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State Bank of India Related news

SBI begins process to sell Rs1,580 crore of bad loans

SBI begins process to sell Rs1,580 crore of bad loans

Mumbai: State Bank of India (SBI) has initiated the process of selling Rs1,580 crore of bad loans to financial institutions, including asset reconstruction companies (ARCs).

The bank has put on block 11 non-performing assets (NPA) for sale through a bidding process, according to a tender on the bank’s website.

SBI’s financials improve, but mirror weakness in economy

SBI’s financials improve, but mirror weakness in economy

How the country’s largest lender performs speaks volumes about the health of the overall economy. To that effect, State Bank of India (SBI’s) second quarter results had some good news and a lot of bad omens.

The banking behemoth reported a welcome drop in its bad loan ratios and a sharp fall in fresh slippages sequentially, which suggests the economy is on the mend, with corporate deleveraging under way. SBI’s gross non-performing assets (NPAs) slipped to 9.83% for the second quarter from 9.97% in the previous quarter.

Limited room for rate cut, says SBI chief

Limited room for rate cut, says SBI chief

State Bank of India Chairman Rajnish Kumar on Thursday said there was limited room for further easing the lending rate. It seems so, he said in reply to a question if the rate cut cycle is over for now. “If you look at the bond yields, they have gone up in the recent past. So, I think the headroom available for cutting down interest rates, both deposit and lending (seems limited). Unless you cut the deposit rate, you cannot cut the lending rate. For the time being, we are in for a much more stable interest rate,” he said.

Last week, the country’s largest lender reduced its lending rate for home and auto loans by 0.05 percentage points. To a question if recapitalisation in public sector banks (PSBs) by the government could lead to increase in interest rate, he said, “quite possible.”

SBI eyes profitable expansion outside India, to open more branches in Nepal

SBI eyes profitable expansion outside India, to open more branches in Nepal

State Bank of India (SBI) will open more branches in Nepal and consider options to re-enter Vietnam under a three-year goal to grow its international operations to as much as 15 percent of total business, a senior executive said.

India's top lender, with assets of more than $500 billion, was catapulted into the league of the top 50 global banks this year after it merged five subsidiary banks with itself.

SBI’s Rajnish Kumar says promoters within their rights to submit bids in IBC cases

SBI’s Rajnish Kumar says promoters within their rights to submit bids in IBC cases

Mumbai: Promoters are within their rights to submit bids in the resolution process of stressed assets under Insolvency & Bankruptcy Code (IBC), said Rajnish Kumar, chairman of State Bank of India (SBI), on Monday.

“Ethical... I don’t know, but legally they are within their rights to participate. I am not concerned about that because even if it is existing promoters, there will be few pre-conditions from the creditors’ side,” Kumar said, while speaking on the sidelines of a banking conclave here.

SBI cuts interest rates for home, auto loans by 5 basis points

SBI cuts interest rates for home, auto loans by 5 basis points

India’s largest state-owned lender State Bank of India (SBI) said it has reduced interest rates for retail loans in order to boost lending.‍​

The bank has cut the interest rate on home loans by 5 basis points (bps) to 8.30% per annum—the lowest rate for home loans in the market. The new rate is effective 1 November.

SBI cuts benchmark lending rate by 0.05 pc across maturities

SBI cuts benchmark lending rate by 0.05 pc across maturities

The country’s largest lender State Bank of India (SBI) slashed benchmark lending rate by 0.05 per cent across maturities. The reduction in marginal cost of funds based lending rate (MCLR) came after a gap of almost 10 months. The bank had last cut the rate on January 1. The move by the SBI will trigger rate cut by other lenders. With the reduction, the MCLR for one year has come down to 7.95 per cent from 8 per cent, SBI website said.

SBI extends Rs 2,317 crore for rooftop solar power projects

SBI extends Rs 2,317 crore for rooftop solar power projects

The State Bank of India (SBI) on Monday announced sanction of Rs 2,317-crore credit facilities to JSW Energy, Hinduja Renewables, Tata Renewable Energy, Adani Group, Azure Power, Cleantech Solar, and Hero Solar Energy, for executing rooftop solar projects with aggregate capacity of 575 Mw.

The sanction is towards financing grid-connected rooftop solar projects under the SBI-World Bank (WB) Programme. SBI has availed a line of credit of $625 million from World Bank for lending to viable grid-connected rooftop solar projects undertaken by photovolatic (PV) developers and end-users, an official statement said.

Good news for SBI customers, IMPS service charges slashed up to 80 pct

Good news for SBI customers, IMPS service charges slashed up to 80 pct

In a good news for the SBI customers, the bank has slashed Immediate Payment Service (IMPS) charges up to 80 pct. This latest development by the State Bank of India comes as a huge relief for the SBI customers. If the users are doing an online transaction of money after selecting IMPS option, then they will have to pay 80 pct less charge than what they used to pay earlier. The announcement was made by the State Bank of India on its Twitter handle on Wednesday afternoon. “Go Cashless with SBI: IMPS service charges now slashed up to 80 pct,” SBI tweeted from its official handle.

SBI, PNB, PSU bank stocks rally up to 40% on Modi government’s Rs 2.11 lakh crore recapitalisation

SBI, PNB, PSU bank stocks rally up to 40% on Modi government’s Rs 2.11 lakh crore recapitalisation

Shares of PSU banks rallied heavily on Wednesday following Modi government’s plan to recapitalise the lenders with a huge capital size of Rs 2.11 lakh crore. The stocks of all the listed state-run banks on the PSU bank index of NSE traded in green today with a maximum rise of up to 40%. About Rs 7,300 crore worth of shares exchanged hands on the Nifty PSU Bank index within an hour trade which is Rs 2,300 crore (approx) short of Rs 9,600 crore turnover of Nifty as at 10:17 am. India’s largest bank by asset size and loan book — State Bank of India — jumped as much as 24.56% to hit the 52-week high of Rs 316.95.

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