Employees should be kept on board during bank mergers: SBI
August 24, 2017 19:43 ISTThe mechanism approved to be set up to oversee public sector banks' (PSBs) mergers, will give an in-principle approval to proposals brought by banks.
The mechanism approved to be set up to oversee public sector banks' (PSBs) mergers, will give an in-principle approval to proposals brought by banks.
As many as 1,762 wilful defaulters owed Rs 25,104 crore to State Bank of India as on March 31, putting pressure on its balance sheet
Net NPAs or bad loans too soared to 5.97 per cent of the net advances by June end of this fiscal, up from 4.36 per cent in the year-ago period
The Lok Sabha passed the bill to repeal the SBI (Subsidiary Banks) Act 1959, State Bank of Hyderabad Act 1956 and to further amend the State Bank of India Act, 1955, following the merger of five associates with the parent SBI.
Earlier on Wednesday, the bank had waived charges for fund transfer of up to Rs 1,000 through IMPS (Immediate Payment Service) to promote small transactions.
The new rates will be effective from June 15, 2017. For women borrowers, the revised interest rates will be 8.55 per cent whereas for others, the rate will be 8.60 per cent.
Cloud is now being looked as a panacea for all cyber security-related issue.
The new norms restrict the number of free ATM transactions from SBI ATMs, while also introducing fresh charges on electronic fund transfers, exchange of soiled notes and issue of cheque books and debit cards
According to Arundhati Bhattacharya, the biggest thing that was done just after the quarter was merger of its five associates and Bhartiya Mahila Bank with it.
The new rate will be effective from tomorrow, the bank said, adding that eligible borrowers can also avail an interest subsidy of Rs 2.67 lakh under ‘Pradhan Mantri Awas Yojana’.
The additional amount of Rs 100, however, is only applicable on transactions up to Rs 2,000 and anything above that will attract no fee, the SBI Card said in a statement.
The merger has catapulted the country’s largest lender in the league of top 50 banks globally with assets worth Rs 37 trillion and customer base of 370 million.
With the merger, SBI has become one of the top 50 global banks.
The new rates are effective from April 1, 2017. Earlier, the base rate stood at 9.25 per cent.
"So far, only 2,800 employees (from associate banks) have opted for VRS. The scheme is open till April 5," Bhattacharya told reporters here today.
Having merged with five associate banks, the State Bank of India today opened as one bank with 500 million customers.
SBI today merged its operations with five of its associates and the Bharatiya Mahila Bank, making the country’s largest lender one of the top 50 banks in the world.
According to a top official, the total workforce may see a reduction over the next two years, after the merger with six entities, owing to attrition, reduced hiring and digitisation.
Branches of all five associate banks, which are merging with parent and the country's largest lender State Bank of (SBI), will begin functioning as SBI branches from April 1.
The State Bank of India (SBI), country's largest bank, has made it mandatory for account-holders to maintain a minimum balance from April 1 onwards. The bank on Friday said that if anyone fails to adhere to the rule, he/she will be fined as per the n
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