SBI Latest News Update 2015 2016 Current affairs Jobs Vacancy

SBI Latest News Update 2015

SBI Latest News 2015 2016 State Bank of India Commercial and International Bank SBI Latest News Update 2016 Current affairs SME Insta Deposit Cards Upgrading, ATMs, Cash deposit machines SBI unveils plans for visually challenged customers The State Bank of India (SBI) is in the process of upgrading nearly 530 ATMs in the Andhra Pradesh to voice-guided machines by March 2013 for the benefit of customers with visual impairment.

 SBI Latest News Update 2015 Such persons can operate ATMs with the help of earphones and plug-in points. Cash deposit machines (CDM) are being set up in select branches to help customers deposit Rs 49,900 per transaction through ATM-cum-debit cards and SME Insta Deposit Cards.

Funds (transaction limit of Rs 5,000 and monthly cap of Rs 25,000) could be remitted by swiping the GRC which are given free of cost without the need to submit pay-in slips or fill withdrawal forms. Savings account holders can avail of Personal Accident Insurance Policies with maximum risk coverage of Rs 4 lakh on an annual premium of just Rs 100. Corporate and retail net banking and mobile banking have become instant hits with the customers

Some News regarding Merger of SBI Commercial with SBI
  1. The Union Cabinet has approved acquisition of the State Bank of India Commercial and International Bank Ltd. (SBICI Bank Ltd.) by State Bank of India (SBI), in terms of sub-section (2) of section 35 of the State Bank of India Act, 1955.
  2. SBICI, with two branches in Mumbai, is a wholly owned subsidiary of State Bank of India (SBI) and functions as a private sector bank offering an array of financial products and services.
  3. The terms and conditions for the acquisition have been approved by board of directors of both the banks and also by the Reserve Bank of India.
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  5. It is hoped that the merger would help in eliminating the cost involved in maintaining the administrative structure of SBICI as both the branches of SBICI would be easily absorbed in the operations of the main bank.
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  7. SBICI Bank Ltd. is a wholly owned subsidiary of SBI, which was set up in 1994 after taking over the Indian operations of the erstwhile Bank of Credit and Commerce International Ltd. (BCCI), which went into liquidation in 1991. SBICI Bank Ltd. has only two branches, both in Mumbai.

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