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Written by Site Administrator
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Monday, 21 December 2009 16:41 |
Brokers will be able to order mutual funds through their mobile phones as Bombay Stock Exchange is ready for it in the next 15 days. BSE wants to increase the accessibility of its MF through this initiative.
There is good news for investors too. This facility will be extended the investors also very soon.
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Written by Site Administrator
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Wednesday, 21 October 2009 10:00 |
To increase the transparency of interest rates for consumers, RBI has proposed the introduction of base rate for calculation of interest rates. Base rate would include all possible costs that are easily identified. The banks can charge interest rates above this base rate for loans that consumers take. This new mechanism if agreed upon will replace the existing Benchmark Prime Lending Rate (BPLR).
All banks will have to declare their base rates to RBI. This base rate will also serve as basis for all floating loan products available with banks. Banks can lend at rates below the base rate if the loan tenure is less than one year and the borrower credit profile has been good.
Currently, many banks lend at rates below the BPLR which RBI feels does not make and business sense. |
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Written by Site Administrator
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Wednesday, 21 October 2009 09:47 |
State Bank of India, the second largest Credit Card provider in India is offering cheaper interest rates to credit card consumers if they opt to pay annual charges. The existing 3-odd% per month will come down if you pay an annual fee of anything between Rs.500 to Rs. 1500.
Tha Bank has already stopped issuing free Credit Cards to consumers. All new credit card now come under the compulsory annual charge bracket at cheaper interest rates.
A spokesperson from the Bank mentioned that this initiative is mutually benefitial and would also limit the number of cross subscribers of Credit Cards. They said if a sizeable number of existing credit card holders opt for this new initiative then there is a chance that all credit cards may be put under this initiative making annual charges compulsory thereafter for all SBI Credit Card holders.
As we all know, SBI has ventured into credit cards in a big way and now has 30 lakh subscribers. It is adding 30,000 new consumers every month.
So, in the futre, credit cards are not going to come for free. What is more, there is a risk that your existing credit cards may also become chareable for annual charges soon. |
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Written by Site Administrator
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Tuesday, 20 October 2009 12:06 |
Speculations are rife that the apex bank is unlikely to modify the borrowing and lending rates in its monetary policy review. The rates are likely to see upward movement from April 2010 say experts.
Experts feel that at this juncture modifying the cash reserve ratio is also not likely. Currently the rates are as follows:
CRR: 5%
Repo Rate (the rate at which Banks borrow from RBI): 4.75%
Reverse Repo Rate (rate at which RBI borrows from banks): 3.25%
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Written by Site Administrator
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Wednesday, 14 October 2009 11:11 |
One of India’s unlisted public sector banks, Punjab & Sind Bank is planning to dilute government holding by about 20 to 25% by March 2010. These holdings will be offered to public in the form of Initial Public Offers.
The bank is preparing for the public issue. Last year, they have restructured their equity structure to make the shares more attractive. They are currently preparing themselves to get the necessary approvals from RBI, the Bank’s board and the Finance Ministry.
The Bank is hoping to raise long term Tier I capital through these IPOs. These funds are likely to the future growth of the Bank. |
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Last Updated on Wednesday, 14 October 2009 11:14 |
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