CURRENT AFFAIRS

Detailed explanation-1: -Government’s Bank SBI caters to the needs of both the government, central as well as the state. On behalf of the government, it receives the money and deposits it. It collects the charges on behalf of government like tax collection and other payments. It also grants advances and loans to the government.

Detailed explanation-2: -SBI raises Rs 9, 718 cr via 15-year infrastructure bonds at 7.70% coupon. The coupon set by the bank Is 17 basis points above the corresponding Financial Benchmarks of India (FBIL) government securities par curve.

Detailed explanation-3: -An act was accordingly passed in Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955. More than a quarter of the resources of the Indian banking system thus passed under the direct control of the State.

Detailed explanation-4: -Various promotional campaigns have been carried out through print and visual media via means such as hoardings, radio, TV, advertisements, and newspapers. Given its presence across India, its tagline, “The Banker to Every Indian, ” proves to be perfectly fitting. SBI uses ads to effectively communicate its policies.