Car loan borrowers would now have to pay an extra Rs 100 as EMI on a loan amount of Rs 4,00,000 for a period of 36 months. This rate increase would be the second for this type in this fiscal. The earlier rate hike was effected in April.
Sharp domestic demand for Ford India’s small car Figo, and interest in overseas markets such as South Africa, has made the car-manufacture commence a 2nd shift at its Maraimalainagar factory in Chennai since June, according to a company official.
Although base rate for personal loans has become effective from the 1st of this month, there is hardly any difference with the previous BPLR method of lending.
The country’s biggest two-wheeler manufacturer Hero Honda has posted a 16.60% rise in its sales in June at 4,26,454 units exceeding 3,65,734 units it sold in the equivalent month last year.
Faced with competition from the biggest lender of the country, State Bank of India has made HDFC Bank increase its teaser loan scheme on home loans. The product will carry a fixed rate of 8.25% up to March 2011 and 9.25% for the subsequent 12 months. From April 2012, the existing home loan rates will… Read More »
YES Bank has selected Chandigarh as the first city to introduce ‘Mobile money services by YES bank’ in association with Nokia and Obopay India. The service would allow the customer to transfer money in a safe manner using his mobile phone. The service is called ‘Mobile money services by YES Bank, powered by Nokia’. It… Read More »
Ratnakar bank, has taken the initial step to drastically alter its management structure. The private sector lender has approached the Reserve Bank of India (RBI) to recruit Vishwavir Ahuja, earlier MD & CEO of Bank of America’s India operations, as the would-be CEO.
Crisil has enhanced the debt instruments of ICICI Bank to ‘stable’ from ‘negative’ and said that the bank is expected to retain progress in earnings profile. Crisil said, “Crisil has revised its rating outlook on ICICI Bank upper tier II bonds and tier I perpetual bonds to stable from negative,” it said in a release.… Read More »
Reserve Bank of India has stated that the new directive introduced on cheque modifications is valid for cheque truncation system (CTS). Presently CTS is being used in the clearinghouse of RBI based in the National Capital Region (NCR). The clearinghouses in other regions use the MICR Code system for cheque clearing. This new directive does… Read More »
With hardly a few days remaining for base rate coming into play, banks are working hard on the implementation of the new system. Not even one bank has informed their base rate. The biggest lender in the country, State Bank of India was anticipated to take the lead in declaring the base rate for personal… Read More »