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3 January, 2017 8:16 AM RBI advises banks to increase cash supply to villages

MUMBAI: The Reserve Bank of India on Tuesday advised banks to increase supply of fresh notes and directed currency chests to ensure daily reporting of note supply in far flung areas. The central bank said that the decision was taken after observing that bank notes, being supplied to rural areas, at present, were not commensurate with the requirements 130

2 January, 2017 10:36 PM ICICI Bank joins SBI, others in cutting lending rate

ICICI Bank has reduced marginal cost of funds based lending rate (MCLR) by 70 basis points to 8.20% for 1-year tenure New Delhi: Joining State Bank of India (SBI), Punjab National Bank (PNB) and several others, ICICI Bank Ltd on Monday also cut the base lending rate by 70 basis points making home, auto and other loans cheaper. A basis point is one-hundredth 69

2 January, 2017 10:36 PM ‘45% of loans going to only 300 cos’

The reduction in MCLR will mean that new borrowers will get loans at the cheaper rates. Since home loans are linked to one-year MCLR, the rates are locked in for 12 months. Older loans will get the benefit of the new rates only after their one-year lock-in ends. Those who had availed loans before April 2016 would have their EMIs linked to the earlier 245

2 January, 2017 1:04 PM Cheapest Home Loans In 6 Years As SBI Leads Cut In Lending Rates

The country's largest lender State Bank of India (SBI) has led banks in a cut in lending rates, taking a cue from Prime Minister Narendra Modi's address to the nation on Saturday, in which he asked banks to share with customers the benefits from a deluge of cash in old notes deposits after he abolished 500 and 1000 rupee notes on November 8. PM Modi had in his address 195

2 January, 2017 10:10 AM Dena Bank cuts lending rate by 0.75 per cent

NEW DELHI: Public sector lender Dena bank today slashed its benchmark lending rate by 0.75 per cent, in the footsteps of bigger lenders like State Bank of India and Punjab National Bank. Dena bank has reduced marginal cost of funds based lending rate (MCLR) by 0.75 per cent to 8.55 per cent for 1 year tenor, the bank said in a statement. With the reduction 94

2 January, 2017 9:25 AM NRIs need to show old notes to Customs at airport

NEW DELHI: NRIs and Indian nationals abroad can deposit up to Rs 25,000 of the demonetised currency during the 3-6 month grace period, but only if they show the junked notes to Customs officials at the airport and get declaration form stamped. The declaration will have to be submitted at specified branches of the Reserve Bank while depositing the junked 113

2 January, 2017 3:39 AM EMIs To Fall Lowest In 6 Years As SBI Leads Cut In Lending Rates

Many banks, including country's largest lender State Bank of India (SBI), have cut their lending rates, following a deluge of deposits after the notes ban. The rate cut by banks come after Prime Minister Narendra Modi on Saturday in his New Year's eve address to the nation asked banks to "keep the poor, the lower middle class, and the middle class at the focus 88

2 January, 2017 1:00 AM Good prices and good news don’t come together: Kunj Bansal, Centrum Wealth Management

The market is volatile because of various domestic and global factors. There are also uncertainties expected because of demonetisation. Crude prices have started rising, which is a negative for the Indian economy. A US Fed rate hike is likely. The December quarter results of most companies are likely to be weak. On the positive side, valuations have started 71

1 January, 2017 8:29 PM COMMENT: A credible bet on affordable lending

After a tumultuous 50 days of demonetisation in 2016, 2017 rings in with a return to conventional economics: fiscal lollipops for affordable housing and small borrowers and giant rate cuts from banks. *With the giant cut of 90 basis points (or 0.9 percentage point) by SBI, home loans may cost just a shade over 8 percent, say 8.5 percent. * A 4 percentage 168

1 January, 2017 8:29 PM Home loans cheapest in 6 years as SBI slashes rate 50 basis pts

Mumbai: Home loan rates have fallen to their lowest level in six years with State Bank of India, the country's largest lender, cutting the effective rate to 8.6% from 9.10%. While SBI cut its one-year marginal cost of lending rate (MCLR)—the benchmark to which home loans are linked —to 8%, against 8.9% earlier, it kept the spread above MCLR at 60 basis 75