Tag Archives: Banks

Look Beyond Market Linked Tax Saving Options

When we talk about tax saving investment options in India, phrases such as ELSS, SIP and ULIP rule the roost. The average Indian is leaving no stones unturned in ensuring that his personal investment portfolio includes a mix of market linked investment products, which not only fetch him handsome returns, but also give tax benefits… Read More »

Banks’ Hit List Of Borrowers: Are You On It?

When it comes to loans, it sometimes feels like banks are playing the Godfather. There are some that easily become a part of the family, while others get rejected. Here are top 3 customer profiles that banks prefer, or don’t prefer. The Hit List Doctors: A privileged lot, to say the least! Banks believe that… Read More »

All about bank savings a/c interest rates!

Every individual has a Savings Bank account, but pays little attention to the interest earned on the balance in this account. Some people may not even know that the balance they maintain in their savings bank accounts earn an interest. In the past, before RBI had deregulated the savings bank interest rate regime, all banks… Read More »

PVNSB has been penalised for violating RBI guidelines

A recent press report said that the Reserve Bank of India (RBI) has penalised Gujarat-based co-operative sector lender – Porbandar Vibhagiya Nagarik Sahakari Bank (PVNSB) – for violation of its guidelines. The RBI has imposed a fine of Rs. 1 lakh on PVNSB for violating RBI guidelines on ‘Know Your Customer (KYC)’ norms as well… Read More »

Finance Ministry is likely to seek Parliament's nod for more funds for PSU banks

A recent press report said that the Finance Ministry is likely to look for the Parliament’s nod for an additional Rs. 10,000-12,000 crore to recapitalize about half a dozen public sector banks this fiscal. Reports said that over and above Rs 6,000 crore has been allocated in the budget. Mr. D. K. Mittal, Financial Services… Read More »

Maharashtra has extended interest-free crop loan limit to Rs 1 lakh

A recent press report said that Maharashtra Government has planned to extend the crop loan limit to Rs. 1 lakh from Rs 50,000 earlier under zero per cent interest rate scheme. Reports said that the decision was taken at the weekly Cabinet meeting chaired by Chief Minister Mr. Prithviraj Chavan. He said that the extension… Read More »

FDI inflows have gone up sharply in first quarter according to RBI reports

According to the Reserve Bank of India’s balance of payments data released recently, the  net direct investment into India has increased significantly by $7.2 billion during the April to June 2011 period, against $2.9 billion in the corresponding quarter last year. Reports said that the net loans offered by banks were at $11.5 billion compared… Read More »

BharatBenz has signed an MoU with HDFC Bank for CV financing

A recent press report said that BharatBenz, the exclusive truck brand for the Indian market by Daimler, world’s leading producer of Commercial Vehicles, signed a Memorandum of Understanding with the country’s no.1 auto loan player HDFC bank for financing its commercial vehicles. According to the MoU HDFC Bank becomes the first preferred financier for BharatBenz… Read More »

The banks have asked the RBI to keep rates steady

A recent press report said that Indian banks have told the Reserve Bank of India, which has raised rates 13 times since February 2010 to control inflation to change course and keep interest rates steady as they fear asset quality will be further impaired with high interest rates and a slowdown in growth. Reports said… Read More »

IOB Has Planned to Open Its Second Branch at Bangkok

A recent press report said that Indian Overseas Bank has planned to come up with yet another branch in Bangkok, Thailand. Mr. M. Narendra chairman and managing director of the bank told the press about the bank’s plan to open another branches. Mr. Narendra, regarding the issue said that the bank has applied to the… Read More »