IDBI Bank to hike floating home loan rate
Mumbai: IDBI Bank is planning to hike its floating rates by 50 basis points (bps).

Officials said the bank would hike its floating rates by 50 bps to 7.75 percent and would keep fixed rates unchanged. IDBI bank's fixed rate ranges from 7.75 per cent to 8.25 per cent for different tenures.

ICICI Bank, which revised its home loan rates upward on Tuesday, will stay fixed at the old discounted rates, ranging between 25 to 50 basis points for both fixed and floating rates, For its premium clients, ICICI Bank would allow a discount ranging between 25 and 50 bps in both fixed and floating categories, sources confirmed.

For some clients, therefore, the fixed and floating rates would be pegged at 8 per cent and 7.5 percent respectively. The bank has just hiked its fixed rate by 75 bps to 8.5 per cent and floating rate, to 8 per cent.

Competing MNC banks like Citibank, Standard Chartered Bank, HSBC, ABN Amro and other public sector banks are either undecided or not in favour of hiking their home loans rates now.

ABN Amro, which has a 6.25 percent home loan product, (rate valid for the first two years), and HSBC refused to comment on the development.

Allahabad Bank also said the bank may increase the long-tenor home loan rates by 25 bps later.
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Indian Bank in tie up with Mastercard
Chennai: Indian Bank has launched its ATM-cum-debit card in association with MasterCard. The bank's customers can use the card at 8,000 ATMs in the country.

Managing director of Indian Bank, Nitin Gupta, said the bank saw great business potential in this as on an average there were 7.8 billion transactions using Mastercard, of a value of $ 680 billion annually. In India, there are 5 million credit cards and 10 million debit cards of MasterCard brand.
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The finance ministry agrees for setting up of 'national export insurance fund'
Mumbai: The finance ministry has given its in-principle approval for setting up the 'national export insurance fund' (NEIF). The
Rs 2,000 crore fund will provide insurance cover to medium and large project exports from India and the proposal for setting up the fund is now awaiting cabinet clearance.

Dash was speaking at a press meet held to announce a partnership between Export Import Bank of India, the Multilateral Investment Guarantee Agency (MIGA) and the corporation to provide Indian companies investing overseas, a package of services that combines competitively-priced financing with risk insurance.
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Exim Bank disburses amount worth Rs4,400 crore in the first half
Mumbai: The Export Import Bank of India has disbursed amounts worth Rs4,400 crore in the first six months of this financial year even as it raised only 40 per cent of its total borrowing programme of Rs8,000 crore.

According to S Sridhar, executive director, pharmaceuticals, engineering, construction, metals and related sectors accounted for major chunk of the credit offtake in the first six months and the bank is on course to achieve a disbursement growth of 25 per cent.

Last year that bank's disbursals were of the order of Rs7,000 crore.
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