Axis Bank cuts base rate by 10 bps to 9.85%

Axis Bank, India’s third largest private sector bank, has revised its lending rate or base rate from 9.95 per cent p.a. to 9.85 per cent per annum.The new rates will be effective June 30, 2015.“Accordingly, the effective rate applicable to various fund-based credit and credit limits, which are linked to the bank’s base rate, will reduce by 10 basis points,” Axis Bank said in a statement.Currently, the country’s largest lender State Bank of India, largest private lender ICICI Bank and second largest private lender HDFC Bank have the lowest base...

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ICICI Bank cuts lending rate to 9.7%

The country's largest private lender, ICICI Bank, has reduced its minimum lending rate or base rate by 0.05 per cent to 9.7 per cent.After all major big banks, ICICI Bank has slashed its base rate to match the largest lender State Bank of India and its private peer HDFC Bank.ICICI Bank's new base rate will be effective June 26."From July 1, 2015, interest rates on new loans and advances, will be determined with reference to I-rates (base rates)," ICICI Bank said in a statement.Base rate is the minimum lending rate offered by banks to borrowers...

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RBI permits banks to borrow from global institutions

With a view to providing greater flexibility in seeking access to overseas funds, the RBI on Thursday permitted banks, which are authorised to deal in foreign exchange, to borrow from international /multilateral financial institutions without approaching it for case-by-case approval.ConditionsThese international/ multilateral financial bodies will include institutions of which the Government of India is a shareholding member, institutions that have been established by more than one government, or those that have shareholding by more than one...

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South Indian Bank launches new mobile app

South Indian Bank has rolled out SIB Mirror, an innovative mobile application with shake to transfer funds and shake to know your balance features which are unprecedented in the banking industry.V.G Mathew, MD & CEO launched the application at the Christ University Campus, Bangalore.SIB Mirror, developed in-house is a one stop solution for many banking needs. The application acts as a virtual branch that offers different menus for transferring funds, tracking daily transactions, calculating interest, applying for deposits and loans and...

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Dena Bank, MUDRA Bank ink pact

Government-owned Dena Bank and MUDRA Bank signed a general refinance agreement to finance new entrepreneurs and small businesses. To promote very small businesses, the Centre aims to facilitate credit of up to Rs1 lakh crore under the MUDRA (Micro Units Development and Refinance Agency) scheme during the current financial year. Dena Bank Chairman and MD Ashwani Kumar said the bank has already sensitised its field functionaries towards extending finance under the scheme. Source : Thehindubusinesslin...

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Axis Bank launches `Secure+' debit card with enhanced security features

Axis Bank, India’s third largest private sector bank launched Secure+ debit card with security features that allow customers to modify limits and switch off card usage when not required.An EMV chip based debit card, Secure + safeguards customer’s wallet by blocking Axis Bank cards as well as other bank cards held by the customers in her/his wallet with a single phone call.In line with government’s initiative to promote cashless transactions, the card offers emergency assistance and covers hotel and flight expenses in case of loss of tickets...

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HDFC Bank launches mobile app for trade finance transactions

HDFC Bank will provide trade finance transactions on the mobile phone for wholesale banking clients. The country’s second largest private sector bank hopes to push its wholesale business growth in sync with the economy and has launched the ‘Trade Finance on Mobile’ application.The app provides end-to-end digitisation of trade finance transactions, including the last mile authorisation of these transactions.“The on-the-go executives and senior officials, who are largely on-field and travelling, can authorise as and where they are present. In...

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Karnataka Bank to extend finance to farmers against warehouse receipts

Karnataka Bank Ltd on Tuesday signed a memorandum of understanding with Edelweiss Integrated Commodity Management Ltd (EICML) for extending storage facilities to farmers and to finance against warehouse receipts.A press release by the bank said here that finance to farmers will be extended under ‘Krishik Bhandar’ scheme of the bank. EICML has nominated Karnataka Bank as preferred financier for extending finance to farmers against the warehouse receipts.Quoting Mahabaleshwara MS, Chief General Manager of the bank, it said that this initiative...

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Federal Bank revamps mobile app, announces cash back offer

Federal Bank has announced the launch of revamped version of its mobile application FedMobile with added services and a cash back offer on first transaction of the customer.“As a launch offer, the bank has announced a cash back of Rs. 50 for customers who initiate a transaction worth Rs. 100 or above as their first transaction using the new version of FedMobile. The cash back amount will be credited to the customer’s account within 24 hours of the transaction. This offer is valid up to July 31, 2015,” the Kerala-based private sector bank said...

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