Category: Banking

India’s forex reserves fall to $398.8 billion

  Reserve Bank of India data showed that India’s foreign exchange reserves fell for the second straight week to $398.761 billion. The reserves, which act as a cushion against dollar outflows, fell $1.560 billion in the last two weeks amid concerns over tightening of global monetary easing. While RBI does not provide reasons behind fall

SBI cuts benchmark lending rate by 0.05 pc across maturities

  The country’s largest lender State Bank of India (SBI) slashed benchmark lending rate by 0.05 per cent across maturities. The reduction in marginal cost of funds based lending rate (MCLR) came after a gap of almost 10 months. The move by the SBI will trigger rate cut by other lenders. SBI said that the

SBI sanctions Rs 2,317 crore for financing solar power projects

  State Bank of India announced sanction of credit facilities amounting to Rs 2,317 crore to corporates for financing Grid Connected Rooftop Solar projects under an SBI-World Bank programme. This funding will create solar power capacity aggregating 575 MW. India’s largest bank sanctioned loans to JSW Energy, Hinduja Renewables, Tata Renewable Energy, Adani Group, Azure