Hong Kong/Mumbai: India’s weaker economic growth will lead to more soured loans, even after an audit of lenders’ books pushed stressed assets in the South Asian nation to the highest among major economies, according to the head of the country’s largest bank.

“There could be a few more accounts that could start showing stress mainly because the kind of growth in demand that we have been talking about still has not really come back,” State Bank of India chairman Arundhati Bhattacharya said in an interview with Bloomberg Television in Hong Kong on Tuesday.

Adding on to the rising issue of fake notes getting dispensed from ATMs across the country, a man, on Tuesday withdrew Rs 500 notes without serial numbers from a State Bank of India ATM in Domah, Madhya Pradesh.

Last week, another State Bank of India ATM in New Delhi dispensed a fake Rs 2000 note bearing 'Children Bank of India' instead of Reserve Bank of India. Recently, another incident involving an ICICI Bank ATM had come to light.

CHANDIGARH: Banking services in Punjab, Haryana and UT Chandigarh were today affected as employees of public sector banks today went on a day-long strike in support of their demands including stringent measures to recover bad loans.

Because of the strike, bank customers could not get their cheques cleared while transactions like cash withdrawal, cash and cheque deposits were also affected.

After a Delhi SBI ATM dispensed a fake note saying it was from the ‘Children Bank’s of India’, an SBI ATM in Shahjahanpur in UP reportedly dispensed a scanned copy of a Rs 2000 note. There was a mass protest after bank officials refused to acknowledge that he note was disbursed by the ATM.

Arvind Gupta, a jeweller who withdrew Rs 10,000 from the ATM got five Rs 2000 notes of which one, he claims, looked clearly fake. He was quoted saying by TOI: “Of these, one note, with serial number 5 DN 029593, was clearly counterfeit.

The economy would have grown under-6 per cent in the third quarter, battered by the note ban, according to SBI Research. The Government will release the December quarter GDP print on February 28. “We expect the GDP growth to be decisively lower than 6 per cent in Q3 at 5.8 per cent and 6.4 per cent in Q4. Overall, our estimate for H2 is 6.1 per cent with a downward bias against CSO’s 7 per cent and the fiscal 2017 growth at 6.6 per cent,” SBI Research said in a report.

Amid ongoing concerns over fake currency notes entering India from across the border, a State Bank of India (SBI) ATM in New Delhi's Sangam Vihar has dispensed fake Rs 2000 notes, reported Hindustan Times.

The development comes less than a week after the Border Security Force (BSF) seized 100 fake Rs 2,000 currency notes from Malda district in West Bengal, making it the biggest such haul from the Indo-Bangla border region post demonetization.

The country's largest lender State Bank of India (SBI) has rebranded its corporate website as "bank.sbi" from the earlier sbi.co.in.

Bank.sbi is the highest domain protocol, known as generic top level domain (gTLD).

State Bank of India (SBI) has more than doubled net profits in the December 2016 quarter to R2,610 crore. Profits were buoyed by treasury profits and the proceeds of R1,755 crore that came in from the sale of a 3.9% stake in its life insurance arm, SBI Life. SBI’s other income jumped 59% year-on-year to R9,662 crore with the profits on sales of investments trebling to R3,969 core and a 14% rise in fee income to R4,011 crore. The profits came off a small base — in the December 2015 quarter, provisions for non-performing assets (NPAs) had soared following the asset quality review (AQR).

Shares of State Bank of India (SBI) and Bank of Baroda (BOB) gained 2% on BSE in noon deal trade ahead of their October-December (Q3) results today.

The stock of SBI, India’s largest state-owned bank, was trading at Rs 281, close to its 52-week high of Rs 289, touched on November 11, 2016 in intra-day trade. In past one month, it outperformed the market by gaining 13% as compared to 5% rise in the benchmark S&P BSE Sensex.

Mahindra group realty firm Mahindra Lifespace Developers today announced a partnership with State Bank of India (SBI) to set up a platform for providing quicker and convenient financing of home purchases. The establishment of a market-focused platform will provide information and bespoke home buying solutions for customers across India, the company said in a statement.

Mahindra Lifespace Developers Ltd has projects in Mumbai Metropolitan Region (Mumbai, Thane, Palghar, Alibaug and Boisar), Pune, Nagpur, Ahmedabad, Nashik, the National Capital Region (New Delhi, Gurgaon and Faridabad), Jaipur, Hyderabad, Bengaluru and Chennai.

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