HDFC Bank won’t offer cheap loans this festive season

At a meeting with Reserve Bank Governor Raghuram Rajanand Economic Affairs Secretary Arvind Mayaram to infuse anadditional capital into public sector banks, Chidambaram hadsaid he would meet heads of PSU banks soon to impress uponthem the need to lower interest rates for select sectors.

The capital infusion, over and above the Budget provisionof Rs 14,000 crore, comes ahead of the festival season and isaimed at providing cheaper loans for auto and consumerdurables to push demand and promote economic growth.

Lower interest rates will depend on the lending capacityof banks. Banks to decide on sector where lower rates willboost demand. I will meet bankers soon, Chidambaram said.


Leave a Comment November 27, 2014

Small Business Loans for Auto Repair Shops Hit An All-Time Low While …

Hallertown, PA (PRWEB) December 12, 2013

Small business loans for auto repair shops are increasingly difficult to come by when attempting to use traditional channels like banks and credit unions so many small business auto shop owners are turning to alternative financing sources like to get the cash they need for their business. Lisa Wolfrum, President of SBL Capital Partners recently stated that, “ was established specifically to fill a huge gap in the market where traditional banks and the Small Business Administration have failed in funding loans for American small businesses.”

Small business owners in need of cash and financing can simply...

Leave a Comment November 27, 2014

Why Sanjiv Bajaj wants to start a bank

As a non-banking finance company, Bajaj Finance has access to only loan and equity in order to grow. As a bank, it can take deposits from the public, especially low-cost current-account and savings-account deposits. But attracting public deposits is not easy. Sanjiv Bajaj is aware of the challenges. You cant buy customer loyalty by offering higher interest; it will come through transparency which (in turn) will come through our millions of customers, says he.

Bajaj is hopeful that he will be able to start the bank within 18 months of getting RBIs permission. We do have a significant business that can be transferred into a bank, says he. Here again, the market presence of Bajaj Finance...

Leave a Comment November 27, 2014

Auto Rebound Steers U.S. Economy Back From Lehman Debacle

The housing market is still on shaky ground. Unemployment (USURTOT) remains above 8 percent. The one flank of the US economy that’s marching steadily back is the sector that once seemed the weakest: Automotive.

The auto industry in September reached an important milestone that few other sectors can claim. Carmakers sold cars and light trucks at an annualized rate of 14.9 million, taking into account seasonal adjustments, according to researcher Autodata Corp. That’s the best pace since March 2008, before the failure of Lehman Brothers Holdings Inc.

Consumers weary of driving 11-year-old vehicles with poor mileage are increasingly trading in their jalopies for new,...

Leave a Comment November 27, 2014

PayPal, Square offering loans to small businesses

SAN FRANCISCO When Jeff Caruso needed money in August to make more custom backgammon sets for the holiday shopping season, he skipped the bank. Instead, he got a $12,000 loan from eBays PayPal.

Caruso, whose company was already using PayPal to process payments, jumped at the 5 percent flat fee and flexible terms that let him repay the loan using a portion of sales rather than adhering to a rigid timetable.

PayPal takes the scare factor out of borrowing, said Caruso, owner of Providence, RI-based Crisloid Products Inc., which makes backgammon and other classic games. Theres always hiccups when youre growing.

Across the United States, small businesses preparing...

Leave a Comment November 26, 2014

Bush Aids Detroit, but Hard Choices Wait for Obama

This article is by David E. Sanger, David M. Herszenhorn and Bill Vlasic.

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Leave a Comment November 26, 2014

Money Saving Mondays: Thanksgiving

It may feel like Halloween is barely over — but Thanksgiving is coming just two weeks from Thursday.

And if you want to make sure you can give thanks, give your family and friends a great meal, but not give over your next paycheck to the supermarket, shopping expert Laurin Mills has this advice: One of the biggest ways you can save money on your groceries year-round, not just Thanksgiving, is you have to have a plan.

Week in and week out, Mills is scouring those supermarket circulars so many of us just recycle to compile money-saving but delicious menus for subscribers to her — which gives you five weekly dinner menus to feed a family of four for $85 based...

November 24, 2014

Affin Hwang raises MBSB’s FY14-16E net profit by 5-11%

PETALING JAYA: Affin Hwang Capital Research has raised its net profit forecast for Malaysia Building Society Bhd (MBSB) by 10.8% for FY14 and 4.6%-5.3% for FY15 and FY16 on lower credit costs assumption.

MBSB beat expectations once again, with 9M14 (nine months FY14) net profit accounting for close to 85% of our FY14 forecast of RM733.6 million and 89% of consensus FY14 estimate of RM699 million, it said in a results note yesterday.

MBSBs 9M14 net profit of RM622 million, an increase of 34% year-on-year, was underpinned primarily by credit recoveries resulting in lower allowances of RM26.1 million compared with an allowance of RM185.4 million in 9M13. Otherwise, 9M14 pre-provision...

November 24, 2014

More cash, more ads, and more work for Scott to do

VENICE — With a significant edge in campaign cash and TV advertising, Gov. Rick Scott is wrapping up his bid for re-election, counting on an improved economy and his opponent’s ties to an unpopular president to propel him to a second term.

“It’s about jobs. It’s about education,” Scott told a crowd of more than 100 supporters gathered near a medical facility in Venice on Saturday, one of several appearances he made across the state.

Yet despite Scott’s advantages — his $13.5 million TV ad campaign in the last eight days of the campaign will double Democratic Charlie Crist’s $6.5 million response — Scott’s...

November 24, 2014

‘CIMB Ultimate Dream Contest’ Offers 3 Pantai Sentral Park Condos

KUALA LUMPUR, Nov 20 (Bernama) — Customers of CIMB Bank has a chance to win three monthly grand prizes, including a brand new exclusive condominium at Pantai Sentral Park worth over RM730,000 each, through the CIMB Ultimate Dream Contest.

The campaign which will run from Nov 20 until Feb 28, 2015 also offers the banks new and existing customers, 103 units of the latest iPhone 6.

We are constantly finding ways to serve our customers better, be it in the form of rewards, offering the best solutions to their financial needs, or simplifying our services and processes for their convenience, Chief Executive Officer, Consumer Banking of CIMB Bank, Renzo Viegas said in a statement...

November 24, 2014

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