State Bank of India (SBI), the country's largest lender, has requested the Reserve Bank of India to allow it to waive the condition of mandatorily entering the mandatory PIN for certain transactions.

“We have requested the central bank to (do so) in the case of Tap and Go cards that we are planning to launch. If allowed, Rs 2,000 has been requested by us per transaction and appropriate daily limits would be fixed, subject to approval from RBI/ bank's Board.

State Bank of India, the country’s largest lender, has prepared a three-year schedule for raising the share of its international business in the balance sheet to 25 per cent from 18 per cent at present.

Chairman Arundhati Bhattacharya told Business Standard: “International operations should actually give us a risk diversification. Meaning, it should not be doing only Indian business, sitting at a foreign centre. Of course, it is our strength and we would continue to do part of that but we are now trying to localise as much as possible.”

State Bank of India, the country’ largest lender, has now launched two new savings bank accounts for children — Pehla Kadam and Pehli Udaan.

This comes after the Reserve Bank of India in May this year allowed minors aged more than 10 years to open and operate savings bank accounts independently.

State Bank of India (SBI) on Monday signed a loan agreement with the Japan Bank of International Cooperation (JBIC) to set up an export credit line in two currencies worth $152 million. The total amount in the export credit line consists of 13.5 billion yen and $21 million, a release said, adding the loan is co-financed with the Bank of Tokyo-Mitsubishi (BTMU).

State Bank of India (SBI), the country's largest lender, on Tuesday cut its home loan rates by 5-15 basis points to a uniform rate of 10.15%, making its loans the cheapest in the market for all new home loan customers.

Irrespective of the quantum, women customers will get home loans at 10.10%. General customers can avail loans at 10.15% irrespective of the loan amount.

State-run Central Bank of India had appointed SBI Caps to identify a buyer for its stake in Infrastructure Leasing & Financial Services (IL&FS), a senior bank official told the Press Trust of India. He, however, refused to put a valuation for the 8.34 per cent stake in the unlisted firm.

The bank is one of the promoters of IL&FS and holds 8.34 per cent stake in it, according to the company's website.

After witnessing decline in profit for six consecutive quarters, State Bank of India (SBI), the country’s largest lender, reported 3.3 per cent net profit growth to Rs 3,349 crore for the quarter ended June, compared to Rs 3,241 crore in the corresponding period of last year.

Arundhati Bhattacharya, Chairman, SBI, said: “Pressure (on asset quality) appears to be subsiding. But we need to see a pick-up in the economy to see appreciable changes in asset quality.”

The Reserve Bank of India policy statement for August strikes a marginal hawkish tone with a firm eye on 6 per cent inflation target by January, 2016, State Bank of India (SBI) Chairperson Arundhati Bhattacharya said here on Tuesday.

As widely expected, the RBI, kept the repo rate unchanged at 8 per cent but cut the Statutory Liquidity Ratio (SLR) and held-to-maturity (HTM) by 50 basis points each. “The 50 basis points cut in SLR to 22 per cent from 22.5 per cent is expected to provide roughly Rs.40,000 crore growth-supportive liquidity to the system, and the move is not intended to trigger an interest rate cut,” said Ms. Bhattacharya.

The executive leadership of the State Bank of India might be in for some reshuffling with two new managing directors being appointed by the Bank recently. The bank promoted two senior executives B Sriram and VG Kannan as managing directors, and this could open up new opportunities for greater promotions within the company, the Economic Times reported. It further said almost six circle heads and chief general managers who had been promoted to managing director levels are now still performing their old duties till the positions of managing directors open up. The managing director and CEO of SBI Life Insurance has retired last month, and someone from the senior leadership will now have to take up that position as well.

Private life insurer SBI Life Insurance posted a year-on-year rise of 14 per cent in net profit for the first quarter of FY15. The insurer posted a net profit of Rs 241 crore, against Rs 212 crore during the corresponding quarter of last year.

Total premium grew 17 per cent to Rs 1,676 crore during the period. The collection of renewal premium recorded a growth of 32 per cent at Rs 937 crore over the corresponding quarter of last year.

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