Reserve Bank of India Lowers Policy Interest Rates; Indian Banks Generally Fairly Valued
The Reserve Bank of India has lowered the policy interest rate to 6.25% from 6.5%. This was the first decision made under the new regime of voting by a six-member Monetary Policy Committee, with newly promoted governor Urjit Patel deciding on a deadlock for an even vote. RBI noted that inflation is under control, as the consumer price index increased 5% in August, versus 6% in July. This is within RBI's earlier-mentioned inflation target of 4%, with a range above or below of 2%. The declining in...State Bank of India provides a range of products and services to personal, commercial enterprises, large corporates, public bodies and institutional customers. Its segments include Treasury, which includes the entire investment portfolio and trading in foreign exchange contracts and derivative contracts; Corporate/Wholesale Banking, which comprises the lending activities of Corporate Accounts Group, Mid Corporate Accounts Group and Stressed Assets Management Group; Retail Banking, which comprises branches in National Banking Group, which primarily includes Personal Banking activities, including lending activities to corporate customers having banking relations with branches in the National Banking Group, and Other Banking Business, which includes the operations of all the Non-Banking Subsidiaries/Joint Ventures other than SBI Life Insurance Co. Ltd. and SBI General Insurance Co. Ltd. The Company had approximately 22,500 branches and 58,000 ATMs.
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