Base rate has been making banks miserable. Previously banks had to deal with losing short term borrowers to commercial papers (CP) but now they are losing customers to their competitors as well. This is because base rate has made home loans very expensive.
Liquidity situation is getting better for the banking sector although it has not completely revitalized, according to a senior official of Axis Bank. The official said, the improving position of liquidity signifies that further interference is unlikely on behalf of the banking controller, RBI in the monetary policy review to be held on September 16.
Car loan lender, Federal Bank has connected its ATM network to National Financial Switch (NFS). NFS is looked after by National Payments Corporation of India (NPCI).
Foreign banks may get entry in India but only if they fulfill the condition that they participate in the total financial inclusion.
Standard deviation steps in where average failed. It gives you an idea about the rating of the quality for the average. It can be defined as the difference between the numbers used in calculating the average and the actual average. It is an indication of how accurately the average represents its parent numbers.
IndiaBulls Financial has launched a special home loan scheme particularly designed for the employed class. The scheme gives home loans at an interest rate of 8.5%.
India’s Passenger car exports fell by 7.21% in August, as car manufacturers chose to concentrate on healthy local market, while the international markets have not yet seen the rise in demand, SIAM said.
New banking licenses are attracting a range of corporates and non banking finance companies (NBFCs). But RBI is not very liberal in this respect. It is believed that the central bank would begin the step by issuing only 4 banking licenses in initially and that also not in one shot.
Savings bank accounts may stop earning fixed interest rates very soon. The Reserve Bank of India is planning to decontrol the interest rates on these accounts shortly. Savings bank rates are the only rates still controlled by the apex bank.
The Personal Loan lender in the country, Axis Bank has launched Instant Money Transfer (IMT) service. It is a new remittance service having pioneering characteristics.