As part of its schemes for the festive season, leading public sector bank, Punjab National Bank has offered to grant home loans at floating interest rates up to 2.5 percent below the prevailing Public Lending Rate till the end of this year.
Year 2009 has been a significant year to showcase RBI’s success in regulating the banks in India. Most banks have been cautious with their lending to risky profiles. Certain unsecured loans were not sold at all. This has helped almost all the banks to be more powerful as their non-performing assets have come down.
Year 2009 has seen many long felt needs in the banking sector and user group (read as borrowers and account holders) being met. The liberalization of the branch opening process in smaller cities will help the banks and also the people in remote and rural areas.
In the wake of possible Cash Reserve Ratio hike, banks are considering increasing the sub-prime lending rate, while keeping the benchmark prime lending rate (BPLR) untouched.
The Export-Import Bank of India has extended a $100-million Line of Credit to Vneshecomobank, the Russian State-owned Bank for Development and Foreign Economic Affairs. The agreement was signed by Chairperson and Managing Director, Exim Bank of India, Ms. Ravneet Kaur and the Chairman of Vnesheconombank, Mr Vladimir Dmitriev.
Private sector bank, IndusInd Bank has presented its plan to the Reserve Bank, to bring down the promoter stake to the compulsory 10 per cent over the next 2-3 years.
The Small Industries Development Bank of India has disbursed Rs 1,500 crore to 10 banks for lending to micro/unorganised enterprises. The loan is provided upto December 1 2009. In a written reply in the Lok Sabha, Minister of State (Independent Charge) Dinsha Patel said, “SIDBI has set up a special cell for providing re-finance to banks for further… Read More »
Moody’s has upgraded the long-term foreign currency deposit ratings of 14 domestic lenders, which include State Bank, ICICI Bank, Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Exim Bank, HDFC Bank and IDBI Bank amongst others.
Private sector bank, City Union bank Limited launched its Online Trading product ‘Cub-Share-Trade’ in association with leading financial services provider, Geojit BNP Paribas. The Memorandum of Understanding was signed by Managing Director and CEO, City Union Bank Ltd., Mr. S. Balasubramanian and Managing Director, Geojit BNP Paribas Financial Services Ltd., Mr. C J George.
Public sector lender, State Bank of India, has received final approval for its general insurance subsidiary from the Insurance Regulatory Development Authority. State Bank of India has entered into a joint venture with Australia-based Insurance Australia Group (IAG) to form SBI General Insurance.