India's largest lender State Bank of India on Tuesday announced that it will slash the marginal cost of funds based lending rate (MCLR) by 35 bps across all tenors. Effective from April 10, SBI's one-year MCLR will be 7.40% from 7.75%.
This is the 11th consecutive cut in MCLR by SBI in FY 2019-20.
The move will be beneficial for borrowers who have MCLR-linked floated rate loans, such as home loans.
The Punjab National Bank (PNB) has become the second-largest nationalized bank of the country - both in terms of business and branch network - after its amalgamation with United Bank of India and Oriental Bank of Commerce which came into effect on April 1.
The State Bank of India (SBI) still remains the largest state-run bank in the country.
Amid businesses getting affected due to the novel coronavirus pandemic, the country's largest lender State Bank of India has opened an emergency credit line to meet any liquidity mismatch for its borrowers.
The additional liquidity facility Covid-19 Emergency Credit Line (CECL), will provide funds up to Rs 200 crore and will be available till June 30, 2020, SBI said in a circular issued on Friday.
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.
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