1. Soon insurance agents can get their commission transferred straight to their accounts and need not wait for the clearance of cheques or demand drafts. Visa is in talks with insurance companies to offer the money transfer service.Visa money transfer is the process of transferring funds through a customer’s bank account, debit or credit card via the Internet or ATM (Automated Teller Machines).
2. Canara Bank has reduced the rate of interest on fresh housing loans by 50 basis points. For loans with tenures up to 5 years up to Rs 20 lakh, the rates have been fixed at 10.25 per cent. For tenures between 5 years and 10 years, the rate is 10.50 per cent. For tenures above 10 years up to 20 years, the rate is 10.75 per cent. The rate of interest for fresh housing loans above Rs. 20 lakh for repayment periods up to 5 years is 10.50 per cent; above 5 years up to 10 years 10.75 %; and above 10 years up to 20 years 11 per cent. Processing charges are also reduced by 50 per cent up to December 31.Central Bank of India has reduced interest rates by 0.50 percentage point on retail loans, effective October 1.
3. From passion-driven financing to funding by the “parallel economy” (mafia money), the aspect of financing in Hindi film industry has seen a sea change in the last 110 years.The art of film making has witnessed transformation through the years.
4. Mukesh Ambani’s Reliance Retail plans to enter non-banking finance business (NBFC), besides insurance broking and travel services.
These businesses will be set up, in the near future, as independent companies in the context of Reliance Industries venturing into a range of services as part of its retail operations.
These businesses will be set up, in the near future, as independent companies in the context of Reliance Industries venturing into a range of services as part of its retail operations.
5. The State Bank of India is in the process of strengthening its overseas branches.Specialised cells were also being opened in the country to facilitate loans to Indian companies starting operations in other countries.
6. Indian Bank is bullish on micro credit in urban areas. It plans to add seven more exclusive micro-finance branches (Microsate) by the end of the current financial year.The bank currently has five Microsate branches (a satellite branch for micro loans) for extending credit to self-help groups (SHGs) in urban areas.
7. The Andhra Pradesh Government will ensure availability of Rs 7,000 crore micro loans to members of self-help groups (SHGs) in the State.
8. Technology solutions provider and multi-bank promoted company FINO (Financial Information Network and Operations Ltd) plans to partner with Punjab National Bank for rolling out smart cards for the rural masses in Rajasthan.
9. State Bank of India is planning to build a parallel structure, within the bank, to focus on non-performing assets and recovery. The idea is to have a separate ‘bad bank’ and ‘good bank’.Currently, the bank has the Stressed Assets Management Group (SAMG), which deals with NPAs in the corporate sector and Stressed Assets Realisation Centres (SARCs) for retail and SME sectors. The bank has 10 branches under SAMG and SARCs in 55 centres. The SAMG branches handle accounts that have a credit limit of Rs 1 crore and above. The SARCs handle all small and medium business, and personal segment loans such as housing loans, consumer durables and auto loans.
10. The Institute of Clinical Research (India) is set to get financial support from ICICI Bank for a dedicated clinical research institute that would come up in Bangalore. Looking to invest in the growing opportunity of clinical research, ICICI Bank has approved a Rs-18-crore-loan towards setting up the dedicated clinical research institute.
11. American Express and Kingfisher Airlines announced the launch of airline corporate charge card programme on Monday, targeted at the small to medium sized enterprises (SMEs).Benefits .As per the co-branding arrangement between the two companies, the card would offer eight per cent corporate rebate on Kingfisher Airlines air travel purchased with the card. Companies could also save up to 30 per cent under the programme on business expenses and also reduce costs on business travel and entertainment. Some of the other benefits of being a card member would include direct membership for King Club, the airline’s frequent flier programme.
