RBI will soon up the circulation of bimetallic Rs 10 coins. The coins are already in circulation in Mumbai and Kolkata. The new coins could replace the Rs 10 currency notes. (OLM 030609)
From 2nd May 2009 only cheques above Rs 5 lakhs will be considered ‘high value’. After 1st August 2009, this will go upto Rs 10 lakhs. From 1st November 2009, there will be no high value clearing. (OLM030609)
Credit card business in India expects to grow 8-10% in FY’10 down from 15% in FY’09. Meanwhile default rate in credit card payments was up at 10% in FY’09 from 6% four years back. (OLM030609)
SBI under its Gold Deposit scheme has collected 548 kgs of the precious metal in 2 months. The scheme which started on March 16 aims at bringing the gold into the mainstream from the households. (BS240509)
PNB has signed MOU with Ashok Leyland to extend finance to the latter’s commercial vehicle customers. Financing of vehicles under the MOU through the credit guarantee fund trust for micro and small enterprises would obviate the need for collateral security and third party guarantee. (BS230509)
RBI has suggested that banks should hold once a week banking facility on the lines of ‘weekly bazaar’ in villages with a population of over 2,000. The number of such villages is 1.09 lakhs while number of branches in rural and semi urban areas is 47,000. It will expedite the process of financial inclusion. (BS220509)
PNB is collaborating with US based Money Gram International to increase its business through remittance services. This will be offered from the bank’s 4,600 branches in the country. The agreement is to facilitate transfer of money from abroad within minutes through the partner agents. (BL250509)
Bank of Baroda has cut interest rates on deposits of various maturities between 25 and 75 basis points wef 27th May 2009. The bank had earlier cut deposit rates on 11 th May 2009. (BL260509)
Andhra Bank is launching its gold loan scheme in all branches of its Mumbai zone which covers branches in Maharashtra, Gujarat and Goa. The rate of interest is 14.25% and the amount of loan depends on the amount and carat of the gold and repayment is a one time payment and no monthly instalments after a tenor of 2 years. (BL260509)
PNB plans to launch an international travel card that will limit the risk for customers and protect them against currency fluctuations. The travel card will be prepaid and will depend upon the amount the customer wants with validity upto 3 years. The plan is to have in 3 currencies , the euro, dollar and pound by September 2009. (BL260509)
From 2nd May 2009 only cheques above Rs 5 lakhs will be considered ‘high value’. After 1st August 2009, this will go upto Rs 10 lakhs. From 1st November 2009, there will be no high value clearing. (OLM030609)
Credit card business in India expects to grow 8-10% in FY’10 down from 15% in FY’09. Meanwhile default rate in credit card payments was up at 10% in FY’09 from 6% four years back. (OLM030609)
SBI under its Gold Deposit scheme has collected 548 kgs of the precious metal in 2 months. The scheme which started on March 16 aims at bringing the gold into the mainstream from the households. (BS240509)
PNB has signed MOU with Ashok Leyland to extend finance to the latter’s commercial vehicle customers. Financing of vehicles under the MOU through the credit guarantee fund trust for micro and small enterprises would obviate the need for collateral security and third party guarantee. (BS230509)
RBI has suggested that banks should hold once a week banking facility on the lines of ‘weekly bazaar’ in villages with a population of over 2,000. The number of such villages is 1.09 lakhs while number of branches in rural and semi urban areas is 47,000. It will expedite the process of financial inclusion. (BS220509)
PNB is collaborating with US based Money Gram International to increase its business through remittance services. This will be offered from the bank’s 4,600 branches in the country. The agreement is to facilitate transfer of money from abroad within minutes through the partner agents. (BL250509)
Bank of Baroda has cut interest rates on deposits of various maturities between 25 and 75 basis points wef 27th May 2009. The bank had earlier cut deposit rates on 11 th May 2009. (BL260509)
Andhra Bank is launching its gold loan scheme in all branches of its Mumbai zone which covers branches in Maharashtra, Gujarat and Goa. The rate of interest is 14.25% and the amount of loan depends on the amount and carat of the gold and repayment is a one time payment and no monthly instalments after a tenor of 2 years. (BL260509)
PNB plans to launch an international travel card that will limit the risk for customers and protect them against currency fluctuations. The travel card will be prepaid and will depend upon the amount the customer wants with validity upto 3 years. The plan is to have in 3 currencies , the euro, dollar and pound by September 2009. (BL260509)
