Wednesday, July 10, 2019, 2:51 PM
India's largest bank, State Bank of India (SBI), has lowered its lending rates by 5 basis points (bps) across all tenors with effect from today (10 July 2019). With this, the one-year marginal cost of funds-based lending rate (MCLR) now stands at 8.40 %. "1 Year MCLR coming down from 8.45 percent p.a. to 8.40 percent p.a ," SBI said in a statement.
Wednesday, July 10, 2019, 12:56 PM
A probe commissioned by SBI has flagged transactions worth Rs.5,500-crore in the books of Reliance Communications and two other Anil Ambani-led Reliance Group-entities for further investigation, said the source. The probe into fund flows at RCom, Reliance Telecom and Reliance Telecom-Infrastructure has examined related-party transactions, apparent evergreening of loans and seemingly preferential dealings with entities at which a few Reliance Group employees were directors.
Thursday, July 4, 2019, 12:28 PM
A total of 222 bank frauds involving Rs.27,000-crore, were reported by the Central Bureau of Investigation in 2018-19 according to the annual report of the CEIB an intelligence wing and think-tank of the finance ministry. The number highlights the problem facing Indian banks already tacking the issue of looming bad debt and wilful defaulters. Banks themselves flagged the cases of fraud and default.
Wednesday, July 3, 2019, 10:24 AM
India's state-owned banks had classified 1.50 trillion rupees ($21.76 billion) worth of loans as "wilful defaults" in 2018-19, with the biggest lender State Bank of India accounting for nearly a third, the finance minister said in the parliament. Under Indian law, wilful defaulters are classified as firms or individuals who own large businesses & deliberately avoid repayments.
Saturday, June 22, 2019, 11:43 AM
The State Bank of India is planning to expand its market in Singapore by enhancing its relationship across SMEs some of which have strong footholds across Asia Pacific. Acknowledging the stiff competition from Financial Technology companies, the SBI is also contemplating introducing its YONO SBI app while having opened remittance services to all bank accounts through eRemit and remittance kiosk channels in the city-state.
Wednesday, June 12, 2019, 2:54 PM
Of over 50,000 frauds that hit banks in India in the last 11 fiscal years, the ICICI Bank, SBI and HDFC Bank reported highest number of cases, according to an RBI data. Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs.2.05 lakh crore, a highest of 6,811 were reported by the ICICI Bank involving Rs.5,033.81-crore.
Saturday, June 8, 2019, 8:58 AM
SBI, the country's biggest mass-lender, began a new era of transparency in consumer loans by linking the pricing of its home-financing products to the central bank policy rate used for setting the broader cost of debt in the economy. Starting July-1, consumers would have the option to take SBI home loans pegged to the central bank repo rate, the lender said in a statement.
Wednesday, May 29, 2019, 10:07 AM
State Bank of India (SBI) put on sale four non-performing assets (NPAs) worth Rs 230 crore on a 100% cash basis, with reserve prices implying haircuts of up to 79% for the accounts. The four assets are Lovely International and Lovely Enterprises (Rs 95 crore), Abhijeet Ferrotech (Rs 89 crore), Trichy Tanjavur Expressway (Rs 24 crore) and Madurai Tuticorin Expressway (Rs 22 crore).
Wednesday, May 15, 2019, 3:57 PM
Soon after Paytm's foray into the credit card business, Softbank-backed ride hailing firm Ola has also taken the plunge with the launch of its credit card in partnership with public lender State Bank of India on May 15. With this launch while Ola gets to widen its financial products base. The company is targeting to issue 10 million cards by the end of 2022.
Friday, May 10, 2019, 2:59 PM
The SBI, announced on Friday that it has reduced its MCLR by 5 bps across all tenors. According to the source, after the 5 bps cut, the 1-year MCLR will come down from 8.5% per year to 8.45%. "As a result, interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from 10 May, 2019," stated the release.
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