Personal Banking

Credit Card Numbers going down in India

As per data submitted by the Reserve Bank of India (RBI), credit card number has been steadily falling from April 2010 to December 2010. There were 19.3 million in April 2010 whereas in December 2010 it reaches at 18.1 million.

This shows that credit card number reduced by 12.3%.

During current fiscal year banks are more cautious over issuing credit cards because they have experienced recession in past few years. On the occurrence of recession, banks have witnessed defaults as a result banks have started blocking the outflow of credit. Banks are treating credit cards as personal loans because they are unsecured and funds are used for incurring personal expenses.  

SBI slashes deposit rates by 0.25%

State Bank Of IndiaState Bank of India (SBI), India's major banking institution, has announced that it has slashed its deposit rates across all maturities by 0.25%.

As per official sources, the downward revision on all maturities is effective from October 5.

SBI representatives stated in a communiqué that with this reduction, deposits of 1-year to less than 2-years, will now earn interest rate of 6.25% against 6.5% earlier.

Tata Motors inks MoU with Union Bank of India

Tata Motors inks MoU with Union Bank of IndiaTata Motors, India based largest automobile company, has entered into a memorandum of understanding (MoU) with the Union Bank of India (UBI).

Under the arrangement, the lender will provide an added facility to Tata Motors' dealers for funding of their purchases of the company's cars and utility vehicles.

With this signing of deal, UBI has become one of the preferred channel financiers of Tata Motors. UBI has a large network of over 2,650 branches across the country.

SBI cuts deposit rates to 7.25%

SBI cuts deposit rates to 7.25%Country’s largest public sector lender, the State bank of India, has reduced deposit rates by 25 basis points under its 1000-day scheme launched last year for mopping up funds amid global financial crisis.

The move will help its net interest margin bringing it at par with the interest rates offered by other public sector lenders. The new rates will come into force from September 8.

3i Infotech ties knot with SBI

3i Infotech ties knot with SBI3i Infotech, an IT solutions provider and software product company, has joined hands with State Bank of India, the country's largest lender, to provide revolutionary Kiosk banking facilities to the rural citizens of India.

Under the agreement, SBI will get access to over 6,000 villages in Tamil Nadu alone through around 2,000 I-SERVE stores of 3i Infotech over a period of time.

RBI aims to provide financial services in all rural areas

RBIAn RBI committee has told the private sector banks to extend their financial services to rural areas and promote the cause of financial inclusion.

The Committee, headed by Usha Thorat, RBI Deputy Governor, aimed to provide financial services to all rural areas by March 2011. The committee also proposed that a roadmap may be drawn to render banking services in any form to all villages with a population of more than 2000 by March 2011.

The committee also stated that the state governments should assure road and digital connectivity to all the centers where penetration by the formal banking system is needed.

Loans all set to be cheaper

Loans all set to be cheaperLeading banks are likely to cut interest rates by 50-100 basis points in days to come, a move that can help to generate demand and propel economic growth in the country.

External affairs minister Pranab Mukherjee, holding Finance portfolio due to bypass surgery of Prime Minister Manmohan Singh, is meeting top executives of banks on Monday to discuss the matter. He can ask banks to cut lending rates on home, retail and auto loans to revive demand in the economic system. Banks may revise prime lending rates (PLR) or the benchmark interest rate by 50-100 basis points besides some concessions for SMEs and infrastructure firms.

Central Bank slashes lending rates

Central Bank of India announced on Saturday that it has decided to trim down its lending rates by 0.75 per cent with effect from Monday. Under the latest modification, the Central Bank's current benchmark prime lending rate (BPLR) stands at 12.5%.

Reacting to RBI's policy signals, a majority of public sector lenders including, State Bank of India (SBI) and Bank of India, and private sector bankers ICICI Bank, had cut down their lending and deposit rates in the recent past.

According to sources, SBI slashed its BPLR a 0.75 per cent and deposit rates by 0.25 per cent, while ICICI Bank reduced its lending and deposit rates by 0.5 per cent.

Allahabad Bank introduces Festival Bonanza for its customers

Allahabad Bank introduces Festival Bonanza for its customersAllahabad Bank, one of the oldest banks in India, has announced a Festival Bonanza for its customers in various buckets of Term Deposits.

The lender stated in a official release that the rate of interest on Term Deposits for Senior Citizens will be 11% per annum for a period of one year up to three years, however for others, it will be 10.50% per annum.

DCB introduces ‘Freedom 1-2-3 Fixed Deposit Scheme’

DCB introduces ‘Freedom 1-2-3 Fixed Deposit Scheme’Private sector lender Development Credit Bank (DCB) has introduced a new deposit scheme -- DCB Freedom 1-2-3 fixed deposit, for its customers.

The newly launched scheme will offer 10.5% rate to customers in the 375 days to three-year tenure. However, Senior citizens will receive 0.5% more rate above the card rates.
 
The bank also increased rate for 91 days deposit to 9% from 7% for deposits up to Rs 50 lakh. The new rates will come effective from October 1.

SBI introduces new deposit rates w.e.f October 1, 2008

SBI introduces new deposit rates w.e.f October 1, 2008

India's biggest public-sector lender State Bank of India (SBI) has increased its deposit rates in certain maturities effective from October 1.

The bank has launched a 1000-days deposit scheme that provides 10.5% interest to depositors. However, senior citizens will receive a higher 11% interest in the new deposit-scheme.

Besides this, the lender has informed that an additional 0.25% rate above the card rate will be offered on a single term deposit of Rs 15 lakh and above, having tenure of 181 days to less than 2 years.

ING Vysya Bank to strengthen its foothold in the Country

ING Vysya Bank to strengthen its foothold in the CountryING Vysya Bank, one of India’s leading private sector banks, is presently concentrating on retail banking and expansion plans to increase lender’s footprint across the country.

Yesterday, the bank has opened 11 ATM outlets in Hyderabad, including eight in the city. The other ATMs are located in Warangal, Khammam and Guntur.

During launching ceremony, ING Vysya said that its focus is on growing the bank's franchise and providing banking convenience 24/7 by strengthening its alternate delivery channels.

IDBI Bank hikes interest rates on deposits by up to 0.75%

IDBI Bank hikes interest rates on deposits by up to 0.75%Leading public sector lender IDBI Bank announced a hike in its interest rates on deposits across various tenures by up to 0.75% with immediate effect. According to a release issued by the bank late Monday evening, deposits up to Rs 15 lakh having a maturity period of 1-2 years will now earn an interest rate of 8% while those above Rs 15 lakh will attract 10.25% as against 9.5% earlier. Similarly, deposits of 2-3 years, 3-5 year deposits and 5 years deposits upto 15 lakh will now earn a rate of 9.5%, 9.25% and 9.25% respectively.

Yes Bank hikes PLR & deposit interest rates

Private-sector lender Yes Bank has announced an increase in PLR by 50 Yes Bank hikes PLR & deposit interest ratesbps effective August 1, 2008 and an increase in fixed deposit interest rates for tenors ranging from 6 months 1day to 2 years.

Under the revised rates, deposits for a tenor of 1 year and 1 day up to 18 months will earn a higher return of 10.00% p.a. (previously 9.75%) while Senior Citizens will earn an attractive return of 10.50% p.a. (previously 10.25%).
These fixed deposit interest rates are effective from August 1, 2008.

HDFC Bank increases BPLR by 25 bps

Private sector lender HDFC Bank has hiked its benchmark prime lending rate (BPLR) by 25 basis points to 15.25 per cent.

The bank has also increased its deposit rates by 25 basis points across different tenures.

The hikes come into effect from June 18.

Other banks like, J&K Bank and Yes Bank have already raised their prime lending rates after RBI hiked the repo rate.

The Reserve Bank had on June 11 hiked the repo rate by 25 basis points to 8 per cent.

HDFC inks pact with NCR; to open 300 new ATMs in the Country

HDFC inks pact with NCR; to open 300 new ATMs in the Country

India's leading private banking services provider HDFC Bank will soon open 300 more ATMs in country. The bank has already placed an order for 300 additional automated teller machines with ATM manufacturer NCR.

The present order is in line with HDFC bank's expansion strategy in India.

ICICI Prudential joins hands with American Express

ICICI Prudential joins hands with American Express

India's leading private insurer, ICICI Prudential Life Insurance announced its tie-up with American Express Banking Corp., in a service initiative that will enable ICICI Prudential Life policyholders across the world to pay their insurance premiums online.
All ICICI Prudential Life policy holders who hold an

SBI increases interest rates on deposits by 25-50 bps

SBI increases interest rates on deposits by 25-50 bps
India's largest public sector bank State Bank of India (SBI) has raised interest rates on fresh medium and long-term deposits by 25-50 basis points effective June 1, 2008.

The deposits for duration two years to less than three years will now earn an interest of 8.75 per cent, the same as deposits of one year to less than two years.

Cholamandalam DBS Finance launches online investment portal

Cholamandalam DBS FinanceCholamandalam DBS Finance Limited, has announced the launch of an online investment portal christened Choladbsdirect.com, aimed at retail investors and traders.

The company claims that the portal, www.choladbsdirect.com, is a financial gateway for first time as well as regular investors, helping them invest safely and securely across a wide variety of financial instruments online.

The portal will initially also host most of the in house research that has been until now available to High Net worth Individual (HNI) clients of the firm, the company added.

Britain's RBS bank unveils record write-downs and cash plans

London - Royal Bank of ScotlandThe Royal Bank of Scotland (RBS) Tuesday asked shareholders for a record 12 billion pounds (24 billion dollars) of new capital as it revealed fresh write-downs of 5.9 billion pounds resulting from the current credit crunch.

Britain's second biggest banking group said it would raise the sum by issuing shares at a 43.6-per-cent discount to Monday's closing price in what analysts said was one of the biggest rights issues in British corporate history.




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