SBI filed an affidavit in the Supreme Court in the electoral bond case, 22,217 electoral bonds purchased since 2019

Electoral Bonds Case: In the electoral bond case, the State Bank of India (SBI) has submitted an affidavit to the Supreme Court. In an affidavit submitted to the Supreme Court, the Chairman of SBI stated that 22,217 electoral bonds had been bought between April 1, 2019, and February 15, 2024.

The chairman of the SBI informed the Supreme Court that the Election Commission has received information regarding donations made through electoral bonds by the order. Additionally, the Election Commission now has access to the date on which electoral bonds can be redeemed as well as the identities of the political parties that have received donations.

The affidavit also states that, in observance of the aforementioned directives, the Election Commission of India (ECI) was sent a digital copy of this data, password-protected, before the close of business hours on March 12, 2024. (i) By instruction No. (b), the date of purchase of every electoral bond, the buyer’s name, and the denomination of the bond are provided. The date of encashment, the electoral bonds, the names of the political parties that have received contributions, and the denomination of the bonds, following the instruction number. (c).

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.

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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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