1% interest subvention on housing loans upto Rs.10 lakhSeptember 11th, 2009 New Delhi, Sept 11 (IBNS) The Cabinet has approved the Scheme of 1% interest subvention on housing loans up to Rs.10 lakh and the allocation of a sum of Rs.1000 crore for the Scheme. Point-wide Details
• Interest subvention of 1 percent will be made available on individual housing loans upto Rs.10 lakh for construction / purchase of a new house or extension of an existing house provided the cost of the construction/price of the new house/extension does not exceed Rs.
Reserve Bank engaged in keeping inflation lowAugust 31st, 2009 NEW DELHI - Reserve Bank of India's Deputy Governor K C Chakrabarty on Monday said the bank is faced with the challenging task of keeping inflation in check, when food price inflation has already reached around 10 percent. "The food price inflation is already around 10 percent.
Bank of England expands asset purchases to increase money supply, keeps rates at 0.5 percentAugust 6th, 2009 Rates unchanged, but BoE adds monetary easingLONDON — The Bank of England is keeping official interest rates at a record low of 0.5 percent — but it is expanding its program to expand the money supply by 50 billion pounds to 175 billion pounds. With recent signs of an economic recovery on the horizon, the extension of the so-called quantitative easing program announced by the bank on Thursday indicates it remains cautious about those early indicators.
Central Bank to raise stake in housing finance armJuly 29th, 2009 KOLKATA - State-run Central Bank of India plans to raise its stake in its housing finance arm Centbank Home Finance, a top official said here Wednesday. The bank is planning to acquire the stakes of its two partners - Special Undertaking of UTI (SUUTI) and Urban Development Corp Ltd (HUDCO) - in Centbank Home Finance, S.
Time not right to raise taxes, says finance secretaryJuly 6th, 2009 NEW DELHI - Tax rates were not raised in the 2009-10 budget proposals as economic conditions remained difficult while tax relief for individuals would help boost consumption, Finance Secretary Ashok Chawla said here Monday. The finance minister has left unchanged the excise and customs duty cuts that were announced following the global economic meltdown because "the time is not yet right to raise any tax rate.
Power Finance may slash interest rates by 25 bpsJuly 2nd, 2009 KOLKATA - State-owned Power Finance Corp Ltd (PFC) may cut its lending rate by 25 basis points to 11.5 percent keeping in view the fall of interest rates, a company official said here Thursday. "We may reduce our rates and align it with present market levels," said M.K.
UCO Bank may slash deposit rates again next monthJune 29th, 2009 KOLKATA - The city-based UCO Bank is likely to slash deposit rates by 50-100 basis points soon, a top official said here Monday. The bank cut its lending rates by 50 basis points recently to 12 percent.
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.
SBI may review rates by May-endMay 8th, 2009 KOLKATA - State Bank of India (SBI), the country's largest lender, may review rates by May-end as it has seen a steady rise in deposits last fiscal, a top official said here Friday. 'Our deposits are growing at fantastic rates; we see an excess of supply over demand,' SBI chairman O.P.
High interest rates deterrent for micro-financeMarch 31st, 2009 NEW DELHI - High interest rates coupled with an uneven spread of micro-financial institutions are among the major reasons for credit still not being available to a sizable portion of the underprivileged, experts said Tuesday. 'There is an uneven spread of the micro-finance movement,' B.P.
Punjab National Bank rules out further cut in interest ratesMarch 27th, 2009 NEW DELHI - The state-owned Punjab National Bank (PNB) feels it would be difficult to lower lending rates any further if the government did not slash interest rates on existing deposits. 'The Reserve Bank of India (RBI) is not reducing interest on savings bank deposits.
Interest rates should be reduced further: Kamal NathFebruary 9th, 2009 NEW DELHI - Interest rates for the Indian corporate sector were still 'very high' and must be reduced, Commerce Minister Kamal Nath said here Tuesday. 'This is under the domain of the RBI (Reserve Bank of India) but my own view is that interest rates are very high and the interest rate should be reduced,' Kamal Nath told reporters ahead of the interim budget Feb 16.
ICICI Bank, LIC Housing cut home loan ratesDecember 30th, 2008 MUMBAI - Two more lending institutions - ICICI Bank and LIC Housing - Wednesday cut their interest rates on home loans by up to 75 basis points (bps). While LIC Housing Finance cut rates for existing home loan borrowers by 75 bps effective Thursday, ICICI cut rates by 50 bps with immediate effect.
More state-owned banks reduce lending ratesDecember 28th, 2008 NEW DELHI - Dena Bank, Punjab National Bank (PNB) and Bank of Baroda will reduce their benchmark prime lending rates (BPLR) from Jan 1, the three state-owned banks announced Monday. Dena Bank will cut its BPLR by 75 basis points from 13.5 percent annually to 12.75 percent.
Punjab National Bank, Bank of Baroda reduce lending ratesDecember 28th, 2008 NEW DELHI - Punjab National Bank (PNB) Monday reduced its benchmark prime lending rate (BPLR) by 50 basis points from 12.5 percent annually to 12 percent from Jan 1. Bank of Baroda too reduced its BPLR by 75 basis points from existing 13.25 percent to 12.5 percent, also from Jan 1.
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