by admin | May 25, 2021 | Banking, Business, Corporate, Corporate finance, Economy, Large Enterprise, Markets, News
Mumbai : India’s largest lender State Bank of India (SBI) on Thursday announced reduction of interest rates on home and automobile loans by five basis points (bps).
In a statement issued here the bank said, it has reduced home loan interest rates to 8.30 per cent.
Similarly, automobile loan is now offered at a starting interest rate of 8.70 per cent per annum compared to earlier 8.75 per cent.
With this reduction, SBI’s offering in home loan is the lowest in the market. The new rates will be effective from November 01, the SBI claimed.
The effective interest rate for all eligible salaried customers will be 8.30 per cent per annum for loans upto Rs 30 lakh.
Rates have been reduced by five bps in all the brackets.
Over and above of 8.30 per cent rate, an eligible home loan customer can also avail of an interest subsidy of Rs 2.67 lakh under the Pradhan Mantri Awas Yojana scheme.
For car loan customers, the loan amount ranges from 8.70 per cent per annum to 9.20 per cent per annum compared to earlier range of 8.75 per cent to 9.25 per cent.
The exact rate depends on the amount of loan and the credit score of the individual.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : State Bank of India (SBI) has cut is benchmark lending rate by 0.05 per cent across maturities, effective from Wednesday, according to an announcement by the state-run lender.
The reduction in marginal cost of funds based lending rate (MCLR) by the largest Indian bank, last made on January 1 this year, has thus brought its MCLR down to 7.95 per cent from 8 per cent, the SBI website said.
The MCLR on overnight borrowings has been reduced to 7.70 per cent from 7.75 per cent, while the rate for three-year tenures has been lowered from 8.15 per cent to 8.10 per cent.
On Tuesday, another public sector lender, the Kolkata-headquartered Allahabad Bank reduced their MCLR rate by 0.15 per cent across maturities. The reduction has brough down the one-year MCLR to 8.30 per cent, as against 8.45 per cent, effective November 1.
At its fourth bi-month monetary policy review here earlier in the month, the Reserve Bank of India kept its key interest rate unchanged at 6 per cent, reiterating its call for better transmission by the banks of earlier rate cuts made by the centrl bank.
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Markets, Networking, Sales, SMEs, Technology
New Delhi : Global IT security firm Quick Heal’s Enterprise Security brand Seqrite has discovered an advertisement on DarkNet forum that claims to have access to data of over 6,000 Indian businesses that include Internet Service Providers (ISPs), some of the key government organisations, banks and enterprises.
Seqrite Cyber Intelligence Labs, along with its partner seQtree InfoServices, tracked the advertisement where the unknown hacker has priced the information at 15 Bitcoins (nearly Rs 42 lakh) and is offering network takedown of affected organisations for an unspecified amount, the company said in a statement on Tuesday.
“This can be a major tool of mass disruption if a non-state actor gets hands on it,” Seqrite said on its website.
The organisations whose services may be at risk are: UIDAI (Aadhaar), Idea Telecom, Bombay Stock Exchange (BSE), Flipkart, DRDO, Aircel, Reserve Bank of India, BSNL, SBI, TCS, ISRO, ICICI Prudential Mutual Fund, VMWare, Employees’ Provident Fund Organisation and various Indian state government portals, among others.
“We have alerted the government authorities well within time. If someone gets control over this massive data that is currently up for sale on DarkNet, the above mentioned organisations and enterprises can get affected,” Rohit Srivastwa, Senior Director, Cyber Education and Services at Quick Heal, told IANS.
Following a detailed investigation, researchers identified the affected organisation as India’s national Internet registry IRINN (Indian Registry for Internet Names and Numbers) which comes under the National Internet Exchange of India (NIXI).
As a precautionary measure, Seqrite reached out to the government authorities and Asia Pacific Network Information Centre (APNIC), recommending to them to alert all potentially affected organisations and urge them to change passwords and get their servers and systems patched with latest updates.
According to the researchers, the seller claims to have the ability to tamper the IP allocation pool, which could result in a serious outage or Denial of Service (DoS) attack-like condition.
“This could impact various content delivery network (CDN) and hosting providers as well. If the hacker gets an interested buyer, then an attack on the system could disrupt Internet IP allocation and affect Internet services in India,” the company said.
“Along with the access, the hacker is also selling credentials and various contractual business documents and claims to have access to a large database of Asia Pacific Network Information Centre (APNIC),” it added.
The IRINN provides allocation and registration services of IP addresses and autonomous system numbers.
It comes under NIXI which “is the neutral meeting point of the ISPs in India with the primary objective being the facilitation of exchange of domestic Internet traffic between peering ISP members”.
—IANS
by admin | May 25, 2021 | Business
Kolkata, (IANS) SBI Life Insurance is eyeing to achieve a growth of 30-40 per cent in the new business premium in 2016-17, a top company official said.
“We are targeting to achieve 30-40 per cent growth in new business premium in the current fiscal and intending to grow by 25-26 per cent in the gross total premium including new and old,” said company’s Managing Director and CEO Arijit Basu.
The life insurer will remain focused on banking and agency channel to achieve the growth, he said.
The company achieved 29 per cent growth in total new business premium in 2015-16 and 37 per cent growth in the rated Individual new business premium as compared to 8 per cent for the industry, he said.
“This was attributed to performance of banking and agency channel. Sales through agency channel grew by 12-13 per cent in the last year while banking channel also had a fantastic growth,” Basu said.
“We intend to grow by 20 per cent in the current fiscal in agency channel while our banking channel growth is expected to over 50 per cent,” he said.
The life insurer will strengthen its banking channel by increasing the number of licensed specified persons who are SBI staffs having licence to sell life insurer’s product.
“We have about 28,000-30,000 specified persons adding 3,000 in the last year. We will increase the number,” he said.
Banking channel contributes about 55 per cent of products sales while agency has a share of about 39 per cent, the remaining comes from other channels.
The company plans to launch a new ULIP product for high net worth individual by end of this month, he said.
The company reported the gross total premium received in FY 2015-16 was Rs 15,825 crore, of which the new business premium accounted for Rs 7,107 crore and renewal premium accounted for Rs 8,719 crore.
Corresponding figures for last financial year were Rs 12,867 crore, Rs 5,529 crore and Rs 7,338 crore respectively.
The company has about 27 products in individual platform while group platform has about 20 more.
by admin | May 25, 2021 | Business, Large Enterprise
Mumbai, (IANS) The State Bank of India board on Tuesday decided to submit a a proposal to the central government seeking an “in-principle approval” to initiate negotiations with its five associate banks, an official spokesperson said here.
The board of directors discussed the possibility of acquiring its five associate banks – State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore – including their assets and liabilities.
“This discussion is purely exploratory at this stage and not certain,” the spokesperson said.
Additionally, the SBI board also discussed the possibility of acquiring India’s first bank targeted to women – the Bhartiya Mahila Bank and it would explore this acquisition after the central government grants its “in-principle approval” to start negotiations.
