SBI cuts home loan rates for old clients to 9%
Mumbai:State Bank of India (SBI) board on Friday decided to lower its home loan rates for old customers. They will now be charged 9% for 10-year loans and 9.5% for loans over 10 years. Until now, they were being charged a minimum 11.25%. The new rates, which will be introduced without any premium, will be effective from April 1.
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ADB To Fund $1.3 M For AP Watershed Phase II Project
Hyderabad:: Impressed by the success of the first phase, the Asian Development Bank (ADB) has decided to fund $1.3 million to support the second phase of the watershed development project coordinated by the International Crops Research Institute for the Semi-Arid Tropics (Icrisat).
In the first phase benchmark, watersheds were identified and development projects were implemented in India, Thailand and Vietnam. In the second phase from January 2003 to 2005 end, China has been included as the project country, according to a press release.
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MFs, NBFCs, HFCs can enter in gilt repo trade
Mumbai:The Reserve Bank of India (RBI) has widened the ready forward (repo) market in government securities and treasury bills by allowing participation of new entities.
A Reserve Bank release on Friday said that mutual funds, housing finance companies, NBFCs registered with it and insurance companies with no subsidiary general ledger (SGL) account with the central bank can enter the repo market in gilts with effect from March 3. The move will provide a secured lending avenue to various market players.
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Pension scheme from SBI Life
Mumbai:SBI Life has unveiled a `Lifelong pension' plan. The scheme open to all between the ages of 18 to 65 can be kept alive with a minimum annual amount contribution of Rs 3,000, said Mr R. Krishnamurthy, MD and CEO, SBI Life.
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HDFC Standard hopes to treble premium income
Kolkata:HDFC Standard Life Insurance Company Ltd has registered a business worth around Rs 5,000 crore of sum assured so far in the current financial year, according to the company's local branch manager, Mr Sibaranjan Patnaik
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ICICI-Pru inks MoU with JLI Insurance
Mumbai:ICICI Prudential Life Insurance has tied up with JLI Insurance Brokerage Company (JLI) to distribute its life insurance products through the network of JLI. A memorandum of understanding (MoU) to this effect was signed on Thursday between ICICI Prudential’s chief agency officer Bill Lisle, and JLI’s chief executive officer, Dilip B Munshi.
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IRDA grants broking licence to 6 more cos
Hyderabad:The Insurance Regulatory and Development Authority (IRDA) has granted broking licences, including composite licences, to six more companies. With this, the total number of companies that were granted broking licences has gone up to 17 so far.
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Medicine Shoppe ties up with Bajaj Allianz
Mumbai:Pharmacy retail chain Medicine Shoppe will now provide its customers with critical care insurance in association with Bajaj Allianz General Insurance Company Ltd.
The scheme is aimed at the 5-25 years age group and will given free in its 40 outlets. Says Mr Viraj Gandhi, Managing Director, Medicine Shoppe India, "For every purchase worth Re 1, free insurance worth Rs 2 is made available."
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IDBI Bank To Offer Extra On Home Loans
House buyers can now borrow an amount more than they spend on buying the property, with IDBI Bank kicking off a scheme offering 110 per cent of the value of the house as loan to the buyers from Friday.
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