Liquidity situation is getting better for the banking sector although it has not completely revitalized, according to a senior official of Axis Bank. The official said, the improving position of liquidity signifies that further interference is unlikely on behalf of the banking controller, RBI in the monetary policy review to be held on September 16.
Car loan lender, Federal Bank has connected its ATM network to National Financial Switch (NFS). NFS is looked after by National Payments Corporation of India (NPCI).
Foreign banks may get entry in India but only if they fulfill the condition that they participate in the total financial inclusion.
IndiaBulls Financial has launched a special home loan scheme particularly designed for the employed class. The scheme gives home loans at an interest rate of 8.5%.
India’s Passenger car exports fell by 7.21% in August, as car manufacturers chose to concentrate on healthy local market, while the international markets have not yet seen the rise in demand, SIAM said.
New banking licenses are attracting a range of corporates and non banking finance companies (NBFCs). But RBI is not very liberal in this respect. It is believed that the central bank would begin the step by issuing only 4 banking licenses in initially and that also not in one shot.
Savings bank accounts may stop earning fixed interest rates very soon. The Reserve Bank of India is planning to decontrol the interest rates on these accounts shortly. Savings bank rates are the only rates still controlled by the apex bank.
The Personal Loan lender in the country, Axis Bank has launched Instant Money Transfer (IMT) service. It is a new remittance service having pioneering characteristics.
Car loan lender, Federal Bank has said that it plans to achieve a total business of Rs 75000 crore in this fiscal on the back of the robust deposit and credit increase.
The Indian division of high-end bike maker, Harley-Davidson, intends to start a Harley Owners Group, popularly called as HOG, in India soon.