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State Bank of India News

SBI planning to open 500 new branches across India in FY25: MoS Finance

The State Bank of India (SBI) is planning to open 500 new branches across India during the current financial year, Parliament was informed on Monday. Of this, 135 new branches have already been opened till October 31, 2024, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. Currently, the endeavour of the government is to ensure availability of a banking outlet (bank branch/business correspondent/ India Post Payments Bank) within 5 kilometres of all inhabited villages in the country, he said. Availability of banking outlets is monitored by a Geographic Information System (GIS)-based app, namely, Jan Dhan Darshak (JDD) app, he said. To another question regarding shortage of staff in SBI, Chaudhary said, public sector banks (PSBs) including SBI are board governed commercial entities. The requirement of manpower in each PSB is determined by the respective PSB keeping in view various factors which include, inter-alia, business requirement, spread

SBI planning to open 500 new branches across India in FY25: MoS Finance
Updated On : 02 Dec 2024 | 4:43 PM IST

SBI launches nation-wide drive for activation of inoperative accounts

State Bank of India (SBI) on Saturday said it has launched a nation-wide drive to raise awareness about the importance of inoperative account activation. A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years. Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message, SBI said in a statement. SBI chairman C S Setty emphasised the need to drive Re-KYC exercise in letter and spirit, to maintain PMJDY accounts in active status and enabling customers to conduct transactions seamlessly. He urged upon Business Correspondents to harness the technology to bridge the gap and reach the last-mile customer, thereby enhancing customer experience.

SBI launches nation-wide drive for activation of inoperative accounts
Updated On : 30 Nov 2024 | 9:10 PM IST

We open 65,000 savings accounts a day, says SBI Chairman CS Setty

He says SBI is comfortable with liquidity with overall credit deposit ratio at a modest 68 per cent and the aim is to maintain incremental CD ratio at 100 per cent

We open 65,000 savings accounts a day, says SBI Chairman CS Setty
Updated On : 28 Nov 2024 | 11:36 PM IST

State Bank of India to channel $1.5 billion in global book in 4 months

In rupee terms, SBI's gross advances in its international book grew by 11.56 per cent year-on-year (Y-o-Y) to Rs 5.88 trillion

State Bank of India to channel $1.5 billion in global book in 4 months
Updated On : 25 Nov 2024 | 8:07 PM IST

BJP Maha win, global cues. Reasons Sensex rallied 1,300pts intraday Monday

The NSE Nifty topped the 24,300-level, and was up 350 points following BJP-led Mahayuti alliance landslide victory in Maharashtra elections. Index heavyweights SBI and RIL were the top gainers so far.

BJP Maha win, global cues. Reasons Sensex rallied 1,300pts intraday Monday
Updated On : 25 Nov 2024 | 10:10 AM IST

SBI launches low-cost tailored vehicle loan for Uber's fleet partners

The collaboration is aimed at supporting both new and existing Uber fleet partners, helping them expand their businesses

SBI launches low-cost tailored vehicle loan for Uber's fleet partners
Updated On : 22 Nov 2024 | 4:11 PM IST

Nifty PSU Bank index slips 5%; PNB, BOB, Canara, SBI dip up to 7%

At 10:00 AM, the Nifty PSU Bank index, the top loser among sectoral indices, was down 4.7 per cent, as compared to the 0.92 per cent decline in the Nifty 50

Nifty PSU Bank index slips 5%; PNB, BOB, Canara, SBI dip up to 7%
Updated On : 21 Nov 2024 | 10:54 AM IST

State Bank of India plans to open 300-400 branches a year in medium term

SBI had 22,640 branches at the end of September 2024, up from 15,870 in March 2014

State Bank of India plans to open 300-400 branches a year in medium term
Updated On : 18 Nov 2024 | 8:49 PM IST

SBI seeks $1.25 bn in country's largest dollar-denominated loan of 2024

India's top lender is raising the facility for general corporate purposes through its branch at the Gujarat International Finance Tec-City

SBI seeks $1.25 bn in country's largest dollar-denominated loan of 2024
Updated On : 15 Nov 2024 | 9:38 AM IST

SBI announces 0.05% hike in marginal cost of fund-based lending rate

The country's largest lender SBI on Thursday announced a 0.05 per cent increase in the marginal cost of fund-based lending rate (MCLR) in some tenors. The one-year MCLR, a key tenor to which long-term loans like home finance are linked, has been increased by 0.05 per cent to 9 per cent effective from Friday, as per a notice on the lender's website. The lender has hiked the MCLR twice in the recent past, amid fears that the higher cost of deposits because of the war on the liabilities side among banks will ultimately result in higher ending rates. The bank's Chairman C S Setty had said 42 per cent of the bank's loan book is linked to the MCLR, while the rest is external benchmark-based. He had also made it clear that the deposit rates have peaked in the system and the bank will not use rate as a pull factor for the customer. SBI has also upped the MCLR in the three- and six-month tenors, and maintained it in the overnight, one month, two-year, and three-year tenors.

SBI announces 0.05% hike in marginal cost of fund-based lending rate
Updated On : 14 Nov 2024 | 8:07 PM IST

SBI share price muted today after Q2; brokerages maintain target price

SBI share price: Even if the Reserve Bank of India cuts repo rate, the impact on NIM should be negligible due to the recent hike in MCLR by 30bp, analysts said

SBI share price muted today after Q2; brokerages maintain target price
Updated On : 11 Nov 2024 | 9:52 AM IST

Biz as usual in Canada despite tensions between New Delhi, Ottawa: SBI

State Bank of India (SBI) has not seen any impact in Canada despite the ongoing tensions between New Delhi and Ottawa, a top bank official has said. The Indian government-run lender, which has been present in Canada since 1982, is considered as a "local bank" by all stakeholders in the North American country, its chairman C S Setty said. "We have not seen any change in approach either among the regulators or the customers, it is business as usual," Setty told PTI. SBI operates eight branches through a wholly owned subsidiary in Canada, including in Toronto, Brampton, and Vancouver. "I think we are considered as one of the local banks there -- our engagement in business, banking business is with the local environment there," he said. India-Canada relationship has been frosty for over a year now, ever since the North American country accused India of plotting assassinations of its citizens and the relationship hit a new low last month with the expulsion of diplomats. Meanwhile, Set

Biz as usual in Canada despite tensions between New Delhi, Ottawa: SBI
Updated On : 10 Nov 2024 | 4:41 PM IST

SBI Q2 results: Net profit rises 28% to Rs 18,331 cr, beat estimates

Other income expands sharply but provisioning too

SBI Q2 results: Net profit rises 28% to Rs 18,331 cr, beat estimates
Updated On : 08 Nov 2024 | 6:43 PM IST

State Bank of India to sell Rs 10,000 cr worth of infra bonds by Nov-end

The Indian economy's projected 7.2% growth this financial year is expected to be driven by, among other things, government spending on infrastructure

State Bank of India to sell Rs 10,000 cr worth of infra bonds by Nov-end
Updated On : 08 Nov 2024 | 5:46 PM IST

SBI Q2 results: Profit soars 28% YoY to Rs 18,331 crore; stock falls 3%

SBI Q2 results: SBI share price fell 2.9 per cent to Rs 834 per share on the BSE after the announcement of Q2 results 2024

SBI Q2 results: Profit soars 28% YoY to Rs 18,331 crore; stock falls 3%
Updated On : 08 Nov 2024 | 1:56 PM IST

SBI Q2 results preview: Profit may rise upto 17%, provisions could shoot up

SBI Q2 preview: SBI, India's biggest state-owned bank, is scheduled to report its financial results for quarter-ended (Q2 FY25) and half-year ended (H1 FY25) on September 30, 2024 on November 8, 2024

SBI Q2 results preview: Profit may rise upto 17%, provisions could shoot up
Updated On : 06 Nov 2024 | 12:47 PM IST

SBI stock hits 3-month high ahead of Q2 results; gains 10% in 2 weeks

Analysts believe SBI could sustain its outperformance (vs. private peers) in unsecured retail in the current environment, as delivered during the pandemic.

SBI stock hits 3-month high ahead of Q2 results; gains 10% in 2 weeks
Updated On : 07 Nov 2024 | 2:57 PM IST

Nifty PSU Bank index soars 4%; Indian Bank, BOB zoom up to 12% post Q2 nos

At 02:20 pm; the Nifty PSU Bank index was the top gainer among sectoral indices, up 4 per cent, as compared to 0.8 per cent rise in Nifty 50.

Nifty PSU Bank index soars 4%; Indian Bank, BOB zoom up to 12% post Q2 nos
Updated On : 28 Oct 2024 | 3:07 PM IST

Market crash? Nifty can fall another 1,000 points from here, charts suggest

If the Nifty is unable to sustain above 24,500 levels, technically it can then slip to its 200-DMA placed at 23,365 levels, charts suggest.

Market crash? Nifty can fall another 1,000 points from here, charts suggest
Updated On : 24 Oct 2024 | 11:11 AM IST

RBI stance change to 'Neutral' sparks rally in Bank, Auto, Realty stocks

RBI MOC Policy today: The RBI Monetary Policy Committee (MPC) also kept its key repo rate unchanged at 6.5 per cent for a tenth straight policy

RBI stance change to 'Neutral' sparks rally in Bank, Auto, Realty stocks
Updated On : 09 Oct 2024 | 10:51 AM IST