Personal loan lender, Union Bank of India would be increasing interest rates on deposits in October after the latest policy rate increase by RBI, according to Chairman and MD of the bank, M V Nair.
A penalty worth Rs 2 lakh levied on personal loan lender, Standard Chartered Bank by Enforcement Directorate has been set aside by the Delhi HC. The penalty was levied on charges of the bank taking deposit in NRI account via a person not an account holder 18 years ago.
The central bank, Reserve Bank of India has postponed its financial inclusion plan up to March 2012. The apex bank had set the aim of bringing banking services to every village whose population is 2000 and over.
Customers who had availed of gold loans upto Rs 1 lakh from regional rural banks (RRBs) have been allowed to make a one time repayment of the complete loan amount by Reserve Bank of India.
Hyundai Motor India has launched a new variant of its compact car i10, having an introductory price of Rs 3,48,000 to Rs 5,91,000 (ex-showroom, Delhi).
One of the largest gold loan lenders, Manappuram General Leasing and Finance intends to start 300 retail lending stores in central and western parts of India by the end of this financial year.
The first all woman cooperative bank in Assam is experiencing obstacles in its plan of increasing its reach. The bank is presently based in Jorhat.
Banks are scared that they may not be able to prevent microfinance institutions from levying high interest rates to borrowers. So they should introduce a system that would help to put a control on the lending process of MFIs.
Increasing lending rates due to constant policy rate increases by Reserve Bank of India is forcing banks to reset their credit offtake goals which they had set for this fiscal.
Car loan lender, Punjab & Sind Bank has accepted to work as registrar for the Unique Identification project known as “Aadhar”. The bank has entered into a Memorandum of Understanding (MoU) with the Unique Identification Authority of India (UIDAI) in this respect.