Personal Finance

RBI should act as single regulator for all loans: SBI chief

SBI Chairman PratipThe Reserve Bank of India (RBI) should become the regulator for all loans, including home loans, State Bank of India (SBI) Chairman Pratip Chaudhuri said.

Speaking at the fifth ICC Banking Summit, Mr. Chaudhuri said that there was no justification for having different regulators for different verticals like industrial loans, vehicle loans and home loans.

Speaking on the topic, he added, “Perhaps, the objective of the regulations is better served with RBI itself becoming the sole regulator for all loans, including home loans.”


ICICI Bank Comes Up with Two New Loan Schemes

ICICI Bank, India’s largest loan providing private bank, reveals that its new low interest based loan scheme will help customers to pay out their loan in a more convenient manner.

ICICI Bank Managing Director and CEO Chanda Kochhar revealed that the loan scheme is not burdening. The new scheme provides with the choice to customer to access a specific interest rate for a year or two. The interest rates were quiet low in comparison of the floating rates in the market.

The bank had unveiled its 2 home loan schemes on August 19, which provides fixed interest rates to customers. With the completion of the period of one to two years, the interest rates will turn floating in the nature and will be in relation to the base rate of interest fixed by the bank.


Credit Card Transactions Surge More Than 26% In Feb 2011

Credit Card Transactions Surge More Than 26% In Feb 2011Transactions worth Rs 6,212.92 crore were took place in India via through credit cards during February this year (2011), recording an increase of 27.82% as against the corresponding month of 2010.

As per the central bank data, credit card deals in February last year remained at Rs 4,923.11 crore.

But, the number of credit cards in circulation have dropped by around 10% to 1.81 crore as on February 28 this year as against 2.01 crore in February 2010.


MasterCard Q1 Profit Beats Expectations

MasterCard Q1 Profit Beats ExpectationsMasterCard Inc has announced that its first-quarter profit climbed up 24%, beating analyst prospects and confirming that customers are spending again.

The world's second-biggest credit card company made $455 million, or $3.46 per share, as against $367 million, or $2.80 a share, in 2009.

Analysts approximately had projected MasterCard to have net income of $3.14 per share.

MasterCard attributed its bettered outcomes to augmented user expending, advanced cross-border volumes, and a pricing growth.


Credit card reform law to give U.S. consumers more power, says Obama

Credit card reform law to give U.S. consumers more power, says ObamaThe credit card reform law in effect from Monday would give U. S. consumers more power over their finances, President Barack Obama said on Monday.

Obama said in a brief statement commemorating the Credit Card Accountability, Responsibility and Disclosure Act's first day," Today, we are shifting the balance of power back to the consumer and we are holding the credit card companies accountable."


HDFC and SKS Microfinance to enter deal for pilot project

hdfc bankHDFC, India's largest home loan provider, has entered a deal with SKS Microfinance for a pilot project in, under which to loans loan will be provided for improvement of dwellings primarily to low-income women clients.

The companies indicated that the project will provide loans mainly for extension and improvement of dwelling units which double up for income-generating activities like eateries, kiryana shops, and papad and agarbathi-making.

The loan is to be provided in the range of Rs 50,000-1.5 lakh for a 3 to 5 year period. SKS Microfinance will charge processing fees of 2% and interest of 21% on a monthly reducing basis.


Banks Finding "Sneaky Ways" to Make Money out of Public - Which? Report

Banks Finding "Sneaky Ways" to Make Money out of Public - Which? Report
UK-based Which? has recently released a report, and according to its banks all over the country are finding "sneaky ways" to make more and more money out of the unsuspecting public, including charging unexplained fees. Which? has been quick to assert that the rate on authorized bank overdrafts is currently at its highest level since the 1990s.


Survey reveals people hiding debt from their partner and family

If a new study conducted by the insurer Axa is to be believed then 40 percent of Britons would lie about their debt problems instead of telling the truth regarding their financial conditions. Approximately 24% of people surveyed forwarded that they were lying about debt built up from overdrafts, credit cards, store cards or loans from their family, friends and even partners.

A sum of £4,096 of hidden debt is owed by the average person and as per the Axa report, there was nearly £50 billion of hidden debt in the UK.


SBI extends date of ‘8% home loan offer’

SBI extends date of ‘8% home loan offer’
Country’s biggest lender State Bank of India has lengthened its special home loan scheme at 8% rate of interest by more than 4-months till 31st March, 2010. The decision of the bank would help small home loan receivers.

SBI, which offer the special plan under `My Home Campaign` is providing 8 per cent fixed rate of interest for five years for loans amounting Rs 5 lakh, having an upper limit of 10 years.

Initially, the plan was slated to close this Saturday.


Rise in New Mortgage Homes Seen in UK

According to recently revealed figures, the number of mortgages approved for house purchases has managed to rise up, to the level seen during last year, particularly beginning of the year 2008. As reported, in all, 42,088 home loans were approved during the last month, the highest figure reported since January 2008. Also, the figure is up by 77% as compared to same time last year.


Tata Motors inks ‘Vehicle Finance Pact’ with Andhra Bank

Tata Motors Car Finance

Tata Motors, the largest commercial vehicle maker of the country, has entered into an agreement with Andhra Bank, one of the largest public sector undertakings in the country catering to the financial needs of industry as well as retail segment, for financing its range of commercial vehicles to provide an added facility of finance to its customers.

Under the deal, the lender will offer loans for Tata Motors' commercial vehicles up to 90% of the on-the road cost (including vehicle cost, road tax and insurance), for up to 6 years, at an interest rate of 12.50% per annum.


Dhanalakshmi Bank to raise Rs 150 crore

Dhanalakshmi BankPrivate sector lender Dhanalakshmi Bank has successfully raised Rs 150 crore by selling bonds to investors on a private placement basis.

The lender stated in a communiqué that the bonds carry a rate of 10.30 per cent and have tenure of 5 years and 7 months. The interest payment will be on annual basis and the due date for the same would be September 30 every year.

The bonds are proposed to be listed at the National Stock Exchange.

Apart from latest development, the lender plans to raise an additional Rs 200-crore Tier-II capital in the near future to fuel its business expansion plans.


Rowe Price to pick 26% stake in UTI AMC for Rs 650 crore

Rowe Price to pick 26% stake in UTI AMC for Rs 650 croreUS-based T Rowe Price has decided to acquire a 26 per cent stake in UTI Asset Management Company (AMC) for around Rs 650 crore.

The sale follows an earlier attempt by UTI AMC which remained unsuccessful last year due to low valuations. The latest deal values the fund house at around Rs 2600 crore.

Under the proposed deal, UTI MF's four stake holders, which include SBI, LIC, Bank of Baroda and Punjab National Bank, would sell 6.25 per cent each to T Rowe Price.


United India Insurance inks pact with Tamilnad Mercantile Bank

United India Insurance inks pact with Tamilnad Mercantile BankUnited India Insurance company, leading player in the insurance sector in India, and Tamilnad Mercantile Bank Ltd have entered into an agreement to act as 'Bancassurance partners'.

Under the deal, the lender will market products of the insurance company through its 215 branches nationwide.

The agreement was signed in Chennai on yesterday between TMB Managing Director Nagammal Reddy and United India insurance General Manager K Sanath Kumar.


Tata Motors, State Bank of Hyderabad ink pact for vehicle loans

Tata MotorsTata Motors, leading India based major automobile company has announced that it has inked a deal with State Bank of Hyderabad.

Under the agreement, the bank will offer finance for Tata Motors range of commercial vehicles.

Through this contract, customers can avail 85% loan of the on-road cost which comprises vehicle cost, necessary accessories, road tax and insurance from State Bank of Hyderabad.

The sources informed that the bank is offering loan at a very competitive interest rate of 12.5% with the period up to 5 years.


SBI plans to set up administrative office in UK

SBI plans to set up administrative office in UKIndia's largest public sector lender, State Bank of India (SBI) envisages to establish an administrative office in UK by end of current fiscal.

The bank authorities stated in a communiqué that the new facility would act as a hub for the bank to control its European operations.

The sources informed that the bank wants to scale up presence in UK by opening 5 new offices in the coming one year, starting with one in November.


Ashok Leyland inks pact with Vijaya Bank

Ashok LeylandAshok Leyland, leading Chennai based commercial vehicle manufacturing company has announced that it has signed a Memorandum of Understanding with Vijaya Bank.

 As per terms of the MoU, Vijaya Bank will fund Ashok Leyland's end-customers.

The sources informed that that through this process, Ashok Leyland's relationship with Vijaya Bank gets further beefed up.

The sources further informed that Vijaya Bank, already active in the auto and SME space, becomes a preferred financier for commercial vehicles of Ashok Leyland.


M&M inks MoU with Bank of Rajasthan

Bank of RajasthanMahindra & Mahindra Ltd. (M&M), one of India's leading auto brands, has entered into a MoU with the Bank of Rajasthan for vehicle finance.  

Under the arrangement, the Bank of Rajasthan will be a preferred financier for Mahindra vehicles, encompassing both commercial vehicles and passenger vehicles.

The lender will offer financing at a low rate of 10.50% for salaried employees and professionals and 11% for others.

Further, the extent of the loan will be up to 90% of the ex-show room price of the vehicle up to the tenure of 5 years.


BMW Group to enter into Financial Services Business

BMW Group to enter into Financial Services Business BMW Group has revealed its plan to start its financial services business in India by June 2010 to offer financing for its cars and sport-utility vehicles.

Under the proposed plan, the group will introduce BMW Financial Services India as a new business entity.

The new company is expected to be fully operational by the mid of 2010. Presently, BMW Financial Services India is seeking a license to operate as a Non-Banking Finance Company (NBFC) in domestic market to offer solutions for Retail automobile financing for BMW customers.


Just 13 per cent Indians have pension cover: Study

Just 13 per cent Indians have pension cover: StudyA recently conducted survey- 'The Future of Retirement' by HSBC Life Insurance has put light over ignorance of Indians about pension cover. As much as 58 per cent people in India, despite being residents of highest saving nation in the world, are not clears as how to fund their retirement.


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