SBI offers personal loans to existing borrowers at housing loan rates

State Bank of India is offering a bonanza to its existing home-loan customers. They can take personal, or top-up, loans at the same rate that they are paying on home loans under a limited-period offer from the nation's top lender.In effect, an existing borrower can take a personal loan at 10.15%, provided he had been paying his homeloan EMIs on time. For women, this will be even cheaper at 10.10%. The rates imply a 0.35-0.40 percentage point cut in the top-up loan rates that SBI has been charging.It charges 13.50-18.50% on personal loans to...

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LIC to invest Rs. 1.5 lakh cr in Railways over next 5 years

Railways and Life Insurance Corporation (LIC) have signed a memorandum of understanding (MOU) to aid the financing of Railway Projects in the country.Under the MoU, the LIC will make available to the Ministry of Railways/its entities a financial assistance of upto Rs. 1,50,000 crore over the next five years for implementing Railway projects.Under this financing facility, there would be a five year moratorium on interest and loan repayment and the rate would be linked to 10-year benchmark (G-Sec yield) plus 10 basis points.The financial assistance...

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TDS by co-operative banks will ‘hassle’ small depositors

Co-operative banks will be required to deduct tax at source if the interest they pay to a depositor, who is also a member (shareholder) of these banks, exceeds Rs10,000 in a financial year.In this regard, the Finance Bill 2015-16 has proposed an amendment to Section 194A of the Income Tax Act (relating to interest other than ‘interest on securities’).According to the amendment, the tax deducted at source (TDS) will not apply to income credited or paid by a co-operative society (“other than a co-operative bank”) to a member or to any other co-operative...

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Nine Executive Directors appointed to various public sector banks

The Centre has elevated as many as nine general managers to the post of executive directors in various public sector banks (PSBs).The nine general managers who have been appointed as executive directors are Ravindra Marathe ( from Bank of Baroda to Bank of India); K.V.R. Moorthy (Bank of Baroda); Harideesh Kumar ( from Vijaya Bank to Canara Bank); Kharat Kishore Piraji (Bank of Baroda to Union Bank); N.K.Sahoo (from Canara Bank to Allahabad Bank); Ravishankar Pandey (from Union Bank to Syndicate Bank); Rishab Lodha ( from Union Bank to Central...

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Axis Bank, MasterCard to offer biz payment solution

Axis Bank, India’s third largest private sector bank, announced a partnership with MasterCard and Vayana Network to launch ‘Invoice to Payment’- an end-to-end digital invoicing and payment solution.“This solution aims to simplify B2B payments in India, estimated at over $95 billion annually. Processing of these payments today is physical, involves a number of manual steps and corporates spend a lot of time and resources to reconcile invoices and their payments. Invoice to pay is designed to simplify, digitize and automate the entire process...

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Vijaya Bank rolls out 2 debit cards

Vijaya Bank has launched two debit card in partnership with VISA and RuPay targeting the high-income group in urban localities. The cards were launched by the bank’s Managing Director and CEO Kishore Sansi in Bengaluru.The Visa Platinum card comes with an international EMV chip with enhanced security features and has daily cash withdrawal limits of Rs50,000 and shopping limit of up to RS1 lakh a day at merchant outlets. The RuPay Platinum card comes with similar facilities but is valid only in India. Launching the new cards, Sansi reiterated...

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Kshatrapati Shivaji takes over as SIDBI chief

The Small Industries Development Bank of India (SIDBI) has a new Chairman and Managing Director in Kshatrapati Shivaji.Prior to this appointment, Shivaji - a Maharashtra cadre IAS officer--was Principal Secretary, Finance (Expenditure), in Government of Maharashtra.Shivaji has already assumed charge of his new role. Source : Thehindubusinesslin...

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