The Reserve Bank of Indiahas stuck to its stand that the commercial banks should not ask collaterals on education loans for sum below Rs. 4 lakh. The RBI had first issued this order in the year 2001. It has been pressurized to restate its guideline after reports from numerous sources that banks are asking collaterals… Read More »
Bajaj Auto, which is intending to introduce four-wheelers in passenger and commercial vehicle section in 2012, will use the Renault platform for their manufacture. The platform is being built and it will distribute common features, meeting the needs of passenger vehicles and goods carriers, according to Bajaj Auto MD Rajiv Bajaj. Mr Bajaj said, “Our… Read More »
The banking sector is anticipated to come back to normalcy in this result season according to the analyst estimates. The leading 7 Indian banks are anticipated to increase their net profit by an average estimated 13% year-on-year (y-o-y) in March 2010 quarter. Except Bank of India (BoI), the rest of 6 banks may post a… Read More »
HDFC and ICICI Bank are facing hard time with the new FDI norms that declares them foreign banks. Now the RBI is expected to bail out these banks. It is possible that the central bank would shortly be sending out a directive which would categorize these banks as “foreign-owned Indian banks”. This move by RBI… Read More »
Home buyers and property developers don’t have to worry about having to pay a service tax if they are unable to get completion certificate from the local authority. The government may permit an independent authority to certify that the property is finished. A finance ministry official said, “We are examining the issue and will see… Read More »
Home development firm Skyline Constructions said it will build 6 premium residential apartments costing between Rs 14.5 and Rs 22 crore (Rs 145-220 million) in Bengaluru. Avinash Prabhu MD Skyline Constructions said “The cost of the apartments will range between Rs 14.5 crore and Rs 22 crore. The apartments will be available only for a… Read More »
Housing finance major HDFC reduced its home loan rate to 8.25% for the 1st year under its new dual rate scheme, usually called as teaser loans, valid for fresh loans. Under the scheme, HDFC would give a fixed rate of 8.25% up to March 2011, then 9% for the 2nd year and the present floating… Read More »
The 2nd biggest public sector bank in India, Punjab National Bank has started a huge financial inclusion scheme with an intention to have 1, 00, 000 touch points till the year 2013. 30 touch points have already begun functioning in parts of Bulandshahr in Uttar Pradesh, Rohtak in Haryana and Gaya in Bihar. With this,… Read More »
Despite anticipations of an increase in interest rates, Public sector bank, Bank of India (BoI) has reduced rates by up to 75 basis points on fixed deposits of Rs 1 crore and more. A statement released by the bank says, “The revised interest rates on Domestic Rupee Term Deposits of Rs 1 crore and above… Read More »
The super luxury homes costing between Rs 4 crore and Rs 30 crore, which had taken a nosevide during the slowdown, is making a comeback. During the last year, demand for super-luxury homes has increased by 30-40 %.