Category Archives: News

Personal loan lender, Allahabad Bank has hiked its Benchmark Prime Lending Rate (BPLR) by 50 bps. The present BPLR of the bank is 12.50%.

Personal loan lender, HSBC has elected Naina Lal Kidwai as the new director of the bank. Kidwai will join the office from 1st October 2010. Her taking over this position on this date will depend on the approval from the Hong Kong Monetary Authority.

Reserve Bank of India’s directives on behavior of recovery agents are being blatantly ignored. Recently there has been a sharp increase in the number of complaints being received by the office of Banking Ombudsman and the Government about vigorous recovery of outstanding loan amount by agents, primarily of private sector banks.

RBI has instructed all the banks to introduce a system to let home loan borrowers can enjoy the benefit of government’s 1% interest subsidy plan on home loans. This plan is for those who borrow sums up to Rs 20 lakh for purchasing the home.

Public sector bank, Oriental Bank of Commerce has hiked its benchmark prime lending rate (BPLR) by 50 bps. The bank’s deposit rates will also an increase of 100 bps.

Mobile handset manufacturer, Nokia and Yes Bank have joined hands to launch mobile payment service in the country. The aim is to increase the financial inclusion campaign in the country.

Car loan lender, UCO Bank has hiked its benchmark prime lending rate (BPLR) by 25 bps. The new rates are effective from 9th August 2010.

German car manufacturer Volkswagen says it will begin selling its mid sized sedan Vento costing between Rs 699,000 and Rs 923,000 in India from September this year.

The finance ministry has admitted to the fact that banks are not complying with the directives laid down by RBI for opening no frills, 0 balance accounts in rural regions as a step towards financial inclusion movement in the country.

The Credit Suisse has said that it has obtained a license from the Reserve Bank of India  to start a branch in Mumbai.