Reserve Bank of India increases the short-term lending and borrowing rates and the cash reserve ratio (CRR) by 25 basis points each in the annual Credit Policy for the year 2010-11.About this hikes, economictimes.indiatimes.com, an online news portal about economy and business writes, “The repo and reverse repo rates have been hiked to 5.25 and 3.75 percent respectively, and will raise the cost of fund for lenders. It also hiked the CRR, the portion of money that commercial banks deposit with the central bank, by 25 basis points. The CRR hike draws out Rs 12,500 crores from the system.”This is the second time the RBI has raised...
Cheaper Home Loans at HDFC to 8.25% for First Year
Recently, HDFC announced to lower its home loan rates to 8.25% for the first year in its new dual rate scheme. The scheme is commonly known as teaser loans that are applicable on fresh loans.Now, subscriber will able to get a fixed rate of 8.25 % up to March 2011, then 9 % for the next one year. About the cheaper home loans, HDFC said in a statement to ET, “This is a flexible product with dual rates. The fixed rates are applicable for all new loans irrespective of the loan amount.”So, it is a flexible product that comes with dual rates. About the lower home loans rate at HDFC, economictimes.indiatimes.com, an online news portal...
Property Search Application for Apple iPhone by Knight Frank
Recently, the leading independent global property consultancy - Knight Frank announced that its Property Search App is now available from the App Store. Users can search more than 6,000 of the world’s best properties for sale or rent. They can use the application on their iPhone or iPod touch.Patrick Ramsay who is the head of Residential in Knight Frank said to www.knightfrank.ie, “The Knight Frank App is a mobile window to more than 6,000...
Portfolio Investment Scheme Launched by Federal Bank for NRIs
Recently, Federal Bank announced to launch Portfolio Investment Scheme for NRIs. The PSI is launched in tie up with Geojit BNP Paribas Financial Services Ltd. It is "hassle free" facilities for investments in stock market.Managing Director and CEO of Federal Bank - M Venugopalan said to ET, “The bank, which has been authorized by RBI to administer the scheme, was the first among the traditional private sector banks to offer the facility. As per RBI rules, investments by NRIs in Indian share market were permitted under PIS of a bank only.”Further he talks about the benefits of the scheme, “Under the scheme, NRIs could investment...
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