Low income and economical home loans is on the agenda of Chennai based Aptus Value Housing Finance India. The company, whose promoter is M Anandan, previous MD of Cholamandalam Investment and Cholamandalam MS General Insurance plans to concentrate on the suburbs adjacent to metros near the urban and semi urban parts of Southern India.
Personal loanlender and the biggest subsidiary bank of State Bank of India, State Bank of Bikaner and Jaipur has increased its deposit and lending rates by 25-50 basis points and 50 basis points respectively.
Car major Ford said it is unlikely to launch a car as ‘Splash’, despite getting the brand registered in India. It had pressurized Suzuki to alter its worldwide hatchback with the same name to ‘Ritz’ for selling in India.
Personal loan lender, Karur Vysya Bank(KVB) has fixed a goal of reaching total business amounting to Rs 50,000 crore by the next fiscal, according to an official of the bank. The bank also plans to open 100 new branches and will shortly be applying for it, the official said further.
Leading PSU bank, Punjab National Bank has reduced home loan rates to 8.5% as a festive offer. These rates are teaser rates to entice increasing number of customers to the bank and its offerings.
Public sector bank, Bank of Maharashtra is anticipating a 2nd round of capital infusion from the central government by the end of this fiscal, according to a senior official of the bank.
Car loan lender, Indian Bank has hiked deposit rates for maturities of 2 years and more and with amounts of Rs 5 crore and more by 50 basis points. The new rates now are 7.75% as against 7.25%.
PSU bank, State Bank of Indore has hiked its lending rate by 50 basis points. 1 basis point means 0.01% points.
Increasing adaptation of Point of Sale (POS) terminals to debit cards has raised the use of these cards as against credit cards.
The bankers association of India (IBA) has opined that lending rates have to be hiked sooner or later. Fall in increase of deposits can be attributed as a cause for the former.