Now, apply for SBI loans online

Country's largest lender State Bank of India today launched an online customer acquisition solution through which one can apply for home, car, education and personal loans online.SBI chairperson Arundhati Bhattacharya launched the application that will help customers gauge their eligibility and get a quote personalised to their requirement, the bank said in a statement."Customers will instantly get an e-approval on filling the online form. Thereafter, the bank officials will contact customers and complete all the loan formalities. Customers...

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Bank of Maharashtra cuts base rate by 25 bps to 10 per cent

State-run Bank of Maharashtra today trimmed its base rate by 25 basis points to 10 per cent, effective Monday, following its larger peers, which will bring down the cost of home, car and retail loans.The move comes ahead of the second bi-monthly monetary policy announcement on Tuesday, wherein the Reserve Bank is widely expected to slash policy rates following sharp drop in inflation and factory output numbers in recent months.The Pune-based lender had cut its base rate or the minimum lending rate last December by 15 basis points to 10.25 per...

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Cashless drive: RBI prefers e-payment for intra-city commute

RBI has issued draft guidelines on mobility cards that will allow you to travel without cash in metros, buses and taxis carrying prepaid cards with value up to Rs. 2,000.In a bid to boost prepaid payment instruments (PPIs) for commuting, RBI has introduced a new category of prepaid payment instruments that will be issued by the mass transit operators (such as metro or road transport).The PPI- MTS (mass transit systems) will necessarily contain the Automated Fare Collection application related to the transit service and can be used at other...

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Bank of India posts Rs 56-cr net loss

Bank of India has ended the last quarter reporting a net loss of Rs 56 crore due to weak asset quality and lower interest income.The net profit stood at Rs 558 crore a year ago.Net interest income (difference between interest earned and expended) declined 7 per cent to Rs 2,847 crore from Rs 3,047 crore.On the other hand, non interest income grew 24 per cent to Rs 1,122 crore from Rs 914 crore.Gross non-performing assets (NPA) increased to 5.39 per cent of total advances as on March end this year against 3.15 per cent as on March end last year.Net...

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Bank unions, IBA sign bipartite agreement

The Indian Banks’ Association signed the 10th bipartite agreement with five employee unions in Mumbai on Monday.The signatories included eight representatives on behalf of 43 member banks and 56 workmen representatives on behalf of five bank unions - AIBEA, NCBE, BEFI, NOBW and INBEF.With this, bankers will receive a 15 per cent hike in their salary slip component and would translate into an increase of Rs. 2,270 crore – the salary slip component of establishment expenses of public sector banks which are parties to this settlement for FY12.The...

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Now, you can make ICICI Bank transactions using voice!

Your voice will now act as your password to do banking transactions.ICICI Bank, India’s largest private sector bank, launched a voice recognition service which authenticates customers based on their speech patterns and allows them to execute banking transactions through the bank’s call centre.“The-first-of-its kind service, it is available to over 33 million customers of its savings account and credit card. With the voice recognition technology in place, customers are no longer required to enter their card numbers, PIN and answer security questions...

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Bank wage accord: 15% rise in salary and allowances

Salaries and allowances of bank employees will increase by 15 per cent as Bank unions and industry body Indian Banks’ Association (IBA) have formally signed the agreement.After years of long negotiations between the UFBU (United Forum of Bank Unions), an umbrella of nine unions and the IBA, the wage revision will be effective retrospectively from 1 November 2012 and will benefit about 10 lakh employees from public sector banks, old private banks and some foreign banks.On February 23 this year, the parties had announced a deal under which employees...

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Canara Bank posts Rs. 613-cr net profit

State-owned Canara Bank today reported a net profit of Rs. 612.96 crore during the last quarter of 2014-15 financial year against Rs. 610.8 crore in the same period previous year.Total income increased to Rs. 12,429.21 crore in the quarter ended March 31, 2015, from Rs. 11,609.72 crore in the same period last fiscal, the bank said in a BSE filing.Gross NPAs as a percentage of total advances rose to 3.89 per cent during the quarter under review from 2.49 per cent in the same quarter a year ago.Net NPAs went up to 2.65 per cent from 1.98 per...

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City Union Bank gains on good results

The stock of City Union Bank (CUB) gained almost 3 per cent on Monday, thanks to a steady performance during the March quarter. The bank had declared its results on Saturday.CUB, which has a strong regional presence in South India, has been able to maintain its return on asset at 1.45 per cent, which is higher than most of its peers. Steady asset quality and control over operating expenses led to a 19 per cent growth in net profit during the March quarter. Loan growth The bank’s loan growth, though marginally higher than that reported in...

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