Faced with outcry over levying fees for failing to maintain monthly average balance (MAB) in savings bank account, State Bank of India has slashed charges on non-maintenance of MAB by 20-50% across customer categories.

"The pensioners and beneficiaries of social benefits from the government and accounts of minors (upto 18 years) will be exempted from minimum balance requirement. The financial inclusion including Jan Dhan accounts have never been subject to any charges," SBI said in statement.

Mumbai: Artificial intelligence banking platform Payjo today said it has launched an artificial intelligence (AI)-powered chat assistant for State Bank of India (SBI) to address customer enquiries.

The chat assistant, known as SBI Intelligent Assistant, or SIA, will help customers with everyday banking tasks just like a bank representative, the company said in a statement.

Lenders from India and abroad on Thursday said that enough capital is available to finance the realty sector.

However, they cited that the real challenges, where the government participation is required, are in the simplification of processes, digitisation of records, lowering of taxes and a new way to find lowering of the land cost.

The State Bank of India on Thursday notified its customers that cheque books and India Financial System (IFS) code of six of its subsidiary banks would be invalid from September 30 and asked them to submit new applications.

These banks are — Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank.

The State Bank of India has asked its customers to stop using cheque books of its 6 subsidiary banks as they would be invalid from September 30 onwards.

The country's biggest public lender has asked the account holders of State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank to submit the application to change the cheque book and said that Old cheque books and IFSC codes will be invalid after September 30.

Noting that the economy has been on a downslide since September 2016, SBI Research today said the slowdown is real and not technical and called for more public spending to arrest the slide. “We certainly believe that we are in a slowdown mode since September 2016 and a slowdown that has been prolonged to Q1 of this fiscal year is technically not short-term in nature or even transient,” SBI Research said in a report. The report said continuing slowdown has “raised the specter of whether the slowdown is temporary or not” but stopped short of answering the question.

Kolkata: Country’s largest lender State Bank of India (SBI), reeling under huge stressed assets like other banks, is hopeful that going forward it would be able to control fresh slippages.

“Going forward, fresh slippages will be under control. Specifically from September onwards, things will become better,” MD (national banking group) of SBI Rajnish Kumar said.

State Bank chairman Arundhati Bhattacharya on Friday urged small and medium enterprises (SMEs) to focus on raising funds through equity instead of debt to drive their businesses in a healthier manner.

She said SMEs' relying more on debt for their growth capital in the initial stage of their business put pressure on their balance sheets.

MUMBAI: State Bank of India, battling the lack of any major project lending plans, is planning to capitalise on the reviving demand for home loans and may use the festival season to drive its mortgage business which is already accelerating.

In what is likely the biggest push to increase market share in home loans since its teaser rates a decade ago, the biggest lender of the country has waived off processing fees for all home loans and will deploy 7,500 specialised ‘feet on street’ to market its home loans over and above the thousands who already do so at its branches.

State Bank of India (SBI) has enabled a chatbot to field queries on the bank’s retail products from visitors to its website. Named SBI Intelligent Assistant (SIA), the bot responds to customer inquiries on home loans, education loans, car loans, personal loans, recurring deposits and term deposits. Chatbots are digital robots that can carry on a conversation through audio or text. Mrutyunjay Mahapatra, deputy MD and chief information officer at SBI, told FE that the decision to introduce a chatbot was taken as it was felt that navigating the website could be a bit of a task for a customer.

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