Latest news with #SBI
Economic Times
6 hours ago
- Business
- Economic Times
Home loan EMIs continue to fall: 7 banks cut home loan interest rates after RBI repo rate cut in June
Synopsis Following the Reserve Bank of India's repo rate cut in June 2025, several major banks, including SBI, Union Bank, and Bank of Baroda, have reduced their lending rates. This move lowers home loan interest rates for borrowers with floating rate loans linked to the repo rate. Several major banks have reduced their External Benchmark Lending Rates (EBLR) or Repo Linked Lending Rates (RLLR) following the Reserve Bank of India's 50 basis point (0.50%) repo rate cut in June 2025. This translates into lower home loan interest rates for borrowers who have taken or are planning to take floating rate loans which are linked to repo rate. ADVERTISEMENT RBI's repo rate actions have a direct impact on home loan interest rates that follow Repo Linked Lending Rates (RLL The RBI has cut the repo rate by 50 basis points, totalling a 100-basis-point drop in 2025. What does this mean for home loan borrowers? Should you reduce your EMI or your tenure? This video breaks down both choices with real numbers, revealing how you could save up to ₹35 lakh. It's a must-watch before you make a decision. R), an external benchmark linked rate which is linked to repo rate. A lower repo rate translates into a lower RLLR, which means that consumers will pay less in interest over the course of the loan term and have fewer EMIs (equivalent monthly installments) if they continue to pay existing EMIs despite a rate cut. If borrowers want to go lower EMIs then they can keep the tenure same and pay a lower EMI. However, borrowers should note that lower EMI will be applicable only on the reset date of the loan tenure which is usually once in three months. Also read: Public vs private banks: Which of these offers the cheapest home loans now after RBI's 50 bps repo rate cut? Here are banks that have cut their Repo-linked lending rate after the RBI rate cut in June. 1. Indian Overseas Bank Indian Overseas Bank has announced the reduction of Repo Linked Lending Rate (RLLR) by 50 basis points from 8.85% to 8.35%, effective from June 12, 2025. ADVERTISEMENT The State Bank of India (SBI) has revised its Repo Linked Lending Rate (RLLR) with effect from June 15, 2025, in response to the RBI's recent 50 basis point (0.50%) cut in the repo rate. The latest RLLR: 7.75% + Credit Risk Premium (CRP), according to the SBI website. Earlier RLLR: 8.25% + Credit Risk Premium (CRP). ADVERTISEMENT The Union Bank of India has reduced both the External Benchmark Lending Rate (EBLR) and the Repo Linked Lending Rate (RLLR) by 50 basis points, bringing its EBLR down to 8.25% (comprising the new repo rate of 5.50% plus a spread of 2.75%).According to a press release from the bank, 'Following the Reserve Bank of India's reduction in the policy repo rate by 50 basis points, Union Bank of India has revised its key lending rates w.e.f. 11.06.2025. These changes include downward revision of External Benchmark Lending Rate (EBLR) and Repo Linked Lending Rate (RLLR) by 50 basis points. With this move, Union Bank of India has completely aligned its EBLR and RLLR with the recent RBI rate cut which will be beneficial to new and existing Retail (Home, Vehicle, Personal, etc.) and MSME borrowers.' Canara Bank has reduced its Repo Linked Lending Rate (RLLR) from 8.75% to 8.25% for loans tied to the External Benchmark rate. This decision follows the Reserve Bank of India's recent 50 basis point cut in the repo rate from 6.00% to 5.50%, announced during the latest Monetary Policy Committee (MPC) meeting. The revised lending rate will come into effect from June 12, 2025. This move will lower borrowing costs for customers with loans linked to RLLR. ADVERTISEMENT In a regulatory filing, PNB announced that it has revised its Repo Linked Lending Rate (RLLR) from 8.85% to 8.35%, effective June 9, 2025. The new rate reflects the 50 basis point cut in the repo rate and includes a Bank Spread of 20 basis points.'The Exchange is hereby informed that consequent upon the decrease in Repo rate by RBI on 06.06.2025, the Bank has revised RLLR from 8.85% (including BSP of 20bps) to 8.35% (including BSP of 20bps) with effect from 09.06.2025,' PNB stated in its filing. ADVERTISEMENT 6. Bank of Baroda (BoB) home loan ratesBank of Baroda, in compliance with SEBI's disclosure norms, informed the exchanges that it has reduced its Baroda Repo Based Lending Rate (BRLLR) from 8.65% to 8.15%, effective June 7, 2025. This is also a 50 basis point reduction, in line with the RBI's move. 'Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that BRLLR has been revised from 8.65% to 8.15% with effect from 07.06.2025,' the bank said. 7. Bank of India home loan rates Bank of India has also joined the rate-cut bandwagon, reducing its Repo Based Lending Rate (RBLR) from 8.85% to 8.35%, effective June 6, 2025. The bank in a BSE announcement stated, 'Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that Repo Based Lending Rate (RBLR) has been changed w.e.f. 06.06.2025. 2. Today, RBI has revised the Repo Rate from 6.00% to 5.50% (decrease of 50 bps).The change in RBLR is as under. The effective RBLR is revised from 8.85% to 8.35%, down by 50 bps.' Bank Old Rate New Rate Effective Date Indian Overseas Bank 8.85% 8.35% 12-Jun-25 State Bank of India 8.25% + CRP 7.75% + CRP 15-Jun-25 Union Bank of India 8.75% (approx.) 8.25% (approx.) Jun-25 Canara Bank 8.75% 8.25% 12-Jun-25 Punjab National Bank 8.85% 8.35% 9-Jun-25 Bank of Baroda 8.65% 8.15% 7-Jun-25 Bank of India 8.85% 8.35% 6-Jun-25 ( Originally published on Jun 19, 2025 ) (Catch all the Personal Finance News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to ET Prime and read the ET ePaper online. NEXT STORY
Mint
9 hours ago
- Business
- Mint
Bharat Collections Summit & Awards 2025 Spotlights India's ₹55,000 Cr Recovery Market
India's debt collections sector, valued at ₹ 55,000 crore as per a McKinsey and Spocto X report, is emerging as a critical force in the broader credit ecosystem. At a time when conversations around responsible lending and recovery are gaining ground, the Bharat Collections Summit & Awards 2025 provided a timely and focused event to foreground this pivotal but often underrepresented function. As India's largest collections event it brought together some of the nation's major lenders, collections leaders, agencies and policymakers. Held at The Lalit, Mumbai on 12th June 2025, and organised by The Brainalytics, the event brought together more than 200 senior leaders from over 50 financial institutions. Spocto X served as the Presenting Partner, while YuCollect was the Collections Infrastructure Partner. The day-long summit aimed to reframe collections not just as an operational necessity but as a strategic, tech-enabled driver of financial stability. Find the spotlight on leaders reimagining collections Anil Tandon, Senior EVP – Retail Portfolio Management, HDFC Bank, opened the summit with a keynote on the 'AI Revolution in Collections.'His metaphor of'compliance as the third umpire' struck a chord across the room — positioning AI as a strategic partner in driving customer fairness and smarter recoveries. This sentiment carried through the day. Krishnendu Majumdar, CPTO, Yubi Group, challenged the industry to look beyond cost-saving and view collections as a growth driver. He called for'agentic AI' to help institutions scale ethically into underserved Bharat. Sagar Chaudhuri, SVP II & Head – Strategy, HDFC Bank, reinforced the urgency of creating more unified systems and transparent data flows, advocating for infrastructure-level reform that can scale responsibly. In a grounded and highly practical session, Sanju Mangrulkar, General Manager – Credit Monitoring & Policy, Central Bank of India, discussed how his team is already using AI to trace alternate borrower contacts and surface asset-related data to aid recoveries. Sukhvinder Kaur, Chief General Manager, State Bank of India, offered insights into the scale at which SBI is deploying technology. She shared that SBI — with one of the largest retail lending portfolios in the country — is using over 150 in-house AI models across fraud detection, early warning signals, and predictive collections. She emphasised that digital-first lending must be supported by digital-first collections, highlighting how AI enables personalised nudges, life-cycle monitoring, and customer-centric recovery strategies. DS Tripathi, Executive Director, Aadhar Housing Finance, drew attention to the operational realities of small-ticket lending, arguing that inefficient systems increase credit costs and can ultimately threaten business viability. Adding to the conversation on technology-led infrastructure, Bhavin Parekh, Co-Founder of YuCollect, anchored a panel on digital design and collections operations at scale. The discussion focused on how a unified, intelligent framework could create measurable impact across stakeholders. Throughout the day, panel sessions brought together experts from a wide range of institutions including ICICI Home Finance, SBI, John Deere Financial, Cent Bank Home Finance, IDBI Bank, Aadhar Housing Finance, Tyger Capital, Bajaj Capital, NPCI, Bank of Baroda, DBS, Poonawalla Fincorp, DCB Bank, Karnataka Bank, and ranged from regulatory compliance to empathetic borrower engagement, and from vendor management to the future of automation in collections. The Central Bank of India team received the 'Outstanding Achievement in Collections Strategy' award. As the day progressed, a shared consensus began to emerge — that India's collections sector must transition from reactive operations to proactive systems, rooted in ethics, data governance, and long-term sustainability. The evening featured the inaugural Bharat Collections Awards, designed to recognise excellence and innovation within the industry. Devarsh Mapuskar, Business Head, Spocto X, and Kapil Rohilla, Head of Operations, Spocto X, led the awards ceremony. Nilesh Dasri, Product Head – Digital Debt Servicing, ICICI Bank, joined the Spocto X leadership in felicitating the winners. Central Bank of India was named 'Best Collection Team of the Year,' a recognition accepted by Sanju Mangrulkar, Sukesh Jha, R.L. Nayak, and Amit Verma. Other notable awardees included Datta Chavan of Reliance ARC for innovation in collection practices,Vishal Chugh of Tata Capital as Debt Management Innovator, and Binit Jha of IDBI Bank as the 'Most Promising CDO'. Girish Patnaik of Bank of Baroda was honoured for their contributions to digital collections, while Ashish Jain, also from Bank of Baroda, received recognition for 'Ethical Leader in Risk and Debt Management'. What set this summit apart was its clear call to action: the collections function is no longer just a back-end support unit but a strategic pillar that intersects with customer experience, credit health, and institutional trust. As Spocto X and YuCollect continue to shine a spotlight on the sector, the industry is inching closer to a future where collections are not just efficient and tech-driven, but also empathetic and inclusive. This summit wasn't just a one-day gathering. It marked a foundational shift in how collections are viewed, managed, and evolved across institutions — from silos to systems, from paperwork to platforms, and from instinct to intelligence.
India.com
10 hours ago
- Business
- India.com
Asia's richest village is located in THIS country, villagers hold Rs 7000 crore in bank deposits, their income comes from…, not in China, Korea or Japan, it is in…
Asia's richest village is located in THIS country, villagers hold Rs 7000 crore in bank deposits, their income comes from…, not in China, Korea or Japan, it is in… This village also has many bungalows, government and private schools, colleges, health centers, temples, and even lakes. The lifestyle and development here are better than many small towns in India. By Analiza Pathak Edited by Analiza Pathak Advertisement Asia's richest village is located in THIS country, villagers hold Rs 7000 crore in bank deposits, their income comes from..., not in China, Korea or Japan, it is in... Whenever we think of a village, a certain picture forms in our mind that includes mud houses, dusty roads, handpumps, bullock carts, and farmers working in the fields. We often imagine villages without electricity, far away from proper roads, with old men smoking hookah and women and children walking long distances to fetch water. But what if we told you that not all villages look like this anymore? Here we are talking about the richest village in Asia and you might be already guessing it is in China, Japan, or South Korea but no, it is right here in India. And it is not even in rich states like Delhi, Haryana, or Punjab but the village is in Gujarat and is located in the Bhuj district. Advertisement === Today, this village is nothing like the typical image we carry in our minds. It stands as a shining example of change and progress, breaking all the old ideas people have about what a village looks like. Let's find out what makes this village so special. The Village with Rs. 7000 crore in fixed deposits The village is called Madhapar, and it is known as Asia's richest village. Advertisement === With a population of around 32,000 people, Madhapar isn't just rich in culture it is rich in money too. The most surprising fact? This village has a whopping Rs. 7,000 crore in fixed deposits in various banks! Madhapar has around 20,000 houses, and most of the residents belong to the Patel community. What's even more impressive is the number of banks in this one village. You'll find branches of SBI, ICICI, HDFC, Punjab National Bank, Axis Bank, Union Bank, and more. In total, there are 15+ bank branches in this village alone. Many other banks across India, both government and private, are eager to open branches in Madhapar too. How Madhapar became the richest village in Asia Madhapar is known as Asia's richest village and a big reason behind this is its people living abroad. Around 65 per cent of the village's population are NRIs (Non-Resident Indians). These families send crores of rupees every year back to their hometown. Most of the money goes into local banks and post offices in Madhapar. Out of the 20,000 homes in the village, around 1,200 families live in foreign countries. Many of them are settled in African nations, where they have strong businesses, especially in construction. Others live in the U.S., U.K., Canada, Australia, and New Zealand. Even though they live abroad, they haven't forgotten their roots. They stay connected with the village and are constantly helping improve it in every way they can. According to a report in The Economic Times, Parulben Kara, head of the local district panchayat, said that these NRIs prefer keeping their savings in Madhapar's banks instead of foreign ones. They trust and value their village that much. Facilities that even cities envy The manager of a national bank branch in the village says that all this wealth from NRIs has made Madhapar rich. He shared that the village has clean water, proper roads, and excellent sanitation. Madhapar also has many bungalows, government and private schools, colleges, health centers, temples, and even lakes. The lifestyle and development here are better than many small towns in India. To stay connected with one another and promote their village's image abroad, people from Madhapar living in the U.K. even created a group called the Madhapar Village Association in London. It helps strengthen community ties and shares the pride of their home village with the world.
Mint
11 hours ago
- Business
- Mint
Bharat Collections Summit & Awards 2025 Spotlights India's ₹55,000 Cr Recovery Market
India's debt collections sector, valued at ₹ 55,000 crore as per a McKinsey and Spocto X report, is emerging as a critical force in the broader credit ecosystem. At a time when conversations around responsible lending and recovery are gaining ground, the Bharat Collections Summit & Awards 2025 provided a timely and focused event to foreground this pivotal but often underrepresented function. As India's largest collections event it brought together some of the nation's major lenders, collections leaders, agencies and policymakers. Held at The Lalit, Mumbai on 12th June 2025, and organised by The Brainalytics, the event brought together more than 200 senior leaders from over 50 financial X served as the Presenting Partner, while YuCollect was the Collections Infrastructure Partner. The day-long summit aimed to reframe collections not just as an operational necessity but as a strategic, tech-enabled driver of financial stability. Find the spotlight on leaders reimagining collections Anil Tandon, Senior EVP – Retail Portfolio Management, HDFC Bank, opened the summit with a keynote on the 'AI Revolution in Collections.'His metaphor of'compliance as the third umpire' struck a chord across the room — positioning AI as a strategic partner in driving customer fairness and smarter recoveries. This sentiment carried through the day. Krishnendu Majumdar, CPTO, Yubi Group, challenged the industry to look beyond cost-saving and view collections as a growth driver. He called for'agentic AI' to help institutions scale ethically into underserved Bharat. Sagar Chaudhuri, SVP II & Head – Strategy, HDFC Bank, reinforced the urgency of creating more unified systems and transparent data flows, advocating for infrastructure-level reform that can scale responsibly. In a grounded and highly practical session, Sanju Mangrulkar, General Manager – Credit Monitoring & Policy, Central Bank of India, discussed how his team is already using AI to trace alternate borrower contacts and surface asset-related data to aid recoveries. Sukhvinder Kaur, Chief General Manager, State Bank of India, offered insights into the scale at which SBI is deploying technology.'SBI — with a ₹ 7 trillion AUM in retail lending — is using over 150 in-house AI models across fraud detection, early warning signals, and predictive collections.' She emphasised that digital-first lending must be supported by digital-first collections, highlighting how AI enables personalised nudges, life-cycle monitoring, and customer-centric recovery strategies. DS Tripathi, Executive Director, Aadhar Housing Finance, drew attention to the operational realities of small-ticket lending, arguing that inefficient systems increase credit costs and can ultimately threaten business viability. Adding to the conversation on technology-led infrastructure, Bhavin Parekh, Co-Founder of YuCollect, anchored a panel on digital design and collections operations at scale. The discussion focused on how a unified, intelligent framework could create measurable impact across stakeholders. Throughout the day, panel sessions brought together experts from a wide range of institutions including ICICI Home Finance, SBI, John Deere Financial, Cent Bank Home Finance, IDBI Bank, Aadhar Housing Finance, Tyger Capital, Bajaj Capital, NPCI, Bank of Baroda, DBS, Poonawalla Fincorp, DCB Bank, Karnataka Bank, and ranged from regulatory compliance to empathetic borrower engagement, and from vendor management to the future of automation in collections. The Central Bank of India team received the 'Outstanding Achievement in Collections Strategy' award. As the day progressed, a shared consensus began to emerge — that India's collections sector must transition from reactive operations to proactive systems, rooted in ethics, data governance, and long-term sustainability. The evening featured the inaugural Bharat Collections Awards, designed to recognise excellence and innovation within the industry. Devarsh Mapuskar, Business Head, Spocto X, and Kapil Rohilla, Head of Operations, Spocto X, led the awards ceremony. Nilesh Dasri, Product Head – Digital Debt Servicing, ICICI Bank, joined the Spocto X leadership in felicitating the winners. Central Bank of India was named 'Best Collection Team of the Year,' a recognition accepted by Sanju Mangrulkar, Sukesh Jha, R.L. Nayak, and Amit Verma. Other notable awardees included Datta Chavan of Reliance ARC for innovation in collection practices,Vishal Chugh of Tata Capital as Debt Management Innovator, and Binit Jha of IDBI Bank as the 'Most Promising CDO'. Girish Patnaik of Bank of Baroda was honoured for their contributions to digital collections, while Ashish Jain, also from Bank of Baroda, received recognition for 'Ethical Leader in Risk and Debt Management'. What set this summit apart was its clear call to action: the collections function is no longer just a back-end support unit but a strategic pillar that intersects with customer experience, credit health, and institutional trust. As Spocto X and YuCollect continue to shine a spotlight on the sector, the industry is inching closer to a future where collections are not just efficient and tech-driven, but also empathetic and inclusive. This summit wasn't just a one-day gathering. It marked a foundational shift in how collections are viewed, managed, and evolved across institutions — from silos to systems, from paperwork to platforms, and from instinct to intelligence. Note to the reader: This article is part of Mint's paid consumer connect initiative and is independently created by the brand. Mint assumes no editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to verify all information independently.
Yahoo
14 hours ago
- Business
- Yahoo
SBI Life crowdsources future-facing AI solutions from India's Next-Gen Talent pool at the 2025 Hack-AI-Thon finale
The initiative underscored SBI Life's focus on innovation, young talent, and building future-ready insurance solutions MUMBAI, India, June 20, 2025 /PRNewswire/ -- SBI Life Insurance, one of India's most trusted private life insurers, marked the finale of its national innovation initiative — Hack-AI-Thon 2025 — a strategic platform to crowdsource artificial intelligence-driven solutions to real-business challenges faced by the insurance sector. The event culminated weeks of dynamic ideation and collaboration, with 16+ top teams (50+ participants) presenting AI-led innovations, focused on enhancing customer experience, operational efficiency, and digital service delivery. The event was designed to tap into next-gen talent, foster a culture of co-creation, and accelerate digital transformation. The participants, including developers and AI enthusiasts, represented top institutes across Chennai, Bangalore, Hyderabad, Indore, Bhopal, and Delhi to compete on challenges ranging from predictive analytics and process automation to fraud detection and customer engagement. After rigorous jury round and evaluation, the Innovation Brigade team comprising of Ms. Asha Vidyadharan & Mr. Rameez Khan from Bhopal emerged as the winner of Hack-AI-Thon 2025, impressing the panel with their innovative solution at the Hack-AI-Thon 2025 Grand Finale. Similarly, Black Bird from Indore was chosen the 1st runner-up and from Trichy as well as Semantics from Pune were announced the 2nd runners-up. Each of the winning solutions stood out for their innovative thinking, technical viability, and potential to address real-world challenges in the life insurance sector. Speaking on the grand finale of SBI Life's Hack-AI-Thon 2025, Mr. Ravindra Sharma, Chief of Brand, Corporate Communication and CSR, SBI Life Insurance, said, "The Hack-AI-Thon was conceptualised to engage the next generation of problem solvers in shaping the future of insurance. It is encouraging to see how young minds approach complex industry challenges with such clarity and purpose. At SBI Life, we believe that innovation must serve a meaningful purpose, and this initiative reflects our ongoing commitment to fostering technology-led thinking that is human-centric and impactful." He further added, "We have always believed that the true role of insurance goes beyond financial protection—it is about enabling individuals to move forward with confidence, to dream, to build, and to live fully. Hack-AI-Thon is an extension of this belief, as it invites young minds to co-create solutions that make protection more accessible, intuitive, and aligned with people's evolving needs and life goals. It is this blend of innovation and intent that we believe will help shape a more inclusive and empowering future not only for the insurance sector but the nation as a whole." After winning the Hack-AI-Thon 2025, the Innovation Brigade team said, "Participating in SBI Life's Hack-AI-Thon 2025 was a truly enriching experience, with outstanding coordination and expert mentorship at every step. Despite the tough pan-India competition, we are proud to share that we emerged as winners of the event." The Grand Finale jury comprised seasoned experts from technology & insurance, who evaluated teams on innovation, feasibility, scalability, and impact. Select ideas from the Hack-AI-Thon will be explored further for piloting or integration within the company's digital roadmap. With this initiative, SBI Life Insurance reinforces its commitment to fostering a culture of innovation, collaboration, and customer-first thinking through digital transformation. About SBI Life Insurance SBI Life Insurance ('SBI Life' / 'The Company'), one of the most trusted life insurance companies in India, was incorporated in October 2000 and is registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001. Serving millions of families across India, SBI Life's diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings and Health solutions. Driven by a 'Customer-First' approach, SBI Life places great emphasis on maintaining world class operating efficiency and providing a hassle-free claim settlement experience to its customers by following high ethical standards of service. Additionally, SBI Life is committed to enhance digital experiences for its customers, distributors and employees alike. SBI Life strives to make insurance accessible to all, with its extensive presence across the country through its 1,110 offices, 26,355 employees, a large and productive network of about 240,304 agents, 60 corporate agents and 13 bancassurance partners with more than 41,000 partner branches, 141 brokers and other insurance marketing firms. In addition to doing what's right for the customers, the company is also committed to provide a healthy and flexible work environment for its employees to excel personally and professionally. SBI Life strongly encourages a culture of giving back to the society and has made substantial contributions in the areas of child education, healthcare, disaster relief and environmental upgrade. In 2024-25, the Company touched over 50,000 direct beneficiaries through various CSR interventions. Listed on the Bombay Stock Exchange ('BSE') and the National Stock Exchange ('NSE'), the company has an authorized capital of Rs. 20.0 billion and a paid-up capital of Rs. 10.0 billion. The AuM is Rs.4,480.4 billion. For more information, please visit our website, and connect with us on Facebook, Twitter, YouTube, Instagram, and LinkedIn. (Numbers & data mentioned above are for the year ended March 31, 2025) Photo: View original content to download multimedia:
