Private sector lender HDFC Bank has reduced its benchmark lending rates following the Reserve Bank of India’s (RBI) unexpected decision on Friday to cut the repo rate by 50 basis points in a bid to revive the slowing economy.The bank revised its marginal cost of funds-based lending rates (MCLR) downward by 10 basis points across…
NEW DELHI: Punjab National Bank (PNB) , the country’s second largest public sector lender, is set to step up its focus on customer service as well as retail, agriculture and MSME lending, while targeting corporate loans that give higher returns, the bank’s new MD and CEO Ashok Chandra told TOI.Chandra, who took over in Jan,…
Mumbai: Ahead of a likely rate cut by RBI, even as liquidity remains scarce, veteran banker Uday Kotak has raised concerns over the banking business model, highlighting the narrowing spread between deposit and lending rates.Kotak said top banks are raising one-year wholesale deposits at around 8%, which translates to a marginal deposit cost of over…
The Federal Reserve kept its benchmark lending rate unchanged at between 4.25 percent and 4.50 percent on Wednesday, despite pressure from President Trump for further cuts in the first rate decision following his return to office.The central bank said that the unemployment rate has “stabilized at a low level in recent months, and labor market…
WATER WEALTH: Bengal farmer Maya Khan has revolutionised paddy cultivation with water-saving technique, boosting yields & cutting costs thanks to the NGO A Ground-breaking irrigation technique, solar-powered organic farming, and lending an entrepreneurial edge to millet cultivation — Krishnendu Bandyopadhyay brings success stories from rural West BengalIn the heart of West Bengal’s agricultural landscape, at…
MUMBAI: RBI has expressed concern over banks and finance companies setting high ceilings for unsecured loans, stating that it expects their boards to exercise prudence.Noting that there has been some moderation in unsecured lending after RBI tightened norms for this segment, it said, “While specific limits have been prescribed for unsecured lending by urban co-operative…
BENGALURU: Fraudsters are buying electric vehicles (EVs) on finance, selling the vehicle’s new battery, which is often more than 50% of the cost of the vehicle, by installing a used one, defaulting on payments, and surrendering the vehicle.This is seriously impacting the business of financiers, since the vehicle they receive is of considerably lower value…
The overnight MCLR at HDFC Bank has risen by 5 bps, moving from 9.15% to 9.20%. HDFC Bank Loan Rates: HDFC Bank has increased its marginal cost of funds-based lending rate (MCLR) for short-term periods by up to 5 basis points (bps). The revised HDFC Bank MCLR interest rates now span from 9.20% to 9.50%….
BENGALURU: Unauthorised lending is an issue that is bothering victims, lenders and authority alike. Encouraging awareness and digital literacy has emerged to be the only solution in the immediate horizon alongside consistent auditing of online app marketplace, industry participants told TOI.A recent survey conducted by the Fintech Association for Consumer Empowerment (FACE) and Grant Thornton…