The RBI’s decision to maintain the policy rates was in expected lines said Smt. Arundhati Bhattacharya, SBI chairman. Appreciating the move by RBI to go into Open Market Operation (OMO) she added that transmission of rates will happen gradually over the next few months as credit growth picks up pace. Dr. Rudra Sensarma, Professor of […]
State Bank of India, the public sector bank, announced a new scheme under which government and defence employees can get several concessions on home loans including a slower interest rate. Under the scheme, government employees will get an interest rate concession of 5 basis points (0.05%) over the Home Loan Card Interest Rate is available […]
The risks to global economy and India from Brexit are turning out to be higher than initially perceived, ASSOCHAM said today. The industry association called on the government to set up a high level monitoring group comprising inter-ministerial and agency representatives to watch the unfolding political-economic scenario in Europe. “Given the increased global risks, it […]
Adding its voice to the chorus of disappointment around the decision for the Reserve Bank of India to seek a new governor, Kotak Institutional Equities said it was “baffled” by the decision. RBI governor Raghuram Rajan — one of the most effective economic reformers India has ever seen — had announced his decision to step […]
International financial services firm Morgan Stanley said it expects the formation of bad loans to decline 40% this financial year, based on industry feedback. “Our view is that new NPL (non-performing loans) formation will decline by ~40% YoY in F17. It will still be high, but given the surge in F16, it should decline meaningfully […]
The results of latest round of FICCI’s Economic Outlook Survey puts across a median GDP growth forecast of 7.7% for the fiscal year 2016-17. The growth in 2016-17 is expected to be supported by an improvement in the agricultural and industrial sector performance. Prediction of a good monsoon after two consecutive years of sub-optimal rainfall […]
Cab aggregator Ola has partnered with a finance company to provide education loans for the children of its driver partners, the company said. The loan comes with easier interest rates and is applicable for children pursuing education from Std 1 to Std 12. “This first of its kind initiative allows loan options for driver-partners to […]
The government of India today said that Tube Investments, a part of the Murugappa Group, withdrew its proposal seeking approval for the sale of the 14% equity it held in Cholamandalam MS General Insurance Co to Japan’s Mitsui Sumitomo Insurance Co Ltd. CORRECTION UDPATE: Murugappa Group has clarified that it has withdrawn the application after […]
Axis Bank, India’s third largest Private Sector bank reduced its lending rate by 15 bps across all tenors. “This follows the reduction in Policy rates by RBI on April 5, 2016. The reduced MCLRs will take effect starting April 18thm” the bank said. With this, Axis Bank’s marginal cost based lending rates (MCLR) are as […]
Flipkart today announced the acquisition of PhonePe, a Bangalore based mobile payments company. Co-founded by ex-Flipkart employees Sameer Nigam and Rahul Chari, PhonePe is building India’s first Unified Payments Interface (UPI) based product. UPI, planned to go live in the April, will allow users to transact using their unique identification and mobile phone number or […]
The State Bank of India, India’s biggest lender, said India’s news media was flouting established ethical norms in its reporting of the Vijay Mallya episode. The media has been blaming state-owned banks for ‘going slow’ or showing a lack of due diligence when advancing loans to the businessman, who is now known to be in […]
The majority of Indian IT and financial sector workers are unhappy with their salary, a new survey by Monster.com said. It also found that Indian-owned companies typically pay much lower salaries than MNCs. The IT sector turned out to be the highest paying industry in India, even ahead of the financial services industry, which is […]
Union Bank of India, one of India’s biggest government-owned banks, said non-performing assets — bad loans to the layman — rose to 7.05% of its loanbook as on December 31, 2015 from against 6.12% three months earlier. A year ago, NPAs, on a gross basis, was 5.08%. On a net basis, NPA ratio was at […]
The government of India has decided to utilize Rs 6,500 cr of surplus cash to buy back bonds that it issued recently. The bonds carry 1.44% interest over and above the wholesale inflation index rate and were due to repurchase only in the year 2023. The government of India has seen a sudden influx of […]
Mahindra Finance said it has received a license to operate Mutual Funds via its subsidiary Mahindra Asset Management Company. Mahindra Finance is currently engaged in vehicle financing, and is part of the Mahindra Group. It plans to tap into its existing network of dealers and customers to sell its mutual fund products. “Our customer base […]
IndusInd Bank and online payment company Payu India entered into a strategic partnership too joint solutions. “The partnership is aimed at bridging the gap between conventional banking world and the new age online payment systems,” the private sector bank said. It will help bring the full suite of consumer banking products online, it added. “The […]
Muthoot Finance, one of India’s leading gold loan companies, has cautioned people against paying money to so-called agents in return for loan approvals. “In a recent instance, an unidentified organisation has fraudulently attempted to lure customers/investors, through the platform of Muthoot Finance, by sending bogus loan approval letters to unsuspecting people,” the company said. To […]
The government of India clarified that it had no plans to forcibly take gold from religious or other institutions under its recently launched monetization scheme. It came up with the clarification in the wake of media reports to the contrary. “Some sections of the media have reported that Government will directly intervene to monetize the […]
SKS Microfinance Limited cut its lending rate by 1% to19.75% per year for all future disbursals. “With this, the Company becomes the first micro finance institution to charge a sub-20% interest rate on its core Income Generating Loans (IGL) which are unsecured micro loans. Interest rate of 19.75% is the lowest rate charged by any […]
All India Bank Officers’ Association, the second largest organisation of bank officers, said it would support the upcoming strike by IDBI employees against disinvestment of IDBI Bank. The government is reportedly planning to bring down its holding in the bank below 51% like it did in case of Axis Bank (formerly UTI Bank). “The entire […]
