State Bank Of India

State Bank of India (SBI), country’s largest public sector lender is planning to drop service area norm for education loans. It has decided that, it will not reject any application without valid grounds. The bank branches required to record reasons for rejection and convey the same to the applicants to avoid complaints.

The bank has registered a surge of 136.91% in its net profit at Rs 3751.56 crore for first quarter ended June 30, 2012 as compared to Rs 1583.55 crore for the same quarter in the previous year. Total income of the bank has increased by 16.89% at Rs 32415.49 crore for Q1FY13 as compared Rs 27731.67 crore for the corresponding quarter previous year.