Latest News Today – State Bank Of India (SBI) Waives Off Processing Fee On


Women borrowers will be eligible for concession of 0.05 percentage on the loan rate

State Bank of India (SBI) – the country’s largest lender today announced a 100 per cent waiver on processing fees on home loans in a special limited period offer ending August 31, 2021. The complete waiver is a major reduction from the existing processing fee of 0.40 per cent for home loan customers, according to a statement shared by the bank on Saturday, July 31. The SBI home loan interest rates start at 6.70 per cent. 

There will be a concession of five bps (0.05 percentage) for home loans applied through the State Bank of India’s YONO mobile app. Women borrowers will be eligible for concession of 0.05 percentage (five basis points/bps) on the loan rate, according to SBI. (Also Read: State Bank Of India Branch Inaugurated At Rashtrapati Bhavan )

“We believe this offer of processing fee waiver will facilitate and encourage home buyers to take decision with ease, as interest rate is at its historic low,” said C.S. Setty, MD (R&DB), State Bank of India. 

Earlier this year, the bank announced the reduction on its interest rates on home loans from 6.95 per cent to 6.70 per cent, and said that women borrowers are eligible to receive a special concession of five basis points. (Also Read: State Bank Of India Cuts Home Loan Interest Rates To 6.70% )

Last week, SBI opened a new branch within the premises of the Rashtrapati Bhavan – the first branch of the state-owned lender in the President’s Estate. President Ram Nath Kovind who inaugurated the opening of the branch in the presence of First Lady Savita Kovind and Finance Minister Nirmala Sitharaman – was the first customer of the branch.

On Friday, July 30, shares of State Bank of India settled 2.28 per cent lower at Rs 431.70 apiece on the BSE. 



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Latest News Today – Punjab & Sind Bank Edges Lower Even After Reporting


On Friday, shares of Punjab and Sind Bank settled 1.72 per cent lower at Rs 19.95 apiece on the BSE.

Share price of Punjab and Sind Bank edged lower by around two per cent on Friday, July 30, a day after the public-sector lender announced its April-June quarter results for the financial year 2021-22. On Friday, Punjab and Sind Bank opened on the BSE at Rs 20.85, inching to an intra day high of Rs 20.85 and an intra day low of Rs 19.90, throughout the trading session today. Punjab and Sind Bank reported a net profit of Rs 174 crore in the first quarter of the current fiscal, compared to a net loss of Rs 116.89 crore in the corresponding period last year.

The state-owned bank’s total income in the June quarter stood at Rs Rs 2,039.61 crore, compared to Rs 1,954.39 crore in the same quarter last year. The provisions for bad loans and contingencies declined to Rs 77.30 crore, compared to Rs 283.56 crore in the year-ago period, according to a regulatory filing by the bank to the stock exchanges. 

Also Read: Punjab & Sind Bank Declares Lanco Infratech’s Rs 215 Crore NPA Account As Fraud

The bank’s gross non-performing assets (NPAs or bad loans) came down to 13.33 per cent of the gross advances as of June 2021, compared to 14.34 per cent a year ago, resulting in an improvement in asset quality.

On the NSE, Punjab and Sind Bank opened at Rs 20.50, registering an intra day high of Rs 20.70 and an intra day low of Rs 19.85, throughout the session today. 

On Friday, shares of Punjab and Sind Bank settled 1.72 per cent lower at Rs 19.95 apiece on the BSE.



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Latest News Today – Bandhan Bank Net Profit Falls 32% To Rs 373 Crore In


On Friday, shares of Bandhan Bank settled 0.43 per cent lower at Rs 291.30 apiece on the BSE.

Bandhan Bank announced its April-June quarter results for the financial year 2021-22, reporting a net profit of Rs 373 crore, down 32 per cent year-on-year, compared to Rs 549.80 crore in the corresponding quarter last year. The Kolkata-based bank’s net interest income or NII in the first quarter of the current fiscal grew by 16.7 per cent to Rs 2,114.1 crore, compared to Rs 1,811.5 crore in the corresponding eperiod of the previous financial year. 

The bank’s net non-performing assets (NPAs) by June 2021 stood at Rs 2,457.9 crore (at 3.3 per cent), compared to Rs 2,861.0 crore (at 3.5 per cent) in the preceding January-March quarter of fiscal 2020-21.

Bandhan bank’s non-interest income increased 37.7 per cent to Rs 533.4 crore in the June quarter, compared to Rs 386.8 crore in the same quarter last year. The operating profit for the quarter grew by 18.1 per cent to Rs 1,871.1 crore, compared to Rs 1,584.2 crore in the corresponding quarter last year.

The bank’s gross NPAs in the June quarter stood at Rs 6,440.4 crore (at 8.2 per cent), compared to Rs 5757.8 crore (at 6.8 per cent) in the March quarter.

“In spite of challenging environment due to covid second wave, we have delivered the best ever quarter in terms of operational performances. Collections continues to improve with covid restrictions getting relaxed.

Typically, second half of the financial year is always better for the bank in terms of growth and collections. With easing of covid second wave and upcoming festive season, we are confident of achieving better performance going forward,” said Mr. Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank.

On Friday, July 30, shares of Bandhan Bank settled 0.43 per cent lower at Rs 291.30 apiece on the BSE. Bandhan Bank opened on the BSE at Rs 293, touching an intra day high of Rs 295.50 and an intra day low of Rs 290.70, throughout the trading session today. 



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Latest News Today – Academic Bank Of Credit And Other Big Announcements By


The Prime Minister was speaking on the the first anniversary of National Education Policy. File

New Delhi:
Prime Minister Narendra Modi today addressed the nation on the occasion of the first anniversary of the National Education Policy.

Here are the top five announcements

  1. The Prime Minister announced that medical and dental courses in the country will have a 27 per cent reservation for OBCs and 10 per cent for Economically Weaker Sections (EWS) under the All India Quota Scheme in undergraduate and postgraduate programmes.

  2. He launched an Academic Bank of Credit that will provide students with flexible options for entry and exit in higher education. “Multiple entry/exit will help students break away from the shackles of sticking to one stream. One can select their course and can exit if they are not interested. This is a revolutionary change,” said the Prime Minister.

  3. The Prime Minister also said that a tool to translate engineering courses into 11 regional languages has been developed. He said this will especially help students from underprivileged backgrounds and backward classes.

  4. He said Indian Sign Language has now been given the status of a language subject and students can now study it like any other language. This, the Prime Minister said, will ensure inclusivity for students with disabilities.

  5. Prime Minister Modi also launched the AI for All initiative that aims to provide everyone in the country with an elementary understanding of artificial intelligence. He said the programme will make the country’s youth future-oriented, open doors to an AI-driven economy and ensure that digital revolution in the country comes at the same time for both urban and rural areas.



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Latest News Today – IndusInd Bank Profit Doubles To Rs 1,016 Crore In


The bank’s net interest income (NII) for the June quarter stood at Rs.3,564 crore

IndusInd Bank reported a net profit of Rs 1,016 crore on a consolidated basis in the April-June quarter of the financial year 2021-22, compared to Rs 510 crore in the corresponding quarter last year, marking a growth of 99 per cent year-on-year. The bank’s net profit almost doubled in the first quarter of the current fiscal, driven by growth in retail loans and lower non-performing assets (NPA) provisions, according to a regulatory filing to the stock exchanges.

The private sector lender’s non-performing assets rose slightly to 2.88 per cent of the gross advances by the end of June 2021, compared to 2.53 per cent in the year-ago period. Bad loans or net NPAs came down to 0.84 per cent from 0.86 per cent last year.

The provisioning for the bad loans and contingencies for the June quarter also reduced to Rs 1,844.02 crore, from Rs 2,258.88 crore in the corresponding quarter last year. The bank’s net interest income (NII) for the June quarter stood at Rs.3,564 crore, up by eight per cent, compared to Rs.3,309 crore in the corresponding quarter last year.

”The bank witnessed strong growth in its deposit base (up 26 per cent YoY) driven by CASA (up 33 per cent YoY). The bank was cautious in the loan growth (up six per cent) given the challenging operating environment. Our pre-provision operating profits was strong at Rs 3,185 crore. The bank has followed conservative provisioning approach with a net NPA of 0.84 per cent and a surplus provision of Rs 2,050 crore outside this for contingencies if any,” said Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank.

On Tuesday, July 27, shares of IndusInd Bank settled 0.58 per cent lower at Rs 975.65 apiece on the BSE.



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Latest News Today – State Bank Of India (SBI) Opens Its 1st Branch In


State Bank of India opened a new branch at the Rashtrapati Bhavan in Delhi

The country’s largest lender State Bank of India (SBI) opened a new branch within the premises of the Rashtrapati Bhavan – the first branch of the state-owned bank in the President’s Estate, on Saturday, July 24.

President Ram Nath Kovind inaugurated the opening of the branch in the presence of First Lady Savita Kovind, Finance Minister Nirmala Sitharaman, Minister of State for Finance Dr Bhagwat Kishanrao Karad, and Dinesh Khara, Chairman of State Bank of India. 

President Ram Nath Kovind is the first customer of the SBI branch and was handed over his passbook today, soon after opening his account, according to a statement issued by the Rashtrapati Bhavan.

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President Kovind inaugurates SBI branch at Rashtrapati Bhavan
Photo Credit: State Bank of India

State Bank of India’s branch at Rashtrapati Bhavan – Important features: 

  • The SBI branch has provisions of safe deposit lockers and an ATM for customers. It will provide all types of banking services to the residents of the President’s Estate.
  • The branch offers all financial services and is equipped with the latest digital initiatives such as video KYC, automated cash deposit and withdrawal machine, as well as self-service passbook printing facility.
  • The branch though located within the premises of the Rashtrapati Bhavan would be accessible to all those who are not residents of the estate

State Bank of India is the country’s largest bank with a network of more than 22,000 branches and 60,000 ATMs or CDMs – serving around 45 crore customers, across the country. The bank’s ATMs and branches are also located in remote areas of the country such as districts in Leh, Ladakh. On Friday, July 23, shares of State Bank of India settled 1.69 per cent higher at Rs 429.15 apiece on the BSE.



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Latest News Today – ICICI Bank Net Profit Rises 78% To Rs 4,616 Crore In


ICICI Bank Q1 Earnings: Net profit rose 78 per cent to Rs 4,616 crore

ICICI Bank Q1 FY22 Results: ICICI Bank reported a 78 per cent rise in net profit to ₹ 4,616 crore on a standalone basis for the April-June quarter in the financial year 2021-22, compared to ₹ 2,599 crore in the year-ago period. The country’s leading private sector lender’s provisions – excluding provision for tax, declined sharply as it has changed its policy on nonperforming loans in the quarter to make it more conservative.

ICICI Bank Q1 Results: Here’s All You Need To Know

  1. ICICI Bank’s core operating profit – the profit before provisions and taxes, increased 23 per cent year-on-year to ₹ 8,605 crore in the first quarter of the financial year 2021-22, compared to Rs 7,014 crore in the year-ago period. (Also Read: ICICI Bank Profit Jumps 260% To ₹ 4,403 Crore In March Quarter )

  2. The private sector bank’s net interest income (NII) – or the difference between interest earned and interest paid, in the June quarter increased 18 per cent year-on-year to Rs 10,936 crore, compared to Rs 9,280 crore in the same quarter last year.

  3. The bank’s net non-performing assets (NPAs) were Rs 9,306 crore in the June quarter, compared to Rs 9,180 crore in the preceding January-March quarter. The net NPA ratio was 1.16 per cent by the end of June 2021, compared to 1.14 per cent by March 2021.

  4. The total income stood at Rs 24,379.27 crore in the June quarter, compared to Rs 26,066.95 crore in the year-ago period. The net interest margin was 3.89 per cent in the quarter, compared to 3.84 per cent in the preceding March quarter.

  5. ICICI Bank’s provisions (excluding provision for tax) declined sharply to Rs 2,852 crore in the June quarter, compared to Rs 7,594 crore in the year-ago period. The bank changed its policy on nonperforming loans which resulted in the higher provision on non-performing advances amounting to Rs 1,127 crore for aligning provisions to the revised policy.

  6. During the quarter, ICICI Bank held pandemic-related provisions of Rs 6,425 crore. The bank wrote back COVID-19provisions amounting to Rs 1,050 crore made in earlier periods, based on its current assessment of the portfolio.

  7. ICICI Bank’s total deposits increased 16 per cent year-on-year to Rs 926,224 crore. The domestic loan, as well as retail loan portfolio, grew by 20 per cent year-on-year, according to its statement.

  8. During the June quarter, Amazon Pay credit card became the fastest co-branded credit card in India to cross the milestone of issuing two million cards. The Bank also launched a co-branded credit card with Hindustan Petroleum Corporation Limited (HPCL) called – ‘ICICI Bank HPCL Super Saver Credit Card’.

  9. ICICI Bank is a market leader in electronic toll collections through FASTag, as it had a market share of 36 per cent by value in the toll collections through FASTag in the June quarter, with a 146 per cent year-on-year growth in collections.

  10. On Friday, July 23, shares of ICICI Bank settled 3.18 per cent higher at Rs 676.65 apiece on the BSE.



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Latest News Today – Yes Bank Net Profit Zooms 355%, 4-Fold To Rs 207 Crore


Yes Bank Q1 Earnings: The total income reduced to Rs 5,581.84 crore in June quarter

Yes Bank announced its April-June quarter results for the financial year 2021-22 on Friday, July 23, reporting a jump of 355 per cent – almost four-folds in its net profit to Rs 207 crore on a standalone basis, compared to Rs 45 crore in the year-ago period. The net profit of Rs 207 crore registered in the first quarter of the current fiscal is the highest quarterly profit for the bank since December 2018, according to a regulatory filing by the bank to the stock exchanges. 

The total income of the private-sector lender decreased to Rs 5,581.84 crore in the June quarter, compared to Rs 6,106.74 crore in the corresponding quarter of the previous fiscal.

On the asset quality front, Yes Bank pared its bad loans proportion with the gross non-performing assets (GNPAs) declining to 15.60 percent of the gross advances by the end of June 2021, from 17.30 percent in the year-ago period. The bank’s net NPAs – bad loans, moved up to 5.78 per cent from 4.96 per cent in the year-ago period.

Yes Bank’s net interest income (NII) – the difference between interest earned and interest expended, stood at Rs 1,402 crore during the April-June quarter, compared to Rs 1,908 crore in the year-ago period.

The bank’s corporate recoveries during the quarter stood at Rs 1,643 crore – outpacing the slippages of Rs 1,258 crore. Its business generation continued with retail disbursements of Rs 5,006 crore, SME disbursements of Rs 3,242 crore, and wholesale banking disbursements of Rs 3,625 crore, according to details of the bank’s exchange filing.

On Friday, July 23, shares of Yes Bank settled 0.38 per cent higher at Rs 13.07 apiece on the BSE.



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Latest News Today – Reserve Bank Of India (RBI) Eyes Phased Roll Out Of Its


RBI has voiced its concern over the use of cryptocurrencies which it sought to outlaw in 2018

The Reserve Bank of India is considering a phased introduction of its own central bank digital currency (CBDC), deputy governor T. Rabi Shankar said, and is examining various issues including the underlying technology and issuance method.

“CBDCs are likely to be in the arsenal of every central bank going forward. Setting this up will require careful calibration and a nuanced approach in implementation,” Shankar said according to a speech released late on Thursday. “As is said, every idea will have to wait for its time. Perhaps the time for CBDCs is nigh,” he added.

According to a 2021 survey by the Bank for International Settlements, 86 per cent central banks were actively researching the potential for CBDCs, 60 per cent were experimenting with the technology and 14 per cent were deploying pilot projects.

China leads the space and has already started trials of a digital currency in several cities while the U.S. Federal Reserve and Bank of England are looking into it for a future launch.

RBI has been working on the idea of CBDC for years. Virtual currencies (VCs) like bitcoin have gained popularity in India in recent years and unofficial estimates suggest the country has around 15 million investors holding over Rs 100 billion ($1.34 billion) in crypto assets.

The RBI has repeatedly voiced its concern over the spread and use of cryptocurrencies which it sought to outlaw in April 2018. It had to withdraw the ban in March 2020 when the country’s top court said the move was unconstitutional.

“CBDCs are desirable not just for the benefits they create in payments systems, but also might be necessary to protect the general public in an environment of volatile private VCs,” Shankar said with regards to the need for CBDCs for emerging economies.

Sameer Narang, chief economist at Bank of Baroda said investors would still look to private digital currencies, which have appreciated in value despite recent falls.

“Some users may want to use the private digital currencies as store of value and not only for payments,” he added.



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Latest News Today – Sensex Drops 500 Points, Nifty Below 15,600; HDFC Bank,


All the 11 sector gauges compiled by the National Stock Exchange were trading lower.

The Indian equity benchmarks extended losses led by losses in HDFC Bank, ICICI Bank, HDFC, Bharti Airtel and HCL Technologies. The Sensex fell as much as 510 points to hit an intraday low of 52,043.16 and Nifty 50 index dropped below its important psychological level of 15,600. Weak global markets were adding to the nervous sentiment on the Dalal Street. Asian stocks widened their losses as investor sentiment dampened further amid growing fears the spreading Delta variant of the coronavirus would harm the global economic recovery, sending riskier assets skidding sharply.

As of 11:21 am, Sensex was down 446 points or 0.85 per cent at 52,107 and Nifty 50 index tumbled 157 points or 1 per cent to 15,595.

Selling pressure was broad-based as all the 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Realty index’s 3 per cent fall. Nifty Bank, Financial Services, Metal, Media, Pharma, PSU Bank and Private Bank indices also fell between 1.5-2.8 per cent.

Mid- and small-cap shares were also facing intense selling pressure as Nifty Midcap 100 index fell 2 per cent and Nifty Smallcap 100 index tumbled 2.2 per cent.

Shares of Adani Group companies were down between 0.4 per cent and 5 per cent on news that securities regulator and customs authorities were investigating some of the group companies for non-compliance of rules.

Shares of IT services company HCL Technologies fell 2.1 per cent after its quarterly revenues missed analysts’ expectations, while cement company ACC rose as much as 7 per cent over a two-fold jump in consolidated net profit for the second quarter ended June 2021.

UPL was top Nifty loser, the stock fell 3.3 per cent to Rs 806. Hindalco, JSW Steel, Tata Steel, Mahindra & Mahindra, Bharti Airtel, IndusInd Bank, ONGC, Tata Consumer Products and ICICI Bank also fell 2-3 per cent.

On the flipside, UltraTech Cement, Hindustan Unilever, Asian Paints, Bajaj Auto, Infosys, Shree Cement, Divis Labs and Power Grid were among the notable gainers.

The overall market breadth was extremely negative as 2,234 shares were declining while 824 were advancing on the BSE.



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