A leading financial daily has reported that The State Bank of India has plans to launch two financial products for retail investors – loans against mortgage of immovable property and gold metal loans. Speaking to the press, Mr. A. K. Purwar, chief general manager SBI said that the bank would offer loans to retail customers against the mortgage of their properties for up to Rs 1,000,000. The loans have been structured in the same way as personal loans, the only difference being that of tenures - loans against the mortgage of property will be available for longer tenures.
The second product – gold metal loans are aimed at deploying the gold mobilised by the Bank through its gold deposit scheme. The metal collected through this scheme will be made available to the jewelers who will repay the loan in metal form.
The move will help more inflow of gold in the system providing increased liquidity to the immovable property market. The Bank will be able to put to use its gold stock, earning interest on the same. The jewelers in turn will get another legal source of supply of the metal. The increased supply of gold metal through this scheme and similar schemes (which are expected from other banks) will surely lead to a diminishing import value for the metal and a consequent decline in a the country’s foreign currency payment.
For the quarter ended December 2020, SBI has posted a net profit of Rs 52 bn (down 6.9% YoY). Sales on the other hand came in at Rs 667 bn (down 1.4% YoY). Read on for a complete analysis of SBI's quarterly results.
For the quarter ended September 2020, SBI has posted a net profit of Rs 46 bn (up 51.9% YoY). Sales on the other hand came in at Rs 668 bn (up 3.9% YoY). Read on for a complete analysis of SBI's quarterly results.
A timeline of how YES Bank went from a stock market darling to a pariah.
Top factors that dragged the markets lower today.
More Views on NewsIn this video, I'll tell you why I am recommending caution in the market at this time.
A tiny chemical company, started in the Licence Raj era, is a great example of a new wealth creating opportunity.
In this video I'll show you exactly how I go about picking stocks for trading.
100 baggers of the last decade share this common trait. Here's how to use it to nail future multibaggers.
More
Equitymaster requests your view! Post a comment on "State Bank announces new retail financial products". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!