A recent press report said that IndusInd Bank has increased the pricing on savings account deposits by up to 200 basis points. Reports said that the savings accounts balance up to Rs. 1 lakh will receive 5.5 per cent per annum, and balances above Rs. 1 lakh will get 6 per cent. The bank has… Read More »
A recent press report said that international rating agency Moody’s has suggested that State Bank of India has to increase and sustain the level of its Tier-1 capital, and improve its asset quality over an extended period in order to raise its stand-alone rating. SBI was downgraded to D+ from C-. As per reports from… Read More »
A recent press report said that banks and housing finance firms are avoiding the ICICI and HDFC dual interest rate housing loan schemes due to the higher provisioning norms stipulated by the RBI for such advances. The RBI has recently fixed an additional 2 percent standard asset provisioning norm for dual rate loans (popularly known… Read More »
According to a recent press report banks have started lending to microfinance institutions (MFIs). The RBI has recently issued guidelines on microfinance lending inter- alia directing banks to resume lending to microfinance sector and treat them as priority sector advances. Mr. Thomas, Managing Director of ESAF Microfinance said that the State Bank of India has… Read More »
A recent press report said that the Gold loan company Muthoot Finance has reported a net profit of 88 per cent to Rs.215 crore for the second quarter ended September 30, 2011 which was Rs.115 crore during the same period last year. The total income of the company which was Rs.529 crore during the second… Read More »
A recent press report said that the rise in savings deposits is likely to build up pressures in the profitability of the banks as the cost of funds would be higher in the midst of slowing growth in loans and advances. Mr. Suman Chowdhury, the Head of Crisil Ratings said that the rise in savings… Read More »
A recent press report said that the private insurer IndiaFirst Life Insurance has launched Money Balance Plan, a new life insurance plan that provides insurance cover on life and also an additional benefit to earn and secure returns on the invested money. IndiaFirst Life Insurance is a joint venture between two large public sector banks… Read More »
A recent press report said that in the second quarter results of most of the private sector banks have reported a higher growth in retail loans than corporate or wholesale advances. Bankers said that the demand for home loans and car loans have been increasing as the income of the customers have been in line… Read More »
A recent press release said that the Union Cabinet has approved an interest subsidy of 1 per cent for housing loans up to Rs. 15 lakh in order to enhance the housing sector. Currently the home loan limit for interest subsidy is prevailing at Rs. 10 lakh for which the cost of house should not… Read More »
A recent press report said that the financial inclusion measures and increased customer focus has significantly changed the Indian Banking scene from class banking to mass banking. In his statement, Mr. S. K. Chatterjee, director of Lucknow – based Bankers Institute of Rural Development (BIRD) said that India still has a great potential for retail… Read More »