State Bank Group had started cash back campaign on 1st July 2008 for two months to promote the usage of Debit Cards on POS. On getting the overwhelming response from the Debit Card holders, Bank has decided to extend the offer period by another month – up to 30th September 2008.
In addition to cash withdrawals and other utilities like fund transfer, donations, mobile top up, payment of fees, etc., State bank customers will also be able to use their debit cards to pay for purchases, restaurant bills, hotel bills, airline tickets, etc. Payment with Debit Cards for goods and services is easier than writing cheques and safer than carrying cash. Debit cards allow users to have a greater control over their expenses unlike a sbi credit card. Even there is no fear of penalty and interest charges on late payment.
All the State Bank Debit Card holders through out the country will be able to avail the offer on the POS transactions made from 1st July to 30th September 2008. The customers will get cash back as under :-
The cash back on transactions (other than on ATM withdrawals and Internet transactions) will get credited to customers’ accounts within 4-6 weeks of the end of the Campaign. The maximum amount of cash back bank is offering during the entire period of offer (01.07.2008 to 30.09.2008) will be Rs.1000/- per debit card.
Thursday, August 28, 2008
Wednesday, August 20, 2008
SBI launched loan scheme ‘SBI Hrudaya Suraksha Scheme’ for poor
State Bank of India (SBI), the country’s largest commercial bank, launched a special loan scheme for the poor heart patients named ‘SBI Hrudaya Suraksha Scheme’. The scheme will be available for the patients who are undergoing cardiac treatment at the Narayana Hrudayalaya in Bangalore.
The loan scheme was launched by Muhammad Yunus, founder of Grameen Bank of Bangladesh and Nobel Laureate for peace in 2006.
Speaking at the launch function, SBI Chairman O P Bhatt, said SBI has been working out the plans so that it can reach to the larger sections of the society and the new loan scheme is part of one such initiative to help the poor heart patient who has to undergo heart surgery. He added bank in the future will be coming up with more complex products in association with Narayana Hrudayalaya.
Mahpara Ali, chief general manager, SBI, Bangalore, while explaining about the scheme said the SBI Hrudaya Suraksha Scheme is a hassle-free loan product which aims to help the poor patient meet the huge medical expenses in getting the treatment and surgery.
As per the scheme SBI will be lending around 80 per cent of the medical expenditure or Rs 50,000, whichever is lower? The borrower will be required to repay the loan amount in six months with no interest for the first three months.
After three months, interest will be charged on the loan amount which will be of 8.5 per cent. The loan scheme will be available only to poor patients and as per the on recommendation of the hospital. She said that bank will be lending out to about 30-50 patients per month initially.
Dr Devi Prasad Shetty, chairman and managing director, Narayana Hrudayalaya said, “We need to bring in innovative schemes and investments to shore up healthcare cover in the country. Healthcare, especially heart care, needs huge investments. The present demand is 25 lakh heart procedures a year, but only 80,000 procedures are carried out across various hospitals”.
Ali said, “Talks are on with Narayana Hrudayalaya as to how to link self help groups (SHGs) in Karnataka for healthcare schemes. Integration of SHGs and healthcare schemes are being worked out”. She further added “State Bank of India along with few non-government organisations (NGOs) in Karnataka has exposure to 50,000 SHGs and has disbursed loans to the tune of Rs 200 crore”.
The loan scheme was launched by Muhammad Yunus, founder of Grameen Bank of Bangladesh and Nobel Laureate for peace in 2006.
Speaking at the launch function, SBI Chairman O P Bhatt, said SBI has been working out the plans so that it can reach to the larger sections of the society and the new loan scheme is part of one such initiative to help the poor heart patient who has to undergo heart surgery. He added bank in the future will be coming up with more complex products in association with Narayana Hrudayalaya.
Mahpara Ali, chief general manager, SBI, Bangalore, while explaining about the scheme said the SBI Hrudaya Suraksha Scheme is a hassle-free loan product which aims to help the poor patient meet the huge medical expenses in getting the treatment and surgery.
As per the scheme SBI will be lending around 80 per cent of the medical expenditure or Rs 50,000, whichever is lower? The borrower will be required to repay the loan amount in six months with no interest for the first three months.
After three months, interest will be charged on the loan amount which will be of 8.5 per cent. The loan scheme will be available only to poor patients and as per the on recommendation of the hospital. She said that bank will be lending out to about 30-50 patients per month initially.
Dr Devi Prasad Shetty, chairman and managing director, Narayana Hrudayalaya said, “We need to bring in innovative schemes and investments to shore up healthcare cover in the country. Healthcare, especially heart care, needs huge investments. The present demand is 25 lakh heart procedures a year, but only 80,000 procedures are carried out across various hospitals”.
Ali said, “Talks are on with Narayana Hrudayalaya as to how to link self help groups (SHGs) in Karnataka for healthcare schemes. Integration of SHGs and healthcare schemes are being worked out”. She further added “State Bank of India along with few non-government organisations (NGOs) in Karnataka has exposure to 50,000 SHGs and has disbursed loans to the tune of Rs 200 crore”.
Thursday, August 14, 2008
UBI to sell SBI mutual fund products
United Bank of India (UBI) will be selling SBI mutual fund products through its branches. An agreement was signed between SBI Funds Management Pvt Ltd and UBI.
SBI Funds Management Pvt Ltd has tied up with United Bank of India (UBI) for selling mutual fund products through UBI branches.
Achal Kumar Gupta, Managing Director, SBI Mutual Fund said, tie-up with UBI is significant as the bank’s network of branches across the country will be utilized for selling mutual funds products. “Distribution and reach coupled with superior fund performance and efficient customer service hold the key to achieving success,” he said.
P K Gupta, CMD, United Bank of India, said, “The partnership with SBI Mutual Fund will enable us to offer more quality products to our customers.” He added customers will be benefited with this new arrangement.
SBI Funds Management Pvt Ltd has tied up with United Bank of India (UBI) for selling mutual fund products through UBI branches.
Achal Kumar Gupta, Managing Director, SBI Mutual Fund said, tie-up with UBI is significant as the bank’s network of branches across the country will be utilized for selling mutual funds products. “Distribution and reach coupled with superior fund performance and efficient customer service hold the key to achieving success,” he said.
P K Gupta, CMD, United Bank of India, said, “The partnership with SBI Mutual Fund will enable us to offer more quality products to our customers.” He added customers will be benefited with this new arrangement.
Tuesday, August 5, 2008
State Bank of Travancore raised BPLR by 14 percent
Last week the Reserve Bank of India (RBI) raised its benchmark rate for the third time in two months. The apex bank raised by a higher-than-expected 50 basis points to 9 percent is the highest in seven years and the cash reserve ratio by 25 basis points.
Following this State Bank of Travancore, a unit of State Bank of India, the country's biggest lender, has raised its benchmark prime lending rate by 50 basis points to 14 percent with immediate effect.
Consequently, several state-run and private sector banks have started raising their respective lending rates, citing higher cost of funds.
Following this State Bank of Travancore, a unit of State Bank of India, the country's biggest lender, has raised its benchmark prime lending rate by 50 basis points to 14 percent with immediate effect.
Consequently, several state-run and private sector banks have started raising their respective lending rates, citing higher cost of funds.
SBI-SBS merger gets approval from cabinet
State Bank of India and State Bank of Saurashta merger has got the final approval from the cabinet. According to State Bank of India sources merger process will get completed within three months.
SBI Chairman O P Bhatt told the reporters, "We expect to complete the merger before this calender year in the next three months. This would be a good learning experience to proceed to the mergers of other associates".
Other associates which will be in the process of merger are State Bank of Travancore, State Bank of Indore, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Hyderabad and State Bank of Patiala.
Bhatt informed that State Bank is holding 59.41 per cent share in the government, has enough headroom to raise capital even with a 4 per cent dilution in the holding.
"The holding can be brought down by 8 per cent. Even a 4 per cent dilution will give enough headroom to raise capital," Bhatt said.
In the given financial conditions, the apex bank may go for further tightening in the monetary policy. Bhatt added the central bank might look for a 0.25 per cent hike in its Cash Reserve Ratio or repo rate.
SBI Chairman O P Bhatt told the reporters, "We expect to complete the merger before this calender year in the next three months. This would be a good learning experience to proceed to the mergers of other associates".
Other associates which will be in the process of merger are State Bank of Travancore, State Bank of Indore, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Hyderabad and State Bank of Patiala.
Bhatt informed that State Bank is holding 59.41 per cent share in the government, has enough headroom to raise capital even with a 4 per cent dilution in the holding.
"The holding can be brought down by 8 per cent. Even a 4 per cent dilution will give enough headroom to raise capital," Bhatt said.
In the given financial conditions, the apex bank may go for further tightening in the monetary policy. Bhatt added the central bank might look for a 0.25 per cent hike in its Cash Reserve Ratio or repo rate.
Friday, August 1, 2008
SBI launched its first debit card in Canada
State Bank of India (SBI) has seven branches across Canada, has launched its first debit card in Canada with an aim to increase its clientele profile in the country.
The State Bank of India-Canada (SBIC) - SBI's 100 percent-owned subsidiary – maintains that it has been able to encapsulate about 65 percent of the trade conducted between that country and India.
During the launch of the card SBI chairman O. P. Bhatt said bank is looking at 84 locations globally to increase its association with international business.
He informed that by using debit card customers will be able to withdraw cash at all cash vending machines at SBIC branches, and will be accepted in the US and around world. Customers will be able to use the card for withdrawal in India also; here SBI has 14,000 automated teller machines (ATMs).
Bank sources said SBIC clients can also access other ATMs around the world displaying Interac, Cirrus and Maestro symbols.
Besides, the debit card can also be used for purchases from merchant members in Canada, the US and other countries.
SBIC president and chief executive Arun Nagaranjan said, "The debit card will provide our clients with access to their money around the clock and around the world".
At the promotion of the debit card at a gala dinner Wednesday night, Bhatt, who had flown in from India, said with the launch of debit card SBI’s has completed product profile in Canada 26 years after it started operations in the country.
Currently the Indian economy is growing at a rate of about nine percent with its exports and imports increasing by 20 to 25 percent annually, the SBI chairman informed that his bank is ready for increasing its global presence to meet demands of its business clients.
He added, "Till last year, our international business contributed seven percent to our balance sheet, and about seven percent of our profits. This year, it went up to 10-11 percent. We want to raise this figure to 25 percent in the next five years".
Bhatt informed that SBI have to expand outside India as 50 percent of business houses engaged in international business are banked with it.
"Since we are the largest financial service provider in India, we have to go where our clients do business. We are looking at 84 locations around the world to increase our engagement with international business," he said.
Bhatt added SBIC, in spite of being a 100 percent-owned subsidiary, was in fact a Canadian bank as it was integrated here. "Thus, it enjoyed all the advantages of a Canadian bank and the advantages of its parent bank - the SBI," he said.
"The bank has already captured about 65 percent of the total trade between India and Canada. But given our advantages, we would like to capture a larger percentage."
Bhatt said for the expansion of the business abroad the second area involves capturing the non-resident Indian (NRI) segment - whether it is their remittances or their local businesses.
"Increasingly, SBI is offering facilities of banking transactions for NRIs to meet their requirements such as buying a house in India," he said.
Then the third area of push for the SBI in its proposal for the expansion of global operations is to increase its operations in the retail and corporate sector.
Bhatt also informed SBI has planned more branches in Canada, possibly next year.
The State Bank of India-Canada (SBIC) - SBI's 100 percent-owned subsidiary – maintains that it has been able to encapsulate about 65 percent of the trade conducted between that country and India.
During the launch of the card SBI chairman O. P. Bhatt said bank is looking at 84 locations globally to increase its association with international business.
He informed that by using debit card customers will be able to withdraw cash at all cash vending machines at SBIC branches, and will be accepted in the US and around world. Customers will be able to use the card for withdrawal in India also; here SBI has 14,000 automated teller machines (ATMs).
Bank sources said SBIC clients can also access other ATMs around the world displaying Interac, Cirrus and Maestro symbols.
Besides, the debit card can also be used for purchases from merchant members in Canada, the US and other countries.
SBIC president and chief executive Arun Nagaranjan said, "The debit card will provide our clients with access to their money around the clock and around the world".
At the promotion of the debit card at a gala dinner Wednesday night, Bhatt, who had flown in from India, said with the launch of debit card SBI’s has completed product profile in Canada 26 years after it started operations in the country.
Currently the Indian economy is growing at a rate of about nine percent with its exports and imports increasing by 20 to 25 percent annually, the SBI chairman informed that his bank is ready for increasing its global presence to meet demands of its business clients.
He added, "Till last year, our international business contributed seven percent to our balance sheet, and about seven percent of our profits. This year, it went up to 10-11 percent. We want to raise this figure to 25 percent in the next five years".
Bhatt informed that SBI have to expand outside India as 50 percent of business houses engaged in international business are banked with it.
"Since we are the largest financial service provider in India, we have to go where our clients do business. We are looking at 84 locations around the world to increase our engagement with international business," he said.
Bhatt added SBIC, in spite of being a 100 percent-owned subsidiary, was in fact a Canadian bank as it was integrated here. "Thus, it enjoyed all the advantages of a Canadian bank and the advantages of its parent bank - the SBI," he said.
"The bank has already captured about 65 percent of the total trade between India and Canada. But given our advantages, we would like to capture a larger percentage."
Bhatt said for the expansion of the business abroad the second area involves capturing the non-resident Indian (NRI) segment - whether it is their remittances or their local businesses.
"Increasingly, SBI is offering facilities of banking transactions for NRIs to meet their requirements such as buying a house in India," he said.
Then the third area of push for the SBI in its proposal for the expansion of global operations is to increase its operations in the retail and corporate sector.
Bhatt also informed SBI has planned more branches in Canada, possibly next year.
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