Syndicate Bank soon to approve loans in 15 mins The Syndicate Bank is inching up its game in the banking industry by setting up a platform to approve loans in 15 minutes. As per Business Line, through this platform, individuals will be able to get approvals on loans for housing, retail and MSME segments…
Govt plans to provide credit guarantee, interest subsidy on loans for electronic manufacturers. The Ministry of Electronics and IT has proposed Credit Guarantee Fund (CGF) scheme and Interest Subvention Scheme (ISS) to help the entire electronics manufacturing ecosystem to be more competitive in the global market. These schemes will be provided under a new National…
IDFC Bank and Capital First had announced the completion of their merger on December 18, 2018. And as a result of it, the private sector bank has recently named the newly-formed merger to IDFC First Bank Ltd. The new name will be in effect from January 12 .The merged entity will cater to the financial…
Merger of Vijaya Bank & Dena Bank with Bank of Baroda gets clearance from Cabinet The merger of Vijaya Bank and Dena Bank with the Bank of Baroda gets green signal from the Cabinet. The merger will be effective from April 1, 2019 after which the Bank of Baroda will become India’s third largest public…
BoB to launch a new digital interface for its customers Bank of Baroda is building a digital interface to disburse retail loans more quickly and efficiently. The interface is going to be launched next year. A senior official of the bank revealed, “We are building a completely digital platform where the customer will get a…
YES Bank to offer loans to MSMEs based on their GST returns, bank statements YES Bank has launched loan products that will use MSMEs’ bank statements and Goods and Services Tax (GST) returns for assessing their creditworthiness. The bank has joined hands with fintech, Karza, which will collect or extract information real time from GSTN….
RBI to replace MCLR and link Retail, MSE loan interest rates to external benchmarks With an aim to bring more transparency in loan pricing by banks, the Reserve Bank of India (RBI) has proposed to benchmark fresh floating rate of retail and MSE (micro and small enterprises) loans to an external benchmark, effective on April…
PCA banks shun lumpy corporate loans and switch focus to retail pie Banks under the Prompt Corrective Action (PCA) framework of the central bank of India, RBI, are altering the course and focusing more on retail loans than corporate loans. Most lending institutions under PCA are public sector banks. These banks, by increasing the share…
Maharashtra AAR holds that levies 18% GST on penal interest The GST Authority for Advance Rulings (GST – AAR), Maharashtra, has held that penal interest levied for delayed loan EMI payments is subject to GST. In addition to this, the GST exemption is only in respect to the interest earned or paid of loans, deposit…
Ujjivan Small Finance Bank launches personal loans for its salaried customers Ujjivan Small Finance Bank has become the first small finance bank in India to provide personal loan to its salaried customers. the facility will be provided across 14 tier-1 and tier-2 locations including Bangalore, Pune, Delhi, Ahmedabad, Kolkata, Surat, Mysore, Ankaleshwar, Mumbai, Coimbatore, Chennai,…