Delinquencies on home equity loans, bank cards hit record highs in 2nd quarterOctober 1st, 2009 Loan delinquencies hit record highs in 2nd quarterNEW YORK — Delinquency rates for three key consumer loan categories hit record highs in the second quarter, according to data released Thursday by the American Bankers Association. Rising unemployment and falling incomes were the main culprits for the higher delinquency rates for bank cards, home equity loans and home equity lines of credit, the ABA said.
Benaras saris and brocades now get exclusivity stampSeptember 17th, 2009 NEW DELHI - Like Basmati rice, Alphonso mangoes and Scotch whisky, the latest merchandise to be protected under 'geographical indication' are India's Benarasi saris and brocades, renowned for their intricate designs in silk and gold thread. Registered under the Geographical Indication of Goods (Registration and Protection) Act, 1999, these saris will henceforth receive the same level of exclusivity that is accorded to Scotch whisky, Champagne or Tequila.
Defaults on Bank of America credit cards edge higher, delinquencies improve; shares dipAugust 17th, 2009 BofA credit card defaults edge higher in JulyNEW YORK — Bank of America Corp. said Monday that defaults on its credit cards edged higher in July, but delinquencies declined.
Defaults on Bank of America credit cards dip in July, delinquencies improveAugust 17th, 2009 BofA credit card defaults edge lower in JulyNEW YORK — Bank of America Corp. said Monday that credit card losses and delinquencies edged lower in July.
Say goodbye to fixed-rate cards; 2 major banks switching terms in months leading up to reformsJuly 10th, 2009 Credit card pain: Some say goodbye to fixed ratesNEW YORK — It could be time to kiss fixed-rate credit cards goodbye. Two of the biggest issuers in the nation — Bank of America and Chase — say they're switching some fixed-rate cards to variable rates to manage costs in light of the sweeping new reforms to the credit card industry.
Allahabad Bank reduces lending rateJune 27th, 2009 KOLKATA - State-run Allahabad Bank Saturday decided to slash its benchmark prime lending rate by 25 basis points from July 1.
"The bank has decided to reduce the benchmark prime lending rate by 25 basis points from the existing 12.25 percent to 12 percent with effect from July 1, 2009," the bank said in a regulatory statement.
Allahabad Bank not likely to cut rates soonJune 24th, 2009 KOLKATA - State-run Allahabad Bank is unlikely to cut either interest rates or deposit rates soon, a top bank official said here Wednesday. There is a demand that interest rates should be made affordable but there are other factors that need to be taken into account, the bank's chairman and managing director K.R.
Health insurance for 150,000 weavers plannedJune 24th, 2009 NEW DELHI - The government will provide health insurance to 150,000 weavers and open two textile parks, Textiles Minister Dayanidhi Maran said Wednesday while unveiling the department's first 100 days' work agenda. "The textile sector is the second largest employer after agriculture and accounts for 13.5 percent of the total merchandise export earning and four percent of the GDP," said Maran.
Allahabad Bank eyes 18 percent deposit, credit growthJune 15th, 2009 KOLKATA - The city-based Allahabad Bank is looking at a credit and deposit growth of 18 percent in the current fiscal, a top bank official said here Monday. "The growth estimates are based on RBI (Reserve Bank of India) guidelines.
Online Merchants now easily accept the world's popular non-credit-cardMay 30th, 2009 MUMBAI - PayByCash(r), a subsidiary of PlaySpanT, today announced the availability of the PayByCash CodeT, the most accessible pre-paid product for consumers in 180 countries. PayByCash's revolutionary new product provides consumers with a streamlined way to make Internet purchases.
Sacked bank employee takes to cheating, heldMay 2nd, 2009 NEW DELHI - A 20-year-old man has duped many people and a private bank that had fired him due to the global economic downturn, police said Saturday, adding that he has been arrested along with his accomplice. Vishal Aggarwal, a resident of Faridabad in Haryana and wanted in many cheating cases, and his friend Ravinder Kumar, also 20, were arrested Friday from Ambedkar Nagar in south Delhi, police said.
Comparison of House and Senate legislation on credit cardsApril 30th, 2009 Bills, Fed rules on credit cardsA comparison of House and Senate legislative proposals with pending Federal Reserve regulations. HOUSE BILL
Takes effect a year after enactment, except for requirement of notice before interest rates are increased, which goes into effect in 90 days.
Allahabad Bank posts 18 percent growth in 2008-09April 14th, 2009 KOLKATA - City-based public sector lender Allahabad Bank registered 18 percent growth in deposits and advances in 2008-09 over the year before, a top official said here Tuesday. 'The bank has achieved a total business of Rs.144,000 crore as on March 31, 2009,' K.R.
Allahabad Bank, UAE firm tie up for remittance facilityMarch 30th, 2009 KOLKATA - City-based Allahabad Bank signed a pact Monday with the Gulf-based money transfer and exchange house UAE Exchange and Financial Services for promoting its own money transfer services, the company said here. According to the state-owned bank's chairman and managing director K.R.
Allahabad Bank joins hands with Suzuki MotorcycleFebruary 15th, 2009 KOLKATA - City-based public sector lender Allahabad Bank Monday signed an agreement with two-wheeler maker Suzuki Motorcycle India for financing of Suzuki two-wheelers under 'AllBank Mobike' scheme. Under the scheme, the bank will provide loans to two-wheeler buyers at discounted rates, Allahabad Bank chairman and managing director K.R.
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