GST will formalise the unorganised micro, small and medium sector enterprises (MSME), helping banks to get data on the borrowers' cash flows and repayments thereby easing fund access to the segment.
The first woman chairperson of State Bank of India retired last week
Customers can apply for the new SBI cheque books at their home branches, all SBI ATMs or through Internet banking and Mobile Banking.
The top gainers in Nifty50 Index were Hindustan Petroleum Corporation which zoomed 4 percent followed by Bharti Infratel and Bharti Infratel which added 3.71 percent and 2.98 percent respectively. From the oil & gas space, Indian Oil Corporation was the top gainer, up 2.15 percent while 2-wheeler manufacturer Bajaj Auto gained 1.92 percent.
Kumar, who assumed office as the 25th chairman of SBI last Saturday for a three-year tenor, has reshuffled various business verticals headed by wholetime directors.
Ashwani Gujral of ashwanigujral.com recommends buying Bombay Burmah, Delta Corp, Future Consumer and UPL.
Reliance Industries and Infosys were among the top gainers, up 1.73 percent and 1.36 percent respectively, apart from stocks like Lupin, UPL and Power Grid which gained up to 2.3 percent. In the Nifty50, the advance-decline ratio was in favour of the advances with 29 stocks advancing and 20 stocks declining.
Even as the senior-level placements for public sector banks are underway, the government has approved the appointment of nine executive directors, according to reports.
Mitessh Thakkar of miteshthacker.com is of the view that one can buy State Bank of India and NCC.
A day before, Rajnish Kumar, Bhattacharya's successor, told the media that reviving credit growth and resolution of stressed assets will be his top priority.
The bank's chairman designate also pointed out that muted corporate credit is a cause of concern and the bank will look at extracting the maximum enterprise value from NPAs under resolution.
The Appointments Committee of the Cabinet has approved the appointment of Kumar for a period of three years from October 7, according to an order issued by the Department of Personnel and Training (DoPT).
Ahead of the The Researve Bank of India's monetary policy meeet, interest rate sensitive stocks including the likes of real Estate, NBFCs and auto stocks were trading in the green while banking stocks were mixed with SBI trading positive and ICICI Bank, HDFC Bank and Axis Bank in the red.
Currently, SBI, HDFC and ICICI Bank are offering home loans starting from 8.35 percent for women borrowers and 8.40 percent for the rest
Ashwani Gujral of ashwanigujral.com is of the view that one can sell State Bank of India and Reliance Capital and can buy PC Jeweller.
The Reserve Bank of India (RBI) is widely expected to keep the repo rate or key policy rate unchanged at 6 percent on Wednesday citing higher inflation risks and weak credit demand.
This comes after a couple of other public sector banks including Bank of Baroda and Andhra Bank earlier in the day announced a reduction in their base rates. RBI will announce key policy rate on October 4.
About 57 percent urban Indian consumers surveyed use credit cards more than they used a year ago and 19 percent consumers are likely to apply for a credit card in future.
Public sector banks are cut out for major tasks of growth and profitability despite weak demand and slowing economy even as they grapple with bad loan resolutions and the consolidation process, feel bankers.
Minimum balance for metro and urban stands at Rs 3,000 while semi-urban and rural centres continues to be at Rs 2,000 and Rs 1,000, respectively
The new branch has come up in Ang Mo Kio area, which is popular for its housing estates.
The FTSE SBI Bond Index Series "demonstrates SBI's commitment to play befitting leadership role" in development of India's bond market, State Bank of India (SBI) said in a statement.
Mitessh Thakkar of miteshthacker.com is of the view that one can buy RBL Bank and can sell State Bank of India.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell ICICI Bank, ACC and Apollo Tyres and can buy DHFL and L&T Finance Holdings.
Earlier in April, these banks had merged with State Bank of India which put SBI among the top 50 banks in the world