Tag Archives: State Bank of India

RBI may have slowed the supply of Rs 2000 notes, focusing on Rs 500 notes to infuse cash

The supply of Rs 2,000 notes from the Reserve Bank of India (RBI) to banks has dropped as of late, as indicated by a report in the Economic Times.

Vijay Mallya ready to return to India if safety, freedom assured

MUMBAI: Vijay Mallya , under pressure from banks to repay loans, said he has every intention of honouring commitments, that he has made a new settlement offer to main lender State Bank of India and is hopeful of making quick progress on the matter, according to directors who attended a United Breweries Ltd (UBL) board meeting that he chaired by video-conference.

Even as the Enforcement Directorate is seeking to extradite him from the UK , where he’s been for the past two months or so, the chairman of UBL has the support of the board and strategic partner Heineken, said directors that ET spoke to.

SBI Launches Wealth Management Service, ‘Start-ups Branch’

Mumbai: State Bank of India on Thursday became the first public sector lender to launch wealth management service, a space dominated by private and foreign players, to cater to fast-growing affluent segment of the country.

SBI Launches Wealth Management Service, 'Start-ups Branch'The bank also inaugurated a dedicated branch for start-ups

which will provide advisory services to the budding entrepreneurs.

“Introducing wealth management has been one of the bank’s top strategic priorities, as we have a number of HNI customers in the bank and potentially many more whose banking needs are more sophisticated and who require a highly specialized service delivery mechanism,” SBI chairman Arundhati Bhattacharya said.

The wealth management offering – ‘SBI Exclusif’ and the start-up branch – ‘SBI InCube’ were rolled out in Bengaluru on Thursday.

‘SBI Exclusif’ will offer many firsts in wealth banking like the first ‘e-Wealth Center’ that can deliver quality relationship management services remotely for extended hours. Its customers will be able to transact and invest on digital channels such as internet and mobile. The customers will have access to a dedicated relationship manager to take care of all their banking and investment needs.

Read full article: NDTV

RBI imposes Rs. 1 crore fine on State Bank of Travancore

Reserve Bank has imposed a penalty of Rs. 1 crore on an SBI associate bank, State Bank of Travancore, for violation of some of its instructions.

“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers,” RBI said in a statement on Monday.

RBI imposes Rs 1 crore fine on State Bank of TravancoreThe monetary penalty has been imposed for violation of its instructions including reporting of data to Central Repository of Information on Large Credits (CRILC), it said.

RBI set up CRILC to collect, store, and disseminate data on all borrowers’ credit exposures.

Banks are required to report all such information here, including classification of an account as SMA (Special Mention Accounts), on all borrowers having aggregate fund-based and non-fund-based exposure of Rs. 5 crore and above.

The statement further said RBI had issued a show cause notice to the bank for not having complied with the directions issued by the bank on submission of accurate data to the CRILC.

After considering the bank’s reply, information submitted and documents furnished, RBI came to the conclusion that the bank had violated the instructions or guidelines issued, from time to time, which warranted imposition of monetary penalty on it.

Read full article: The Hindu