PRESS RELEASES

RBI  has announced reduction in interest rates by reducing the repo rate and reverse repo rates by 100 basis points each.  The repo rate is now 6.50% the lowest since JAN 2006  and the reverse repo rate drops from 6 to 5% , the lowest in 3 years.  Reliefs were also announced for housing finance companies , exporters , SMEs. ( source 081208)              

Bank advances have grown by 29.9 %

Bank advances have grown by 29.9 % on a year on year basis while bank deposits grew by 23.6 % on a y-o-y basis. Bulk of this growth has been in fixed deposits of maturities of more than 1 year. ( source BS 141208)

SBT has entered into a tie up

SBT has entered into a tie up with united india insurance co to provide personal accident insurance cover to its savings account holders. The insurancecover is of rs 5 lacs at a subsidised premium of rs 50 per annum per account holder. By jan 2009 the scheme is to be available at 715 branches across the country ( source bl 101208 )

RBI has cancelled the licences

RBI has cancelled the licences of two cooperative banks-Bhavnagar Mercantile Coop Bank Ltd and Siddhpur Commercial Coop Bank Ltd. They could not be revived even with the help of Gujarat government. ( source BL 121208)

Kotak Bank is looking

Kotak Bank is looking at launching a corporate credit card product by April 2009.( source BL 131208)

Interest rates in the banking sector

Interest rates in the banking sector are set to drop in the next 2-3 weeks. This would help the borrowers taking loans for home , auto and education . The rate cut is likely to steeper as per Mr K V Kamath of ICICI Bank. ( source BL 141208)

SBT has opened an extension counter

SBT has opened an extension counter with core banking facility a Sabarimala Temple. The bank has also provided an ATM to withdraw cash. ( source BL 021208)

State bank of travancore

State bank of travancore has activated an intrnet banking facility for online payment of donation to guruvayoor temple. (source bl 031208)

Public sector banks are sanctioning auto loans much faster than private banks at interest rates of 12.25percentinstead of 13 percent and going upto 18-19 percent. (bl 041208)

CIBIL has 162 members and record of 127 mn companies and individuals. It will soon offer fraud repository, data on personal loans and a mortgage repository that lenders can access while taking credit decisions. ( source BS 041208)

IBA

IBA to form a mechanism to identify borrowers enjoying credit facilities from more than one bank. The aim is to improve flow of information of borrowers among banks. (source BS 031208)

Intelligent Deposit ATMs

Intelligent Deposit ATMs have been developed by NCR Corporation who are having 60% market share. These would cost USD 35,000-40,000 more than the cost of an average ATM but useful for deposit of cash directly including checking of counterfeit notes and issuing of receipts. ( source BS 041208)