In the aftermath of the Rs 129-billion fraud at Punjab National Bank (PNB) involving Nirav Modi and Gitanjali Gems, traders of loose diamonds are now shifting to organised sectoral players with deeper pockets for credit offers to consumers.

Since most banks have tightened their lending to diamond merchants and others are in the process of doing so, many medium and small diamond dealers are approaching large players for credit facility within the industry.

Mumbai: In a move that will benefit 25 crore account holders, State Bank of India (SBI) has reduced charges for non-maintenance of average monthly balance (AMB) in savings accounts by more than 70%. The revised charges will be effective from April 1, 2018.

The charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month plus goods and services tax (GST) to Rs 15 plus GST.

The State Bank of India, on Tuesday morning, cut charges for non-maintenance of average minimum balance. The new charges will be applicable from April 1, 2018. India’s largest bank has specified different monthly average balances (MAB) for accounts and if the holder fails to maintain this balance, he is charged depending on the degree of shortfall. The decision was taken by the bank in view of the feedback from various stakeholders.

MUMBAI: State Bank of India (SBI) is likely to drag five Kolkata-based companies, including Burnpur Cement and four Patni group entities, to the National Company Law Tribunal for insolvency proceedings over Rs 3,250 crore in unpaid loans.

Three people familiar with the exercise told ET that the Patni group has defaulted on Rs 3,000 crore of loans and dues, with Burnpur Cement accounting for the rest.

State owned lenders SBI and UCO Bank are looking for buyers to sell non-performing accounts (NPAs) worth Rs 12.45 billion and have invited bids from ARCs, banks, NBFCs and FIs to clean their books of such dud assets.

"In terms of bank's revised policy on sale of financial assets in line with the regulatory guidelines, we place Zenith Birla (India) Ltd and Sona Alloys Pvt Ltd for sale to ARCs/banks /NBFCs/FIs," SBI said in the bid document.

State Bank of India (SBI) on Friday put on sale two non-performing assets (NPAs) worth Rs 787 crore and sought bids from asset reconstruction companies (ARCs) on a cash basis, or through a mix of cash and security receipts (SRs), according to a sale document. The two accounts on the block are the bank’s Rs 647.64-crore exposure to Sona Alloys and its Rs 139.36-crore exposure to Zenith Birla (India).

MUMBAI: The RBI has penalised SBI Rs 40 lakh for not complying with its directions on detection and impounding of counterfeit notes. The RBI said it found deficiencies on SBI’s part in regulatory compliance with counterfeit note norms. The action is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI added.

State Bank of India (SBI), the country’s largest lender, on Thursday raised its benchmark lending rates by up to 25 basis points for the first time since the marginal cost-based lending rate (MCLR) regime was introduced in April 2016. One basis point is 0.01 per cent.

The rate hike, effective immediately, comes a day after the bank raised its deposit rates by as much as 50 basis points (bps) across various maturities.

The State Bank of India, India’s largest bank, has announced revision in interest rates on ‘retail domestic term deposits’ (below Rs 1 crore) w.e.f. February 28, 2018, ie. today. The bank has also revised interest rates on ‘domestic bulk term deposits’ of Rs 1 crore to Rs 10 crore as well as above Rs 10 crore with effect from February 28.

SBI Chairman Rajnish Kumar today said he expects PNB to clear the bank's $212 million (Rs 13 billion) dues in the Nirav Modi case.

"I am very much confident that things will get sorted out between PNB and other banks," Kumar said in an interview to CNBC TV18.

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