State Bank Of India

State Bank of India (SBI), country’s largest public sector lender is likely to push back the launch of its wealth management business to 2012-13 (April-March). The bank has attributed the delay to tight cash position and heightened regulatory scrutiny of such operations.

Recently, in a bid to offer its customers the hassle free facility the bank was planning to come out with an online car loan service. This service would allow customers to check if they are eligible to get a car loan. The move of the largest lender comes after private banks like Axis Bank and HDFC Bank initiated their step towards it.

The bank’s net profit for the quarter registered growth of 12.36% at Rs 2,810.43 crore whereas the same was at Rs 2,501.37 crore for the quarter ended September 30, 2010.  Bank’s total income increased by 23.44% at Rs 29,394.32 crore for the quarter under review whereas the same was at Rs 23,813.30 crore for the corresponding of the previous fiscal.