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Banking

Central Banks special mega credit camp

by NR INDRAN / INT Central Bank of India organized a Special Mega Credit Camp at SPBT College,Ville Parle, Mumbai, for its branches under Mumbai and Thana Region. As the Bank has completed 100 years in Dec’11, the Bank has arranged this Credit Camp to sanction the loans of more than Rs100Crs. On this occasion […]

Banking

Excessive borrowing bad, cap fiscal deficit: RBI tells govt

Cautioning the govt that excessive borrowing is bad, Reserve Bank Governor D Subbarao has urged the government to put a cap on the public debt as it would hurt growth. “There is an inflexion point beyond which fiscal deficits militate against growth. Government borrowing is not bad per se, but excessive borrowing is. There is […]

Banking

Union Bank of India changes interest rates on FCNR (B) Term Deposits

by NR INDRAN / INT Union Bank of India has revised the interest rates applicable to FCNR (B) Deposits w.e.f. 1st February 2012. The revised rates w.e.f. 1st February 2012 for various periods of maturity are as under: FCNR (B) Deposits: You can contact author @ [email protected]

Banking

All private sector banks eligible to handle govt business: RBI

Reserve Bank of India has said that all private sector banks will now be considered eligible to handle any Central or State Government at par with public sector banks. Till now, only three private banks, namely ICICI Bank Ltd, HDFC Bank Ltd and Axis Bank Ltd were appointed by RBI as its agents to carry […]

Banking

RBI cuts cash reserve ratio 50 bps to 5.5 per cent

The Reserve Bank of India on Tuesday lowered the Cash Reserve Ratio, the amount of deposits that banks are required to keep in cash with the RBI, to 5.5 per cent, from 6 per cent, with effect from January 28, to release 32,000 crore rupees into the system and ease liquidity problems. But the RBI […]

Banking

RBI interest rate unchanged; Rs 32,000 cr injected by CRR cut

RBI on Tuesday injected Rs 32,000 crore into the system by lowering the Cash Reserve Ratio (CRR) by half-a-percentage point but kept the short-term lending rate unchanged in view of persisting inflationary concerns. “Based on the current inflation trajectory, including consideration of suppressed inflation, it is premature to begin reducing the policy rate,” RBI Governor […]

Banking

Dena Bank accepts ASBA Forms to help investors applying for IPOs and Rights Issue

Dena Bank has complied with SEBI guidelines for enlisting as Self Certified Syndicate Bank (SCSB) for accepting Application Supported by Blocked Amount (ASBA) forms for various IPOs and Rights Issue. The Bank shall be accepting ASBA forms from15th January, 2012 onwards. This facility will enable the Bank’s customers to apply for public issues/ rights issue […]

Banking

Federal Bank hikes interest rates on NRE Term Deposits

by NR INDRAN / INT Federal Bank has hiked the interest rates on Non Resident Term Deposits. The revised rate of interest for deposits for a period of 1 year only is 9.50%. The rates for a period of 1 year to 3 years and above 3 years are 9.25% and 8.75% respectively. The hiked […]

Banking

Don’t fall prey to fictitious offers: RBI

The Reserve Bank of India, RBI, has cautioned the public against falling prey to fictitious offers of cheap funds that are rampant in recent times. In a press statement at Guwahati, the RBI said, the fraudsters often lure the public in the form of lottery prize money through letters, e-mails, SMS etc. It said such […]

Banking

Axis Bank launches ‘Insta Car Loans’

by NR INDRAN / INT Axis Bank, India’s third largest private Bank, today announced the launch of ‘Insta Car Loans’, India’s first auto finance facility that approves instant car loans at various car dealerships and at Axis Bank branches. Axis Bank has developed this feature in association withBankBazaar.com. Axis Bank’s Insta Car Loan facility offers […]