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Home Loans Get Cheaper

The country’s two large lenders, State Bank of India (SBI) and HDFC, sprang a surprise on December 18 by announcing a reduction in the rate of interest on home loans for new borrowers. SBI reduced the rate on loans up to Rs 75 lakh from 10.5% to 10.15%; for loans above Rs 75 lakh, the new rate will be 10.3%. ... Read More »

Best Loan Buys

Are you scouting for a loan to buy a house, a car or for your child’s education? Given below are the best deals on offer from public and private sector lenders. Data provided by Deal4Loans.com   [“source-businesstoday”] Read More »

RBI tightens norms for credit card issuers on minimum dues

Tightening norms for credit card issuers, RBI on Friday asked banks to treat outstanding as bad loans in case customers fail to pay the minimum due amount within a stipulated 90 period. With a view to bringing consistency and inducing transparency, the RBI said, “it is advised that a credit card account will be treated as non-performing asset if the ... Read More »

SBI slashes home loan rates by up to 0.4 per cent

PHOTO: Reuters State Bank of India (SBI) has cut home loan rates by up to 0.4 per cent for new borrowers, a day after the Reserve Bank of India (RBI) kept its key policy rates on hold. The new rates would be effective from Friday, India’s largest lender said in a statement. SBI home loans will now be available under ... Read More »

Bankers rule out rate cuts as RBI keeps key rates unchanged

Bankers on Wednesday ruled out a reduction in interest rates even as the Reserve Bank kept key policy rates on hold. Bank of India Chairperson V R Iyer said there was no room for cutting lending and deposit rates at the moment. “Inflation is very high and there is hardly any scope for us to reduce the interest rate on ... Read More »

RBI’s new PIN rule boosts sales of payment solution companies

Companies that help in processing card payments look set to benefit from rising demand for portable card swipe machines after the Reserve Bank of India (RBI) adopted new rules to prevent fraud and enhance security. Merchants in India usually swipe cards through a reader to generate receipts that customers sign, but the new rule, effective December 1, adds another layer ... Read More »

RBI chief Raghuram Rajan maintains status quo; inflation to determine rate hike

RBI Governor Raghuram Rajan Photot: Reuters In a surprise relief to borrowers, Reserve Bank on Wednesday left key policy rates unchanged but said it will hike interest rates if inflation does not subside in line with the expected declining trend. “If inflation in food and fuel do not fall, RBI will act on off policy date,” RBI Governor Raghuram Rajan ... Read More »

RBI surprises everyone, keeps repo rate unchanged at 7.75 per cent

Reserve Bank of India (RBI) surprised everyone by keeping rates unchanged on Wednesday in the mid-quarter review of the monetary policy despite high inflation levels citing the prospect of easing retail prices and its concerns about the weak domestic economy. Highlights of RBI policy review -RBI keeps key policy rate, cash reserve ratio unchanged -Repo rate unchanged at 7.75 pc; ... Read More »

RBI may hike rates as inflation control remains priority

Reserve Bank of India (RBI) Governor Raghuram Rajan is likely to hike the key policy interest rate by at least 0.25 per cent in the mid-quarter review of the monetary policy to tame high inflation levels , economic analysts said on Tuesday. “We are expecting 25 basis points hike in repo rate by the RBI and the subsequent adjustments in ... Read More »

Wilful defaulters may have to pay higher rates, warns RBI

Concerned over rising bad loans, the Reserve Bank of India on Wednesday said it could consider making future borrowings more expensive for willful defaulters. Speaking at the Delhi Economic Conclave, RBI Governor Raghuram Rajan said the central bank will come out with a discussion paper next week with regard to distressed borrowers and rising NPAs. “For wilful defaulters or a ... Read More »