The country’s largest lender, State Bank of India (SBI), on Wednesday approved to divest at least 3.5% stake in SBI Life Insurance through the offer for sale (OFS) route. SBI Life in the notice to exchange said that SBI proposes to sell 3.5 crore shares in aggregate representing 3.50% of the total issued and paid-up equity share capital of the company. The floor price for the offer shall be Rs 770 per equity share and offers open on September 12. With this, the bank will raise around Rs 2,695 crore.

State Bank of India (SBI) has reduced its lending rates by 10 basis points, but has slashed its deposit rates by up to 25 basis points.

The one year lending rate, to which most of the loans, both corporate and retail, are linked, would come down to 8.15% from 8.25% with effect from September 10, 2019. SBI has also realigned interest rate on term deposits (TD) from September 10.

The Country’s largest public sector bank – State Bank of India – sought issuance of 147 Look Out Circulars (LoCs) in the last five months in connection with bank fraud cases, an RTI response from the bank said.

Data shows that the bank started seeking LoC from the Bureau of Immigration from April this year.

After India's biggest bank State Bank of India (SBI) launched India's first repo-linked home loan product in July many banks including Bank of Baroda have also come up with repo-linked home loan offers. Under this repo-linked home loan product, the effective home loan rates are linked to the banks' repo-linked lending rate, which in turn is linked to the RBI's repo rate.

Mumbai: SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said.

SBI has already tapped banks to run the IPO process and a listing is expected to happen in the last quarter of this financial year, bank officials have previously said.

Economists at the state-run State Bank Wednesday hit out the defenders of the central bank autonomy, saying the RBI's independence has been "misunderstood by the intelligentsia".

In a note prepared in the context of the Bimal Jalan committee report which cleared transfer of Rs 1.76 trillion of its surpluses to the government, the economists said fears of "heavens falling" stoked by the "scholars" have been given a burial by the panel's recommendations.

The State Bank Tuesday said it is well-capitalised and that it may not require any fresh funds from the government this financial year. On Friday, finance minister Nirmala Sitharaman had announced an immediate infusion of Rs 70,000 crore into state-run banks to boost liquidity and their lending capacity by Rs 5 trillion.

The government had planned a staggered infusion earlier, but the rising tide of bad news on the economy forced its hand to open the purse-strings earlier. “For SBI, we are not looking at any recapitalisation right now as we are well-capitalised as we have been able to raise from markets.

State Bank of India, the country’s largest lender, is planning to establish nearly 10 lakh YONO Cash Points in the country over 18 months, said its Chairman Rajnish Kumar on Wednesday.

The platform is secure and will eliminate the requirement of using debit cards, Kumar said.

State Bank of India (SBI) is currently in talks with at least 4-5 non-banking financial companies on co-origination of loans, managing director Arijit Basu said on Tuesday. This co-origination could be for home loans or loans to small and medium enterprises, he added.

The central bank had released guidelines on co-origination of loans by banks and NBFCs to the priority sector last year with a view to leveraging on the reach of NBFCs to help banks meet their priority sector lending targets. Co-lending also helps leverage on banks’ access to low cost funds.

India's biggest bank State Bank of India (SBI) has announced special offerings ahead of this festive season for retail customers across different product categories: auto/car loan, personal loan, education loan and home loan. SBI has waived processing fees on car loans during this festival season. In addition, SBI is offering "lowest" interest rate starting from 8.70% to customers opting for car loan, with no escalation in interest, the bank said.

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