Latest news with #SBI
Mint
an hour ago
- Business
- Mint
Bank holiday today: Are banks closed today, on July 16, on account of Harela festival celebrations? Check full schedule
Bank holiday today, July 16 (Wednesday): Banks in Dehradun will be closed for Harela, a festival celebrated in the Kumaon region of Uttarakhand and some parts of Himachal Pradesh. Thus, all public and private banks, including the State Bank of India (SBI), will be closed in these states today. Besides today, there are a number of other bank holidays this week, the death anniversary of U Tirot Singh, Ker Puja, and the second Saturday aand Sunday weekend offs. Notably, the second and fourth Saturdays and all Sundays are weekly offs for all banks. There are a total of seven listed bank holidays in July this year. The RBI and state governments create a list of holidays for banks, taking into account national and local occasions, operational requirements, religious celebrations and other cultural observances. The central bank makes the announcement through its official website and notifications to banks and other financial institutions. July 3 (Thursday) — Kharchi Puja — Banks will be closed in Agartala to celebrate Kharchi Puja, a Hindu festival in Tripura dedicated to fourteen deities called Chaturdasha Devata. July 5 (Saturday) — Guru Hargobind's Birthday — Banks will be closed in Jammu and Srinagar to mark Guru Hargobind's Birthday, the sixth of the ten Sikh Gurus. July 6 (Sunday) — Banks closed pan-India. July 12 (Saturday) — Banks closed pan-India for second Saturday. July 13 (Sunday) — Banks closed pan-India. July 14 (Monday) — Beh Deinkhlam — Banks will be closed in Shillong for Beh Deinkhlam, a festival celebrated by the Jaintia tribe in Meghalaya.
India.com
4 hours ago
- Business
- India.com
Bangladesh, Cambodia, Indonesia and…, these countries are losing money and business due to US tariffs, India can take advantage by…
Bangladesh, Cambodia, Indonesia and…, these countries are losing money and business due to US tariffs, India can take advantage by… According to a report by State Bank of India (SBI), the Indian clothing export can witness a huge rise in the coming months. This can happen because the United States' trade with other countries is not going well due to recently introduced tariffs. The report states that the current share of India in the US' clothing market is 6 percent. If India raises it by 5 percent, it will benefit a lot. The rise has the power to increase the country's GDP by 0.1 percent, which is a notable change. India not only has a stronghold in the chemical sector but also a notable hold in the field of textiles and clothes. India sells clothes and related items to America in large quantities. How Will India Benefit? In the textile sector, Bangladesh dominates India because of its cheap labour and cloth prices. Apart from Bangladesh, India faces tough competition from Cambodia, Indonesia and Vietnam. Notably, Vietnam currently pays less tax, which benefits it. The SBI report says that Bangladesh, Cambodia and Indonesia are currently suffering losses due to the fresh tax rules by the US. If India can capture the share of clothes exports of Bangladesh, Cambodia and Indonesi,a it can sell more clothes than these countries. How Will Other Countries Be Harmed? As per US's last year's import data, goods that America buys from Bangladesh, Cambodia, and Indonesia are mostly clothes and related items. Bangladesh sends 88.2 percent of its total exports to US. Cambodia sends 30.8 percent and Indonesia sends 15.3 percent clothes. Now these countries are struggling as they have to pay more tax to the US. This scenario has opened an opportunity for India. Exports Can Also Increase In Other Areas An SBI report suggests India can boost its exports, in agricultural products and animal-based goods, to countries affected by US tax policy changes. The report recommends leveraging this shift in the global trade landscape to strengthen India's export performance in sectors where it already holds a competitive edge.
Canada News.Net
7 hours ago
- Business
- Canada News.Net
CPI inflation in July likely to hit historical low, FY26 to be at 3% below RBI estimate of 3.7%: SBI
New Delhi [India], July 15 (ANI): India's retail inflation is expected to reach a record low in July 2025, with the average inflation for the financial year 2025-26 projected to be significantly lower than the Reserve Bank of India's (RBI) estimate, according to a report by the State Bank of India (SBI). 'We believe that the upcoming July 2025 CPI inflation data is set to breach the lowest ever historical print,' the report said. SBI projects that the average CPI inflation for FY26 will be between 3.0-3.2 per cent, which is significantly lower than the RBI's estimate of 3.7 per cent and well below the average of 4.6 per cent recorded in FY25. This sharp moderation in inflation comes on the back of a recent 50 basis points rate cut by the RBI in its June policy. The report noted that with benign inflation expectations in place, the central bank is now focusing on supporting capital formation to ensure more durable and sustained growth. As noted by the Monetary Policy Committee (MPC) in its resolution, the panel remains data-dependent while deciding the future course of monetary policy. The aim is to strike a balance between growth and inflation, the report added. Looking ahead, SBI sees the current inflation trend as firmly benign, even as external trade-related disruptions and unpredictable price movements continue to pose risks. Still, the report hinted at the possibility of another 25 basis points rate cut 'sooner than later' to further support economic growth as global uncertainties make it necessary to build for the future. It stated 'the plot seems to be spiced with a further 25 bps rate cut (sooner than later) to give an adrenaline boost to the economic juggernaut as global developments necessitate us to build today for future'. India's CPI inflation in June 2025 fell to 77-month low at 2.10 per cent, down from 2.82 per cent in May 2025 and 5.08 per cent in June 2024. This decline was largely driven by a sharp fall in food inflation, which also hit a 77-month low of -0.20 per cent. The fall in prices of key food items such as vegetables, pulses, and spices contributed significantly to this decline. However, the report flagged concerns around imported inflation, which continued to rise for the 13th consecutive month in June 2025. Higher gold and silver prices were the main contributors to this increase. The share of imported inflation in the overall CPI build-up rose to 71 per cent in June 2025, up from 50 per cent in May. (ANI)
Time of India
9 hours ago
- Business
- Time of India
FD rate tweak: SBI cuts rates on select short-term deposits; check what's changed in latest fixed deposit rates table
India's largest public sector lender, State Bank of India (SBI), has lowered the interest rates on certain short-term fixed deposit (FD) tenures by 15 basis points (bps). The revised rates come into effect from July 15, 2025, and apply to tenures ranging from 46 days to less than 1 year. Revised FD rates for general citizens SBI has reduced FD rates for three short-term tenures. According to an ET report, for deposits maturing in 46 to 179 days, the rate has been cut from 5.05% to 4.90%. For 180 to 210 days, the new rate is 5.65%, down from 5.80%. Deposits with tenures of 211 days to less than 1 year will now earn 5.90%, compared to the earlier 6.05%. FD rate cut also applies to senior citizens Senior citizens will see a parallel 15 bps cut on the same short-term tenures. For 46 to 179 days, the interest rate is now 5.40%, down from 5.55%. Tenures from 180 to 210 days will now fetch 6.15%, while FDs of 211 days to less than 1 year have been reduced to 6.40% from the earlier 6.55%. Updated SBI FD interest rate chart (as of July 15, 2025) Tenors Existing rates for public (as of June 15, 2025) Revised rates for public (as of July 15, 2025) Existing rates for senior citizen (as of June 15, 2025) Revised rates for senior citizen (as of July 15, 2025) 7 days to 45 days 3.05% 3.05% 3.55% 3.55% 46 days to 179 days 5.05% 4.90% 5.55% 5.40% 180 days to 210 days 5.80% 5.65% 6.30% 6.15% 211 days to less than 1 year 6.05% 5.90% 6.55% 6.40% 1 year to less than 2 years 6.25% 6.25% 6.75% 6.75% 2 years to less than 3 years 6.45% 6.45% 6.95% 6.95% 3 years to less than 5 years 6.30% 6.30% 6.80% 6.80% 5 years and up to 10 years 6.05% 6.05% 7.05%* 7.05%* *Includes additional premium of 50 bps under the 'SBI We-care' deposit scheme. Source: ET report Super senior citizens get added benefit Under the SBI Patrons scheme, super senior citizens (aged 80 years and above) are eligible for an additional 10 bps over the applicable senior citizen FD rates. This benefit is not applicable to schemes such as Recurring Deposit Scheme, Green Rupee Term Deposit, Tax Savings Scheme 2006, MODS, Capgain Scheme, and Non-Callable Term Deposits. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo Special scheme: Amrit Vrishti FD SBI also continues to offer the Amrit Vrishti fixed deposit scheme with a tenure of 444 days. The interest rate on this deposit is 6.60% for general customers as of June 15, 2025. For senior citizens, the interest rate is 7.10%, while super senior citizens receive 7.20%. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
10 hours ago
- Business
- Time of India
SBI seeks review of SC ruling denying secured creditors priority over attached assets
The State Bank of India has filed a petition seeking review of the Supreme Court's May 15 judgement that held that secured creditors will not have priority of interest over movable and immovable properties attached by the Maharashtra government under the provisions of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999. SBI said the decision needs to be reviewed as it creates a bad precedent, thereby undermining the certainty and sanctity of secured lending; violated established doctrines of repugnancy and exclusive legislative competence; eroded the priority rights of secured creditors, thus impacting India's credit system and NPA resolution framework . 'Section 238 IBC ( Insolvency and Bankruptcy Code ) gives it overriding effect over any other law. In case the moratorium is disturbed, and the assets are alienated, it would seriously jeopardise and frustrate the effective implementation of a Central Act viz. IBC,' the SBI said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Lifetime Office 365 Download Undo The impugned judgment misapplied Article 246 by allowing a state law (MPID Act) to override or dilute Parliamentary laws—SARFAESI Act (2002) and RDB Act (1993), the review petition filed by counsel Sanjay Kapur stated. '...enforcing a security interest is one of the prime objectives behind the enactment of the SARFAESI Act by the Parliament and it does not overlap with the objective of the MPID Act. However, if the attachment proceedings against the Secured Asset under MPID Act is allowed to be continued, it would directly disrupt the functioning/operation of the Parliamentary enactments viz. SARFAESI Act, IBC, etc, and would result in apparent repugnancy, in which case the parliamentary enactments would prevail,' the PSU bank said. Live Events While upholding the Maharashtra government's decision to attach the properties in the Rs 5,600-crore National Spot Exchange scam , which had affected over 13,000 investors in 2013, the SC had in May held that the state depositors law will override the provisions of Central financial recovery statutes , including the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, the Recovery of Debts and Bankruptcy Act and IBC. The top court said that "no priority of interest can be claimed by the secured creditors against the properties attached under the MPID Act, and that the provisions of MPID Act would override any claim for priority of interest by the secured creditors in respect of the properties which have been attached under the MPID Act." It further held that properties of the judgment debtors and garnishees attached under the 1999 Act would be available for execution of decrees passed by a committee set up by the apex court despite a moratorium provision under Section 14 of IBC.
