Country’s largest lender State Bank of India (SBI) today said it will consider reducing lending rates after the announcement of the Reserve Bank’s annual credit policy on April 17. ”Of course, we will look into reducing the interest rate in the future, but it will depend on the magnitude of the CRR cut (by...
After a three-day holidays this week, all public sector and many private banks will function full day today. Banks usually are open half day for public dealings on Saturdays. The Finance Ministry has asked all the public sector banks to function full day today. The State Bank of India has said in a notice...
In view of three holidays this week, public sector banks have been directed to function full day on Saturday, April 7. The Finance Ministry has asked all public sector banks to to function full day this coming Saturday instead of working half-day, official sources said. Usually, banks are open for public dealings between 10...
Desperate lenders have started doing the obvious to get the home loans going — cut rates. IDBI Bank blinked on Friday, announcing a reduction of up to 75 basis points (bps), or 0.75 percentage point, in the rates it will charge on new floating home loans beginning April 2. The floating rate on loans...
State Bank of India, the country’s largest lender, has raised retail deposit rates 25 to 100 basis points (bps) for deposits maturing within a year. It would now offer 10 per cent for deposits of seven to 90 days, 9.75 per cent for 91-179 days and eight per cent for 181 days to less...
Citigroup has appointed company veteran Sameer Kaul as the head of its private banking business in India, the U.S. bank said in a statement on Monday. Kaul, who has been with Citigroup for 17 years, replaces Tashwinder Singh, who has left the bank to join Kohlberg Kravis Roberts & Co. as a director at...
Private equity investor Warburg Pincus LLC on Monday sold its remaining 3.6 percent stake in Kotak Mahindra Bank Ltd (KTKM.NS) to raise about 14 billion rupees, two sources with direct knowledge of the matter said. The stake sale, the latest among a slew of such deals this year on the back of a surge...
The government is planning to float a holding company for public sector banks, finance minister Pranab Mukherjee said on Friday. He did not give details about the proposed holding company but analysts see in this proposal a government plan for some relief from persistently recapitalizing a growing banking industry. The Finance Minister has said...
State Bank Virtual Card is a limit Debit card, which can be created using the State Bank Internet Banking facility for ecommerce (online) transactions. The Card can be used to shop online at any merchant website that accepts Visa Cards, without any difference from a regular plastic Card. The Card will be issued by marking...
Malaysia’s state investment arm, Khazanah Nasional, has sold its about 4.2 percent holding in India’s private sector lender Yes Bank (YESB.NS) for about $105 million in market block deals, two sources with direct knowledge of the deal said on Monday. The sovereign investment fund of Malaysian government, Khazanah Nasional, today sold its entire 4.2...