Public sector banks have brought down interest rates in housing loans

Public sector banks have brought down interest rates in housing loans to stimulate demand in the housing sector. Loans upto Rs 20 lakhs will be available at interest rates between 8.5-9.25 per cent a year for tenures upto 20 years for the first five years. Offer would be valid for new loans upto 30-06-2009. Margin would be 10 to 15 per cent with no processing charges and no prepayment penalty. There would also be free life insurance cover for the outstanding amount. ( source BL 161208)

Corporation Bank has opened the ALAGAPPA

Corporation Bank has opened the ALAGAPPA UNIVERSITY-CORPORATION BANK PUBLIC LIBRARY at Karaikudi on 28-12-2008 even though they have no presence there. Corporation bank also announced CORP BANK SCHOLAR gold medal for best outgoing student of Alagappa University from the current session. ( source BL 311208)

PNB announced a 50 basis point cut in its benchmark

PNB announced a 50 basis point cut in its benchmark prime lending rate from 12.5 per cent to 12 percent from 01-01-2009. Also there will be cut in deposit rate from 9.5 per cent to 8.5 percent for deposits of 1 year to less than 3 years. ( source BL 301208)

IDBI Bank is introducing a new deposit scheme

IDBI Bank is introducing a new deposit scheme from 01-01-2009 of maturity period of 1100 days with interest rate at 9.5 percent for normal depositors and 10 per cent for senior citizens. ( source 301208)

PNB and Guruvayoor Dewasom have entered

PNB and Guruvayoor Dewasom have entered into an agreement to provide online VAZHIPADU booking through its internet banking services. Through this facility, a devotee can make offering from anywhere by logging on to www.guruvyurdevaswom.org. Nineteen offerings that can be booked are listed on it. ( source BL 291208)

Banks are offering schemes that provide customers coverage

Banks are offering schemes that provide customers coverage of fraudulent transactions in case of loss or theft of credit and debit cards. Two banks – Citi bank and Kotak bank jointly with CPP Assistance Services Pvt Ltd., a UK based company are providing this facility. Card Protection Programme is one that assists customers by blocking all debit and credit cards in case of theft or loss seven days before and after reporting. ( source BL 281208)

Private banks are offering personal loans through ATMs.

Private banks are offering personal loans through ATMs. Pre approved loans are being marketed through ATMs to select clients after a due diligence of their track record. ( source BL 261208)

Banking Ombudsman received 47887 complaints in the financial year 2007-08,

Banking Ombudsman received 47887 complaints in the financial year 2007-08, an increase of 24 per cent from the previous year. Out of them 29 percent are against private sector banks, 29 per cent against State Bank group, 26 percent against other nationalized banks and 13 per cent against foreign banks. Majority of the complaints 21 per cent relate to credit cards. ( source BL 251208)

State Bank of Travancore has launched an innovative SMS service

State Bank of Travancore has launched an innovative SMS service called ‘ SBT Care’ as part of its efforts to improve customer relations. SBT Care can be invoked by sending an SMS to 9847198471. Each SMS sender is called back to gather details about the complaint. ( source BL 171208)