SBI

CBI files FIR against ABG Shipyard for one of the biggest bank frauds

ABG Shipyard has allegedly defrauded 28 banks to the tune of Rs 22,842 crore   New Delhi: The Central Bureau of Investigation on Saturday registered an FIR against ABG Shipyard directors for alleged fraud to the tune of Rs 22,842 crore. The fraud reportedly involves a total of 28 banks. This is one of the...

Second wave of COVID-19 in India to continue for 100 days, cases to peak in April: SBI report

A report prepared by the State Bank of India’s (SBI) research team and authored by the bank’s chief economic advisor Soumya Kanti Ghosh provides that the second wave of COVID-19 may continue up to 100 days when counted from February 15. The report also predicts that around 25 lakh people will get infected with COVID-19...

Anil Ambani gets temporary breather from SC in bankruptcy case

The Supreme Court on Thursday dismissed a petition filed by State Bank of India (SBI) against the stay granted by the Delhi High Court on personal insolvency and bankruptcy proceedings against Anil Ambani. The rejection of the plea means a temporary breather for Anil Ambani, whose companies have defaulted on bank loans. The top court...

AMC seals SBI branch in Meghaninagar in A’bad for violation of social distancing norms

The Ahmedabad Municipal Corporation has sealed a branch of the State Bank of India in Meghaninagar on Thursday. The move comes after it was found that social distancing norms were being violated there. Earlier the civic body had declared eight new micro containment zones on Thursday. With this, the number of micro containment zones in...

SBI cuts key lending rate for short-term loans from July 10

Government-run State Bank of India (SBI) on Wednesday announced that it has reduced its key lending rate for short-term loans. The public lender said it is reducing Marginal Cost-based Lending Rate (MCLR) by 5-10 basis points to 6.65 per cent for short-term loans from July 10. The bank said it is the fourteenth consecutive reduction...

Anil Ambani in trouble as SBI seeks to recover Rs 1,200 cr from him

State Bank of India is seeking to recover two guarantees furnished by the former billionaire Anil Ambani, which according to a news report are worth more than Rs 1,200 crore. The state-run lender filed an application with the National Company Law Tribunal to appoint a resolution professional, according to an update on the court’s website....

Netizens demand fine for mayor Bijal Patel after pic of her without a mask at a public event goes viral

Mayor Bijal Patel found herself at the receiving end of social media users ire and jokes after a photograph of her attending a public event without a mask went viral. Netizens began to question as to why Patel should not be fined Rs200 for not wearing a mask in public. It should be noted that...

CBI files case against rice firm for defrauding SBI to the tune of Rs 100 cr

The Central Bureau of Investigation (CBI) has filed a case against a Haryana-based firm and its directors for defrauding the State Bank of India (SBI) to the tune of over Rs 100 crore. The FIR by the central probe agency has been registered on the complaint from SBI against Shakti Basmati Rice Private Limited in...

Three promoters flee country with Rs 411 cr in debt to banks

One more bank defaulter has fled the country. Three promoters of Ram Dev International, who were recently booked by the CBI following a complaint by State Bank of India, are believed to have fled even before the fraud came to light. The promoters are accused of cheating a consortium of six banks of ₹411 crore....

SBI announces cut in MCLR, deposit rates

The largest state-run lender State Bank of India (SBI) on Thursday announced a reduction in its Marginal Cost of Funds based Lending Rate (MCLR) by 15 basis points across all tenors. With this the one year MCLR is now 7.25% from the earlier 7.40 percent. This will be effective from May 10 onwards. The interest...

Major Relief: Banks allow borrowers to delay EMIs by 3 months amid coronavirus pandemic

Several government-run banks have allowed their loan borrowers— customers with active term loan accounts—to delay paying their monthly installments for a period of three months. Public sector lenders, including the likes of State Bank of India (SBI), Punjab National Bank, Bank of Baroda, Canara Bank, Oriental Bank of Commerce, and Indian Bank, took to Twitter...

RBI extends Rs60K crore credit line to scam-hit Yes Bank

In a bid to tide over the liquidity crunch, the Reserve Bank of India (RBI) has extended Rs60,000-crore credit line to Yes Bank so that it meets the obligation of depositors, sources said. This is in line with an assurance given by RBI Governor Shaktikanta Das on Monday saying the regulator was ready to offer...