state bank

Teaser home loan rates, which entice borrowers with a low fixed rate initially and then move to a floating rate, are a matter regulatory concern and may impact financial stability of the lenders, Parliament was informed on Friday. Full Article

Home, auto and consumer loan rates are unlikely to move up in the near future despite a 0.25 percentage points hike in the key policy rates with bankers today assuring that they will not make loans dearer anytime soon as liquidity is sufficient in the system. Full Article

Banks may soon have to cap the charges on basic services such as issuing a draft, remittances or for stop-payment instructions. Faced with a rising number of customer complaints on excessive charges, the Reserve Bank of India (RBI) has asked the Indian Banks’ Association (IBA) to come up with guidelines on what the reasonable charges should be. Full Article

SEBI, vide its press release dated December 10, 2009 had informed that ASBA facility shall be extended to all investors other than QIBs, in all public issues with effect from January 1, 2010. It was also informed that SEBI would be displaying names and other relevant details of banks (Self Certified Syndicate Banks (SCSBs) which will be authorized to accept ASBAs w.e.f. January 1, 2010, on the website www.sebi.gov.in . Full Article

Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of JCIT v. State Bank of Mauritius Ltd. (2009-TIOL-712-ITAT-MUM) has held that the foreign company having Permanent Establishment (PE) in India cannot be taxed at the rate applicable to domestic company in view of insertion of Explanation 1 to section 90 of the Income-tax Act, 1961 (the Act) by Finance Act 2001 with retrospective effect from 1 April 1962. Accordingly, it will have to pay tax at .. Full Article

When it comes to social security measures, India is still considered to be an evolving country even after more than sixty years of independence. Central Government has announced a new pension scheme (NPS) w.e.f. 1st May, 2009 established under Pension Fund Regulatory and Development Authority. The scheme has been in operation for government employees since 2004 but has been only now opened to Indian citizens which will benefit all citizens, particularly those in private .. Full Article

State Bank of India, having its Corporate Centre at Mumbai is India’s leading Public Sector Bank having all India presence, branch network of over 12000 branches is interested in engaging an Audit firm of repute and proven track record to carry out the concurrent audit of its Treasury Operations on an on going basis, initially for a period of 6 months, subject to extension. Full Article

A bill enabling the State Bank of India (SBI) to split its shares and issue bonus shares may be placed in the current winter session of Parliament. Besides, the amendments to the State Bank of India Act, 1955, envisage the preferential or private placement of shares. The SBI (Amendment) Bill also proposes to allow India’s No. 1 bank to bring down the government holding to 51 per cent, which is on a par with other nationalised banks. Full Article