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Loan became expensive for SBI customers, the bank again increased the interest rates

The cost of taking out any kind of loan from SBI has increased. The bank has raised interest rates once more. State Bank of India (SBI) has announced plans to raise the benchmark prime lending rate (BPLR) by 70 basis points, or 0.7%, according to information obtained from the bank’s website. SBI’s BPLR has now increased to 13.45 percent as a result. The new tariff is in place as of right now, September 15th.

According to experts, SBI made this adjustment in anticipation of a potential hike in the repo rate in the monetary policy. It is possible that the RBI will raise the repo rate by 50 basis points in its monetary policy for September. The likelihood of a repo rate increase has grown further as a result of the increase in retail inflation.

Borrowers will be burdened in this way

The EMI for both new and existing customers will rise as a result of SBI’s higher BPLR. The loan payments will therefore be greater than before. Banks will raise the loan’s interest rate. SBI last modified the BPLR in the month of August. It is interesting to note that earlier banks used to base customer loans on the previous benchmark. Nowadays, the majority of banks base their loan rates, or EBLRs, on external benchmarks.

Consumers borrowing for their homes and cars will be most affected by this bank’s decision. Many people around the nation borrow money from SBI for cars and homes. The EMI burden will also fall on anyone looking to purchase a home or automobile during the festival season.

Up to 50 basis points increase in August

The regular lending rates at the State Bank of India (SBI) were increased by 50 basis points in August (or half a percentage point). SBI increased the lending rate a few days after the Reserve Bank of India (RBI) increased its benchmark lending rate by 50 basis points to curb inflation. The external benchmark-based lending rate (EBLR) and repo-linked lending rate (RLLR) both experienced rises of 50 basis points in addition to the 20 basis point increase in the marginal cost of funds-based lending rate (MCLR) for all tenors.

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SBI home loans became expensive, Bank hikes the minimum interest rate

State Bank of India, the largest bank in the country, has increased the interest rate on home loans. Starting June 15, the new rates will apply to home loans. MCLR (Marginal Cost of Lending Rate) has been increased by 0.20 percent. It also became effective on June 15. As a result of the Reserve Bank of India‘s increase in repo rates by 50 basis points, the State Bank of India has taken this step.

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According to a report, now the bank has the minimum interest rate on home loans at 7.55 percent. Those with CIBIL scores above 800 will be eligible for a 7.55 percent home loan. People whose CIBIL score is 750-799 will get a loan at 7.65 percent per annum. Similarly, SBI will give home loans at the rate of 7.75 percent to those with CIBIL scores of 700-749 and 7.85 percent to those with 650-699 scores. Similarly, people whose CIBIL score is between 550 to 649, will have to pay interest at the rate of 8.05 for the home loan. These are floating interest rates and they are repo linked.

MCLR also increased

The bank has also increased the one-year benchmark MCLR from 7.20 percent to 7.40 percent. Personal loans, auto loans, and home loans are almost all linked to MCLR. Because of this, if the repo rate changes, then they also do. From June 15, SBI has also increased its Repo Rate Linked Lending Rate (RLLR). Earlier RLLR was 6.65 percent, which has now been increased to 7.15 percent. From June 15, the new rates have become effective.

FD interest rates also increased

Interest rates on SBI fixed deposits maturing within 211 days of less than Rs 2 crores were increased to 3 years on June 14. Fixed deposit interest rates increased by 20 basis points from 4.40 percent to 4.60 percent for 211-day and shorter-term deposits.

Earlier, on FDs ranging from one year to less than two years, where the bank was paying interest at the rate of 5.10 percent per annum to the customers, now it will get 5.30 percent interest. The bank is now paying 5.35 percent interest on fixed deposits maturing in two to three years.

Questions raised on SBI and CBI in 22842 crore bank scam, know what is the whole matter

Biggest Bank Loan Scam: The CBI investigation into India’s largest bank scam is causing many questions. The question of why SBI filed a complaint after years of the scam amounted to 22842 crores is also being raised.

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Despite the fact that the scam of crores began in 2012, the first police report was filed on 8 November 2019. So, the matter is both the responsibility of the CBI and of the complainant State Bank of India. In March 2020, SBI had been requested to clarify the first complaint. CBI registered the case almost 18 months after SBI filed a new complaint in August 2020 with clarifications. SBI clarified in the complaint, while the CBI is silent.

On alleged fraud of Rs 22,842 crores by ABG Shipyard, SBI says, "Financed under consortium arrangement over 2 dozen lenders led by ICICI Bank. Due to poor performance, account became NPA in Nov 2013. Several efforts were made to revive company operations but couldn't succeed." https://t.co/A8vGvEeVBk
— ANI (@ANI) February 13, 2022

An account of ABG Shipyard Limited and ABG International Limited, based in Gujarat, was considered NPA in November 2013 because of poor performance by the company, according to officials of SBI Bank. The company has been tried and failed many times to recover it. This was followed in 2019 by a forensic audit of the company. Although ICICI Bank was leading the consortium, SBI, the largest public sector bank, filed a complaint with the CBI. There was a loss of 22842 crores for the banks, of which 7,089 crores were the most for ICICI Bank.

Mumbai, Pune, Surat, and Bharuch were among the cities raided by the CBI on February 12. It was recovered a lot of documents and electronic evidence, and it was also clear that all the suspects are in India. Government officials claim that the scam occurred during the UPA administration, and the action was taken immediately upon discovery.

On charges of bank fraud of Rs 22,842 crore, the CBI has filed a case against former ABG Shipyard CMD Rishi Kamlesh Agarwal, former directors Santhanam Muthuswamy and Ashwini Kumar. Ships are manufactured and repaired in Gujarat in Dahej and Surat by the company. So far, 165 ships have been built by the company.

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Many rules related to banking will change on February 1, Know about the new changes

Next month, many changes will take place. Budget 2022-23 will be presented by Nirmala Sitharaman on February 1. Besides affecting the economy, it will also have an impact on the lives of ordinary citizens. The budget is not the only change that banks will be made from February 1.

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A change will also be made to the rules for money transfers at SBI Bank starting February 1. A bank charges Rs 20 plus GST for transferring money between Rs 2 lakh and Rs 5 lakh using IMPS. The Reserve Bank of India (RBI) increased IMPS transactions from Rs 2 lakh to Rs 5 lakh in October 2021. In addition, the Reserve Bank has increased the limit for IMPS transactions to Rs 5 lakh instead of Rs 2 lakh.

Bank of Baroda’s rules will change

On February 1, the Bank of Baroda will also change its check clearance rules. Customers will be required to use the positive pay system for check payments on February 1. Only after the check information is sent will the check be cleared. The changes are applicable to check clearances over Rs.10 lakh.

PNB rules will be stricter

Punjab National Bank’s (PNB) upcoming changes will directly affect your pocket. A penalty of Rs 250 will be charged if the installment or investment fails due to insufficient funds. Until now, this penalty was 100 rupees.

Price of a gas cylinder

Every month, LPG prices are fixed on the 1st. In this case, it has to be seen what is the fluctuation in-cylinder prices on 1st February. If prices increase, it will certainly affect your pocket.

The budget will be presented

The budget presentation will be held on February 1 by Finance Minister Nirmala Sitharaman. Tax rules related to direct and indirect taxes (personal income tax rates) may be changed. Budgeting can bring many more changes to your financial life.

Banks will be closed tomorrow and the next day, employees adamant on strike even after SBI request

Bank News: The two days following, December 16 and 17, will be closed for all Public Sector Banks in the country as their employees will be on strike for two days. SBI’s employees’ unions remain adamant on their point even after appeals to the employees not to strike on behalf of other banks. The reason behind this strike is the privatization of banks.

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By using Twitter, the State Bank of India (SBI) communicated directly with its employees. The bank stated that due to this strike of employees, and due to the Corona epidemic, the stakeholders may face huge problems. SBI sent invitations to the bank unions as well. A letter was also sent by the Central Bank of India to its employees and unions, asking them to work for the bank’s improvement. The Punjab National Bank (PNB) also requested its employees to refrain from going on strike via Twitter.

An appeal to all Bank Staff. pic.twitter.com/EZFGpfnK0a
— State Bank of India (@TheOfficialSBI) December 13, 2021

Struggles to stop the continuous strike

Various media reports suggest that bank managers are constantly in touch with the bank associations and bank unions. A delay in the strike is constantly discussed. The Union Budget 2021 included a privatization plan for two major public sector banks, announced Finance Minister Nirmala Sitharaman. However, the Finance Minister did not yet decide on whether or not both banks would be privatized during a Cabinet Committee on Privatization meeting in the Lok Sabha on Monday.

Financial Minister’s latest statement

Replying to a Lok Sabha question, the government has stated that two public sector banks (PSBs) will be privatized during the year as part of the budget for 2021-22. This matter was delegated to the Cabinet Committee that is responsible for considering disinvestment issues, including the choice of a bank. The Cabinet Committee for Privatization of Public Sector Banks has not yet decided on this issue.