India's largest lender State Bank of India plans to raise Rs 2,000 crore by allotting Basel-III compliant bonds to various investors.

"The committee of directors for capital raising accorded its approval today to allot 20,000 AT1 Basel-III compliant non-convertible, perpetual, subordinated bonds in the nature of debentures... Aggregating Rs 2,000 crore to various investors," State Bank of India (SBI) said in a regulatory filing on Thursday.

The country’s largest bank—State Bank of India (SBI) — cut interest rate on savings deposits up to Rs 1 crore by 50 basis points (bps) to 3.5 per cent per annum with immediate effect, setting the stage for other banks to follow suit.

Deposits of over Rs 1 crore will continue to earn four per cent interest per annum, SBI said in a statement.

State Bank of India, the largest commercial bank in the country, has introduced a 2-tier saving bank interest rate w.e.f. July 31, 2017. While the balance above Rs 1 crore will continue to earn interest at 4% per annum, interest at 3.5% rate will be offered on balances of Rs 1 crore and below, SBI informed BSE Ltd today.

The decline in the rate of inflation and high real interest rates are the primary considerations for warranting a revision in the rate of interest of savings bank deposits, it said.

State Bank of India (SBI) on Tuesday informed the Ahmedabad bench of the National Company Law Tribunal (NCLT) that the appointment of an interim resolution professional (IRP) will not impact Essar Steel’s operations. The court was hearing an insolvency petition filed by SBI and Standard Chartered Bank against Essar Steel as part of a dozen accounts picked by RBI for resolution under the Insolvency and Bankruptcy Code (IBC). The bank’s counsel was replying to Essar Steel’s counsel Mihir Thakore who wondered if an IRP would be capable to run the company. “An IRP may not be able to run the company like the management and board does.

The Delhi state consumer panel has directed the State Bank of India to refund Rs 1.29 lakh to a customer for not taking effective steps to block her stolen ATM card in 2006. The state commission also imposed a cost of Rs one lakh on the bank for filing a “frivolous” appeal before it. The commission, while dismissing the appeal filed by the SBI against the district forum order asking it to return the money, said that the bank “failed to take effective steps for blocking of the stolen ATM card” which was a clear case of “deficiency in service”. “It was the bank who failed to take effective steps for blocking of the ATM card.

Finance minister Arun Jaitley on Friday introduced a bill in the Lok Sabha to repeal certain Acts, a move that was legally necessary in the wake of the merger of State Bank of India (SBI) with its subsidiary banks from April 1 this year. The finance minister introduced the State Banks (Repeal and Amendment) Bill, 2017 to repeal the State Bank of India (Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956. In February, the Cabinet had also approved the merger of five associate banks with SBI, paving the way for the first such wide-scale consolidation exercise to create a banking behemoth.

SBI Life Insurance, a joint venture (JV) between the State Bank of India (SBI) and BNP Paribas Cardif, filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi), the capital markets regulator, for an initial public offering (IPO) of equity shares, on Monday.

The two JV partners are planning to sell up to 120 million shares of a face value Rs 10 each through an offer for sale, which will help them garner well over $1 billion (about Rs 7,000 crore).

Beleaguered steel company Bhushan Steel has been taken to the National Company Law Tribunal (NCLT) in Delhi by the State Bank of India (SBI). Its sister company, Bhushan Power, has also been taken to the NCLT's Delhi bench by another public sector bank, the Punjab National Bank (PNB). The hearing at the NCLT was adjourned after the financial creditors initiated the insolvency process in the court of Chief Justice M M Kumar and Deepa Krishan.

Both the petitions have been filed under the Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, where the financial creditor initiates insolvency proceedings with a claim.

Country’s largest bank SBI has waived charges for fund transfer of up to Rs 1,000 through its IMPS (Immediate Payment Service) to promote small transactions. State Bank of India had been charging Rs 5 along with the applicable service tax for IMPS fund transfer of up to Rs 1,000. IMPS is an instant interbank electronic fund transfer service through mobile phones as well as internet banking. “In order to promote small ticket size transactions, SBI has waived off IMPS charges for transfer up to Rs 1,000,” the bank said while informing about the revised IMPS transfer charges under the Goods and Services Tax (GST) regime.

Even as West Bengal Finance Minister Amit Mitra upped his pitch over State Bank of India (SBI) — the country's largest bank — to increase its credit-deposit ratio (CDR) in the state by disbursing more loans, the bank's Chairman Arundhati Bhattacharya questioned the state's ability of credit absorption.

At an event organised by industry body FICCI, Mitra alleged that SBI's CDR in West Bengal stands at 50.58 per cent against the sector's CDR of 64 per cent in the state and 74 per cent pan-India.

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