Personal Finance

Bajaj Allianz aims to two-fold its market share in next three years

Bajaj Allianz aims to two-fold its market share in next three yearsBajaj Allianz Life Insurance, one of the leading private insurance companies in India, is eyeing to double its market share to 10 per cent in the health insurance segment over the next three years.

The latest information was revealed by a senior executive of the company, during launching of new insurance plan.

Presently, the company's market share in health insurance, among all the life insurers, is around 5%, which it plans to increase it to 10% in a three-year period.

SBI, IDBI Bank cut deposit rates by 25-50 basis points across various maturities

SBI, IDBI Bank cut deposit rates by 25-50 basis points across various maturitiesThat there is an apparent slide in deposit rates has become all the more obvious with two of India’s leading public sector banks – State Bank of India (SBI) and IDBI Bank – slashing their deposit rates, with the revised rates taking effect from April 13. The state-owned IDBI Bank also intends cutting its yardstick prime lending rate (BPLR) from April 15 onwards.

SBI might cut interest rates in the new financial year

State Bank of IndiaThe lower-than-expected credit growth might just be enough reason for SBI - State Bank of India - to slash interest rates in the forthcoming new financial year.

Talking to reporters on the sidelines of the 53rd convocation ceremony of the Xavier's Labour Relations Institute in Jamshedpur, SBI Chairman O P Bhatt hinted at measures that India's largest lender intends taking for bringing down interest rates.

RBI may revise key interest rate

Reserve Bank of IndiaThe Reserve Bank of India may again revise key interest rates by around 50 basis points in next couple of days at a time when inflation rate reduced to 0.44 per cent and country is moving toward deflation.

The significant decline in inflation gives enough room to Apex bank for interest rate revision in order to stimulate demand in the economy, facing the heat of global slowdown. However, the central bank is unlikely to revise cash reserve ratio and statutory liquid ration according to the officials of finance ministry.

PNB, Union Bank of India slashes loan interest rates

Punjab National BankPublic sector lender Punjab National Bank has announced a cut in car loans by 50 basis points with effect from March 1, 2009.

With the latest revision, the car loan would come down to 10.5-11 per cent from the existing 11-11.5 per cent.

It should be noted that earlier this month, the country's largest lender State Bank of India (SBI) had cut interest rates on home loans to 8 per cent and on car loans to 10 per cent for a period of one year

The new rates are applicable to all customers availing loans between February 23 and May 31, 2009, a bank official quoted in a statement.

LICHFL to launch new financial arm

LICHFL to launch new financial armLIC Housing Finance (LICHFL) is planning to launch its new financial arm in the current quarter. The decision is aimed to strengthen its distribution network across the country. The company would start its new financial arm, headquartered at Bombay and expand its network across country at later stage.

The Director and Chief Executive of LICHFL, R R Nair said, "We are launching our financial services subsidiary called LIC Housing Finance Financial Services which will help us improve our disbursement of loans and other financial products, during the quarter."