Citi launches integrated banking product for younger customers

American lender Citi today announced a new product offering in the country targeted at people below 40 years of age, seeking to address multiple banking needs of the growing segment through a single relationship.The bank commissioned an in-house study which showed there is an emerging class of wealth builders globally and India is witnessing the fastest growth in this class, Citi's country business manager in the global consumer bank, Kartik Kaushik, told reporters here.He said this segment has peculiar banking needs for saving, wealth management,...

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SKS Microfinance cuts interest rate by 1.25%

SKS Microfinance has announced a 1.25 per cent reduction in the interest rate charged to borrowers from 22 per cent to 20.75 per cent with effect from October 1, 2015, for all future disbursals.This is the third interest rate cut effected since October 2014.In July 2015, the MFI had cut the lending rate by 1.55 per cent. In October 2014, it had reduced the rate by 1 per cent.SKS Microfinance, in a statement, said it could reduce its cost of interest-bearing liabilities to 11.9 per cent in Q1FY16 from 13.6 per cent in FY14 on account of downward...

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Federal Bank bets big on network expansion, localised services

Federal Bank’s growing physical presence, away from its homeground in Kerala, has translated into more business from branches outside the State.The bank expanded its presence outside Kerala to 52 per cent of branches opened currently, from 42 per cent in 2012. At present, 41 per cent of the total business comes from outside Kerala and the aim is to double the market share in these geographies, said KA Babu, Head – Retail Business.Rising figuresIn the last four years, more than 500 branches were opened, mostly in the western, northern and north-western...

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Dena Bank extends loan coverage

Dena Bank has extended the ‘Mudra’ loans, which are essentially meant for funding the unfunded, to 9,128 borrowers amounting to Rs.166.54 crore since the scheme was launched in April 2015, according to Ashwani Kumar, Chairman and Managing Director.Speaking at the launch of the bank’s Mudra Card, Kumar said the bank plans to arrange Special Credit Camps all over India from September 25 to October 2 to extend Mudra loans.It has been assigned a target of Rs.605 crore by the Centre for financing under the Pradhan Mantri MUDRA Yojana. Source : ...

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