State Bank of India (SBI) has received in-principle approval from the Reserve Bank of India (RBI) to form a subsidiary to manage the real estate assets of the country’s largest lender. In the long run, banks may monetise these assets.

Ashwini Mehra, its deputy managing director and corporate development officer, said the bank has about 44 million square feet of owned assets and 50 million square feet of rented properties. Properties owned by the bank, valued at over Rs 23,000 crore, would continue to be housed on SBI’s balance sheet.

Mumbai, Oct. 6: After its larger rival the State Bank, ICICI Bank has also raised its spreads on home loan rates and not passed on the entire benefit of base rate cuts to new borrowers.

In case of both women and salaried borrowers for floating rates, ICICI raised its spreads or mark-up over base rate paid by a borrower by 0.10 per cent. The bank had cut its base rate by 0.35 per cent to 9.35 per cent.

Mumbai, Oct. 4 (PTI): The State Bank of India (SBI) may have cut its base lending rate by 40 basis points to 9.3 per cent following the Reserve Bank's latest policy rate cut, but home loan customers of the top lender will have to pay up to 0.7 per cent above the base rate.

Accordingly, the actual reduction in home loan rates will be a maximum of only 20 basis points, while a higher margin above the base rate will mean that customers will have to pay the same rate of interest on home loans above Rs 1 crore.

Mumbai: Lanco Infratech Ltd’s lenders had had enough. The infrastructure company had made plenty of promises during its debt-restructuring negotiations with banks in 2013 as it sought to recast about Rs.7,000 crore in loans. A year and a half later, only a few of those promises had been honoured.

Asset sales were far too few and the slower-than-expected economic recovery meant that the stress on Lanco’s balance sheet showed no signs of easing.

Mumbai/Washington: India’s biggest lender, State Bank of India (SBI), sees inflation below the Reserve Bank of India’s (RBI) target at year’s end, giving governor Raghuram Rajan room to reduce borrowing costs.

Rajan is expected to lower the benchmark repurchase rate for the fourth time this year to 7% in a policy review on Tuesday. Thirty seven of 45 economists in a Bloomberg survey predict a quarter-point cut, with seven forecasting no change and one anticipating a 50 basis-point reduction.

MUMBAI: SBI Cards - the credit card-issuing joint venture between the country's largest bank and GE Capital - has seen share of e-commerce in its total transactions double to 45% in the last one year.

The country's third largest credit card issuer is expecting online transactions to overtake physical ones (where cards are swiped) and has launched a dedicated card for online which gathers more rewards points. SBI Cards is offering SimplyCLICK which - through a strategic partnership with Amazon India, BookMyShow, Cleartrip, FabFurnish, Foodpanda, LensKart and Ola Cabs - will offer ten times the reward points of a regular card for a transaction with these merchants.

State Bank of India (SBI) on Friday said that there is a space for rate cut by the Reserve Bank of India (RBI) at its next policy later in the month as the possibility of food prices going up in coming months is negligible.

"I do still believe that there is a space for rate cut in India. How much is difficult to state at this point of time," SBI chairperson Arundhati Bhattacharya said on the sidelines of an investor conference here.

The country's largest bank, SBI, has taken yet another e-initiative to revamp its image and connect with the natty Gen Y consumer. After the launch of mobile app, State Bank Buddy, last month, SBI Card has launched SimplyCLICK, a credit card targeted at the online shopper.

In collaboration with seven leading e-retailers -- Amazon India, Cleartrip, FabFurnish, Food Panda, BookMyShow, Lenskart and Ola Cabs -- it has brought out a card to leverage the popularity of e-commerce in India and expand its existing base of 3.2 million credit card holders.

SBI Mutual Fund on Tuesday launched a close ended income scheme – the SBI Dual Advantage Fund-Series XI . The new fund offer (NFO) opens for subscription on September 8 and closes on September 22; No entry load and exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000 and in multiples of Re 1 thereafter.

The scheme’s performance will be benchmarked against Crisil MIP Blended Fund Index and its fund managers are Rajeev Radhakrishnan and Dharmendra Grover.

Country's largest lender State Bank of India will redeem lower tier II bonds worth Rs 133 crore before maturity as these instruments are gradually being kept out of calculating capital adequacy ratio. These bonds were issued in 2010.

Also, continuing to hold high cost instruments in the sliding interest rate regime made little sense, senior SBI executive said.

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