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.
German car manufacturer Volkswagen says it will begin selling its mid sized sedan Vento costing between Rs 699,000 and Rs 923,000 in India from September this year.
The finance ministry has admitted to the fact that banks are not complying with the directives laid down by RBI for opening no frills, 0 balance accounts in rural regions as a step towards financial inclusion movement in the country.
The Credit Suisse has said that it has obtained a license from the Reserve Bank of India to start a branch in Mumbai.
Tata Motors has said that it intends to increase its commercial car business in India and would introduce some more models by the end of this year.
Private sector personal loan lender, Karur Vysya Bank has fixed a goal of obtaining 26% increase in profits in this fiscal. The bank intends to reach this goal by opening new branches throughout the country and thus enjoying all India presence, according to a senior bank official.