The State Bank of India has removed the minimum balance charges on all savings bank accounts. SBI has removed charges for non-maintenance of Average Monthly Balance (AMB) for all 44.51 crore savings bank accounts.
The State Bank of India has finalized to buy shares worth Rs 7250 crore of the cash-strapped Yes Bank. The purchase of the shares will be in accordance with the draft reconstruction scheme put forward by the Reserve Bank of India. SBI will buy the 725 shares of Yes Bank at a price of Rs 10 per share. After the purchase, the shareholding of the State Bank of India (SBI) in Yes Bank will remain under 49% of the paid-up capital.
Microsoft declared a partnership with State Bank of India to train differently-abled people to search jobs in the banking, financial services and insurance (BFSI) sector.
State Bank of India (SBI), in a joint promotional campaign with Metro Cash & Carry India, has launched value-added services at its Bengaluru Centre. Similar promotional campaigns are planned at Metro Cash & Carry centres across the country. Under the arrangement, SBI will offer existing and new customers of Metro Cash & Carry, services such as opening SBI current accounts, issuing business debit cards, POS machines, digital products and other asset products.
Loans are also being offered to eligible Metro customers for renovation of their outlets. The campaign was launched simultaneously at three Metro Cash & Carry stores at Yeshwanthpur, Binneypet and Kanakapura and at SBI Mahalaxmi Layout, Chamrajpet and Doddakallasandra branches. SBI’s existing and new SME customers will also be offered pre-approved Metro Cash & Carry cards along with a welcome gift voucher.
State Bank of India (SBI), in the XIII Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches w.e.f. 01.2020 to 22.01.2020. As per provisions of the Scheme, Electoral Bonds may be purchased by a person who is a citizen of India or incorporated or established in India. A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals.
Only the Political Parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly of the State, shall be eligible to receive the Electoral Bonds.
The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorized Bank. It may be noted that Electoral Bonds shall be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.
The State Bank of India (SBI) has released its research report ‘Ecowrap’. In the report ‘Ecowrap’, the economic research department of SBI has lowered India’s growth rate to 4.6% in the fiscal year 2020. The report also stated that agriculture and allied activities are expected to grow at 2.8%, while growth in industry projected to grow at 2.5% in fiscal year 2020. The service sector is also expected to increase to 6.9% in fiscal year 2020.
The State Bank of India has announced ‘residential builder finance with buyer guarantee’ (RBBG) scheme. The aim of the scheme is to giving a push to residential sales and improve homebuyers’ confidence.
The scheme will focus on affordable housing projects priced up to 2.50 crore rupees in 10 cities initially. Under this scheme, the guarantee would be given by the bank until the project gets the occupation certificate (OC).