RBI report on credit information to benefit customers, industry: Experian MD

The recent recommendations by a Reserve Bank of India (RBI) committee on credit information companies will benefit both customers and the financial services industry, says Mohan Jayaraman, Managing Director, Experian Credit Information Company of India. “The recommendations around the consumer-centric points are to make things a little more transparent and processes a little easier for the consumer,” Jayaraman, also the ... Read More »

ICICI Bank announces cut in home loan rates

ICICI Bank, the largest private sector lender, has announced a 0.10 per cent reduction in home loan rates for a limited period, bringing them on par with bigger rival State Bank of India. ICICI Bank will offer home loans of up to Rs 75 lakh at 10.15 per cent, the same rate as SBI, between May 15 and June 30. ... Read More »

SBI to start special scheme for children’s accounts

Following the Reserve Bank’s move to allow minors to open and operate accounts, the State Bank of India, the nation’s largest lender, on Thursday said it will start a special scheme for children shortly. “We do open accounts for children but we have restrictions on overdrafts as if there is overdraft, we would not be able to realise it. There ... Read More »

Raghuram Rajan signed Rs 1000 banknotes to come up shortly

The Reserve Bank of India (RBI) will shortly issue banknotes of Rs 1,000 and Rs 20 denomination incorporating rupee symbol and bearing the signature of governor Raghuram Rajan. According to a statement released by the RBI on Tuesday, these banknotes will be in the Mahatma Gandhi Series-2005. “The design of these notes to be issued now is similar in all ... Read More »

Planning to close your home loan early? Here are a few tips

Arvind Jain Are you planning to foreclose your home loan? It may be wise to do so. The most important benefit of closing your home loan early is obvious – you become free of EMIs, which are probably the biggest recurring debt currently straining your monthly income. This is definitely a desirable scenario under the right circumstances. In previous years, ... Read More »

RBI Panel for Softer Retail Loan Terms

A working group set up by the Reserve Bank of India (RBI) on pricing of credit has said that interest rates on existing floating loans need not rise or fall with every change in the base rate of banks. Instead, it has said that the covenant of floating rate loans may have mandatory reset dates which can be monthly, quarterly ... Read More »

RBI for two-stage verification for online transactions

Worried over rising number of frauds in online banking, the RBI has suggested that banks introduce two-stage authentication to ensure security of transactions. The RBI report on ‘Enabling Public Key Infrastructure (PKI) in Payment System Applications’ said banks should also inform customers about risks associated with different types of online banking transaction. “Internet banking applications of all banks should mandatorily ... Read More »

RBI to shortly issue Rs 500, Rs 100 notes of 2014 printing year

The Reserve Bank will shortly issue banknotes of Rs 500 and Rs 100 denominations in the Mahatma Gandhi series with 2014 as the printing year. “The RBI will shortly issue Rs 500 denomination Banknotes incorporating rupee symbol on the obverse and reverse, with inset letter’E’ in both the numbering panels, in the Mahatma Gandhi Series-2005,” RBI has said. Besides that, ... Read More »

Earn As You Splurge

Do you know why reward points earned on credit/debit card transactionsexpire if not redeemed on time? Is it a significant loss? Why would a card company deduct the reward points if not redeemed? And, of course, why do card companies give reward points for using their cards in the first place? When a bank offers you a credit/debit card, it ... Read More »

State Bank of India to hold home loan rates

“Home loan rates will remain as they are,” State Bank of India Chairperson and Managing Director Arundhati Bhattacharya said on the sidelines of the IIM Calcutta’s 49th convocation. The Reserve Bank of India (RBI) on Tuesday kept policy rates unchanged but lowered the borrowing limit for the banks from the overnight facility A lowering of borrowing limit is likely to ... Read More »