In a clear indication of an increasing interest rate scenario, India’s biggest private sector bank, ICICI Bank said it has increased its car loan rates by up to 0.5% and removed its special home loan scheme offering loans at 8.25%.
India’s biggest lender, State Bank of India intends to increase the staff recruitment in its branches throughout the country. The bank has hiked the target of recruiting 11,000 employees for its clerical post to 25,000 in order to deal with the retirements and the vacancies at its new branches.
Andhra Bank, a public sector bank is concentrated mainly in Andhra Pradesh. The bank is in the news for having one of the lowest Non Performing Assets (NPAs). During the last 5 years, bank’s official NPA was just 0.2% of the total advances. This included even the personal loans.
Australia and New Zealand Banking Group (ANZ) has at last obtained authorization from RBI to recommence its Indian operations after 10 years. The group intends to establish its first branch in India in Mumbai within a year.
Loans against fixed deposits, loans to bank’s staff, and restructured loans, which provide borrowers with more time and have lower rates to prevent defaults, can be offered at interest rates lesser than base rate. So this means, the interest rates on the personal loanswill not change.
Honda Motorcycle & Scooter India Pvt Ltd (HMSI) is thinking about establishing its 2nd plant in Rajasthan. It plans to invest a sum of Rs 1,100 crore (Rs 11 billion) and the plant will have a capacity of manufacturing 12 lakh units per year.
After receiving a good response from its trial study in Bangalore, Citibank is intending to increase its mobile payment service to other cities of the country and abroad. This decision was based on the results of the study conducted at Bangalore in July. The bank had commenced using mobile phones for credit card payments at… Read More »
Ashok Leyland’s new commercial vehicle unit at Pantnagar in Uttarakhand, inaugurated on Friday, is believed to be its biggest production unit. Spread over 190 acres with a built up area of 2 lakh sq mt., it is also one of the complete production units in the Indian commercial vehicle sector. The company said,” Best in… Read More »
As of now, if you have taken a home loan, the interest payments up to Rs. 1.5 lakh and up to Rs. 1 lakh towards principal repayment are eligible for tax benefit. But this is set to end once the new code comes into effect. So if you have paid Rs 3 lakhs as interest… Read More »
Simply put, tax evasion occurs when any trust, individual, or firm, seeks to avoid paying taxes by illegal and unfair means, by, for example, deliberately hiding income from the tax authorities to reduce the liability of tax. People have been known to submit dishonest reports, including declaring less gains, profits, or income than what was… Read More »