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SBI Chairman Ranjish Kumar said the bank has some exposure on Gitanjali Gems, owned by Mehul Choksi, uncle of Nirav Modi LATEST NEWS :  Countrys largest lender SBI today said it has an exposure of USD 212 million (about Rs 1,360 crore) in respect to letter of undertaking issued by Punjab National Bank to Nirav Modi, but does not have any direct exposure to the absconding jewellery designer. "We dont have any direct exposure on Nirav Modi but we do have some exposure on Punjab National Bank", State Bank of India Chairman Rajnish Kumar told reporters here today. He said the bank has lent USD 212 million to Modi on the basis of LoU issued by PNB. Kumar, however, said the bank has some exposure to Gitanjali Gems, owned by Mehul Choksi, uncle of Nirav Modi. Our exposure to Gitanjali is small we and we are not worried, Kumar said. When asked about the lender's exposure to the entire gems and jewellery sector, he said it is less than 1 per cent of the total dom...

Also says that note ban's impact could adversely affect its business Latest news : The country's largest lender, the State Bank of India (SBI), has expressed apprehensions that demonetisation may continue to result in slowing down of the economy and adversely affect its business. The government had discontinued Rs 500 and Rs 1,000 banknotes from November 9, 2016, and issued new Rs 500 and Rs 2,000 currency notes in exchange for the discontinued ones. The long-term impact of this move on the Indian economy and the banking sector is uncertain, SBI told institutional investors prior to its Rs 15,000-crore share sale through private placement. The effects of India's recent demonetisation decision are uncertain, which may adversely affect the bank's business, results of operations and financial condition, the bank said in the Preliminary Placement Document to investors while flagging the 'risk factors'. "The demonetisation has and may co...

The charges come with modifications in all types of online transaction modes State Bank of India (SBI) account-holders will have to pay higher service charges than before on online transactions and also for exchanging soiled notes at bank branches from June. While the government is urging citizens to move towards a cashless economy after its mammoth demonetisation drive, the country's largest bank has brought in revised service charges that became effective on Thursday, June 1, 2017. Here are the increased charges you will have to factor in: 1. ATM transactions:  Cash withdrawal from SBI's mobile app, State Bank Buddy, through ATM will now be charged Rs 25 per transaction. No charges will be levied on four ATM transactions in a month. Beyond four transactions, service charges will be levied on Basic Savings Bank Deposit account at Rs 20 plus service tax per transaction on other banks' ATMs and Rs 10 plus service tax per transaction on SBI's own ATM...

the charge of Rs 25 is applicable only for withdrawals from SBI Buddy through ATMs. Amid a public outcry in Kerala over a State Bank of India (SBI) announcement levying charges on ATM cash withdrawals from June 1, the largest public lender on Thursday clarified that the charge of Rs 25 is applicable only for withdrawals from SBI Buddy through ATMs. "Rs 25 per transaction charge is applicable only for mobile wallet app SBI Buddy using ATM. This is applicable only for State Bank Buddy customers," the bank said here in a statement. The clarification comes after the SBI in a notification indicated that all ATM withdrawals will be charged a fee of Rs 25, which was later replaced with the corrected notification. READ THIS: Solar power tariff sees unprecedented fall, tumbles to Rs 2.44 a unit The bank said that the number of free withdrawals from ATMs remained unchanged. Jan-Dhan account holders with the SBI can avail of four free withdrawals in a month fr...