PNB's online remittance facility

Punjab National Bank has launched PNB NRI Remit- India, an online remittance facility and PNB World Travel Card. The remittance facility is an online cross-border remittance solution to send money from the US to India and has been launched in association with the Bank of New York Mellon, said a release issued by the Bank. The World Travel Card is designed as a prepaid wallet for persons travelling abroad that can be used outside India. It is in association with Master Card and is available in dollar,euro and pound.(BL 30082010)

IDBI Federal Life Insurance

IDBI Fortis Life Insurance Co.Ltd. a joint venture company floated by IDBI Bank, Federal Bank and Fortis Insurance International , has changed its name to IDBI Federal Life Insurance Company Ltd. w.e.f.August 24. The company has obtained the approval of the Registrar of Companies and Insurance Regulatory and Development Authority after completing all legal formalities.There is no change in the shareholding pattern of the company.(BL 28082010)

PSU Banks to woo customers with cheaper loans this festive season

Due to intense competition in the consumer banking, banks are planning to woo individuals with cheaper loans even as interest rates are on the rise. Consumer loans,car loans could be now available at lower rate, even some bank may relax the margin requirements for the customers,it is learnt.Mr. Kamath,CMD, PNB says the bank is planning to lend at lower rates to small borrowers.Car loans, home loans at a fixed rate would be cheaper. However, private banks are not in a mood to bring down the loan rates.(ET 28082010)

KMB launches non-resident credit card

Kotak Mahindra Bank has launched a credit card specially designed for the bank's non-resident Indian customers. The NRI credit card is available against term deposit of Rs 1 lakh and above and the credit limit is upto 80% of the deposit.The card carried features such as four times reward points on international spends, fuel surcharge waiver, choice on redemption of reward points and no-charge equated monthly instalments for 3 months.The card also provides the customers the freedom to purchase and pay in rupee while travelling in India.(BL 28082010)