EMIs on home, car loans to go higher as SBI, ICICI, PNB hike MCLR
Business | March 01, 2018 18:16 ISTThe Reserve Bank of India (RBI) had introduced the MCLR system with effect from April 1, 2016 on account of limitations in the base rate regime.
The Reserve Bank of India (RBI) had introduced the MCLR system with effect from April 1, 2016 on account of limitations in the base rate regime.
Bringing cheer to many State Bank of India investors, the country’s largest lender today announced a hike in its term deposits rates across different maturities.
The bonds will be sold at main branches of SBI in four metro cities -- New Delhi, Mumbai, Kolkata and Chennai.
Rajnish Kumar also pointed out that the SBI has "a small exposure to Gitanjali Gems", owned by the uncle of Nirav Modi, Mehul Choksi, "but it is not a point of worry".
Arundhati Bhattacharya said the accounts opened for financial inclusion under the Pradhan Mantri Jan Dhan Yojna are "not charged for anything", and are exempted from maintaining the monthly average balance.
As a result, between April and November 2017, the bank had netted a windfall of Rs 1,771.67 crore, which is more than its second quarter profit, as penalties from customers for non-maintenance of MAB, a finance ministry data.
SBI has changed the names and IFSC codes of branches located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow, among others.
Standard & Poor's on Friday maintained its sovereign rating on India stable at ‘BBB-’ while keeping its outlook for India stable.
SBI Chief Rajnish Kumar described the move as a re-affirmation of how the world views India, which has been long pending and a thumbs up to the various reform measures.
State Ban of India has an exposure of Rs 26,636 crore to 27 of about 30 such accounts listed by the Reserve Bank of India (RBI).
SBI had registered a profit after tax of Rs 2,006 crore in the corresponding period of the last fiscal, the bank said in a stock exchange filing here.
Wilful defaulters or people who have diverted funds, as proved in the forensic audit, will not be allowed to participate in bidding for stressed companies, the SBI chairman said.
The Centre has announced recapitalisation plan of Rs 2.11 lakh crore for public sector banks
Home loans will be available at a rate of 8.30 per cent while automobile loans can be availed at a starting interest rate of 8.70 per cent, SBI said.
SBI's move will trigger rate cut by other lenders. The bank had last cut the rate on Jan 1.
In his career spanning 37 years at SBI, Rajnish Kumar has held several key positions and also led two overseas assignments.
The number of PoS terminals post-demonetisation has increased from 13.8 lakh in March 2016 to 28.4 lakh as of July 2017. On an average banks are installing 5,000 PoS per day.
The SBI today said it has lowered minimum balance requirement for savings accounts in metros to Rs 3,000 from the current Rs 5,000 while exempting pensioners and minors to maintain the minimum average balance.
Arundhati Bhattacharya said though incidents of fresh credit slippages have marked a downtrend, some areas like telecom were displaying signs of stress.
The GDP growth in the first quarter had fallen to 5.7 per cent, thus raising concerns about 2017-18 annual numbers.
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