Are you looking for an immediate loan?

Are you confused over what to put as security?

Such cases are very common in today’s time. Gone are the days when Indians used to think twice before going into debt. The growing consumerism has made Indians open to the idea of loans, and the banks are aware of this.

However, it’s important to start with a word of advice. Since banks are aware of the growing need...

Faced with the growing rate on inflation and the high cost of borrowing funds from the Reserve Bank of India, several top bankers of the country met with the RBI officials and conveyed their concerns on the prospective margin pressures and rise in bad loans. The bankers also discussed about the tough business environment created due to the high inflation.

A delegation of bankers which was headed by Indian Banks' Association chairman T S Narayanasami...

The problems with the Indian economy seem to be increasing. The latest news coming from the banking sector is that banks are running out of money. In a dramatic turnaround, the banks have gone from a position of surplus funds last week, to a position where banks have run out of headroom to borrow from the Reserve Bank of India (RBI) after collectively raising Rs 30,000 crore from the central bank. This has had an...

Bapu is coming to India’s rescue once again. And this time he is not alone. He has the support of Sanjay Dutt and SRK. India’s beloved Munnabhai and Kabir Khan are about to become real life teachers for 1.5 lakh debt recovery agents who would be going to school. This new school which has come into existence following the Reserve Bank of India’s decision, on April 24, making it mandatory for agents to be trained...

Banking is truly going mobile. Following SBI’s announcement on its foundation day to venture into the sphere of mobile banking, Bank of India and Union Bank of India are also walking the same path. This breakthrough in banking comes after the Reserve Bank of India granted permission to banks for the transfer of funds across mobile-phone service providers. Following this directive, many more banks are expected to join the above mentioned public sector banks.

Mobile...

In a bid to increase their consumer base, Mangalore-based Corporation Bank has resorted to technology advancement. On 1st July, the bank launched a feature rich savings bank account, called 'CorpCompassion'.

The new account comes with many services which include, SMS banking, Mobile banking, Any branch banking, Internet banking, Multi-city cheque facility, National Electronic Funds Transfer (NEFT) facility, LIC premium payment through Mobile/ATMs, Utility bill payment, Visa money transfer, Mobile recharge, Auto sweep facility and Direct...

Following the footsteps of many public sector banks, state-owned Bank of India (BoI) has decided to hike its deposit rates. The new deposits would be higher by 0.25-0.6 percent across various tenures and will come into effect from July 2.

Speaking in a press release, BoI said that deposits up to Rs 10 crore and having tenure of 1-2 years, will now attract an interest rate of 9.25 percent, up 0.6% from 8.85 percent.

Similarly,...

Following the RBI’s hike in repo rate and CRR, the banks have reacted accordingly by hiking their lending and deposit rates. Major Banks like SBI, ICICI and HDFC have taken steps which would make all types of loans, home, auto and other retail loans more expensive for the Indian consumer. These banks have hiked their lending rates upto the tune of 0.75 percent more. This move was, however, expected, as the RBI’s intention was to...

In what should be a very bad news for the public sector banks, there has been a realization that their non performing assets (NPA) have increased by about one-fourth of its value three years ago. Non Performing Asset (NPA) means an asset or account of borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss asset, in accordance with the directions or guidelines relating to asset classification issued by...

As was expected of many banks, the second largest public lender, Punjab National Bank (PNB) and the Bank of Baroda (BoB) have followed the lead of SBI and UBI in hiking their Benchmark Prime Lending Rate (BPLR). BPLR is the interest rate that commercial banks charge their most credit-worthy customers.

Last week, SBI and UBI had responded to the hike in key rates proposed by the RBI, by hiking their BPLRs by 0.50% (50 basis...

As was being speculated since Tuesday, banks have decided to hike their lending and deposit rates. Among the first banks to decide on the increase, the country’s largest lender, State Bank of India (SBI), and Union Bank are the prominent ones. They along with several other PSU banks have decided to raise lending rates by 50 basis points(0.50%). This news follows the hike in repo rate and cash reserve ratio, announced by the RBI on...

Economists at Standard Chartered Bank feel that the inflation affecting the economy so drastically would stay for more time, and to counter that the central bank would increase its key overnight rates as well as reserve requirement. Standard Chartered Bank said in a note that this step would be taken to curtail inflation which is running at 13-year highs, in the fiscal year 2008-09.

India has seen a inflation rate not seen in the last...

Close on the heels of the decision taken by Jammu and Kashmir Bank, the Housing Development Finance Corporation Limited (HDFC) Bank has followed suit and has increased its benchmark prime lending rate (BPLR) by 0.25 per cent. Prime lending rate (PLR) is the interest rate that commercial banks charge their most credit-worthy customers. The new PLR is 15.25 per cent.

On 19th June, J&K Bank had increased its PLR by 1 percent from 13 to...

India’s second largest bank, ICICI Bank, has followed the lead of the largest public lender, State bank of India in deciding not to increase the interest rates. However, the bank said that this decision is in no ways permanent. It will closely monitor interest rate trends and the Reserve Bank of India's steps for managing inflation before making a final call on the interest rates.

Presently, ICICI Bank's benchmark prime lending rate is among the...

The repercussions of the repo rate hike are being felt in all the banks across India. The newest bank to make a call on the interest rate modification is Punjab and National Bank (PNB). The public sector lender said it will take a view on revising the interest rates by the end of this month in the wake of hike in the short-term lending rate by quarter percent by the Reserve Bank of India.

"We...

The RBI monthly bulletin has shown a new development in the banking sector. In a development which shows expansion of agriculture credit, the monthly bulletin shows that the number of small loan accounts held with nationalised and cooperatives banks have significantly risen during last few years. According to the bulletin, the share of number of small loan accounts in the agriculture credit sector increased by 17% from 35.5% in 2004 out of the total small...

The affect of the hike in the repo rate on the various policies of banks is taking shape. After various banks had increased their lending and deposit rates, the Jammu and Kashmir Bank become the first bank to raise its prime lending rate (PLR). The bank has increased the rate from 13 per cent to 14 per cent following the announcement made by the Reserve Bank of India on Wednesday to increase the repo rate...

In response to the hike in the repo rate by the Reserve Bank of India last week, Vijaya Bank today raised the interest rates on deposits offered with ‘one to less than two years’ maturity by 30 basis points from 8.50% to 8.80%. The new interest rates would be effective from Wednesday.

The bank has said in a statement that the revision is with a view to narrowing liquidity gaps under a specific maturity slab. "Our...

The Housing and Development Finance Corporation Limited (HDFC) today inaugurated a branch in the south Kashmir district of Islamabad. This branch is the first in the district and sixth in J&K and is a part of the growing network of HDFC branches across the Valley.

Speaking on the occasion of the inaugural function of the new branch, S Ramakrishnan, branch banking head, North and East, HDFC Bank, said that after J&K Bank, the HDFC Bank...

The Bank of Baroda is increasing its international presence. The bank which already enjoys a prominence in 25 countries with 71 offices is planning to expand its overseas presence by opening up 10 more offices and branches during the current fiscal year. The bank is targeting the Gulf countries, Australia and China for expanding its overseas network.

Of the 71 branches, 46 are its own branches, 21 are the branches of its eight subsidiaries and four...