Page 5 - Banking Finance April 2025

BANK UPDATE

wide. The additions include 17
branches under its Hyderabad Field
General Manager Office (FGMO), fol-
lowed by 14 under Chennai, 13 under
Pune, 12 under New Delhi, and 11 un-
der Bhopal FGMOs.
Chandigarh and Lucknow FGMOs each
Ò»©­ saw 10 new branches. BoI Managing

Director and CEO Rajneesh Karnatak
stated that the expansion aims to im-
prove accessibility and customer ser-
vice, aligning with the bank's vision to
foster financial inclusion and contribute
to economic growth. As of December
SBI Reduces Lending Rates Following RBI's Repo Cut 2024, the bank operates 5,202
State Bank of India (SBI), the country's largest public sector bank, has low- branches across India.
ered its home loan interest rate by 25 basis points to 8.25%, effective Feb-
ruary 15, 2025. The bank also reduced its External Benchmark Based Lend- Federal Bank Introduces
ing Rate (EBLR) by 25 basis points to 8.90%. This move follows the Reserve
Bank of India's (RBI) recent decision to cut the policy repo rate by 25 basis Long-Term Annuity De-
points to 6.25% on February 7, 2025, signaling an easing in the monetary posit Scheme
policy stance. Federal Bank has launched a new term
As of December 2024, SBI's home loan portfolio stood at Rs. 7.92 trillion, deposit product, Annuity Deposits, of-
up 14.26% year-on-year, comprising 22.94% of its domestic loan book. How- fering resident customers a structured
ever, the rate cut may further compress its Net Interest Margin (NIM), income over periods ranging from 5 to
which slipped to 3.01% in Q3FY25 from 3.22% a year earlier. 20 years. The scheme requires a mini-
mum deposit of Rs. 15 lakh and permits
investments up to Rs. 2 crore. The in-
PD Singh Appointed as In- leadership roles at HSBC across its cor- terest rates vary by tenure: 7.10% for
porate and commercial banking seg-
dia CEO of Standard Char- ments. With over 165 years of continu- five-year deposits, 6.6% for tenures
tered Bank ous presence in India, Standard Char- between 5 and 10 years, and 6.25%
for durations exceeding 10 years.
Standard Chartered has named PD tered operates 100 branches across the The bank aims to attract high-value
Singh as its new Chief Executive Officer country, and Singh's appointment is depositors seeking stable long-term
for India, effective April 1, 2025. He expected to further bolster the bank's returns. This product adds to the
succeeds Zarin Daruwala, who is set to strategic growth in the region.
bank's diversified portfolio of invest-
retire on March 31 after a distin- ment options designed to cater to dif-
guished tenure. Singh brings nearly 30 Bank of India Strengthens ferent financial planning needs of cus-
years of experience in banking and fi- tomers.
nancial services. He previously served Network with 111 New
as CEO of JP Morgan Chase Bank in In- Branches Personal Loan Growth
dia, where he was instrumental in ex-
Bank of India (BoI), a public sector
panding the corporate banking busi- bank, has expanded its branch network Slows Amid Weak Vehicle
ness. by opening 111 new branches across and Credit Card Demand
Before that, Singh held various senior urban and semi-urban locations nation- Growth in personal loans declined to

BANKING FINANCE | APRIL | 2025 | 5