Mumbai: Country’s largest lender State Bank of India on Saturday said it will issue equity shares on preferential basis to the government for capital infusion of Rs5,681 crore.

Pursuant to the in-principle approval from government, the central board of directors of the bank on Saturday decided to offer and issue shares to the government, SBI said in a BSE filing.

ICICI Bank has decided to cut its MCLR by 10 basis points (bps) for loans with tenor of one year to 8.95 per cent. The new rate will be effective from November 1.

This is an outcome of monthly review and not an out-of-turn action. The private-sector lender has reduced MCLR for one-year loans by 25 bps since April. MCLR in April was 9.20 bps for one-year loan.

State Bank of India (SBI) on Tuesday said it has raised Rs 2,500 crore from bonds to fund business expansion.

The bank has issued and allotted 25,000 AT1 Basel III-compliant bonds, SBI said in a regulatory filing on stock exchanges.

State Bank of India (SBI) has advised its customers not to use automated teller machines (ATMs) of other banks for the time being for safe transactions following reports of the biggest-ever cyber security breach in the country’s banking system.

The bank is aiming at replacing around six lakh debit cards, which have been blocked by it as a proactive measure, within 10 days, a senior SBI official has said.“We have set an internal target of seven to ten days for issuing new debit cards to customers whose cards have been blocked,” said chief general manager (Kolkata Circle) Partha Pratim Sengupta.

Days after the State Bank of India (SBI) blocked 6,00,000 debit cards over reports of security breach, clouds of suspicion hover above the heads of customers who fear falling prey to financial fraud.

"Card network companies like the NPCI, Mastercard and Visa had informed various banks in India about a potential risk to some cards owing to a data breach. Accordingly, State Bank of India (SBI) has taken precautionary measures and blocked cards of certain customers identified by the networks,"said a company statement on Thursday.

Public sector bank State Bank of India (SBI) has stated that it will re-issue approximately six lakh debit cards to customers after cards were blocked due to a malware-related security breach in a non-SBI ATM network, reported Times of India.

Customers who have used their cards only at SBI ATMs have not been affected. SBI's chief technology officer (CTO), Kumar Bhasin, told TOI, "A few ATMs have been affected by a malware.

Non-food credit in the banking system grew 10.6% year-onyear during the fortnight ended September 30, up from 9.3% in the previous fortnight, as loan demand improved with the advent of the festive season.

Non-food credit at the end of the fortnight under review stood at R74.35 lakh crore, according to data released by the Reserve Bank of India. Growth in deposits with banks also grew 11.3% y-o-y, against 9.9% in the previous fortnight, to R101.43 lakh crore – the first time total banking deposits crossed the R100 lakh crore mark.

State Bank of India will sell upto five per cent stake in SBI Life Insurance to non-promoter entity for price discovery for and monetise holding.

The country's largest lender expects to complete sale process in this financial year. This transaction would help to discover pricing for life insurer which would be listed in the future, Senior SBI executives.

India has reportedly nominated State Bank of India chairperson Arundhati Bhattacharya as the World Bank managing director and chief operating officer's position, but road to final selection may not be easy. India may need strong backing of US and other category 1 member countries, who have a large voting share.

The selection has to be cleared by the World Bank’s board of directors, which consist of country representatives.

Country's largest lender SBI today said it has consistently passed on RBI's rate cuts to borrowers and would further reduce the lending rate in the near term, benefiting auto and home loan seekers.

State Bank of India (SBI) Chairperson Arundhati Bhattacharya has said that out of the 1.75 per cent rate cut by the RBI since January 2015, it has already passed on up to 0.95 per cent to the borrowers.

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