After opening in red, markets have turned flat in the morning trades as gains in oil and metal shares cap losses in the defensive stocks.

At 10.40 AM, the 30-share Sensex is down 3 points at 26,465 and the 50-share Nifty has gained 1 point at 7,913.

In a bid to increase the liquidity of its stock, State Bank of India (SBI) has decided to split its share in the ratio of 1:10. This means, one equity share with a face value Rs 10 will be split into 10 shares of Re 1 each.

“The central board of SBI at its meeting has approved to reduce the face value of equity shares of the bank from Rs 10 per share to Re 1 per share and to increase the number of issued shares in proportion thereof,” the bank said in a statement on Wednesday.

NEW DELHI: Export-Import Bank of China (China Exim Bank) and China Development Bank Corporation (CDB) today signed various agreements with SBI, ICICI Bank BSE 0.00 % and Axis Bank BSE -1.54 % to facilitate trade between the two countries.

SBI signed an agreement with China Exim Bank for a Line of Credit of $ 1.8 billion for imports of raw material, energy, equipment, mechanical and electronic products, among others from China.

The country’s largest lender, State Bank of India (SBI), has emerged as the leader in mobile banking with 50 per cent market share in this segment.

“SBI, with 11.5 million registered mobile banking customers, has become the indisputable market leader in this segment and way ahead of the nearest competitor in the market with 50 per cent market share,” the bank said. The bank attributed the numbers to Reserve Bank of India (RBI) data.

State Bank of India’s (SBI’s) long-term deposit rate cut is another indication that the markets may be leaping too far ahead in discounting an economic recovery. SBI executives made the usual round of television studios explaining the cut: sufficient liquidity in the inter-bank money market, a slight slowing of inflation and the fizzling out of credit growth.

The increase in credit in the year-ending 5 September is just ​55% of the rise in deposits. This indicator called the incremental credit-deposit ratio (ICDR) is at its lowest level in at least 14 months. That’s not surprising considering that credit growth has slipped to 9.​68%, the lowest in five years.

Flush with funds, the country’s largest commercial bank, State Bank of India, has cut the interest rate on medium-term deposits (one year to less than three years maturity) by 25 basis points (bps) to 8.75 per cent.

It also raised the deposit rate by 25 bps in the 180-210 days category to 7.25 per cent. The new rates will be effective from Thursday.

Mumbai: State Bank of India (SBI) on Tuesday adjusted interest rates offered on fixed deposits across some maturities.

The country’s largest lender raised deposit rates for deposits between 180 days and 210 days from 7% to 7.25%. For deposits from one year to less than three years, SBI has brought down its interest rate to 8.75% compared with 9% offered earlier, the bank said in a filing with exchanges.

MUMBAI: The State Bank of India (SBI) has emerged a surprise market leader in mobile banking, accounting for half of all mobile transactions in the country. Although traditionally new generation private banks and foreign banks have been the early adopters of alternative platforms, the 208-year-old Indian bank is preparing to leapfrog its customers directly from branches to mobiles as part of its strategy to reach out to the unbanked and decongest branches.

State Bank of India (SBI), the country’s most networked bank, has announced that it will open 20 more branches in the state by the end of calendar 2014.

The biggest public sector lender today set up 15 new branches, taking its network to 799 in Odisha. Of the 15 branches, eight branches have come up in gram panchayats that have no access to banking services. “Eighty two per cent of our branches are located in rural and semi-urban areas.

Mumbai: Days after United Bank of India declared Kingfisher Airlines Ltd (KFA), promoter Vijay Mallya and three other directors wilful defaulters, the country’s largest bank State Bank of India on Tuesday said it has also sent a notice to tag them as “wilful defaulters”.

“We have already sent a notice to KFA (to declare it as a wilful defaulter). There is a mandatory time that needs to be given to them to respond and that time is currently on,” said Arundhati Bhattacharya, chairperson of SBI.

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