Sbi News

The RBI on Wednesday said it imposed a fine of about Rs 5.6-lakh on SBI for violation of norms in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI. Last month, RBI had imposed a penalty of Rs 3-crore on SBI for violating 'know your customer' (KYC)/anti-money laundering norms.

As a humiliation to many poor young graduates who had obtained educational loans, a rural SBI branch in Tamil Nadu, a few days ago, displayed photographs of defaulting students and their parents. They believe that shaming the defaulters would pressure families to repay the outstanding amounts upto Rs. 5 lakh. According to activists this is a violation of human rights.

In a first among major state-run banks, SBI hiked its lending rates after short-term rates rose as a result of RBI's new liquidity tightening moves. The country's biggest money lender raised its home-loan rates to 10.10% (from 9.95%) for loans upto Rs. 30-lakh, 10.30% (from 10.10%) for loans above Rs. 30-lakh and car-loans to 10.75% (from 10.45%) among other hikes.

A day after RBI kept its key policy rates on hold, SBI cut home loan rates by upto 0.4% for new borrowers, effective from Friday. Also, women borrowers would get an additional 0.05% concession on card-rates. The home loans will now be available under two slabs, under Rs.75 lakh (at 10.15%) and above Rs.75 lakh (at 10.30%), women concession excluded.