JD Power: Car finance getting in younger buyers
New Delhi: According to a study by JD Power, the percentage of car buyers below the age of 25 has gone up from 9 per cent in 1999 to 12 per cent in 2003. Further, the percentage of car buyers between the age group of 25 and 30 years has gone from 17 per cent to 28 per cent between 1999 and 2003. While, the percentage of car buyers between the age group of 31 and 40 has remained stable at 31 per cent, the percentage of car buyers above the age of 40 has declined. According to the study, for the age group of 41-50 years, the percentage of car buyers has gone down from 27 per cent to 18 per cent. The survey shows that while in 1999, about 63 per cent of the cars sold were financed, the figure stood at 82 per cent in 2003
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IDBI ECB raises $300 million
Mumbai: Industrial Development Bank of India has raised $ 300 million of five-year US dollar-denominated bonds through the external commercial borrowings route. The bonds carry a coupon rate of 4.75 per cent and yield of 4.829 per cent with a spread of 1.85 per cent over five-year US treasury bills. The bonds are to be redeemed in March 2009.
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RTGS launch likely by March-end
Mumbai: The Reserve Bank of India hopes to launch its Real Time Gross Settlement System, a technology platform for immediate clearing and settlement of funds before March-end. The earlier RBI timeline had specified standalone implementation of Real Time Gross Settlement (RTGS) by January 2004 and full implementation by June.
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Rupee steady
The rupee on Thursday held steady at 45.25 levels. The rupee touched an intra-day high of 45.2350 and an intra-day low of 45.26 to end the day at 45.2500/2550. G-Secs: The 5.64 per cent 2019 paper came at a cut-off price of Rs 98.32 and a cut-off yield of 5.81 per cent. The central bank received bids worth over Rs 8,400 crore for the Rs 5,000-crore auction. The 10-year 7.37 per cent 2014 paper, opened at Rs 116.65 and closed at Rs 116.50 with a yield of 5.25 per cent and the 8.07 per cent 2017 paper opened at Rs 122.40 but closed lower at Rs 122.20 with a yield of 5.62 per cent.
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BANCS to share 2000 ATMs
Mumbai: Twelve banks have come together to form an ATM sharing arrangement under the banner of BANCS. The new arrangement will share a network of 2,000 ATMs.
The banks in the group are Bank of Maharashtra, Bank of Bahrain & Kuwait, Greater Bombay Co-op Bank, Centurion Bank, Central Bank of India, UTI Bank, Punjab & Sind Bank, IDBI Bank, Ratnakar Bank, SBI Commercial & International Bank, Cosmos Bank, Air Corporation Employees Co-op Bank, and the Saraswat Co-op Bank. Another eight banks are expected to join the group subsequently.
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ABN Amro: No penalties on prepayments
Bangalore: ABN Amro bank has decided to completely waive loan prepayment premiums. The bank said there will be no prepayment penalties for borrowers beyond five years. The bank would also permit prepayments of up to 25 per cent of the principal per year. The Bank is also offering a fixed rate loan, irrespective of the loan tenor or amount. ABN AMRO has also tied up with ICICI Lombard for providing insurance cover to borrowers, which would be in the nature of a credit risk cover package. The premiums for the insurance package would be loaded on to the equated monthly instalments payments of the borrowers.
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SBI Life aiming for higher sales
Mumbai: SBI Life Insurance expects to touch a sales target of Rs 180 crore by the end of the current fiscal. SBI Life Insurance, a joint venture between State Bank of India and Cardiff SA of France, had recorded revenues of Rs 133 crore, until January 31, 2004. The company has also obtained approval from the regulator for two products - an annuity plan and a unit-linked scheme.
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IFCI merger: Govt assurance to staff on salaries
New Delhi: IFCI employees have been assured by the Ministry of Finance, that their salaries would be protected after the merger of their parent institution with Punjab National Bank (PNB).
However, the IFCI staff who decide not to avail of the ongoing voluntary retirement scheme (VRS) and stick on to work for PNB might have to take a cut on existing perks and benefits available to them. The disparity in pay packages was one of the reasons citied by the IFCI employees while pressing for their demand for a merger with the other fellow institution, IDBI, instead of a public sector bank.
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