"This is for the first time that a manufacturer will charge for an application form. However, it will be refunded if an application is rejected," said a senior bank executive. Bookings are expected to start by the last week of March. The forms will be collected through various channels. "All the forms and the collected money will be transferred to SBI, where they will be processed, and loans will be given through various banks within 90 days," said a source.
The top-up policy is cost effective for both users and companies.
Banks are willing to help cardholders to settle dues.
Weighed down by mounting outstandings and non-performing assets (NPAs), credit card companies are taking strong measures that include slashing new card issuances and credit limits for existing customers.
Investors globally have found solace in gold in the last one year when major world economies slipped into recession. Sample this: According to World Gold Council data, investment by exchange traded funds in gold was 150 tonnes in the third quarter
To take up debt restructuring of cash-strapped retailer.
Both property prices and interest rates have fallen sharply.
Public sector banks could see higher pressure on their net interest margins in the coming months as they have mopped up large amounts of deposits at higher rates and have also effected steep cuts in lending rates between November 2008 and January 2009.
Public sector banks are increasingly looking at promoter funding as a business opportunity when others are shying away from it.
A market-savvy investor can also use this opportunity to make a quick buck. That is, purchase the share at a lower price from the market and sell it back to the company at a higher price.
With the rising cost of health cover, insurance companies are looking at innovative products to attract customers. The latest offering is top-up insurance that comes at almost half the premium.
The study conducted at select bank branches in the Cuddalore district of Tamil Nadu has found that the lack of financial literacy was the main reason behind the non-operative accounts. Other aspects like distance from branches also had their share in influencing the degree of usage.
For instance, in early December, SBI was offering 10.5 per cent on a 1,000-day FD. This was lowered to 10 per cent in mid-December. A fortnight later, in January, the bank is offering only 9 per cent for the same tenure. For investors, who missed the bus in October and November, this is certainly bad news. However, all isn't lost. There are some segments still where the rates on offer still look interesting.
According to sources, the family has pledged majority of its shareholding and real estate assets to various institutions. Two institutions, Maharashtra government's financial arm, Sicom, and IFCI, confirmed that Maytas promoters had pledged shares around a year ago to raise resources. IL&FS too has similar exposure to Maytas, said sources. However, this could not be confirmed.
Banks led by State Bank of India are set to lower deposit rates by over 50 basis points by the middle of the month, followed by a reduction in lending rates.
Banks and financial institutions are seeking more flexibility in dealing with commercial and industrial loan accounts, which are seeing pressure due to cash flows and repayment.
Cash-strapped real estate firms are resorting to short-term borrowings of funds to complete ongoing projects as the economic slowdown has virtually halted demand for properties, freezing cash flows.
In the last six months, things have changed for the better for the home buyer. Most of the cities are witnessing a sharp drop in prices, almost back to where they stood in December 2006. While most developers and brokers are unwilling to admit this, sit across the table to negotiate and you just might be surprised.
Gone are the days when banks would treat payment delays as part of life. Instead, they are taking measures to minimise chances of any kind of payment default by doing rigorous background checks.
If you are sitting on idle cash, it's better to invest the same in income funds and earn over 10 per cent returns, say investment advisers. They believe that falling interest rates will jack up returns from bonds and investors can earn high returns if they deploy the money with a horizon of six months to a year.
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