The latest reports from Reserve Bank of India showed that there is a fall in total deposits with banks on a fortnightly basis. The total deposits of banks fell by Rs. 4,997.08 crore to Rs 45,26,220.20 crore as of May 21, 2010 as against Rs 45,31,217.28 crore reported on May 7, 2010.
With signs of relaxation of laws about the arrival of foreign banks in India, increasing number banks seem to be eyeing India to establish operations here. A source with the knowledge of the subject said, 5-8 banks do intend to enter India. They find Indian market attractive due to the gaps evident in the economy.
The leading company of CK Birla Group, Hindustan Motors has tied up with State Bank of India, the biggest lender of the country in a car loan deal for funding its ‘Ambassador’ car and ‘HM Chifeng Winner’ mini-truck. As per the contract, the bank would be offering finance for both these car models for a… Read More »
If you file your returns after the last date, you will be charged a penal interest at the rate of 1% per month of delay. However, if such a return is filed after March 31, 2010, apart from the penal interest, you will also be liable for a penalty of Rs 5,000. Remember that having… Read More »
Despite a slower rise in the home loan market for the fiscal just over, the bigger banks have managed to outdo their smaller counterparts. The top 10 banks of the country posted a 13.8% increase in their home loan portfolio for FY 2009-10 as against the industry rise of 8%. The biggest lender of the… Read More »
With base rate coming into effect from 1st July 2010, an increase in home loan rates seems anticipated. There is a likelihood that teaser home loan schemes including the one offered by State Bank of India (SBI) which carries 8% rate of interest for the 1st year and 9% for 2nd and 3rd years may… Read More »
With the base rate nearing implementation, banks are going for a legal check of personal loan documents signed by them in order to prevent any court cases later on. The country’s leading bankers under the leadership of, State Bank of India talked about the topic in a meeting recently and reached this decision. A decision… Read More »
ING Vysya Bank has increased deposit rates on certain maturities with effect from 4th June 2010. The bank has hiked rates in the range of 0.50 -1.25% which means 50 – 125 basis points. The altered rates for deposits whose maturity is within 92 – 182 days are 5.25% as against to 4.75% previously.
Public sector bank, Punjab National Bank has launched a special credit card scheme for the visually impaired. In a circular dated 31st May, the bank has particularly directed all its branches throughout India to accept applications filed by blind having a bank account for over 6 months and have a good track record.
Will Vinod be charged a service tax on the entire amount he pays to the builder even if he pays 25 percent of the money after completion of construction? A property is treated as one under construction until the builder gets a completion certificate. So, any amount that Vinod pays to the builder before the… Read More »