56839In view of reduced inflation and expenses, will it be right to invest in IT stocks?
The country's largest lender had to undergo a similar shutdown a month ago on June 12
India’s largest lender State Bank of India (SBI) will have a temporary stoppage in its digital services starting from 22:45 PM on July 16 to 1:15 AM July 17 owing to maintenance activities.
During this period net-banking, YONO, YONO Lite, UPI services would be unavailable. It further added in the tweet that “we regret the inconvenience caused and request you to bear with us.”
The country’s largest lender had to undergo a similar shutdown a month ago on June 12.
SBI operations
SBI operates over 22,000 branches and more than 57,000 ATMs across the country and is the largest bank in India in terms of reach and network.
As of December last year, the bank had over 85 million internet banking and 19 million mobile banking users in India. The number of UPI users was 135 million.
YONO users
SBI had launched its Kavach personal loan for its 35 million registered YONO users, which is a collateral free loan for customers facing financial distress in meeting Covid-19 related expenditure for both self and family members
The loan would cover up to Rs 5 lakh, collateral free at an interest rate of 8.5% per annum for 60 months that is inclusive of three months moratorium.
SBI notice for sale
Earlier this month the bank had put up a notice to auction some of its non-performing assets (NPA) for sale. The two accounts include N S Engineering Products Pvt. Ltd with an outstanding of Rs 36.98 crores and Chinteshwar Steels Pvt. Ltd with an outstanding of 22.72 crores.
“In terms of the Bank’s Policy on Sale of Financial Assets, in line with the regulatory guidelines, we place the following accounts for sale to ARCs/ Banks/ NBFCs/ FIs, on the terms and conditions indicated there against. However, please note that the sale will be subject to final approval by the Competent Authority of the Bank”. said the tender notice from the bank.
The reserve price for the auction is at Rs 17.19 crore and Rs 10.5o crore, respectively.
Also read: Banks need to walk the talk on digitisation