Leading car loan lender, Union Bank of India intends to earmark a corpus of Rs 500 crore to help farmers in Andhra Pradesh. The bank is also targetting the Surat-Ganjam (Orrisa) corridor and the migrant laborers out there. It intends to offer mobile based savings accounts in the region.
Home loan lender, Punjab and Sind Bank has hiked its fixed deposit rates of maturities of various durations by around 0.75% per annum.
Reserve Bank of India is anticipated to launch polymer notes by the end of this financial year. The polymer notes would imply the end to the period of partially torn, damaged paper currency.
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.