JKC argued that SBI had previously granted loans to companies without sufficient security, which led to their financial troubles
The MCLR-based rates have been adjusted to fall within the range of 8.20% to 9.1%. The overnight MCLR is at 8.20%, while the rate for the one-month is reduced from 8.45% to 8.20%, a dip by 25 bps
To ensure easy and adequate credit availability to the MSME sector, the State Bank of India (SBI) is planning to enhance the threshold under the instant loan scheme from the existing Rs 5 crore. 'MSME Sahaj - End to End Digital Invoice Financing', provides solutions ranging from applying for the loan, documentation and disbursement of the sanctioned loan within 15 minutes, without any manual intervention. "We have, last year, introduced a business rule engine based, data based assessment of the credit limits up to Rs 5 core. Anybody walking into our MSME branch has to give only their PAN and approval for sourcing GST data, we can give approval in 15-45 minutes," SBI Chairman C S Setty told PTI in an interview. Simplification of the MSME credit is something that the bank is emphasising on and making lending cash flow based backed by the CGTMSE guarantee, he said. This reduces the need for collateral, which would enable a lot of people to come into the formal MSME borrowing system, h
Says co-lending should be restricted to priority sector lending and not extended to other areas
Nomura has reaffirmed its 'Buy' rating for SBI, maintaining a target price of Rs 980. This target suggests a potential upside of approximately 25per cent from the previous closing price of Rs 781.
With mounting debts and dwindling market share, the need for a decisive government strategy is urgent
Initially set to conclude on September 30, these schemes have now been extended for another six months
Indians are flocking to invest in stocks, putting pressure on banks which need to strike a balance between deposits and loans
SBI warns telecom firm MTNL that payment failure would result in a penal interest rate being applied to the outstanding balance
Stocks to watch: SBI plans to open 600 new branches this fiscal year to expand its reach in emerging residential areas, said its chairman and managing director CS Setty.
The deductible is the amount paid through the base policy or out of pocket before the super top-up kicks in. A higher deductible reduces the premium
State-owned NARCL has submitted an anchor bid of Rs 300 crore for exposure, prompting a Swiss auction scheduled for October 30
State Bank of India (SBI) is planning to open 600 branches across the country in the current financial year in a bid to tap business opportunities in emerging areas including large residential townships. "We have strong branch expansion plans...this would be mainly focused on emerging areas. A lot of residential colonies are not covered by us. Around 600 branches is something we are planning in the current year," SBI Chairman C S Setty told PTI in an interview. The country's biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches were inaugurated. SBI has a network of 22,542 branches across the country as of March 2024. Apart from branch presence, SBI has 65,000 ATMs and 85,000 business correspondents. "We serve about 50 crore customers and we take pride in saying that we are the banker to every Indian, and, more importantly, to every Indian family," he said. He also said it would be his endeavour to transform SBI into the best bank, the most valued ba
In a bid to attract depositors, State Bank of India is contemplating to come out with innovative products including a combo product of recurring deposit and SIP, said the bank's chairman C S Setty. With the economy progressing, he said, customers are becoming financially more aware and demanding, and have started looking for innovative investment instruments. Today the customers are looking at the value proposition as financial literacy improves and the concept of asset allocation will gain greater importance, he said. "Obviously, nobody wants to put everything in a risky asset or a speculative asset...banking products will always be part of the basket. So, we are trying to bring products which will appeal to them," he told PTI in an interview. "We are trying to bring innovation in some of the conventional products like recurring deposit, which is actually a conventional SIP...Maybe, we can combine both fixed deposit/recurring deposit and SIP, a combo product that could be digitall
The deal comes at a time when India's office market is witnessing significant demand
The first tranche payment of Rs 350 crore was required to be made by March 21, 2022
State Bank of India (SBI) is aiming to become the first Indian financial firm to cross a milestone of Rs 1 lakh crore net profit in the next 3-5 years, chairman of the country's largest lender C S Setty has said. SBI recorded a standalone net profit of Rs 61,077 crore in FY24, registering a growth of 21.59 per cent. "We have potential. Definitely, we would like to be the first company in India to reach that milestone," Setty said when asked if it is possible to cross Rs 1 lakh crore in the next 3-5 years. However, he said, "while profits, market capitalization etc are extremely important elements for our organization, we give equal thrust on customer-centricity and it acts as a fundamental aspect of our operations." With regard to corporate loan demand, Setty said, the bank has already got a Rs 4 lakh crore strong credit pipeline from India Inc and capital expenditure by the private sector is expected to pick up in the second half of the fiscal year. "We see a good amount of inter
SBI Chairman C S Setty has said the bank has already got Rs 4 lakh crore strong credit pipeline from India Inc and expressed hope that capital expenditure by the private sector is expected to pick up in the second half of the fiscal year. "We see a good amount of interest in private capital expenditure. The infrastructure financing, of course, is mainly coming from the roads, renewable energy, and some of the refineries," he told PTI in an interview. As far as public spending is concerned, Finance Minister Nirmala Sitharaman in the Budget proposed to raise the capital expenditure target by 11.1 per cent to record Rs 11.11 lakh crore for 2024-25. This is 3.4 per cent of the country's GDP. Setty said some of the corporates had undertaken brownfield expansion for which the capital expenditure was funded by their own cash accruals and cash balances that they had. However, he said, "We now see some of the corporates drawing the term loans for brownfield expansion too." "We have a pipel
Senior citizens discover joint account almost drained out, Telangana and national consumer disputes tribunal rule in favour of them