In India, postal network has unbelievable reach and to take the benefit from this service, country’s largest lender SBI has joined hands with postal department.

For its FPO or follow-on –public offer expected to be issued in this fiscal, Shipping Corporation of India will be filing its prospectus as stated by SCI chairman and managing director Mr. S Hajara. The FPO will see ten percent disinvestment by the central government as well as an issue of ten percent of fresh equity shares.

The Punjab National Bank (PNB) and the State Bank of India (SBI) have increased their deposit rates by 0.75 per cent and 0.5 per cent respectively for all maturities as they have an abundant availability of funds for lending. The increase in rates will come into effect from Friday for the banks.

Today SBI or the State Bank of India increased its rates on deposit in the tune of twenty five to twenty seven basis points but kept the base rate intact at seven decimal five percent.

It seems that the government has approved the plan of the State Bank of India to build one financial holding company. With the aid of this holding company SBI will be able to raise capital which in turn can be spend for growing secondary businesses.

India’s largest lender, the State Bank of India (SBI) might continue offering its teaser home loan scheme beyond September 30. The decision is still subject to assessment by its ALM (asset-liability management) committee meeting later in the month.

State-owned lender, IDBI Bank, has increased its yardstick prime lending rates (BPLR) by 50 basis points to 13.25% which will be in force from August 05.

For the meantime, a senior official of State bank of India on the condition of anonymity announced that that the nation’s biggest lender was also gravely contemplating of raising its deposit rates and the State Bank Advance Rate