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Tag: State Bank of India

  • New FASTag Design Targets Misuse Of Smaller Vehicle Tags On Larger Vehicles— Details Here | Economy News

    New Delhi: The State Bank of India has introduced a new FASTag design which is aimed at addressing the misuse of smaller vehicle tags on larger vehicles to avoid higher toll charges. This updated FASTag is specifically designed for Vehicle Class-4 (VC-04) which encompasses cars, jeeps and vans, as reported by Economic Times. The new tag has been available since August 30, 2024.

    Why Was the New FASTag Design Introduced?

    The new FASTag design was introduced to address the issue of incorrect tags being used on higher-class vehicles like trucks. The misuse of VC-04 tags on these larger vehicles has been causing financial losses for toll plazas, the Economic Times quoted SBI as saying. The updated design aims to make it easier to identify vehicle classes, allowing toll staff to quickly address any misclassifications and prevent revenue loss, as per the report.

    On August 30, 2024, SBI introduced several new products. Among them is India’s first MTS card, the MTS RuPay NCMC prepaid card. This card offers a convenient offline payment option for various transit services, including metro rails, buses, ferries, tolls, and parking.

    SBI also launched the OneView mobile application. This app allows customers to easily manage their NCMC prepaid cards, including topping up, tracking, and overseeing their usage all from one platform.

    “The Nation First MTS Card, issued without the need for KYC verification, along with the OneView app, streamlines card management, making it easier for users to top-up without the need to visit metro or bus counters,” said Mahesh Kumar Sharma, Deputy Managing Director of Transaction Banking and New Initiatives at SBI.

  • Karnataka Opens Front Against SBI, PNB; Halts Transactions | Personal Finance News

    New Delhi: The Karnataka government has taken a significant step by suspending all transactions with the State Bank of India (SBI) and Punjab National Bank (PNB). In an order approved by Chief Minister Siddaramaiah, the state has instructed all departments to close their accounts with these banks and promptly recover their deposits.

    Opposition-ruled states like West Bengal and Karnataka have time and again attacked the Finance Ministry and the Central government accusing the Union of not paying their GST dues. However, the finance ministry has refuted the allegation every time. The transaction ban on central banks comes amid this ongoing tussle.

    The order also specifies that no further deposits should be made into SBI or PNB. Additionally, the directive extends to public enterprises, corporations, local bodies, universities, and other institutions, instructing them to follow the same guidelines.

    The directive follows allegations of misuse of government funds deposited in these banks. Despite prior warnings and communications, the issue remained unresolved, leading the government to take this decisive action.

  • Want To Invest In Eco-Friendly Schemes? Check Detailed Comparison Of SBI vs BoB Green Rupee Term Deposit | Personal Finance News

    New Delhi: There are many investment avenues in India. But, as the world turns its focus towards environmental sustainability, Indian banks are stepping up their efforts to support green initiatives. State Bank of India (SBI) and Bank of Baroda are among the key players in this movement.

    Both banking giants offer green fixed deposit (FD) facilities to their customers. Here we are decoding the comparison of the green FDs provided by these two prominent banks. (Also Read: Indian CEO Leaves High-Paying Microsoft Job to Pursue Passion for Farming)

    Continue reading to delve deep into the further details. (Also Read: NHAI Revised Banks & NBFC List To Issue FASTags: Check New Authorized Entities Here)

    What Is Green Deposits?

    Green deposits are interest-bearing deposits received by regulated entities, with the funds specifically earmarked for allocation towards green finance, as per the Reserve Bank of India's notification.

    The circular is dated April 11, 2023. These deposits aim to channel funds towards environmentally sustainable projects.

    RBI Issued FAQs

    The RBI recently released a document addressing various inquiries investors may have regarding green deposits, providing clarity and guidance on the matter.

    Introduction Of SBI And BoB Green Term Deposits

    Bank of Baroda has rolled out the BOB Earth Green Term Deposit Scheme, allowing both existing and new customers to open green deposits at any Bank of Baroda branch across India.

    Meanwhile, the State Bank of India offers the SBI Green Rupee Term Deposit (SGRTD) through its branch network. Additionally, plans are underway to make SGRTD available through digital channels such as YONO and Internet Banking Services (INB).

    SBI vs BoB Green Rupee Term Deposit: Tenors

    SGRTD from SBI provides investors with flexibility, offering three distinct tenors: 1111 days, 1777 days, and 2222 days.

    On the other hand, the BOB Earth Green Term Deposit Scheme introduces innovative tenures including 1 year, 1.5 years, 1111 days, 1717 days, and 2201 days.

    SBI vs BoB Green Rupee Term Deposit: Interest Rates

    According to information available on the SBI website, SGRTD offers interest rates 10 basis points (bps) below the card rate for retail and bulk deposits, varying based on the respective tenor.