As many as 20 public sector banks, including Canara Bank, Bank of Baroda and Union Bank, have failed to achieve the annual farm sector lending target till November 2008. Only seven banks could achieve the stipulated target of disbursing 18 percent of net bank credit to the agriculture sector. (HT190509)
Banks and consumer finance companies will now have a new tool to assess the credit worthiness of individual customers. CIBIL and TransUnion have launched a service to provide personal loan score for individuals based on which lenders can take decision to approve loans. (HT150509)
Bank employees and officers around the country are likely to strike work on 12th June as per call given by United Forum of Bank Unions. This is due to failure to arrive at a settlement over their wage revision negotiations.(BL130509)
SBI has cut deposit rates by 25-50 basis points in some maturities wef 18th May 2009. This is the second time in a fortnight that they have cut deposit rates.(BL140509)
Axis Bank cut its benchmark prime lending rate by 50 basis points from 15.25% to 14.75% with immediate effect. This is likely to benefit corporate and SME loan rates.(BL150509)
IDBI Bank has decided to slash interest rates on term deposits by 50 to 100 basis points across the board wef 21st May 2009. A one year fixed deposit will earn 6.75% and the highest interest would be 8.25% in 5-10 years maturity. ICICI Bank has also cut deposit rates by 25-50 basis points across select maturities wef 11th May 2009.(BL160509)
RBI Governor has said at Hyderabad that banks must pass on the cost benefits from technology based products and services to customers. (BL190509)
Union Bank of India has launched its special housing loan scheme with a combination of fixed and floating rates of interest. During the tenure of the loan 8% fixed rate of interest will be applicable for the first year. The floating rate will become applicable from the second year till loan is fully repaid. The bank will offer loan for a maximum period of 20 years and the maximum amount of loan will be Rs 50 lacs. The scheme is available till 30th September 2009. (BL200509)
