalty programme through which customers can earn reward points for various types of banking transactions.

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.