SBI to hike personal loan rates by 0.75 per cent
New Delhi: The State Bank of India (SBI) said it would shortly raise car and other personal loan rates, excluding housing and education, by an average of 0.75 per cent.

Ashok Aggarwal, MD of SBI said that some loan rates may rise by one per cent and some by 0.50 per cent, but the average would be 0.75 per cent. The interest rate hike would be announced in a few days, he added.

ICICI Bank and Kotak Bank are also increasing auto interest rates by 0.75-1 per cent this weekend.

Pursuant to increase in cash reserve ratio by the Reserve Bank, SBI had announced 0.75 per cent in its benchmark prime-lending rate to 12.25 per cent last month.

However, all existing housing and educational loans as well as new educational loans up to Rs4 lakh are excluded from the hike. Similarly, all the existing and future agriculture production loans less than Rs three lakh are excluded from its impact.
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South Indian introduces e-fund transfer
Kochi: The South Indian Bank has introduced the consumer friendly National Electronic Funds Transfer (NEFT) system which offers an efficient, secure, economical, reliable and expeditious system to transfer funds from one customer account of a NEFT participant of a bank branch to another customer account of another NEFT participant bank branch anywhere in India, a press release issued from the bank said.

The NEFT system is in contract with the Real Time Gross Settlement System and settles transactions in batches.

South Indian Bank has started live NEFT operations from March 1 onwards, through all branches that are enabled to do NEFT transactions.
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