We raise our F21 and F22 EPS estimates ~5% each, as the tax rate cut outweighs lower margins. We downgr-ade to EW; upside appears limited given uncertainty on asset quality (for SBI and the system) and NIMs. We prefer large private banks where we see better EPS progression and re-rating.

Shares of India’s largest state-run lender SBI plunged on Wednesday morning, after global firm Morgan Stanley slashed its share price target. SBI shares plunged more than 4.6% to hit the day’s low at Rs 288.75 on BSE. Morgan Stanley said that the upside on the shares remains limited given uncertainty on Asset quality and Net Interest Margin. The global firm noted that the recent tax rate cut outweighs lower margins. Morgan Stanley has raised the FY21, FY22 EPS estimates by 5% each.

State Bank of India (SBI) will adopt repo rate as the external benchmark for all floating rate loans for micro, small and medium enterprises (MSMEs), housing and retail from October 1, 2019.

The bank has extended the scheme to medium enterprises also to boost lending to the MSME sector as a whole. SBI had introduced floating rate home loans effective July 1, 2019.

State Bank of India on Monday said it will adopt repo rate as the external benchmark for all floating rate loans for MSME, home and retail loans, from October 1, 2019.

On September 4, the Reserve Bank of India (RBI) had mandated all banks to link all new floating rate personal or retail loans and floating rate loans to micro, small and medium enterprises (MSMEs) to an external benchmark from October 1 onwards.

Corporate loan is likely to pick up from October due to the sharp cut in corporate tax rates and festive season sales, State Bank of India’s deputy managing director Sujit Kumar Varma said on Friday.

Varma said in first two quarters of the current fiscal, the loan growth was mainly driven by retail credit, while there was a negative growth in corporate loan. Private sector investment was largely muted in the last 12-18 months.

Mumbai: India’s largest lender State Bank of India (SBI) has put on hold its existing repo-linked home loan product as it prepares to launch a new one on 1 October, complying with the direction of the Reserve Bank of India (RBI), according to a person familiar with the development.

Recurring deposit (RD) account is the best option for investors who wants to save on a monthly basis. Recently State Bank of India (SBI) has slashed interest rates on RDs effectively 10th September. SBI RD has term ranging from 12 months to 120 months. SBI RD interest rates vary between 5.80%-6.25% for general public and an additional interest rate hike of 50 bps for senior citizens.

State Bank of India chairman Rajnish Kumar has slammed a “selfish” private sector lender for the crisis at Altico Capital, as its unilateral move to secure its own money can potentially cause troubles to the wider financial system. The realty-focused non-banking lender Altico, which owes over Rs 4,500 crore to the system (mostly banks), defaulted on a nearly Rs 20 crore interest payment late last week on an external commercial borrowing (ECB) loan.

Country's largest lender State Bank of India (SBI) is revising its service charges from 1st October 2019. Maintenance of average monthly balance (AMB) charges are different for metro, semi-urban and rural areas. Currently, the metro and urban centre branches, the requirement of AMB is ₹3,000. For someone not maintaining ₹3,000, with a shortfall of less than or equal to 50%, will be charged ₹10 plus GST.

State-owned lender State Bank of India (SBI) has successfully divested 4.5 per cent stake in SBI Life Insurance Company. The share sale will fetch SBI nearly Rs 3,500 crore which will help the state-owned institution augment its capital base.

The offer for sale (OFS) on Thursday saw nearly two times more demand than the shares on offer.

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