Personal Finance

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."

Fidelity launches ‘Wealth Builder Fund’ in Domestic Market

Fidelity launches ‘Wealth Builder Fund’ in Domestic MarketFidelity International has announced the launch of its Fidelity Wealth Builder Fund, an open ended fund of funds scheme offering asset allocation options with three Plans, in the Indian market.

The investment objective of the fund is to generate reasonable returns based on the Plan selected with minimum and maximum asset allocation between debt and equity.

The company stated in a press release that the fund manager will use a two-tier investment approach i. e. asset allocation and fund selection to invest in Fidelity's funds.

Reliance Capital gets nod for setting up a housing finance company

Reliance Capital gets nod for setting up a housing finance company Anil Dhirubhai Ambani Group company Reliance Capital, a major financial services provider, has finally secured an approval from the National Housing Bank (NHB) for setting up a housing finance company.

It may be noted that, Reliance Capital is already into the mortgage business through its wholly-owned consumer finance arm Reliance Consumer Finance.

OBC inks MoU with Maruti Suzuki

OBC inks MoU with Maruti SuzukiOriental Bank of Commerce (OBC), one of the leading PSU banks in India, has signed a memorandum of understanding (MOU) with India's leading car manufacturer Maruti Suzuki India Ltd. to publicize the loan scheme offered by Oriental Bank of Commerce.

As per MOU, the exclusive car dealers of Maruti Suzuki will publicize the loan scheme among the prospective car buyers and link them to the Bank for credit support for hassle-free process.

Credit Suisse injects Rs 794 crore in NBFC

Credit Suisse injects Rs 794 crore in NBFCSwiss banking major Credit Suisse has revealed that it has invested Rs 794 crore in its non-banking finance company (NBFC) named Credit Suisse Finance India.

According to sources, the company has pumped the said amount in order to fund the operations of its Indian non-banking finance company (NBFC) in India. With the fresh funds, the total capital of Credit Suisse Finance (India) now stands at Rs 827 crore.

PNB reduces PLR by 50 bps; gets approval for JV named ‘Druk PNB Bank Ltd’

PNB reduces PLR by 50 bps; gets approval for JV named ‘Druk PNB Bank Ltd’Public sector lender Punjab National Bank (PNB) has reduced their prime lending rate by 50 basis points, with effect from January 1.

The BPLR of PNB would now stand 12 per cent, from the existing 12.50 per cent.

In addition, PNB also announced a reduction in its peak deposit rate by 100 basis points to 8.5 per cent for deposits of one year to less than three years beginning New Year.

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