SBI

SBI ‘kisan mela’ on July 18

State Bank of India (SBI) will organise ‘kisan melas’ in 875 rural and semi-urban branches spread across Karnataka on July 18. It is an initiative of the bank to connect with farmers and resolve their grievances. The bank also plans to offer Kisan Credit Cards to farmers. The bank will also make farmers aware of the benefits of timely renewal of KCC account & usage of KCC Rupay Card.

Recommendations for the post of MD in PSB

Bank Boards Bureau has recommended names of 15 officials for the posts of MD and CEO in several public sector banks. The bureau has recommended Anshula Kant, the current deputy managing director of SBI for the post of MD in the bank. The post was vacant following the resignation of B. Sriram as the MD of the bank. The other 14 names recommended include 6 current DMDs of SBI.

B.Sriram resigns as SBI MD

SBI managing director B. Sriram has resigned from his post after being appointed as the chief executive of IDBI Bank. The news assumes significance amid reports that Life Insurance Corporation of India (LIC) is weighing acquiring a majority stake in the debt-ridden IDBI Bank. Sriram is the longest-serving public sector bank MD and has wide experience, including in stressed assets management.

Arjit Basu: New MD of State Bank of India

23 : The appointments committee of the cabinet has appointed Arijit Basu as the new Managing Director of State Bank of India till October 31, 2020. Prior to this, Basu was heading the corporate accounts group as the Deputy MD. SBI’s Managing Director B. Sriram will take charge as the MD and CEO of IDBI Bank after existing Chief MK Jain got recently appointed as the RBI Deputy Governor.

HDFC Bank increases lending rate by 10 bps

HDFC Bank , the second largest private sector lender of the country, increased its marginal cost of fund-based lending rate (MCLR) by 10 basis points (bps) across various loan tenures. As a result, its one-year MCLR is now at 8.4%. The move comes after all major banks, including State Bank of India (SBI) and ICICI Bank, increased MCLR by an equal amount.

PM Modi launched 3 Indian digital payment apps

Prime Minister Narendra Modi launched the International Rupay Card, Bhim app and UPI enabled remittance App by State Bank of India in Singapore. The RuPay digital payments system was linked up with Singapore’s 33-year-old Network for Electronic Transfers (NETS). Singapore branch of the SBI is the first to launch this new mode of remittance in collaboration with NPCI.

SBI allows cash withdrawl at PoS Terminals

To beat the cash crunch, SBI is allowing debit cardholders withdraw money from its Point of Sale terminals without any charges.According to RBI, a customer can withdraw Rs 1,000 in tier 1 & 2 cities, whereas Rs 2,000 can be withdrawn in tier 3 to tier 6 cities per day per card. SBI has over 6 lakh PoS machines of which nearly 5 lakh machines are enabled to dispense cash to its customers.

Kotak Mahindra became 2nd most valuable bank

Kotak Mahindra Bank Ltd beat India’s largest lender State Bank of India (SBI) for the first time to become the second most valued bank in the country.HDFC Bank Ltd remained country’s most valuable bank with a market capitalization of ` 5.04 trillion. Kotak Mahindra Bank has a market capitalization of ` 2,22970.40 crore.

Kotak Mahindra Bank Pips SBI to Become India’s 2nd Most Valuable Bank

Shares of private lender Kotak Mahindra Bank Ltd beat India’s largest lender State Bank of India (SBI) for the first time to become the second most valued bank in the country. Data from BSE showed that Kotak Mahindra Bank has a market capitalization of Rs2,22,560.69 crore after its shares rose 1.7%. SBI market capitalization stood at Rs. 2,22,043.74 crore. Its shares were trading at Rs248.80 on BSE, down 1% from its previous close. Uday Kotak is the Executive Vice Chairman and Managing Director of Kotak Mahindra Bank. Its headquarters in Mumbai. HDFC Bank Ltd is the country’s most valuable bank with a market capitalisation of Rs5.04 trillion.

SBI sets up 60 ‘sbiINTOUCH’ digital branches

SBI has set up 60 digital branches, called ‘sbiINTOUCH’, across the country.SBI has set up these branches in partnership with Dimension Data, a global technology integrator and managed services provider. The digital branches aim to help SBI expand its reach with increasing profitability. It will offer services like instant loan approvals, assistance in choosing investment portfolios.