Finally the merger of State Bank of Indore by the State Bank of India has got cabinet approval. The cabinet also gave approval to introduce a Bill in the Parliament for making amendments in the State Bank of India (Subsidiary Banks) Act, 1959, to remove references of State Bank of Indore.
Before this in 2008, State Bank of Saurashtra was merged with SBI, since then the issue of acquisition of the banks other associate banks has been attracting attention of SBI. However the bank has been facing competition for the same business in the same market, under the same brand from most of its branches and those of the State Bank of Indore. Due to which SBI has been unable to fully exploit its brand equity for driving business growth.
Friday, July 16, 2010
Thursday, July 15, 2010
SBI makes your mobile number as saving account number
In India the number of mobile increasing day by day as a result it is becoming most basic requirement of the human being. The State Bank of India (SBI) country’s largest lender has come up with a plan of making your mobile number as your saving account number. This Mobile Saving Account can be used for all kinds of banking services. A private company offering economic help in association with SBI has started a branch free Mobile Banking service called Indian State Bank Mini Saving Account.
The Head officer of this private company Abhishek Sinha told that his company is National Business Correspondent of State Bank. His company is offering banking services to those people who do not want to avail banking services because they do not want to be involved in any type of documentation problems.
This service can be used on a simple mobile and is easy to handle. No fee is to be paid to mobile company to avail this service. Abhishek Sinha told that his company will be appointing the people like shopkeeper, medical stores, and mobile recharge coupon sellers, etc., who will be looking after the whole transactions. Around 55,000 of accounts have already been opened in the state of Delhi, Bihar, Jharkhand and NCR and it is planning to make this number to 1 lakh till the end of this year.
Special features of this service are:
* Only a rupee is required to use this account.
* There is no minimum amount limit in the account.
* A minimum of Rs 10 can also be deposited in the saving account.
* Also there is no with drawl limit, Rs 10 can be withdrawn.
* Shopkeeper’s payment can also be done by using this service.
The Head officer of this private company Abhishek Sinha told that his company is National Business Correspondent of State Bank. His company is offering banking services to those people who do not want to avail banking services because they do not want to be involved in any type of documentation problems.
This service can be used on a simple mobile and is easy to handle. No fee is to be paid to mobile company to avail this service. Abhishek Sinha told that his company will be appointing the people like shopkeeper, medical stores, and mobile recharge coupon sellers, etc., who will be looking after the whole transactions. Around 55,000 of accounts have already been opened in the state of Delhi, Bihar, Jharkhand and NCR and it is planning to make this number to 1 lakh till the end of this year.
Special features of this service are:
* Only a rupee is required to use this account.
* There is no minimum amount limit in the account.
* A minimum of Rs 10 can also be deposited in the saving account.
* Also there is no with drawl limit, Rs 10 can be withdrawn.
* Shopkeeper’s payment can also be done by using this service.
Thursday, July 8, 2010
SBI staff held for missing cash from bank’s ATM
A cheating case has been filed against some State Bank of India employees for the missing cash worth Rs 21 lakh from the bank’s ATM at Bagh Ameer under Kukatpally PS limits. Kukatpally police has filed a cheating case under section 420 IPC and investigating the case.
The incident occurred on July 3.
Kukatpally inspector of police, S Lakshminarayana told the SBi official reported about the incidence. On July 4 when SBI official when came to ATM to fill the cash box, he found Rs 21 lakh missing and that the CCTV was not functioning. The SBI official lodged a complaint against the employees who knew the ATM password. The inspector told police has taken the SBI staff into custardy and investigation of the case is being done.
The incident occurred on July 3.
Kukatpally inspector of police, S Lakshminarayana told the SBi official reported about the incidence. On July 4 when SBI official when came to ATM to fill the cash box, he found Rs 21 lakh missing and that the CCTV was not functioning. The SBI official lodged a complaint against the employees who knew the ATM password. The inspector told police has taken the SBI staff into custardy and investigation of the case is being done.
Monday, July 5, 2010
SBI takes up registration of UID number for its customers
State Bank of India is the first bank in the country to begin registration of the Unique Identification number for its customers. SBI has signed a deal with UIDAI for registration of its customers.
SBI through its 12,000 plus branches and 17,000 plus Customer Service Points (CSP) of Business Correspondents (BCs) will be joining UIDAI (Aadhaar).
The bank said in a statement, "SBI, as a registrar, will be capturing through empaneled enrollment agencies the biometric characters like finger prints, iris among others and sending the same to UIDAI for providing the unique number".
During the signing of the MoU SBI Chairman, O P Bhatt said, "Whatever it will take, whatever we can, we will do it."
The bank pointed out by grouping of the process of enrollments of residents by UIDAI and the customer acquisition by SBI will make possible implementation of the project and achieving greater financial inclusion.
The other benefits of the UID project include improving the viability of financial inclusion program through reduced enrollment costs, reduction of distribution channel costs for government disbursals and remittances, mobility of identity to migrant labour.
SBI through its 12,000 plus branches and 17,000 plus Customer Service Points (CSP) of Business Correspondents (BCs) will be joining UIDAI (Aadhaar).
The bank said in a statement, "SBI, as a registrar, will be capturing through empaneled enrollment agencies the biometric characters like finger prints, iris among others and sending the same to UIDAI for providing the unique number".
During the signing of the MoU SBI Chairman, O P Bhatt said, "Whatever it will take, whatever we can, we will do it."
The bank pointed out by grouping of the process of enrollments of residents by UIDAI and the customer acquisition by SBI will make possible implementation of the project and achieving greater financial inclusion.
The other benefits of the UID project include improving the viability of financial inclusion program through reduced enrollment costs, reduction of distribution channel costs for government disbursals and remittances, mobility of identity to migrant labour.
Friday, July 2, 2010
SBI extends special home, car loan schemes, no changes in terms
All the banks have moved to new base rate system therefore the special rate schemes offered by some of the banks were to be closed. But countries largest public sector lender, the State bank of India (SBI) has extended its special home and car loan schemes and, has also not changed the terms following the transition to the base rate system with effect from July 1, as stated by the press release from the bank.
However SBI has fixed its base rate at 7.5%. For home loans, the rate of interest is 8% in the first year and 9% for the second and third years, irrespective of the loan amount.
While from the fourth year onwards, the rate will be linked to the base rate, and at present the effective rate is 9.25% for loans up to Rs 50 lakh and 9.75% for loans above Rs 50 lakh
In case of car loan for new cars, bank is offering 8% interest rate for the first year and 10% for the second and third years. Then from fourth year onwards the rates will be linked to the base rate. At present the bank is offering 11.25% for the fourth and fifth years and 11.5% for the sixth and seventh years for Ezee Car loans with limits up to Rs 5 lakh.
On the other hand LIC Housing Finance has reduced rates on loans for above Rs 75 lakh. Whereas, for new customers, it is offering 8.75% floating interest rate for loans up to Rs 1.5 crore for the entire term of the loan.
And for borrowers who want a fixed-cum-floating rate, LIC has a Fix-o-Floaty scheme, in this it is offering a rate of 8.9% fixed up to March 31, 2012, for loans up to Rs 1.5 crore and thereafter on floating basis. The company also has a new product under which it has fixed its lending rates at 9.25% for five years and thereafter on floating basis.
However SBI has fixed its base rate at 7.5%. For home loans, the rate of interest is 8% in the first year and 9% for the second and third years, irrespective of the loan amount.
While from the fourth year onwards, the rate will be linked to the base rate, and at present the effective rate is 9.25% for loans up to Rs 50 lakh and 9.75% for loans above Rs 50 lakh
In case of car loan for new cars, bank is offering 8% interest rate for the first year and 10% for the second and third years. Then from fourth year onwards the rates will be linked to the base rate. At present the bank is offering 11.25% for the fourth and fifth years and 11.5% for the sixth and seventh years for Ezee Car loans with limits up to Rs 5 lakh.
On the other hand LIC Housing Finance has reduced rates on loans for above Rs 75 lakh. Whereas, for new customers, it is offering 8.75% floating interest rate for loans up to Rs 1.5 crore for the entire term of the loan.
And for borrowers who want a fixed-cum-floating rate, LIC has a Fix-o-Floaty scheme, in this it is offering a rate of 8.9% fixed up to March 31, 2012, for loans up to Rs 1.5 crore and thereafter on floating basis. The company also has a new product under which it has fixed its lending rates at 9.25% for five years and thereafter on floating basis.
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