Country’s largest lender SBI, which has not been able to invest in fintech startups despite earmarking funds, is now looking to modify rules to kickstart the infusion, a top official has said.

“We are a public institution and investments in startups are generally considered very risky. We understand that traditional way of investing will not work,” chairman Rajnish Kumar told PTI on the sidelines of an event here over the weekend.

State Bank of India (SBI) raised its benchmark lending rates by 10 basis points (bps), followed by Punjab National Bank (PNB), ICICI Bank, Kotak Mahindra Bank and Housing Development Finance Corp (HDFC).

Bankers said it was to pass on the rising cost of funds to customers and an effort to protect the net interest margin. As the rise was small, it would not affect demand for credit.

State Bank of India (SBI), one of the four large Indian banks with which Facebook-owned WhatsApp, has been working to launch a full-fledged payments service, will join the platform by August, according to sources. Earlier this week, Bloomberg had reported that the messaging app may launch its payments service next week with its other partners — HDFC Bank, ICICI Bank and Axis Bank — without waiting for SBI to come on board.

State Bank of India, the country’s largest lender, has hiked the interest rate by up to 25 basis points (bps) in some of its term deposits.

Those with a tenor of two to less than three years have been raised by five bps to 6.65 per cent. The hike for those between a year to less than two years is 25 bps, also to 6.65 per cent. A senior executive said: “Money in these two buckets (tenors) has substantial share in banks’ deposit base. We would like to retain the amounts when competition for resources is intensifying.”

State Bank of India (SBI) on Monday raised interest rates on retail fixed deposits (FDs) of some maturities by 5-25 basis points (bps). One-year FDs at the bank will now yield 6.65% for general deposit-holders, up from 6.4%. Senior citizens will earn 7.15% on deposits with the same maturity, as against 6.9% earlier. Deposits maturing between two years and three years will now yield 6.65%, 5 bps higher than earlier. For senior citizens, they will earn 7.15%, up from 7.1% earlier.

The government is exploring an exercise to move a chunk of IDBI Bank’s stressed loans to the books of State Bank of India (SBI). Understandably, the top management at the country’s biggest lender is unhappy with the idea of toxic assets being foisted on them, sources told FE.

Companies may find it difficult to get corporate credit from State Bank of India (SBI) with the bank focusing on public sector undertakings like oil companies and investment grade firms to control its non-performing assets (NPAs) which have hit Rs 2.23 lakh crore, constituting 10.91% of its total advances. Instead, the bank will focus on retail loans which it expects it to grow to 60% of its total advances.

Mumbai: The markets shrugged off SBI’s massive quarterly loss after the bank’s chairman, Rajnish Kumar, said the worst on bad loans was behind the lender. The bank’s stock went up 3.7 per cent. While some financial parameters worsened, other key data points showed an improvement.

SBI Q4 Results 2018: SBI share price today fell more than 1% in the morning deals on Monday as India’s largest bank by assets State Bank of India is all set to announce the financial results for the quarter and the financial year ended 31 March 2018 today, 22 May 2018 (SBI Q4 results 2018 date). Over the course of last one year, SBI share price has declined more than 16% despite the announcement of the mega-plan of Rs 2.11 lakh crore to recapitalise NPA-ridden PSU banks.

The country's largest lender SBI today said its services may be impacted on May 30-31 if the proposed strike by various bank employees' unions take place.

The bank unions have been pressing for various demands, including wage revision in the wake of the proposal for a 2 per cent hike in salary. State Bank of India said the Indian Banks' Association (IBA) has communicated to the bank that the United Forum of Bank Unions (UFBA) has served a notice to go on a nationwide bank strike on May 30-31, 2018.

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