New Delhi: The card was jointly launched by DMRC's Managing Director Mangu Singh and Ashwini Kumar Tewari, MD and CEO of SBI Card in the presence of other senior officials from both the organisations. This multipurpose card will enable its users to use it as a Smart Card with auto-top...
SBI and HUL partners to provide digital solutions to retailers
State Bank of India and Hindustan Unilever Limited have entered into an agreement under which retailers will be catering to their needs by providing digital payment and financing solutions. The deal will provide digital solutions for HUL retailers and customers. It will empower HUL vendors and distributors digitally through SBI's...
SBI sanctions Rs 6,000 cr loan to APSDC for development works
Amaravati: With its finances under strain, the state government established the AP State Development Corporation (APSDC) on August 27 as a new avenue to borrow more money and channelise donations from different sources. Money borrowed by SDC will not come under the Fiscal Responsibility and Budget Management Act limits, providing...
SBI cuts fixed deposit rates
New Delhi: State Bank of India has changed the interest rate of Fixed Deposit (FD). The bank has reduced the interest rate on FDs of less than Rs 2 crore 'from 1 year to less than 2 years'. This deduction is 0.20 percent. There is no change in the interest...
SBI formulates VRS scheme for 30190 employees
New Delhi: In order to optimize its cost, State Bank of India (SBI) has planned Voluntary Retirement Scheme (VRS). About 30190 employees will come under this. The total workforce of SBI was 2.49 lakhs by the end of March 2020. As of March 2019, this number was 2.57 lakhs. According...
SBI’s deposit ratings at ‘Baa3’ while BCA at ‘ba2’: Moddy’s
Moody’s Investors Service on Tuesday affirmed the long-term local and foreign currency deposit ratings of State Bank of India (SBI) at ‘Baa3’ while downgrading SBI’s BCA to ‘ba2’ from ‘ba1’. Moody’s view that the bank’s asset quality and profitability will deteriorate on account of concern on asset quality due to...
SBI Launches Doorstep SBI ATM Service For Senior Citizens
To deal with the pandemic and avoid long queues at its ATM, country's leading public sector bank SBI has launched a unique doorstep ATM service. So, now when in need of cash, you won't need to rush to bank ATMs or visit a bank branch instead you can just send...
SBI Q1 net profit jumps 81%
Mumbai: the State Bank of India (SBI) reported an 81 percent jump in net profit for the June ended quarter at Rs 4,189.34 crore when compared to Rs 2,312.20 crore in the same quarter last year. The quarter includes an exceptional item, that is the net profit of Rs 1,367.27...
SBI is creating e-commerce portal for MSMEs
New Delhi: State Bank of India (SBI) is working on setting up an e-commerce portal for marketing of products manufactured by micro, small and medium enterprises (MSMEs) in the country. SBI Chairman Rajneesh Kumar gave this information on Saturday. A portal called Bharat Craft will be run jointly by the...
SBI raised 13,212 kg gold under gold monetization scheme
New Delhi: According to the annual report of the State Bank of India (SBI), it has raised 13,212 kg of domestic and institutional gold under the Gold Monetization Scheme (GMS). The report said that the bank raised 3,973 kg of gold under the GMS in 2019-20. The government started the...