Typically interest rate on the education loan starts accumulating as soon as the course is over. Since interest during the moratorium period will be paid by the government, EMI for the borrower is set to fall. This will reduce pressure on his/her cash flows. This is a proposal which has been submitted to the Planning… Read More »
EPF and PPF are cases of classic asset class mismatch – they are savings tools which are implemented for the long term. So technically they are not ideal investment avenues. However as a salaried person, one does not have an option not to invest in EPF. One could make withdrawals for suitable alternative investments if… Read More »
Driving the most luxurious car has been made possible by the stiff competition in the automobile industry in India, with overseas players gathering the same momentum as the domestic participants. Every other day, we have been hearing about some new launches, some low cost cars – all customized in a manner such that the common… Read More »
The lucrative credit market in the south has tempted Allahabad Bank to increase its base there too. The bank plans to start some branches in the southern cities. M R Nayak, the bank’s executive director, said, “The credit market in the southern region is encouraging. We are going to open 40 of 95 new branches… Read More »
Vijay Mallya is unveiling a plan to build Rs 1,500 crore-luxury residential homes in the center of Bangalore, on Vittal Mallya Road, in a tie-up with Prestige Estates. This may the costliest residential project to be build in Bangalore’s real estate history , since the asking rate per sq ft is estimated to be a… Read More »
In a step that can start a rate war among microfinance institutions (MFI), Bandhan Financial Services has reduced lending rates by about 5 percentage points to 19.1% from 24% on a reducing balance. With this, Bandhan’s personal loans are expected to become cheaper. Bandhan’s step will directly help its 25 lakh+ poor women borrowers. The… Read More »
The Reserve Bank of India (RBI) has eased rules on establishing offsite ATMs for strong urban co-operative banks with robust corporate governance. From now on, banks with lower bad loans, 3 successive years of profit and experts on their board, do not have to take prior authorization from RBI for off-site ATM. Earlier, no UCB… Read More »
German carmaker Volkswagen said it will boost the production of its latest product, compact car Polo in India to clear order backlog, which has exceeded 5,700 units within 2 months of introduction. These high orders were due to availability of cheap car loans. Neeraj Garg, Volkswagen Group Sales India Board Member said, “We are gradually… Read More »
PNB, the 2nd biggest PSU bank has opened its 5th branch in UK through its fully owned associate, Punjab National Bank (International) Ltd. The branch is located at Ilford, east London. The bank has intentions of starting another 2 branches this year. The new branches would be located in Wembley and Wolverhampton, according to Punjab… Read More »
India’s biggest lender, State Bank of India has joined hands with McKinsey and Co as its advisor to help it in developing its rural business. The banking giant has paid Rs. 62.8 crore to McKinsey for this purpose. SBI had kept a project allotted to McKinsey in 2007 on hold because of some operational reasons.… Read More »