Despite RBI’s strict warnings against teaser home loans, SBI has decided to extend its special home loan scheme by another month. The bank has chosen to extend the scheme up to June, an increase of another 2 months. Other banks offering this scheme viz. ICICI Bank and HDFC Bank have decided to withdraw the scheme.
French car manufacturer Renault and Bajaj Auto have agreed to value the ultra low cost (ULC) car that they are building together with Nissan at $2,500, (approx. Rs 110,000) to rival Tata Nano.
ICICI Bank intends to raise its workforce by recruiting 5,000-7,000 people this year, a senior bank official said. Chanda Kochhar, ICICI Bank’s MD and CEO said, “We plan to hire around 5,000-7,000 people this fiscal. We have also declared bonus and increments for our employees”. She was talking to reporters after opening the 2000th branch… Read More »
Targeting a healthy increase in its business from the Mumbai zone, Andhra Bank is intending to open 10 new branches in the present fiscal, a top bank official said. M Anjaneya Prasad, Andhra Bank’s general manager (Mumbai Zone) said, “Presently, we have 86 branches in the Mumbai zone. We now plan to open 10 new… Read More »
Worried about the exploitation of credit card holders, a parliamentary committee has recommended that the Reserve Bank of India should suggest highest interest rate that can be levied by banks from the card holders.
Kerala-based South Indian Bank (SIB) declared a net profit of Rs233.76 crore for 2009-10 financial year, a rise of 20.03% over the earlier year. The bank, which had earned a net profit of Rs194.75 crore in 2008-09, credited the hike to “sterling performance in all aspects of operations.”
Prime lending Rate is the benchmark interest rate on the basis of which financial institutions decide the interest rates on the various loan products. For example, a bank might say a loan interest rate will always be 0.5% above the PLR. So this means if the PLR increases or decreases by a certain amount, the… Read More »
It is always important for you to understand your goals as well as your risk appetite. Don’t be taken in by the high returns offered by equities or gold if your goal is short term (within 2-3 years of investment), or if you cannot withstand the volatility of these assets. Similarly, just because income funds… Read More »
In a situation where you think that you forgot or did not have the proper documents to show the investments made, a Revised Return of Income needs to be submitted. Also, the actual claim for the tax refund needs to be done using Form 30. The Income tax department has recently started an initiative where… Read More »
The Reserve Bank of India (RBI) has sent a circular to the banks stating not accept cheques with corrections or modifications in anything except the date. The step has been implemented to “help banks identify and control fraudulent alterations”. The banks have begun telling customers regarding the policy change via mailers.