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State Bank of India and two other public sector banks slash loan rates by 25 basis points, Finance Industry Latest Updates
The State Bank of India (SBI), Bank of India, and Bank of Maharashtra have announced a reduction in their lending rates by 25 basis points (bps) following the Reserve Bank of India’s (RBI) decision to lower the repo rate last week. This move aims to make loans cheaper for both existing and new borrowers.
SBI’s Repo Linked Lending Rate (RLLR) will now be 8.25%, and its External Benchmark Based Lending Rate (EBLR) will be 8.65%. Bank of India has reduced its home loan rate to 7.9% per annum based on the CIBIL score. Additionally, it has lowered interest rates on select existing retail loan products, including vehicle loans, personal loans, loan against property, education loans, and Star reverse mortgage loans.
Bank of Maharashtra has also cut its RLLR to 8.80%, benefiting customers availing loans for homes, cars, education, gold, and other retail loan products. The bank’s home loan will start from 7.85% per annum, and car loans will be priced from 8.20% per annum.
These rate cuts follow the RBI’s Monetary Policy Committee’s decision to reduce the repo rate by 25 bps to 6% on April 9, its second consecutive reduction. The total rate cut is now 50 bps over the past two months. These reductions are expected to make borrowing more affordable for individuals and businesses, boosting economic growth.
Outshining ICICI Bank and Axis Bank, HDFC Bank’s interest rates are the lowest – See the latest rates from India’s top private lender – Personal Finance
HDFC Bank, India’s second-largest bank by assets, has reduced its interest rate on savings accounts by 25 basis points to 2.75%. This reduction is effective from April 12 and applies to savings accounts with balances less than Rs 50 lakh, earning an interest rate of 2.75% per annum. Accounts with balances over Rs 50 lakh will earn an interest rate of 3.25% per annum. This move comes after the Reserve Bank of India (RBI) announced a second consecutive benchmark repo rate cut, which has shifted its monetary policy stance from Neutral to Accommodative.
The reduction in HDFC Bank’s interest rate brings it closer to public sector lenders like State Bank of India and Punjab National Bank, which offer a minimum interest rate of 2.70% on savings account deposits since 2022. HDFC Bank’s interest rate is now on par with Bank of Baroda, which offers an interest rate of 2.75% on deposits up to Rs 50 crore.
In comparison, HDFC Bank’s peers, ICICI Bank and Axis Bank, are currently offering a minimum interest rate of 3% on balances below Rs 50 lakhs. The reduction in HDFC Bank’s interest rate is likely a response to the changing economic environment and the RBI’s move to prioritize growth over inflation control.
Widespread disruption: India’s UPI transaction system crashes, leaving users unable to access multiple apps and services nationwide | Top News Stories
A major outage affected several UPI (Unified Payments Interface) apps on Saturday, preventing users from sending and receiving money. According to data from Downdetector, a website that tracks app outages, over 2,300 reports of UPI issues were submitted around 1 PM. Google Pay, Paytm, and various banks were among the apps affected. The outage caused significant inconvenience to users across India, marking the third major UPI outage in the past 30 days.
The most affected banks included State Bank of India (SBI), HDFC Bank, Axis Bank, Bank of India, Indian Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, Federal Bank of India, IDBI Bank, Yes Bank, IndusInd Bank, and IDFC Bank. Many users reported issues with mobile banking, online banking, fund transfers, and bill payments.
While the outage was widespread, no single issue dominated the reports. Some users reported payment failures, while others experienced problems with transactions, mobile banking, and online banking. The exact cause of the outage is not clear, but it highlights the importance of reliable payment systems and the need for banks and fintech companies to prioritize user experience.
The recent outage serves as a reminder that technology can fail, and it is essential to have backup plans and redundancy measures in place to minimize the impact of outages. In the meantime, affected users are advised to monitor the situation and wait for further updates from their banks and fintech companies.
Stock Market Updates of State Bank of India
Recent Updates
State Bank of India (SBI) launches its latest branch in Neeli Nallah
The State Bank of India (SBI) recently inaugurated a new branch in Neeli Nallah, Udhampur, a significant development in the region’s banking landscape. The ceremony was attended by Lal Chand, District Development Council Chairperson, Udhampur, and senior officials from the SBI Chandigarh Circle.
The event aimed to promote financial inclusion in the region by encouraging residents to open saving accounts and explore various deposit accounts, such as fixed deposits, savings accounts, and government deposit schemes. Bank officials also showcased loan products, including Kisan Credit Card, home loans, car loans, and personal loans.
In addition, the focus was on government-driven social security schemes, such as Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana. The new branch aims to provide convenient access to banking services and enhance the bank’s presence in the area, catering to the growing banking needs of the community.
Lal Chand, the chairman of DDC Udhampur, congratulated the local residents on this development and urged them to maintain their accounts at the nearby branch, which will boost the local economy. The chairman also directed the bank staff to regularly inform the rural public about government and banking schemes.
The inauguration of this new SBI branch marks a significant milestone in the region’s banking infrastructure, promoting financial inclusion and providing residents with greater access to banking services.
Equitas SFB slashes rates, Bank of Baroda tees off with new scheme as RBI’s MPC meet approaches – MSN
Equitas Small Finance Bank (Equitas SFB) has reduced its lending rates for personal and business loans, in line with the several other banks that have cut their rates recently. In recent days, several banks including top 5 lenders, banks, have slashed interest rates on various loan products.
On Tuesday, state-owned Bank of Baroda followed the lead of several other banks by announcing a new scheme, which carries an interest rate as low as 7.45%. According to reports, the bank has launched a new scheme called ‘Femina Loan Scheme’ which offers an interest rate of 7.45% for women loan borrowers. Analysts consider this to be the lowest ever rate by the bank to date. This new bouquet of personal loan offers will particularly benefit the small borrowers from middle class and home loan consumers. This new offer comes in run up to RBI Monetary Policy Committee (MPC) meeting scheduled to take place on February 6-7.
The interest rates for loan products of various banks have dropped in recent days, Besides Bank of Baroda announcing the lowest rate for women borrowers, the country’s top five lenders have cut their interest rate, with SBI cutting its rate to 9.15% from 9.60% to 9.55%, after an RBI move to cut its repo rates in February.
A recent report from the country’s largest bank SBI cited that the recent RBI policy to cut its repo rate to 5.40% will improve liquidity in the economy. Buyers may see more savings in loan rates. India’s banking industry continues to stages slow borrowing costs as lenders take steps to differ from their larger competitors. Yet in 2022, the total of NDTs in loans grown to above 2000% after lockdowns. Equity mergers and weddings to see rising asset demand. Total ECLGS offering to banks are agreeing to editsved differently by these figures and it decided agreement guarantees have made funds widened growth tissueline.
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Enjoy exclusive deals with OnePlus’s partnerships with ICICI and SBI banks
OnePlus has launched its Red Rush Days Sale, offering customers significant discounts on its latest smartphones. The sale, which runs from April 8 to April 13, includes direct price cuts, exchange bonuses, and attractive bank offers on both premium and mid-range OnePlus devices.
During the sale period, customers can enjoy massive discounts on OnePlus’s flagship devices, which boast top-tier performance and cutting-edge features. Additionally, the budget-friendly mid-range options are also available at discounted prices, making them an excellent choice for those looking for value for money.
One of the key highlights of the sale is the direct price cut on select OnePlus devices. This could translate to savings of up to hundreds or even thousands of dollars, depending on the device and model. The sale also offers an exchange bonus, which allows customers to trade-in their old phone for a new OnePlus device and receive an additional discount.
Furthermore, OnePlus is partnering with select banks to offer customers exclusive deals and offers. These bank offers could include additional cashbacks, discounts, or other benefits, making the value proposition even more attractive.
Overall, the Red Rush Days Sale is an excellent opportunity for fans of OnePlus to snap up the latest devices without breaking the bank. With the combination of direct price cuts, exchange bonuses, and bank offers, customers can enjoy unbeatable deals across the entire OnePlus ecosystem. Don’t miss out on this limited-time sale, which runs from April 8 to April 13, to experience the best of OnePlus at an unbeatable price.
The Reserve Bank of India’s Monetary Policy Committee (MPC) kicks off its meeting today, with SBI predicting a 25-basis-point rate cut in the April 9 announcement.
The Reserve Bank of India (RBI) is set to hold its next Monetary Policy Committee (MPC) meeting from April 7-9, where it will review the current economic conditions and decide on policy rates. RBI Governor Sanjay Malhotra will announce the outcome on April 9 at 10 AM. The market expects a further 25-basis point rate cut, citing a report by the State Bank of India (SBI), which anticipates a cumulative rate cut of at least 100 basis points through the cycle.
Economists are divided on the expected rate cut. Some, like Debopam Chaudhuri from Piramal Group, believe a 50-basis-point reduction is necessary to support economic growth, while others, like Sonal Badhan from Bank of Baroda, predict a more gradual approach with a 25-basis-point cut now and a total reduction of 75 basis points in this cycle.
However, the RBI’s decision will be influenced by several factors, including capital flows, economic growth, geopolitical risks, and global trade trends. The report highlights a potential challenge that deposit mobilization by banks may become difficult due to low tax-adjusted returns for savers and the introduction of Just-In-Time (JIT) mechanism.
A rate cut may boost economic growth, but the RBI needs to strike a balance between stimulating growth and controlling inflation. The outcome of the MPC meeting will be crucial in determining the future of India’s monetary policy and its impact on the economy. As the country navigates its way through economic challenges, the RBI’s decision will set the tone for the rest of the year.
Electricity consumers can now transfer their security deposits to prominent public sector banks, offering a convenient and secure alternative.
The Electricity Department of the Andaman and Nicobar Islands has announced that consumers can now transfer their electricity security deposits from the Andaman and Nicobar State Cooperative Bank (ANSCB) to any of the solvent Public Sector Banks operating in the Islands. This move has been approved by the competent authority and applies to all consumers of the department.
The list of eligible banks includes several major public sector banks such as State Bank of India, Canara Bank, Indian Bank, and others. Consumers are required to deposit the revised security amount with one of these banks either in the form of a bank guarantee or by providing a lien against a fixed deposit.
The revised security deposit amount will be equivalent to twice the average of the actual bills paid by the consumer during the previous financial year. This amount will be reviewed annually by the Electricity Department, as per Section 5.136 of the Joint Electricity Regulatory Commission (JERC) Regulations, 2018.
Once the new security deposit arrangement is established and necessary documentation is submitted, consumers can request the release of their existing security deposit held with ANSCB. The Department will forward these requests to ANSCB, which will then return the deposit amount along with accrued interest directly to the consumers.
This development is expected to provide more flexibility and convenience to consumers in managing their electricity bills and security deposits. It also aims to ensure that consumers are not penalized for fluctuations in their electricity consumption patterns. By allowing consumers to transfer their security deposits to other banks, the Electricity Department is providing an additional option for managing their financial obligations.
SBI PO Prelims Result 2025 OUT NOW! Visit sbi.co.in to access cut-off marks, available vacancies, and other crucial updates
The State Bank of India (SBI) has announced the result of the SBI PO Prelims 2025 on April 5, 2025. Candidates who appeared for the exam can check their results on the official website, sbi.co.in. To download the result, candidates need to follow these steps: log in using their registration number, roll number, and password, and check their qualifying status, marks obtained, and cut-off. The result will also be sent to candidates via email and SMS on their registered contact details.
The cut-off marks for SBI PO Prelims 2025 are expected to be similar to last year’s, which were around 59.25 for General, EWS, and OBC categories, and 53 and 47.50 for SC and ST categories, respectively.
Candidates who clear the SBI PO Prelims 2025 will be eligible to take the SBI PO Mains Exam. The SBI PO Mains Admit Card will be released after the announcement of the prelim results, and the exact date for the mains examination will be communicated by the examination authority in due course.
The SBI PO selection process consists of four stages: prelims, mains, psychometric test, and interview. The SBI had announced 600 vacancies for probationary officers, which includes 240 for the General Category, 158 for OBC, 57 for ST, and 87 for SC category candidates.
Overall, the SBI PO Prelims 2025 result announcement marks an important milestone in the recruitment process for probationary officers. Candidates who have cleared the prelims can now focus on preparing for the mains exam, which is the next stage of the selection process.
Market Highlights: A closer look at Bandhan Bank, Jubilant Foodworks, Torrent Power, SBI, and Kirloskar Oil – latest trading insights from Moneycontrol
The article provides a trade spotlight on six Indian companies: Bandhan Bank, Jubilant Foodworks, Torrent Power, State Bank of India, and Kirloskar Oil Engines. The article suggests various trading strategies for each of these companies, taking into account their recent performance, market trends, and analyst opinions.
For Bandhan Bank, the article suggests a buy recommendation with a target price of Rs 450, citing the bank’s strong financial performance and growing asset base. It also recommends a stop loss at Rs 380.
For Jubilant Foodworks, the article suggests a buy recommendation with a target price of Rs 350, citing the company’s strong brand presence and growing demand for its products. It also recommends a stop loss at Rs 290.
For Torrent Power, the article suggests a buy recommendation with a target price of Rs 650, citing the company’s plans to expand its business through acquisitions and its strong financials. It also recommends a stop loss at Rs 570.
For State Bank of India (SBI), the article suggests a buy recommendation with a target price of Rs 350, citing the bank’s strong financials and its plans to expand its business through digital initiatives. It also recommends a stop loss at Rs 300.
For Kirloskar Oil Engines, the article suggests a sell recommendation with a target price of Rs 650, citing the company’s declining sales and profitability. It also recommends a stop loss at Rs 700.
Overall, the article provides a detailed analysis of each company, highlighting both its strengths and weaknesses, and suggesting potential trading strategies based on these insights. Additionally, it provides technical analysis, using charts to help traders make informed decisions.
In conclusion, the article offers a comprehensive analysis of the six Indian companies mentioned, providing detailed information on their financial performance, market trends, and analyst opinions. It suggests various trading strategies for each company, including buy and sell recommendations, along with target prices and stop loss levels. This information is useful for traders and investors looking to make informed decisions about these companies.
HC slams SBI for inordinate delay of three months in fulfilling court orders to lift lien mark from customers’ accounts | Nagpur News
The Nagpur bench of the Bombay High Court has rebuked officials of the State Bank of India (SBI) for failing to comply with its December 2024 directive to remove a lien mark on a petitioner’s account. Palak Agrawal, the petitioner, had approached the court in 2023 after her bank account was marked with a lien, restricting her access to her funds. The court had ruled in her favor, directing SBI to remove the restriction, but the bank failed to do so, leading to a contempt petition being filed.
SBI’s counsel cited procedural requirements from the bank’s Hyderabad office as the reason for the delay, but the court was not satisfied with this explanation. The court noted that the petitioner had suffered for over three months at the hands of the bank due to the non-compliance of its order and directed the senior-most SBI officer in Nagpur to file an affidavit explaining the delay.
The court expressed profound dissatisfaction over the prolonged ordeal of the petitioner and cautioned that stringent action would be taken against SBI officials without a satisfactory explanation. The court also noted that such administrative inefficiencies caused unwarranted harassment to customers and adjourned the hearing till April 15.
The lien mark, which is a legal restriction on funds, was imposed to secure a debt or cover potential liabilities. The court’s order was clear and explicit, and the bank’s failure to comply with it has caused inconvenience and distress to the petitioner. The court’s decision is a clear message to banks to comply with court orders promptly and avoid causing unnecessary harassment to customers.
State Bank of India (SBI) is partnering with fintech companies to empower customers with the ability to instantly print their own debit cards.
The State Bank of India (SBI) is seeking to partner with fintech companies to offer innovative debt card solutions, including the ability for customers to print their own cards at kiosks. The bank is looking for fintechs that can provide services for these kiosks, allowing customers to upload photos or select from design templates, set their PIN, and manage basic card controls directly at the kiosk.
Additionally, SBI wants fintechs to develop a progressive web app (PWA) through which customers can manage their debit cards. PWAs are web-based applications that offer a user experience similar to a mobile app. The bank is also looking for fintechs that can develop solutions for a dedicated dashboard to manage, track, and control subscription-based services linked to debit cards, as well as artificial intelligence-based alerts for identifying underutilized subscriptions and suggesting alternatives based on usage behavior.
Experts believe that SBI’s strategy is a departure from the traditional approach of partnering with fintechs to push lending, and instead, focuses on improving customer experience. By partnering with fintechs, SBI can leverage their agility and innovative solutions to stay ahead of competitors.
The partnership is expected to benefit both parties, with fintechs gaining access to SBI’s deep pockets and large customer base, and the bank gaining innovative solutions to improve customer experience. SBI’s efforts to promote fintech innovation are also reflected in its recently launched Innovation Hub, which provides a dedicated space for fintechs, startups, and innovators to design next-generation financial solutions for the bank’s customers.
Emulating the creative tactics of Money Heist, 6 individuals allegedly stole a large quantity of gold from an SBI bank branch in Karnataka, India.
A recent bank burglary in Davanagere, Karnataka, has led to the arrest of six suspects, all first-time offenders, who allegedly stole 17.7kg of gold worth nearly Rs 16 crore from an SBI branch. The mastermind behind the heist, Vijay Kumar from Madurai, Tamil Nadu, had been inspired to commit the crime after watching the crime drama “Money Heist” 15 times, along with bank robbery documentaries and YouTube videos. Vijay, who had previously applied for a Rs 15 lakh loan with the bank to fund his struggling bakery business, was rejected due to a low Cibil score, leaving him “frustrated” and seeking revenge.
The suspects, who were equipped with hand gloves, gas-cutters, and chilli powder, spent six months conducting recces of the bank, including during times when the branch was shut. They even went so far as to bury the stolen gold at a farmhouse belonging to Vijay in Madurai, using the chilli powder to evade detection by sniffer dogs. The algorithm, which was deployed to the scene of the crime, lost its trail after a certain distance, allowing the suspects to get away with their loot for a while.
However, the police ultimately caught up with the suspects, who all had prior criminal records. The LoC was recovered, and 17kg of gold was recovered. The success of the investigations was attributed to the professionalism and dedication of the police officers involved. The police also stated that the suspects had used cellphones, and it was clear that they were propelled by in cafe over the loan disappointment.
SBI, Axis Bank, and IDFC Bank unveil revised benefits for their most popular credit cards, effective from April 1, 2025, as part of new sector-wide regulations
As of April 1, 2025, new credit card rules will come into effect in India, affecting account holders at major banks such as State Bank of India (SBI), Axis Bank, and IDFC First Bank. These changes will impact credit card benefits, reward systems, and policies, and it is essential for cardholders to be aware of these changes to maximize their benefits and avoid penalties.
The SBI Card reward points program is undergoing significant changes, with SimplyCLICK SBI cardholders no longer earning 10X reward points on Swiggy transactions, but instead receiving 5X. However, other partner brands, such as Myntra, BookMyShow, and Apollo 24, will still offer 10X reward points.
The Air India SBI Platinum Credit Card and Air India SBI Signature Credit Card will also see changes, with the rewards points per Rs 100 spent on Air India ticket reservations decreasing from 15 and 30, respectively, to 5 and 10.
Axis Bank is updating its Vistara Credit Card, waiving annual charges for cardmembers who renew their cards on or after April 18, 2025. However, complimentary memberships in Maharaja Club tiers are being discontinued, eliminating certain high-value inclusions.
IDFC First Bank is eliminating milestone rewards for its Club Vistara Credit Card, and cardholders will no longer be able to earn Maharaja Points. The card will be phased out, and free Club Vistara Silver Membership and travel benefits, such as Premium Economy Ticket vouchers and class upgrade vouchers, will no longer be available. Cardholders who renew their cards after March 31, 2025, will have their annual fee waived for one year, but primary travel benefits will be deleted.
It is crucial for credit card users to familiarize themselves with these changes to ensure they continue to receive maximum benefits and avoid any unexpected penalties during the upcoming financial year.
Lucknow State Road Transport Corporation (SRTC) Partners with SBI to Introduce SBI FASTag in State Buses
The Uttar Pradesh State Road Transport Corporation (UPSRTC) has entered into an agreement with the State Bank of India (SBI) to provide FASTags in all its buses. This move aims to provide a safer and more efficient way of paying tolls for passengers. Previously, SBI was only authorized to install FASTags in buses operating in 11 of the 20 regions of the corporation, while the rest of the buses had FASTags linked to a private bank.
However, this system had faced issues in the past. In September last year, 19 buses reported trouble while paying toll through FASTag due to insufficient balance in their FASTag wallets. As a result, passengers faced difficulties as the buses were not allowed to cross the tolls. An investigation revealed that the FASTags were hacked, and an FIR was lodged. It was found that the hacked FASTags were linked to a private bank.
The FASTags were introduced in UPSRTC buses as early as 2017. However, this incident marked the first time that the FASTags were hacked. The incident highlights the need for a more secure system to ensure smooth and hassle-free transactions for passengers.
The agreement between UPSRTC and SBI is expected to bring a positive change in this regard. With SBI’s expertise in banking and technology, it is hoped that the FASTags will be more secure and efficient. The fast pace of technology today can sometimes outsmart the simplest of safety measures, but steps such as these agreements with banks to provide a secure system will ensure a smoother and secure travel experience for passengers.
Important update for account holders of SBI, IDFC, and Axis Bank: a significant change is coming into effect on April 1, 2023.
Starting in April 2025, several major banks in India may undergo changes to their credit card reward points, affecting cardholders. Reports suggest that SBI Bank, IDFC First Bank, and Axis Bank are likely to make changes, although these have not been officially confirmed. Specifically, SBI Bank’s reward points system may be revised, with potential reductions in points for certain purchases. For example, the Air India Platinum Credit Card’s 15 points per 100 rupees spent may be reduced to 5 points. Similarly, the Signature Credit Card’s 30-point earning rate may be lowered to 10 points.
IDFC First Bank’s Club Vistara Credit Card, which provides Maharaja Points, may be discontinued after March 31, 2025. Axis Bank’s Vistara credit card may also undergo changes, with no annual fee for card renewal starting April 18, 2025, and discontinuation of the Maharaja Club membership.
Using a credit card offers various advantages, including deductions of spent amounts from one’s account the following month, a spending limit specific to each card, and perks such as reward points and cashback offers. Credit card usage can also help boost one’s CIBIL score and provide quick payment options in emergencies. The changes announced, if confirmed, may impact cardholders’ earning potential and overall banking experience.
Five Hyderabad tax officials and a SBI manager have been arrested by the CBI in two separate cases – one involving bribery and another a loan fraud, according to reports.
The Central Bureau of Investigation (CBI) has taken swift action in various cases of official corruption and financial fraud. In Hyderabad, the CBI arrested five tax officials on charges of accepting bribes from individuals seeking refunds from the Income Tax Department. The officials, including a senior officer, were accused of extorting money from refund seekers in exchange for facilitating the process.
Separately, the CBI registered two cases against a former State Bank of India (SBI) branch manager in Assam on allegations of loan fraud. The manager is suspected of disbursing loan amounts to borrowers without due diligence, resulting in losses to the bank.
These cases highlight the ongoing struggle against corruption in India’s tax and banking sectors. The CBI has been working tirelessly to curb official corruption and bring corrupt officials to justice. By doing so, it is not only upholding the law but also ensuring the integrity and trustworthiness of the financial system.
The cases also underscore the importance of Transparency and accountability in official dealings. The widespread abuse of power and influence by public officials on the verge of moral collapse and further perpetuates the cycle of corruption. It is, therefore, imperative to teach every public official, educator, and fermenter as soon as possible for a Norman Forces correspond to the content of the CBI has a more spiritual and robust position demands.
The CBI’s decision to take action against the five Income Tax officials and the former SBI branch manager is a strong message to other officials who may consider engaging in similar activities. It is also a reassurance to the public that the agency is committed to fighting corruption and ensuring that those who abuse their power are brought to account.
Police Nab Businessman in Massive ₹764 Crore SBI Scam, Alleged to Have Created Faux Documents to Dupe the Bank
The Enforcement Directorate (ED) has arrested Mumbai-based businessman Vijay Gupta, CEO of Vindhyavasini Group, on money laundering charges in connection with a ₹764.44 crore fraud case involving State Bank of India (SBI). The CBI has registered cases against Gupta for allegedly defrauding SBI by availing credit facilities based on forged and fabricated documents. The ED claims that Gupta submitted fake documents, including memoranda of understanding and technical economic viability reports, as well as highly inflated valuation reports of properties, to obtain credit facilities.
Gupta is alleged to have bribed a relationship manager at SBI to the tune of ₹59 lakh to obtain credit facilities. The ED further claims that Gupta bribed an auditor to prepare false accounts to obtain credit facilities. The ED probe revealed that Gupta generated proceeds of crime worth ₹764.44 crore by defrauding banks, along with others.
Gupta’s defense team claimed that a loan amount of ₹155 crore was taken and disbursed in the bank account of M/s Ruby Mills Ltd, with ₹54 crore returned to the bank as the transaction was never completed. However, the court rejected this argument, stating it was not supported by documents. The court remanded Gupta to ED custody till April 2, citing the need to trace the beneficiaries, money trail, and properties. This high-profile case highlights the importance of effective regulation and oversight in the financial sector to prevent such egregious frauds.
While state-owned State Bank of India (SBI) pocketed a significant revenue of Rs 2,043 crore from ATM cash withdrawals, other public sector banks (PSBs) surprisingly incurred a loss of Rs 3,739 crore.
The State Bank of India (SBI) has generated substantial revenue from ATM cash withdrawals, whereas other public sector banks (PSBs) have faced financial challenges in this area. According to a response in the Lok Sabha, SBI made a profit of Rs 2,043 crore from ATM cash withdrawals over the last five years, while nine PSBs collectively incurred a loss of Rs 3,738.78 crore. Only Punjab National Bank (PNB) and Canara Bank, besides SBI, have recorded profits of Rs 90.33 crore and Rs 31.42 crore, respectively.
The data reveals that SBI has consistently outperformed other PSBs in terms of fee income from ATM transactions, leading to losses for the latter. The government’s response indicates that SBI’s profit is largely due to its large ATM network and efficient management.
The Reserve Bank of India (RBI) has approved an increase in ATM interchange fees, which will affect customers’ ATM withdrawal charges. From May 1, 2025, customers will incur an additional charge of Rs 2 per transaction beyond their complimentary withdrawal limit. The non-transaction fee has also been raised by Rs 1. The new fee structure will impact cash withdrawals from ATMs, with a maximum charge of Rs 19 per transaction, and checking account balances, with a charge of Rs 7 per transaction.
According to the RBI, customers are entitled to a set number of complimentary transactions at other banks’ ATMs, with three transactions in metro centers and five transactions in non-metro centers. Beyond these free transactions, customers will incur charges for each ATM transaction based on the policies approved by the respective bank’s board, with a maximum charge of Rs 21 plus applicable taxes.
The Telangana High Court grilled State Bank of India officials over their role in a massive Rs 5-crore cyber fraud that occurred in a single day, sparking concerns about the banking giant’s accountability.
The Telangana High Court is investigating the role of banks, particularly the State Bank of India (SBI) Keezhmad branch in Ernakulam, Kerala, in cyber fraud cases. The court is examining whether the bank adhered to Reserve Bank of India (RBI) guidelines when allowing a fraudulent entity to open a current account, which led to a digital arrest fraud scheme resulting in the loss of Rs 50 lakh.
Justice NV Shravan Kumar issued a direction to the branch manager to submit an affidavit detailing the compliance with RBI guidelines during the account opening process within two weeks. The order is a response to a writ petition filed by 80-year-old AV Mohan Rao, who fell victim to the fraud scheme and lost Rs 50 lakh. The scheme involved coercing individuals to transfer large sums of money, including Rs 50 lakh transferred by Rao, which was then rapidly withdrawn from the account.
The court expressed concern over the bank’s inaction and failure to raise any alarms when the money was deposited and withdrawn within 24 hours. The court also noted that the SBI branch manager failed to submit additional information on compliance with RBI guidelines, despite being asked to do so. The bank has expressed confusion over multiple court orders instructing the release of funds to various victims, citing unclear directives and a diminished balance in the account. The court has asked the SBI branch manager to provide an additional affidavit on April 5, explaining the compliance with RBI guidelines.
Bob is set to amplify its retail investments, intensifying its efforts to drive growth and expansion.
Bank of Baroda (BoB), India’s second-largest public sector lender, is shifting its focus to retail loan growth, particularly in home loans, as it seeks to capitalize on a 20% compound annual growth rate for the next three years. The bank’s retail loan book is expected to increase to around 32% of its total loan book in the next three years, up from 27% currently. Home loans currently account for around 51% of BoB’s loan book, lower than the 55% of its larger peer State Bank of India (SBI).
However, the bank is now giving home loans a renewed push, particularly with the success of its personal and auto loans slowing down. Automating credit appraisals using Aadhaar for KYC and new score card models have reduced the turnaround time for home loans, allowing the bank to scale up its housing portfolio. With a vast network of 8,300 branches, including over 50% in rural and semi-urban areas, BoB is well-positioned to tap into the growing demand for home loans.
The bank’s strategy involves tie-ups with auto companies to offer loans to their employees, as well as targeting corporate account employees with personal loans. This diversification of its retail loan book is expected to help BoB stay ahead of the competition and maintain its growth momentum. With its extensive branch network and efforts to digitize its lending processes, the bank is well-equipped to tap into the growing demand for home loans and capitalize on the expected growth in the retail loan segment.
Get ready to check your scores! SBI is expected to release the Prelims results for 2025 on sbi.co.in soon!
The State Bank of India (SBI) is expected to announce the results of the Junior Associate SBI Preliminary Exam 2025 on its official website, sbi.co.in, soon. The exam was held to fill 13,735 positions for the post of Junior Associate. Candidates who passed the preliminary examination will be eligible to appear for the SBI Mains examination, which is scheduled for April 10, 2025.
To check the results, candidates will need to follow these steps:
1. Visit the SBI official website, sbi.co.in.
2. Click on the ‘Careers’ tab at the top of the page.
3. A new window will open; click on the ‘Result’ tab.
4. Fill in the required information, including your registration number and password.
5. Submit the details online, and the SBI exam result will appear on the screen.
It is recommended that candidates take a printout of the result and keep it for record purposes. The SBI Preliminary Exam 2025 results are expected to be released shortly, and candidates are eagerly waiting for the announcement. With the result announcement around the corner, candidates can expect to know their fate soon. This update is significant for those who appeared for the exam, and it is essential to stay updated on the official website of SBI for any further updates.
As of April, SBI, IDFC, and Axis Bank will be scaling back certain credit card benefits, a move that may impact cardholders’ rewards and privileges.
IDFC First Bank has made an announcement that is likely to affect its Credit Card holders. The bank will discontinue the milestone benefits associated with its Club Vistara Credit Card on March 31, 2025. This means that cardholders will no longer be able to earn certain rewards and benefits from that date onwards.
Although customers will still be able to earn Maharaja Points until March 31, 2026, the card will eventually be phased out. This change also has implications for the Club Vistara Silver Membership, which will no longer be available.
As a result of this change,cardholders will also lose access to certain complimentary vouchers, including Premium Economy Ticket and class upgrade vouchers. These benefits were previously available to cardholders, and their discontinuation is likely to disappoint many cardholders.
IDFC First Bank has not provided reasons for this change, but it is not uncommon for banks to discontinue certain benefits or products to simplify their offerings and focus on more popular or profitable ones. For cardholders, this change may mean that they need to explore alternative credit cards or rewards programs to get the benefits they are currently enjoying.
It is essential for cardholders to review their credit card agreements and understand the terms and conditions, including any potential changes to benefits and rewards. They should also consider alternative options that can provide similar benefits to stay on top of their financial rewards and benefits.
Japan’s First Ever Stablecoin Launches! Circle and SBI Join Forces to Revolutionize Digital Payments with March 26 Debut
Circle, the issuer of the USDC stablecoin, has made history by becoming the first and only stablecoin approved for use in Japan. This milestone comes after two years of working with Japanese regulators and financial firms. Circle has launched new operations in Japan and formed a joint venture with SBI Holdings, a top financial firm in the country. The partnership will allow SBI VC Trade, a subsidiary of SBI Holdings, to introduce USDC to Japanese users.
This approval is significant, as it opens up new opportunities in trading, payments, cross-border finance, and foreign exchange. Japan has been at the forefront of Web3 and blockchain adoption, and its strong regulatory framework has paved the way for stablecoins like USDC to thrive. SBI Holdings’ CEO, Yoshitaka Kitao, believes this move will improve financial access and boost digital asset growth in Japan.
With this approval, USDC is expected to go beyond just cryptocurrency trading and will be used in various financial services. Circle plans to list USDC on popular exchanges in Japan, including Binance Japan, bitbank, and bitFlyer. This move will bring USDC to new markets beyond its traditional reach.
USDC’s market cap of nearly $60 billion makes it a significant player in the stablecoin market. This approval is a major win for Circle and will likely pave the way for other stablecoins to enter the Japanese market. With this move, Circle solidifies its position as a leader in the stablecoin space, enabling the use of digital dollars for more people worldwide.
Get instant access to the GA Capsule for SBI PO Mains Exam 2025 by downloading the latest PDF now!
The State Bank of India (SBI) PO Mains Exam 2025 is scheduled for May 2025. The General Awareness (GA) section is a crucial part of the exam, covering current events, banking awareness, and general knowledge. To help candidates prepare, this article provides a GA Capsule, which is a comprehensive guide to the important topics, available as a downloadable PDF. The GA section consists of 60 questions for 60 marks, making it a high-scoring part of the exam.
The GA Capsule is prepared by experts and covers a range of topics, including current affairs, sports news, defense news, books and authors, static GK, and recent agreements. The capsule is designed to provide all the essential updates in a simple and easy-to-understand manner, helping candidates to score well. With this capsule, candidates can quickly revise and refresh their knowledge, improving their accuracy and speed.
The benefits of using the GA Capsule for SBI PO Mains Exam 2025 include:
* Covers important topics, saving time and effort
* Boosts score by providing a quick revision of essential topics
* Easy to understand, even for complex topics
* Allows for quick revision with the downloadable PDF
In conclusion, the GA Capsule for SBI PO Mains Exam 2025 is a valuable resource for candidates to prepare and score well in the General Awareness section of the exam.
India’s State Bank of India’s ATM Spits Out Counterfeit 500 Rupee Notes, Police Immediately Halt Operations
A unexpected surprise for the residents of Shahjahanpur’s Kalan area! A State Bank of India (SBI) ATM in the Moradabad-Farrukhabad State Highway dispensing counterfeit 500 rupee notes has left customers stunned and authorities scrambling to investigate. The ATM was sealed on Saturday after multiple complaints were received, with the police taking swift action to secure the machine and launch a probe.
The issue came to light on Friday when customers reported receiving suspicious-looking 500 rupee notes from the ATM. Three residents, Akash, Sumit, and Shivkumar, reported receiving fake notes with glaring errors, including a “Churan” label and a replaced phrase “Reserve Bank of India” with “Full of Fun” in English. These counterfeit notes appeared authentic but possessed clear signs of forgery.
The police immediately responded, shutting down the ATM until bank officials inspect its cash cassettes on Monday. SBI’s Lead District Manager R.R. Tiwari assured a thorough investigation, stating that all ATMs undergo strict cash verification, and they will identify how fake notes entered the system.
However, the incident raises concerns about loopholes in cash-handling protocols. ATM cash is typically verified using high-end scanners, but these counterfeit notes, matching the size, color, and design of genuine notes, have evaded detection. The police will examine CCTV footage, review cash replenishment timelines, and identify whether the fraud occurred during cash loading or due to technical failure.
Parents of Shahjahanpur are advised to be vigilant and report any discrepancies in notes to banks or the police. The incident highlights vulnerabilities in India’s cash distribution systems, and the effort to address these vulnerabilities is ongoing.
As the investigation unfolds, authorities stress that dispensing counterfeit currency is a punishable offense, carrying penalties up to life imprisonment. The SBI ATM fake notes incident serves as a wake-up call to remain cautious, and residents are eagerly awaiting answers on how fake notes infiltrated a trusted SBI machine.
As the lucrative bank IPO market of the past decade saw IDFC First, Bandhan, RBL, Ujjivan, and Suryoday venture forth, the quest for the next HDFC Bank giant proves to be a reverse, with none managing to replicate its spectacular success.
The article highlights the struggles of banking stocks, particularly private banks that listed in the last decade. Despite being seen as having growth potential, many of these banks have underperformed the market, leading to significant losses for investors who tried to identify the “next HDFC Bank”. Out of 13 private bank IPOs in the last decade, only 2 have posted positive returns since their IPO, and none have beaten the index. Even larger banks, such as Federal Bank, have only managed to keep pace with the Nifty Bank index, with a CAGR of 10%.
The article suggests that “fortune favors scale”, implying that larger banks are more likely to perform well over the long-term. This is reflected in the Nifty Bank index, where the top 5 constituents (HDFC Bank, SBI, ICICI Bank, Axis Bank, and Kotak Mahindra Bank) account for 86.5% of the combined market capitalization of all Nifty Bank constituents, up from 17.5% in 2015.
The article concludes that investors would be better off buying the index rather than trying to pick individual stocks in the banking sector. This is a decade-long lesson learned, with many investors having lost money trying to identify the next high-performing bank. As legendary investor John Bogle once said, “Don’t look for a needle in the haystack. Just buy the haystack.” This piece of advice may be particularly relevant for long-term investors who are not sure how to pick stocks in the banking sector.
Attention Vistara Credit Cardholders: Key partners SBI, Axis, and IDFC First to revise benefits starting April 2025 – Goodreturns
Vistara Credit Cardholders Alert: SBI, Axis, IDFC First To Modify Benefits From April 2025
Several prominent banks, including State Bank of India (SBI), Axis Bank, and IDFC First Bank, have informed their Vistara Credit Cardholders that certain benefits will be modified from April 2025. This move is likely to affect thousands of cardholders across the country.
As part of the modification, the respective banks will be introducing new features and reforms to their reward points, and other benefits associated with the Vistara Credit Card. Some of the changes include:
- Reward Points: The banks will merge the existing reward points with a new point-based system, which will be applicable on transactions made after April 2025. The new system is expected to provide more flexibility and options for redemption.
- Cardholders’ Tier-wise Benefits: The banks will no longer offer separate tier-wise benefits. Instead, they will offer a single-tier redemption system, which will apply to all cardholders.
- Fuel Surcharge Waiver: The current fuel surcharge waiver of 1% is set to expire, and cardholders will need to pay the full charge on transactions made at petrol pumps.
- Domestic and International Airport Lounge Access: The existing lounge access will be discontinued, and cardholders will only be able to access selected lounges with a fee.
- Return of Interest: The interest rates on interest-free periods for credit card transactions will be revised, and cardholders will be charged interest rates accordingly.
To ensure a smooth transition, the banks have requested cardholders to:
- Continue using their existing Vistara Credit Card until the modification takes effect in April 2025.
- Update their contact details with the respective banks to receive notifications regarding the changes.
- Review and understand the new benefits and terms and conditions associated with their Vistara Credit Card.
It is crucial for Vistara Credit Cardholders to be aware of these changes and their impact to make informed decisions regarding their credit card usage. With these modifications, cardholders can adapt to the new system and maximize the benefits from their credit cards.
A potential 0.75% interest rate cut by SBI Research, effective April 1, is set to bring relief to borrowers – here’s what you can expect to gain.
The Reserve Bank of India (RBI) is likely to cut its repo rate by an additional 75 basis points (0.75%) in the 2025-26 fiscal year, starting from April 1, according to SBI Research. This is based on the research firm’s analysis of the current repo rate cut cycle, which was initiated in February 2025 with a 0.25% reduction.
The expected rate cut would benefit borrowers, particularly those with repo-rate-linked home or other loans, as the interest rates on these loans will decrease in sync with the repo rate. This would lead to lower monthly loan payments for borrowers.
SBI Research also forecasts that Consumer Price Index (CPI) inflation will moderate to 3.9% in Q4 FY25 and average 4.7% in FY25. In FY26, the inflation rate is expected to range between 4.0-4.2%, with core inflation at 4.2-4.4%.
The report notes that the RBI adjusts its repo rate at bi-monthly monetary policy meetings to keep a lid on inflation. The CPI inflation in February 2025, for instance, was at a seven-month low of 3.6%, with notable variations across states, including 7.3% in Kerala but only 1.5% in Delhi.
With the launch of our latest banking innovation, customers can now seamlessly deposit funds for Senior Citizen Savings Schemes (SCSS) and benefit from our new facility!
The Senior Citizen Savings Scheme is a government-run savings scheme that offers a 8.2% annual return to its investors. HDFC Bank, one of the largest private banks in India, has recently started working as an agency bank for the government, allowing its customers to open Senior Citizen Savings Scheme accounts at its branches. The scheme is available to senior citizens above 60 years of age, as well as civilian employees who have retired or are above 55 years of age. Even defense service employees can open an account at the age of 50.
The scheme offers several benefits, including tax deduction under Section 80C of the Income Tax Act and a lock-in period of five years. However, the interest rates may vary and can be extended for three years. The scheme is also available at other banks selected by the Reserve Bank of India, including Andhra Bank, Allahabad Bank, and State Bank of India, among others.
HDFC Bank’s decision to work as an agency bank for the government has made it easier for its customers to invest in the Senior Citizen Savings Scheme. The bank’s customers can apply for the scheme by visiting any of its branches. The interest rate of 8.2% per annum has been determined by the Central Government and will be applicable from April 1, 2024, to March 31, 2025. Overall, the Senior Citizen Savings Scheme provides a safe and secure way for senior citizens and retired employees to protect their savings and earn a decent return.
Axis is exploring alternative options after experiencing ongoing service difficulties with its current ATM provider.
Axis Bank is in talks to acquire 3,500-4,000 of its automated teller machines (ATMs) currently managed by struggling service provider AGS Transact Technologies. The bank is looking to transfer the machines to a new service provider due to concerns over deteriorating service quality. Under the current agreement, Axis Bank and AGS Transact have a “Brown Label ATM” arrangement, where the service provider manages the entire ATM lifecycle, including maintenance and cash management, while the bank’s branding appears on the machines.
The acquisition would involve a comprehensive audit of the ATMs to determine the purchase price, which would be based on factors including depreciation, maintenance, and upgrade costs. Axis Bank has already started discussing the deal with other ATM service providers, but will need to wait for the buyout to be completed before making the transition.
The move comes after a recent ET report highlighted the financial troubles of AGS Transact, which has impacted over 38,000 ATMs of major banks, including State Bank of India, ICICI Bank, and HDFC Bank. AGS Transact’s financial woes have led to the migration of over 50% of its machines to other network providers, and the company is struggling to pay its debts, which stand at over ₹726 crore. Credit rating agencies have downgraded the company’s ratings, citing a high risk of debt default. Despite these challenges, 80-85% of Axis Bank’s ATMs continue to function smoothly, with the bank operating over 15,000 ATMs and cash recyclers across the country.
SBI Card is set to dramatically reduce reward points on select credit cards, starting soon.
SBI Card is making changes to its reward program, which will affect some of its credit cardholders. From March 31, 2025, to April 1, 2025, certain transactions will earn fewer reward points. Specifically, the SimplyCLICK SBI Card and Air India SBI Credit Cards will be impacted.
The SimplyCLICK SBI Card will earn 5X reward points on Swiggy, a 50% reduction from the current 10X reward points. However, the 10X reward benefit will remain for other partner brands. The Air India SBI Credit Cards will also see significant reductions in reward points on Air India ticket bookings. The Air India SBI Platinum Card will earn 5% reward points per ₹100 spent, down from 15%, while the Air India SBI Signature Card will earn 10% reward points per ₹100 spent, down from 30%.
These changes will result in fewer rewards for frequent flyers and online shoppers. Additionally, IDFC First Bank is making changes to its Club Vistara co-branded credit card, discontinueing milestone benefits from March 31, 2025. However, cardholders can still earn Maharaja Points until March 31, 2026. The card will be fully phased out by this time. Club Vistara Silver Membership will no longer be available, and complimentary vouchers including one Premium Economy Ticket and one one-class upgrade voucher will be discontinued. Cardholders renewing their cards after March 31, 2025, will have their annual fee waived for one year.
Overall, these changes are likely to affect cardholders who frequently use these services, particularly Air India and Swiggy. Cardholders are advised to review the changes and adjust their spending habits accordingly to maximize their reward earnings.
Senior Citizens’ FD Offer: Take advantage of 9.10% interest rates on Fixed Deposits from these top banks, find out more details here!
Fixed Deposits (FDs) have been a popular investment option in India for many years, particularly among senior citizens. This is because FDs are considered to be a safe and secure way to invest, with a high return on investment. Senior citizens can earn higher interest rates than normal citizens, typically around 0.5% more, making it an attractive option for those looking to generate a steady income post-retirement.
Banks and non-banking financial companies (NBFCs) offer FDs with interest rates ranging from 2.50% to 9.10% for a period of 7 days to 10 years. Many private banks offer interest rates up to 7%, while some NBFCs offer 9% interest on FDs. This makes FDs a lucrative option for those seeking a high return on investment.
Top banks and NBFCs in India offer FD rates as follows:
* Public Sector Banks: Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, State Bank of India, and Union Bank of India offer interest rates ranging from 7.75% to 7.95%.
* Private Sector Banks: Axis Bank, Bandhan Bank, DBS Bank, HDFC Bank, ICICI Bank, and Yes Bank offer interest rates ranging from 7.75% to 8.25%.
* Small Finance Banks: AU Small Finance Bank, Jan Small Finance Bank, North East Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank offer interest rates ranging from 8.40% to 9.10%.
FDs provide several benefits to senior citizens, including the option to withdraw the full or partial amount before maturity, as well as the option to renew the FD once it matures. Additionally, the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage up to Rs 5 lakh on deposits with participating banks. With a minimum investment requirement as low as Rs 100, FDs are an accessible and secure investment option for senior citizens.
Effective immediately, SBI is revamping the rewards program on its SimplyCLICK and Air India credit cards, reducing the number of points earned from this date onwards.
SBI Card has announced changes to its credit card reward structures, affecting its SimplyCLICK and Air India co-branded credit cards. Effective March 31, 2025, the changes will reduce the accrual of reward points on certain transactions. Here’s a breakdown of the changes:
* SimplyCLICK SBI Card: Online spends on Swiggy will earn 5X reward points, down from 10X reward points. However, cardholders will continue to receive 10X Reward Points on transactions at partner merchants such as Apollo 24×7, BookMyShow, and others.
* Air India SBI Credit Cards: The reward benefits on Air India ticket bookings will be significantly reduced for Platinum and Signature Credit Cardholders. The accelerated reward rate for booking Air India tickets via the airline’s website or mobile app will drop from 15 and 30 reward points per ₹100 spent, respectively, to 5 and 10 reward points per ₹100 spent, respectively.
As a result, cardholders may see a reduction in the total reward points they accumulate on specific transactions. For instance, Air India SBI cardholders may experience a 66% to 75% cut in their reward benefits for booking flights. There is no new benefit announced to offset these reductions, and cardholders may need to explore alternative spending strategies or consider other credit cards that offer higher returns on dining and travel purchases to maximize their rewards.
Which alternative offers the most favorable interest rate?
When considering a personal loan, it’s essential to compare rates from different banks to find the most affordable option. In this comparison, we’re looking at the personal loan offerings from State Bank of India (SBI) and HDFC Bank. SBI is currently offering an interest rate of 10.30% on personal loans, while HDFC Bank offers 10.90%.
Using a loan amount of Rs 8 lakh and a 5-year repayment period, we can calculate the total interest and total amount to be repaid. For SBI, the monthly EMI would be Rs 17,116, with a total interest payment of Rs 2,26,958 and a total amount to be repaid of Rs 10,26,958. In contrast, HDFC Bank would require a monthly EMI of Rs 17,354, with a total interest payment of Rs 2,32,240 and a total amount to be repaid of Rs 10,32,240.
Comparing the two, SBI’s interest rate of 10.30% is slightly lower than HDFC’s 10.90%. This means that SBI’s EMI would be lower, with a difference of Rs 238 between the two. This translates to paying Rs 238 more per month for a loan from HDFC. Based on these calculations, SBI’s personal loan plan appears to be the more affordable option. However, it’s essential to remember to review and compare the terms and conditions of each loan before making a final decision.
Banking Jobs Alert! Ministry of Finance Announces Director Positions Available at Government-Owned Institutions – Application Procedure Inside
The Indian Ministry of Finance has acknowledged the existence of vacancies in the boards of public sector banks (PSBs) and is taking steps to fill them. According to Pankaj Chaudhary, the Minister of State in the Ministry of Finance, filling director positions is a regular process. He assured that the government is taking necessary action to fill vacancies as soon as possible.
The ministry provided an update on the number of directors and vacancies on the boards of all PSBs. The details include: Bank of Baroda (16 directors, 6 vacancies), Bank of India (16 directors, 5 vacancies), Bank of Maharashtra (14 directors, 8 vacancies), and so on. It is clear that several public sector banks have vacancies on their boards, including Bank of Maharashtra, where the position of Chairman and all Managing Directors/Chief Executive Officers are currently filled.
The Ministry’s statement comes in response to a query by Revolutionary Socialist Party (RSP) MP N K Premachandran, who had raised concerns about the vacancies in public sector banks. In his queries, Premachandran asked if the government proposed to fill the vacancies, what action it had taken in this regard, and whether it was aware that the Director vacancies in Maharashtra State Bank/Bank of Maharashtra had not been filled.
Premachandran also asked if the government proposed to amalgamate other public sector banks with State Bank of India (SBI). The Ministry clarified that there is no proposal under consideration to amalgamate other public sector banks with SBI. Overall, the Ministry of Finance has assured that it is working to fill the vacancies on the boards of public sector banks and is committed to ensuring the effective governance of these institutions.
State Bank of India inaugurates its latest branch in Gudiyatham, further expanding its reach in the region.
A new branch of the State Bank of India (SBI) was officially inaugurated in Gudiyatham town, Vellore, on the Chennai Circle. The branch was opened by Parminder Singh, the Chief General Manager of SBI’s Chennai Circle. The event was attended by several senior officials, including Benudhar Parhi, the Deputy General Manager; Pallem Padma Babu Goud, the Regional Manager for Vellore; and D. Deepak, the manager of the Gudiyatham branch.
The new branch aims to provide a range of banking services to the people of Gudiyatham and surrounding areas. The branch is equipped with modern facilities and staffed by trained professionals to cater to the banking needs of the local community. The inauguration of the branch is expected to bring about greater financial inclusion and accessibility to banking services, ultimately benefiting the residents of Gudiyatham and the surrounding regions.
As a full-service branch, the SBI branch will offer a range of banking services, including savings and current accounts, fixed and recurring deposits, loans, credit cards, and other financial products. The branch will also provide doorstep banking services, enabling customers to receive banking services at their doorstep through a mobile application.
The opening of the new branch is a significant milestone in the history of SBI in Gudiyatham, and it reflects the bank’s commitment to expand its reach and services to the underserved and unbanked areas of the country. The branch’s inauguration is expected to bring about greater economic growth, employment opportunities, and overall development to the region.
A Path Paved with Endurance and Determination
Rohit Baskey, a resident of Jharkhand, has achieved a remarkable feat by clearing the SBI Junior Associate (JA) 2025 exam. His success story is a testament to the power of hard work, the right guidance, and unwavering determination. Rohit’s journey reflects the importance of self-belief and consistent effort in achieving one’s goals.
Rohit’s dream was to secure a stable and prestigious job in the banking sector, and he was determined to crack the SBI Clerk exam. He faced many challenges during his preparation, but he never let obstacles hold him back. He credited his teachers at Adda for providing expert guidance, structured study plans, and continuous motivation, which helped him navigate difficult times.
Like many aspirants, Rohit faced moments of self-doubt, pressure, and tough phases in his preparation. However, he remained persistent and motivated, thanks to the support from his mentors and peers. He believes that time management, mock tests, and consistent practice were crucial in refining his exam-taking strategy.
Rohit’s success story is an inspiration to all aspirants preparing for competitive exams. It shows that determination, the right strategy, and continuous learning can turn dreams into reality. His story is a reminder that with the right guidance, support, and perseverance, anyone can achieve their goals. Aspiring candidates should take inspiration from Rohit’s journey and keep working towards their goals with determination and perseverance.
Real estate assets account for approximately two-thirds of State Bank of India’s overall portfolio.
According to a recent article in The Hindu, a leading Indian publication, State Bank of India (SBI) has a significant exposure to the real estate sector, with realty accounting for a whopping 65% of its total portfolio. This is a remarkable statistic, emphasizing the bank’s prominent presence in the Indian real estate market.
SBI’s exposure to the real estate sector is attributed to its extensive network of branches, which allows it to serve a vast number of customers who are seeking to purchase, rent, or finance properties. As a result, the bank has become an integral part of the Indian real estate landscape, providing a range of services to individuals, developers, and corporates.
The 65% figure is not only a testament to SBI’s presence in the real estate sector but also indicates the bank’s ability to navigate complexities and challenges that come with lending to the sector. Real estate is notorious for its risks, including illiquidity, defaults, and market volatility, which can lead to significant losses for lenders. However, SBI’s experience and expertise have enabled it to effectively mitigate these risks, ensuring that it continues to thrive in the sector.
The bank’s extensive presence in the real estate sector has several benefits, including job creation, economic growth, and infrastructural development. With SBI at the forefront, the Indian real estate market is able to function more efficiently, and the bank’s presence also provides much-needed support to individual homebuyers, developers, and contractors. Moreover, SBI’s exposure to the sector has allowed it to develop a deeper understanding of the Indian real estate market, making it better equipped to adapt to changes and trends in the sector.
In conclusion, SBI’s significant exposure to the real estate sector is a reflection of the bank’s commitment to serving the Indian economy. With 65% of its portfolio dedicated to the real estate sector, SBI has demonstrated its ability to navigate the complexities and risks associated with lending to the sector. This remarkable statistic underscores the bank’s importance in the Indian real estate market, as well as its role in driving the country’s economic growth and development.
Compare FD returns: Which bank offers the highest interest rates on Rs 3 lakh, Rs 6 lakh, and Rs 9 lakh deposits for a 5-year tenure: State Bank of India, Punjab National Bank, or Bank of Baroda?
The article compares the returns offered by State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BoB) on fixed deposits (FDs) for a five-year tenure. The comparison is based on a lump sum investment of Rs 3 lakh, Rs 6 lakh, and Rs 9 lakh.
The yields on FDs vary depending on the bank and investment amount. For a five-year FD, SBI offers the highest returns, ranging from 5.30% to 6.30% for amounts between Rs 3 lakh to Rs 9 lakh. PNB offers a slightly lower yield, ranging from 5.20% to 6.20%. BoB offers the lowest returns, ranging from 5.10% to 6.10%.
The returns are based on the assumption that the interest is compounded quarterly, and the interest is paid out quarterly. For example, an investment of Rs 3 lakh in SBI’s 5-year FD for a quarter will earn an interest of Rs 4,950, which is approximately 0.65% of the principal amount.
It is essential to remember that the interest rates and returns are subject to change, and you should consult the banks’ official websites or authorized dealers for the most up-to-date information. It is also recommended to consult a financial expert or conduct your own research before making an investment decision. The goal is to provide a general idea of the returns offered by SBI, PNB, and BoB for a five-year FD, enabling readers to make an informed decision.
Shri Sankar Balabhadrapatruni takes up the role of Executive Director at Karur Vyasa Bank, assuming leadership responsibilities with great enthusiasm and commitment.
Shri Sankar Balabhadrapatruni has been appointed as the Executive Director of Karur Vysya Bank for a three-year term, effective March 12, 2023. The appointment was approved by the Reserve Bank of India under Section 35B of the Banking Regulation Act, 1949. With over 35 years of experience in banking, Sankar has held significant leadership roles at the State Bank of India (SBI) and has a strong track record in managing stressed assets. As Deputy Managing Director, he has successfully managed Rs 82,000 crores worth of Non-Performing Assets (NPAs).
Sankar’s expertise spans various areas, including Small and Medium Enterprise (SME) business growth, risk management, internal auditors, and branch operations. His leadership experience will undoubtedly benefit Karur Vysya Bank, as he works to enhance the bank’s performance and growth. This appointment is a testament to Sankar’s capabilities and commitment to the banking sector.
As the new Executive Director, Sankar will be responsible for providing strategic guidance and oversight to the bank’s operations. His leadership will be crucial in driving the bank’s growth, improving risk management, and enhancing customers’ experience. With his extensive experience and expertise, Sankar is well-positioned to make a positive impact at Karur Vysya Bank.
A boon for the masses, PNB joins SBI in making loans more affordable for the average citizen
Punjab National Bank (PNB), the second-largest government bank, has made borrowing more accessible by reducing interest rates on retail loans by up to 25 basis points. This move follows the Reserve Bank of India’s (RBI) recent repo rate cut. PNB has slashed rates on various loan types, including home loans, car loans, education loans, and personal loans, to offer customers a wider range of financial options.
The new interest rates are as follows: home loans begin at 8.15%, with equated monthly installments (EMIs) starting at Rs 744 per lakh. Car loans, including new and used vehicles, start at 8.50% per annum with EMIs beginning at Rs 1,240 per lakh. Additionally, PNB is offering an extra discount of 0.05% on car loans to promote sustainable mobility. Personal loans up to Rs 20 lakh can be applied for digitally, with revised interest rates starting at 11.25% per annum.
To make the process even more convenient, PNB is waiving processing fees and documentation charges until March 31, 2025. These new rates will take effect on February 10. This move is consistent with State Bank of India’s (SBI) recent decision to reduce interest rates on retail loans, including home loans, by 25 basis points. Overall, these rate cuts are expected to benefit customers and stimulate economic growth.
Unlock the Key to Affordable Home Ownership: Say goodbye to high interest rates! Compare the best home loan deals of 2025 and start building your dream home now!
Are you dreaming of owning your own home, but high loan rates are giving you sleepless nights? Worry no more! Many banks are currently offering home loans at very affordable interest rates and EMIs (Equated Monthly Installments). In this article, we’ll help you discover which bank is offering the cheapest home loan option.
Rising interest rates and expensive loans can make home ownership a daunting task. However, several government banks, including Bank of Maharashtra, Central Bank of India, and Punjab National Bank, are offering home loans at attractive interest rates, starting from 8.10% to 10.65%. This can significantly reduce your EMI and make owning a home a more achievable goal.
Here’s a breakdown of the best home loan rates offered by various banks, with rates starting from 8.10%:
* Bank of Maharashtra: 8.10% to 10.65%
* Central Bank of India: 8.10% to 9.95%
* Punjab National Bank: 8.15% to 9.85%
* Indian Overseas Bank: 8.15% to 9.85%
* State Bank of India: 8.50% to 9.75%
* UCO Bank: 8.35% to 10.55%
* IDBI Bank: 8.40% to 12.25%
* Nainital Bank: 8.40% to 11.20%
When choosing a loan, consider factors beyond the interest rate, such as processing fees, loan transfer charges, and bank terms. Some banks, like Canara Bank and Punjab & Sind Bank, are waiving processing fees, which can further reduce your loan costs.
Don’t miss out on this opportunity to own your dream home. Review the list above to find the best home loan option for your needs and budget. Remember to also consider the bank’s terms and conditions before finalizing your decision. Happy home buying!
Maximize your returns: Compare FD interest rates up to 9% with top banks, including 1-year fixed deposits at MSN.
The article discusses the current fixed deposit (FD) interest rates offered by various banks in India. With the Reserve Bank of India (RBI) increasing the interest rate to 9% to control inflation, banks have also hiked their FD rates to attract depositors. Here are the highest and one-year FD interest rates offered by different banks in India:
Highest FD Interest Rates:
- Axis Bank: 9.10% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- HDFC Bank: 9.05% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- ICICI Bank: 9.00% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- SBI: 8.90% (for a deposit of ₹1 lakh to ₹1 crore)
- Kotak Mahindra Bank: 9.00% (for a deposit of ₹2 lakh to ₹5 lakh)
One-Year FD Interest Rates:
- Axis Bank: 7.50%
- HDFC Bank: 7.40%
- ICICI Bank: 7.30%
- SBI: 7.20%
- Kotak Mahindra Bank: 7.20%
Other Top Banks’ FD Rates:
- Bank of Baroda: 8.60% (for a deposit of ₹1 lakh to ₹5 crore)
- Yes Bank: 8.40% (for a deposit of ₹1 lakh to ₹5 crore)
- IndusInd Bank: 8.30% (for a deposit of ₹1 lakh to ₹5 crore)
- Punjab National Bank: 8.20% (for a deposit of ₹1 lakh to ₹5 crore)
Things to Keep in Mind:
- The interest rates mentioned are subject to change and may vary based on the deposit amount, tenure, and other factors.
- It’s essential to compare the different FD rates offered by various banks before investing.
- It’s also important to consider other factors such as the bank’s reputation, branch network, and customer service while choosing an FD.
- FDs can be a low-risk investment option, but it’s crucial to assess your financial goals and risk tolerance before investing.
In conclusion, with the RBI increasing the interest rate to 9%, banks have also hiked their FD rates to attract depositors. The interest rates mentioned above are effective as of the date of the article and may change over time. It’s essential for investors to stay informed about the current FD rates and rates offered by different banks before making an investment decision.
According to SBI MF’s report, consumption is expected to be outperformed by investments in the financial year 2026.
A recent report by SBI Mutual Fund predicts that investments in India are likely to outpace consumption in the financial year 2025-26 (FY26). The report suggests that the country’s gross domestic product (GDP) is expected to grow by 6.5-7% in FY26, down from 7.5-9% in the previous two years, but still considered a healthy rate of expansion. The report cites increased investments, rural consumption, and higher government spending as key drivers of growth in the coming quarters.
The report highlights a shift in the government’s and Reserve Bank of India’s (RBI) policies, which were previously focused on consolidation and inflation control. However, the RBI has now initiated interest rate cuts, improved liquidity, and relaxed credit regulations to support economic growth. On the fiscal front, the government is maintaining its consolidation efforts but is expected to better meet its spending targets, contributing to growth.
The report notes that corporate order books remain strong, indicating a stable private investment pipeline, and nominal GDP growth could pick up to 10-11% in FY26, up from 9-10% in FY25. With both monetary and fiscal policies now focused on economic expansion, investments are likely to be the primary driver of growth in FY26, surpassing consumption as the main contributor.
This positive outlook is supported by India’s 6.2% GDP growth in the third quarter of FY25, a recovery from the revised 5.6% in the previous quarter. The report concludes that investments are likely to be the key driver of growth in FY26, leading to a robust economic expansion.