State Bank of India Archives

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).

Electoral Bonds Case: SBI's files affidavit in SC. pic.twitter.com/uUAElM4IYH
— IANS (@ians_india) March 13, 2024

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.