SBI Card, a joint venture between State Bank of India and GE Money, has won the Gold Award as India’s most trusted brand in the Credit Card category in the Reader’s Digest Trusted Brand 2008 Survey. SBI Card is one the largest Credit Card issuers in the country and has over 3.2 million credit card holders.
In India in the credit card industry SBI Card has set new standard and in the past its has won many prestigious awards - Rated among the top 2 in Business World survey on Customer Loyalty, 2007 and CNBC Awaaz Consumer Awards, 2007; the latest being the Reader’s Digest Trusted Brand Gold Award in 2008.
Reader’s Digest Asia Trusted Brands Survey was launched in 1999, for past ten years the survey is being done annually. In the survey the study is done that which brand is most popular and requested by the affluent Asian consumers. To attain the status of Trusted Brand is a genuine recognition of consumers’ approval. Through survey consumers’ choice is known that which is their most trusted and favorite brands among the thousands available in the market. Reader’s Digest has given the responsibility to the Nielsen Company to carry out this survey. The survey was conducted in Asia across 8 markets and 43 categories. 1000 responses were analyzed, which reflected the preferences of the top 50% of adult consumers, on the basis of their income, in each of the 8 markets, including India.
Commenting on this achievement, Mr. Nirupam Sahay, Chief Marketing Officer, SBI Card, said, “It is a great honor for SBI Card to receive this recognition. We would like to thank our valued customers who voted for us. SBI Card is mission-inspired to “make life simple” for its customers through convenient and customized services’. We have spared no efforts to understand our customers, and tried not only to meet their expectations, but go beyond them.”
In 2007, SBI Card launched its premium card segment with SBI Platinum Card segment offering unparalleled Travel & Lifestyle benefits to its customers. SBI Card has a wide range of other credit cards such as Silver & More, Gold & More, Tata Card, Hero Honda SBI Card, SBI Railway Card, LG SBI Card, SBI Lifestyle Card, SBI Social Card, and SBI Vishal Mega Mart Card. This unmatched range of SBI Cards and co-branded cards has made possible for more and more Indians to own credit cards and has also been widely appreciated for their offers and services.
SBI Card comes with innumerable benefits and conveniences for its cardholders with innumerable benefits and conveniences such as Fuel Freedom (Zero% Fuel surcharge), a unique feature that enables SBI Card holders to get a waiver of the 2.5% surcharge on fuel purchase at any petrol pump across India. SBI card has also introduced 8 innovative easy payment options for its customers for making payments such as Paycash, SBI Card Drop Box, SBI ATM, Online SBI, Electronic Clearing System, Visa Money Transfer, Pay Net and Anytime Payment System.
Wednesday, May 28, 2008
Tuesday, May 27, 2008
SBI hikes fixed deposit rates by up to 0.50 per cent
India’s largest lender State Bank of India (SBI) announced hike in fixed deposit rates on medium to long term by up to 0.50 per cent. The rates will come into effect from June 1. Last month also SBI had raised fixed deposit rates and the latest move is likely to have a fight on interest rates regime in the banking sector, while the second largest PSU bank PNB said that it would take decision on rates after its Asset Liability Committee (ALCO) meeting.
Statement released by the bank stated the bank has raised interest rates on deposits between two- and 10-year maturities by 0.25-0.50%. Whereas, interest rates on deposits of two year to less than three years has been raised from 8.5-8.75% and that of five years to 10 years will now offer 9%, up from 8.50%. Rates on deposits of three years to less than five years have been increased by 35 basis points to 8.85%. One basis point is a one hundredth of a percentage point. While those on deposits of five years and up to ten years by 0.50 per cent to nine per cent.
Rates on deposits for less than two years have not been changed.
Bank sources said a rise in deposit rates will increase banks’ cost of funds and will increase pressure on their net interest income, which is the difference between the interest earned on loans and interest expended to raise deposits. Whereas public sector banks, led by SBI, had reduced their prime lending rates, or PLR, by 50 basis points in February. PLR is the benchmark rate to which all lending rates of banks are linked.
Statement released by the bank stated the bank has raised interest rates on deposits between two- and 10-year maturities by 0.25-0.50%. Whereas, interest rates on deposits of two year to less than three years has been raised from 8.5-8.75% and that of five years to 10 years will now offer 9%, up from 8.50%. Rates on deposits of three years to less than five years have been increased by 35 basis points to 8.85%. One basis point is a one hundredth of a percentage point. While those on deposits of five years and up to ten years by 0.50 per cent to nine per cent.
Rates on deposits for less than two years have not been changed.
Bank sources said a rise in deposit rates will increase banks’ cost of funds and will increase pressure on their net interest income, which is the difference between the interest earned on loans and interest expended to raise deposits. Whereas public sector banks, led by SBI, had reduced their prime lending rates, or PLR, by 50 basis points in February. PLR is the benchmark rate to which all lending rates of banks are linked.
Friday, May 23, 2008
SBI to give awards to top ranking students of rural higher secondary schools
State Bank of India (SBI) has started Talent Award Scheme under which this year it would be felicitating 1,00,000 top ranking students across 10,000 rural higher secondary schools in the country. For this bank has approved Rs 10 crores for the purpose.
As a reward each of the selected students will get a Certificate of Excellence signed by a top executive of the bank and the school principal concerned and they will be given a cash award of Rs 1,000 either in cash or the Bank will open a saving account with ATM card and internet banking facility into which the money would be deposited.
The bank will also be sanctioning, in-principle, education loan to the rank holders for pursuing higher education. The top three rank holders under each stream viz Science, Arts and Commerce will be eligible for the loan.
Separate awards would be given to the rank holders of the State Board Examinations, ICSE and CBSE.
As a reward each of the selected students will get a Certificate of Excellence signed by a top executive of the bank and the school principal concerned and they will be given a cash award of Rs 1,000 either in cash or the Bank will open a saving account with ATM card and internet banking facility into which the money would be deposited.
The bank will also be sanctioning, in-principle, education loan to the rank holders for pursuing higher education. The top three rank holders under each stream viz Science, Arts and Commerce will be eligible for the loan.
Separate awards would be given to the rank holders of the State Board Examinations, ICSE and CBSE.
SBI rollback loan circular on FM’s instructions
Five days earlier the State Bank of India (SBI) had released circular to suspend loans for purchase of tractor and other farm equipment. The Finance Minister, Mr P Chidambaram, today said, the circular was “poorly worded and misunderstood”, he stated that bank has been asked to withdraw the circular.
When the reporters asked for his comments on the circular he said, “That circular was poorly worded and misunderstood. I asked my secretary to advise the bank to withdraw it.” He added loans should be given and recovered but a proper method has to be followed. He further added that at any given time there will be some non-performing assets (NPA). . “I don’t think the circular was justified in the manner it was worded,” he said, adding that the best thing was to withdraw it. “The matter is now closed,” he quipped.
He said loans must be given and recovered but there was a proper method of doing it. At any given time there would be some non-performing assets (NPA), he added. “I don’t think the circular was justified in the manner it was worded,” he said, adding that the best thing was to withdraw it. “The matter is now closed,” he quipped.
On the advice of the finance minister the country’s largest lender SBI yesterday withdrew instructions from its branches which it had issued five days earlier to stop fresh loans for purchase of tractors and other farm equipment.
Bank’s decision to stop tractor loans was strictly opposed by tractor manufacturers, politicians and the farm lobby. The rollback of a commercial decision clearly indicates the bank has acted under pressure.
Commenting on the rollback of the circular by the SBI, Venugopal N. Dhoot, president of the Associated Chambers of Commerce and Industry of India (Assocham) said, "It seemed that the SBI came under heavy political pressure from various quarters, including bureaucracy, which forced it to withdraw the circular which is not a healthy practice in a vibrant democracy like that of India."
"As a result of withdrawal of this particular circular, the balance-sheet of the SBI would adversely be affected and its profitability would erode to a great extent as the bank issued the circular as a pressure practice to affect its recoveries," he added.
In a press meet yesterday SBI chairman, Mr OP Bhatt, said: “We regret that our circular dated 16 May 2008, concerning tractor loans has been misunderstood and has given rise to concern. The circular is withdrawn with immediate effect.”
Although bank is trying to justify the rationale behind the suspension the SBI took a sudden decision to drop it.
When the reporters asked for his comments on the circular he said, “That circular was poorly worded and misunderstood. I asked my secretary to advise the bank to withdraw it.” He added loans should be given and recovered but a proper method has to be followed. He further added that at any given time there will be some non-performing assets (NPA). . “I don’t think the circular was justified in the manner it was worded,” he said, adding that the best thing was to withdraw it. “The matter is now closed,” he quipped.
He said loans must be given and recovered but there was a proper method of doing it. At any given time there would be some non-performing assets (NPA), he added. “I don’t think the circular was justified in the manner it was worded,” he said, adding that the best thing was to withdraw it. “The matter is now closed,” he quipped.
On the advice of the finance minister the country’s largest lender SBI yesterday withdrew instructions from its branches which it had issued five days earlier to stop fresh loans for purchase of tractors and other farm equipment.
Bank’s decision to stop tractor loans was strictly opposed by tractor manufacturers, politicians and the farm lobby. The rollback of a commercial decision clearly indicates the bank has acted under pressure.
Commenting on the rollback of the circular by the SBI, Venugopal N. Dhoot, president of the Associated Chambers of Commerce and Industry of India (Assocham) said, "It seemed that the SBI came under heavy political pressure from various quarters, including bureaucracy, which forced it to withdraw the circular which is not a healthy practice in a vibrant democracy like that of India."
"As a result of withdrawal of this particular circular, the balance-sheet of the SBI would adversely be affected and its profitability would erode to a great extent as the bank issued the circular as a pressure practice to affect its recoveries," he added.
In a press meet yesterday SBI chairman, Mr OP Bhatt, said: “We regret that our circular dated 16 May 2008, concerning tractor loans has been misunderstood and has given rise to concern. The circular is withdrawn with immediate effect.”
Although bank is trying to justify the rationale behind the suspension the SBI took a sudden decision to drop it.
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