Home loans: Compare bank interest rates

Zee Media BureauNew Delhi: Buying your dream house requires a lot of research, more so when you opt for home loans.It is very important for the home buyers to carefully choose banks and compare the rate of interest that the banks offer on home loans. Though the rate of interest differs from bank to bank, the tenure of loan is also different in various banks.Let’s have a look at the interest rates on Home loan of some of the major banks of the country. STATE BANK OF INDIA Upto Rs. 30.00 lacs: 9.95% p.a.Above Rs. 30.00 lacs: 10.10% p.aState...

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Yes Bank family feud deepens: Corporate rivalry involved?

The Yes Bank battle seems to intensify. Its promoter Rana Kapoor wrote to the Reserve Bank of India (RBI) in 2012 to seek declassification of Madhu Kapur, the wife of late Ashok Kapur, as a promoter.Yes Bank management sources said the bank thinks that the feud over a position on the board of Yes Bank could be part of a larger corporate battle. Sources are maintaining that a decision would be taken in this regard over the next one week because all eyes will be on July 15, when the Bombay High Court once again hears the petition of Madhu Kapur,...

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Reduction in base rate, a relief to students seeking overseas education

After witnessing a weakening rupee inflate their overseas education budget in the last three months, students aspiring to study abroad finally have some news to cheer.Public sector banks - Bank of India, Central Bank of India and Union Bank of India - slashed their base rates by 25 basis points to 10% last week, resulting in reduced interest burden for students and their parents. Canara Bank, which also slashed its rate, is offering the lowest rate of 9.95%.Since education loans are linked to base rate, students aspiring to take education loans,...

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Karur Vysya makes remittance easier

Karur Vysya Bank has implemented Bahwan CyberTek’s Cuecent eRemit, a remittance solution. This is to offer instantaneous remittance service to the bank’s customers. The remittance solution helped the bank launch an instant cross-border remittances service for non-resident Indians. This offers the remitter the facility to instantly credit funds into the beneficiary’s account in any bank in India. Both the beneficiary and remitter receive free mobile and email alerts instantaneously on receipt of money, says a company press release. Source: ...

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South Indian Bank Q1 profit at Rs 115 cr

Thrissur-based South Indian Bank, which has a network of 753 branches across the country, has registered a net profit of Rs 115 crore in the first quarter of the current fiscal.The bank carried out total business of Rs 75,123 crore against Rs 64,502 crore in the corresponding period last year, a statement from the bank said. Its net profit is down by 6.66 per cent compared with the first quarter of last year.The deposits grew to Rs 43,584 crore from last year’s Rs 37,153 crore, while advances rose to Rs 31,539 crore from Rs 27,349 crore. The...

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IDBI offers inflation-indexed bonds to retail investors

IDBI Bank has modified its online investment portal ‘Samriddhi’ to enable retail investors and high net-worth (HNI) individuals to invest in inflation-indexed bonds (IIBs).The Government introduced such bonds in June to offer investors an alternative to investing in physical assets, such as gold and real estate.The bonds seek to provide inflation protection to both principal and interest payments.Market makerTo ensure liquidity, IDBI Bank will play the role of a market-maker, providing bid-ask quotes for the bonds.To encourage investment in...

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Srei Infra hopes to roll out ATMs on trial basis by Dec

Srei Infrastructure Finance Ltd hopes to get the final nod from Reserve Bank of India for setting up its white-label ATMs in the country shortly.White label ATMs are owned and operated by non-bank entities and, hence, do not carry the label of any particular bank. These ATMs can be accessed by the card-holders of all the banks and the operator is allowed to charge customers as per bank charges. Currently, customers are allowed up to five withdrawals free of charge from other bank ATMs; however, beyond five transactions, banks levy Rs 15 for...

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PNB's KR Kamath leads bank chiefs’ clamour for a cut in policy rate

Punjab National Bank ( PNB) chairman KR Kamath led chief executives' call for a reduction in cash reserve requirement if the central bank is serious about lowering borrowing costs in the system, but voices seeking interest rate cut were feeble.Demand for a cut in the repo rate, the rate at which the central bank lends to banks, which has been a constant for nearly two years, is fast vanishing from the thoughts of the industry as the currency slide makes it meaningless. There are fears that a sustained fall in the value of the currency could force the central bank to reverse its stance and raise borrowing costs."We asked RBI to give relief on CRR and repo rate, and also asked RBI to pay interest...

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Bankers demand CRR cut or interest on it from RBI

In run-up to the first quarter monetary policy announcement by RBI on July 30, bankers on Thursday strongly  pitched for a reduction in the cash reserve ratio (CRR) as they feel a cut in the short-term lending rate looks unlikely given the rupee volatility."We have requested the central bank to cut CRR as we don't think a repo rate cut is possible given the shape of the rupee. We have also told them if the CRR cannot be reduced at least we should be paid interest on our deposits with the RBI, as that can also enable us to bring down our...

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Lenders ask central bank for interest on cash reserve ratio

In a marked departure from the usual vociferous demand for a policy rate cut and a lower cash reserve ratio (CRR), the country’s top bankers shied away from making such demands, given the comfortable overall liquidity and their own inability to pass on any rate cut by the Reserve Bank of India to borrowers.In their customary pre-policy meeting with the central bank brass, the bankers discussed the state of the banking system and the relief that the RBI can be expected to give banks to improve their profitability.Bankers said they had asked...

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New product norms will not affect life insurers’ growth this fiscal, says IRDA chief

The regulatory requirement of the life insurance industry to re-file all existing products will not impact its growth this fiscal, said Insurance Regulatory and Development Authority Chairman T. S. Vijayan.According to IRDA norms, insurance companies have to re-file all their existing group and individual products by October. “It (re-filing of life insurance products) is an ongoing process. There is not a single company which has not got a product approved… The whole process is going on seamlessly,” said Vijayan.On distribution of insurance...

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Bank of India to hire 4,500 this year: CMD

Bank of India plans to recruit about 4,500 personnel both in the officer and clerical cadres in the current year, said Vijayalakshmi R. Iyer, the bank’s Chairperson and Managing Director.Commenting on non-receipt of call letters by thousands of aspirants who had cleared the bank exams and the interview, she said “there has been a slight delay in the process. They will be getting the letters in due course.”She said the banks indicate to the Institute of Banking Personnel Selection (IBPS), which is entrusted with the task of selection, the number...

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SIDBI to fund banks for lending to small units

Getting a loan from a bank or a non-banking finance company may no longer be an uphill task for micro enterprises.Reason: The Small Industries Development Bank of India (SIDBI) is planning to give liquidity support to financial intermediaries to encourage them to give loans to micro enterprises.Towards this end, SIDBI has tied up with German development bank KfW for a line of credit aggregating €100 million (about Rs 780 crore).Micro enterprises typically have loan requirements ranging from Rs 50,000 to Rs 10 lakh. ‘Missing middle’ According...

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Interest income lifts IndusInd Bank Q1 net 42%

IndusInd Bank reported a 42 per cent jump in net profit to Rs 335 crore in the first quarter ending June 2013, thanks to robust growth in interest income and drop in bad loans.The private sector lender had posted a net profit of Rs 236 crore in the same quarter last fiscal.Net interest income (difference between interest earned and expended) soared 40 per cent to Rs 679 crore. Other income rose 48 per cent on the back of increase in fee and treasury incomes.Net non-performing assets (NPAs) declined to 0.21 per cent from 0.27 per cent in Q1...

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Canara Bank buys 10% stake in Brickwork Ratings

Canara Bank has acquired 10 per cent stake in Brickwork Ratings, Bangalore.Canara Bank and Brickwork have signed the share subscription agreement today. The stake buy enable the entities to collaborate in various activities related to banking and credit rating.Canara Bank and Brickwork will take up joint activities in risk management, training, research, financial inclusion, credit rating models, events, and conferences.anil.u@thehindu.co.in Source: thehindubusinesslin...

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Axis Bank ties up with Experian for debt management

Axis Bank, India’s third largest private sector bank tied up with information services firm Experian to enhance its debt management and collections activities.“Axis Bank will use Experian's Tallyman software to efficiently manage customers in arrears, reduce the cost of collecting debt and increase working capital by reducing debt write-offs,” Experian said in a statement.Tallyman is a key component of Experian's Debt Collection and Recovery suite and the software automates the collections process across the complete lifecycle - from managing...

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Oriental Bank cuts base rate by 25 bps

Oriental Bank of Commerce (OBC) has reduced its base rate by 25 basis points to 10 per cent from the existing level of 10.25 per cent.The revised base rate will be applicable from July 22, S.L. Bansal, Chairman & Managing Director, OBC, told Business Line here.OBC had last revised its base rate from 10.4 per cent to 10.25 per cent in February this year.Public sector lenders have in the last few days started reducing their base rates in keeping with the Finance Minister P. Chidambaram's recent advice to reduce their minimum lending rates.Base...

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Bank recruits to receive call letters in due course: BoI chief

"While there may be a delay in candidates selected for appointments in PSU banks getting call letters, they will “get the call letters in due course”, according to Vijayalakshmi R. Iyer, Chairperson and Managing Director, Bank of India (BoI), Mumbai.She said her bank itself has planned an intake of about 4,500 personnel during the current year, both officers and clerical staff.Responding to a question during an interaction with the media here on Monday about the reported non-receipt of call letters by thousands of aspirants who had cleared...

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Rajeev Rishi appointed CMD, Central Bank of India

Central Bank of India has a new Chairman and Managing Director in Rajeev Rishi. Prior to this elevation, Rishi was an Executive Director at Indian Bank.Rishi will assume charge on August 1. His appointment is for a period of five years.Central Bank of India’s incumbent Chairman and Managing Director M.V. Tanksale is due to retire on July 31.Rishi has served as Executive Director at Indian Bank since October 1, 2010.Before joining Indian Bank, Rishi was General Manager at Oriental Bank of Commerce.Srivats.kr@thehindu.co.in Source: thehindub...

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Karnataka Bank inks pact with Reliance Capital

Karnataka Bank Ltd has signed a memorandum of understanding (MoU) with Reliance Capital Ltd for financing the micro, small and medium enterprises (MSMEs) through a co-financing arrangement.A bank press release said here on Tuesday that the bank will provide finance to the eligible MSMEs referred by Reliance Capital Ltd as per the norms.The release said the bank has over 550 branches and Reliance Capital Ltd has over 230 million customers across India.N. Upendra Prabhu, General Manager of Karnataka Bank Ltd, and K.V. Srinivasan, Chief Executive...

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Public sector banks to recruit 50,000 officers, clerks

Here is good news for job aspirants. The recruitment process for over 50,000 officers and clerks in public sector banks is likely to kick off in about a month or two.“We have requested banks to intimate us the vacancies to be filled for the next financial year. There may be confirmation by August/September. Then the process will begin,” A. S. Bhattacharya, Director, Institute of Banking Personnel Selection (IBPS), told Business Line.“We hope to complete the process by March 2014,” he added. In the current financial year, over 53,000 officers...

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S. B. Mainak appointed LIC MD

The Centre has appointed S. B. Mainak, Executive Director, LIC, as Managing Director of the state-owned life insurance behemoth.He will hold office from the date of assuming charge till February 29, 2016. Life Insurance Corporation (LIC) plans to invest nearly Rs 2.5 lakh crore in equities and bonds this fiscal.Last fiscal, it had invested in aggregate close to Rs 2.25-lakh crore in bonds and equities. For the current fiscal, LIC expects a 15 per cent growth in first year premium income. This is against a contraction seen last fiscal.srivats.kr@thehindu.co.in...

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Syndicate Bank gets new CMD

Syndicate Bank has a new Chairman and Managing Director in Sudhir Kumar Jain. He will hold the post of Chairman and Managing Director for a period of five years from the date of his taking charge. Prior to this appointment, Jain was an Executive Director at Bank of Baroda.srivats.kr@thehindu.co.in Source: thehindubusinesslin...

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SBI launches State Bank Xpress Money Card

State Bank of India, in partnership with a non-banking finance company, UAE Exchange and Financial Services, has launched a card which will enable the holder to receive the remittance directly on the card.The card — State Bank Xpress Money Card — can be loaded with up to Rs 50,000. A maximum of 30 remittances can be loaded during a calendar year.The card can be used for cash withdrawals from any bank ATM, transactions at point of sale (PoS) and e-commerce transactions.A depositor will have to visit the UAE Exchange and Financial Services branch...

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YES Bank case: Madhu Kapur to challenge appointment of whole-time directors

Madhu Kapur, widow of YES Bank co-promoter Ashok Kapur, has opened another flank in her dispute with the private sector lender.In her amendments to her original suit against the bank, Kapur has decided to challenge the June 27 decision of the board to appoint Rajat Monga, Sanjay Palve and Pralay Mondal as whole-time directors.The position taken by Kapur in the amendment is that the bank’s Articles of Association require a recommendation by the “promoters” for appointment of the whole-time directors.The amendment says that as ‘successors and...

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Union Bank cuts base rate by 25 bps to 10%

The Finance Minister’s recent ‘advise’ to banks to pare lending rates seems to be having the desired effect.After Bank of India and Canara Bank cut their base rates last week, Union Bank of India followed suit on Monday, reducing its base rate from 10.25 per cent to 10 per cent.Base rate is the minimum benchmark lending rate below which banks cannot lend.Banks determine their actual lending rates on loans and advances with reference to the Base Rate and by including such other customer-specific charges as considered appropriate.The public sector...

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Karnataka Bank shareholders agree to raising more capital via QIP

Shareholders at the 89th annual general meeting of Karnataka Bank approved a special resolution to raise capital by way of QIP (qualified institutional placement).The bank’s Chairman, Ananthakrishna, who placed this special resolution before the shareholders, said: “It is only an enabling resolution. We will not do anything that affects the interests of shareholders.”The management may consider this only if market conditions improve and the move helps the bank to boost its capital. Because of this, existing shareholders shall also benefit,...

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M.S. Raghavan takes charge as IDBI Bank CMD

M.S. Raghavan has taken charge as the Chairman and Managing Director of IDBI Bank.Prior to this, he was the Executive Director of Bank of India. Raghavan will be at the helm of IDBI Bank up to end-June 2015.The top position at the bank was vacant since May-end due to superannuation of R.M. Malla. As at March 2013, IDBI Bank had deposits and advances amounting to Rs 2,27,116 crore and Rs 1,96,306 crore, respectively. Source: thehindubusinesslin...

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New norms won’t impact insurance sector: Regulator

The norms for traditional life insurance products will not impact industry, according to T. S. Vijayan, Chairman of the Insurance Regulatory and Development Authority.“Initially there were some apprehensions. But, we had many sessions with the industry and explained to them what it is, and about modalities of implementation,” he told newspersons here on Saturday. The norms will come into force from October 1 this year. The new norms have changed the product design by aligning charges of traditional products with those of the unit-linked plans...

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ICICI Bank trains women staff in self-defence, ensures safe travel

Security for working women remains a concern in most cities across the country. Taking serious note of this, the country’s largest private sector lender, ICICI Bank, has initiated additional assistance and support to its women employees after working hours.Last month, ICICI Bank implemented some measures for women by setting up a team to conduct self-defence training, monitoring their travel after working late and organising quick-reaction mobile vans to handle emergency situations.Women constitute about 25-30 per cent of the bank’s workforce....

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Online crop insurance service from United India

United India Insurance, in association with Agriculture Insurance Co of India, has launched an Internet service to cater to the crop insurance needs of farmers in remote areas.Milind Kharat, Chairman and Managing Director of United India, and P. J. Joseph, Chairman of Agriculture Insurance Company of India Ltd, formally launched the Web portal recently.According to a press release from United India, most of the farmers have no easy access to the offices of insurance companies.This portal would facilitate insurance agents offer farmers services...

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United India in talks with LIC to offer combo product

State-owned United India Insurance Co Ltd is in talks with Life Insurance Corporation of India to offer a combo product of life and general insurance, according to Milind Kharat, Chairman-cum-Managing Director of UIIC.The company also plans to enter the the SAARC and the Gulf markets for general insurance during the course of this year, he added.Speaking to newsmen in Coimbatore late on Saturday, he said in the last fiscal, the company made a gross premium income of about Rs 9,260 crore, which was a 13 per cent growth. It also made a profit...

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Battle against bulk deposits continues: Vijaya Bank CMD

Upendra Kamath, as Chairman and Managing Director, has steered Vijaya Bank through a difficult two years. During this period, he focussed mainly on rebalancing the portfolio — both on the assets and liabilities sides. Vijaya Bank was excessively reliant on bulk business — whether on the corporate lending side or on deposits.The need to change the mindset of officials to focus more on the retail side consumed much of his energy during his first year in this office. Kamath has achieved considerable success in bringing the important financial...

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