State-run Syndicate bank slashes home interest at base rate

state-run Syndicate bank has said rate of interest on all housing loans irrespective of the quantum of loan will be base rate.

Published: October 14, 2013 1:22:42 am

State-run Syndicate bank slashes home interest at base rate

Bangalore: Reducing the interest rate on housing loan of above Rs 75 lakh by 0.25 percentage points effective from October 9,state-run Syndicate bank has said rate of interest on all housing loans irrespective of the quantum of loan will be base rate. “The bank has reduced the rate of interest on housing loans of above Rs 75 lakhs by 25 basis points with effect from October 9. Hence,the rate of interest on all housing loans irrespective of the quantum of loan will be base rate i.e. 10.25 per cent,” Syndicate Bank in a statement said. Syndicate Bank said,“Keeping in view the on-going festival season,the bank has already reduced the rate of interest on four-wheeler loans from base rate + 0.75 per cent (presently,11 per cent) to base rate + 0.65 per cent (presently,10.90 per cent). Similarly,the rate of interest on two-wheeler loans also has been brought down by 50 basis points to 12.25 per cent (at current base rate),it added. The bank said it has also slashed the service charges by 50 per cent on all housing loans and vehicle loans during the festival period.

MFs’ exposure to software stocks dips to Rs 20,284 crore in August

new delhi: Mutual fund managers’ exposure to the software sector has dropped to Rs 20,284 crore at the end of August after touching a record high in the previous month. According to latest data available with market regulator Securities and Exchange Board of India (Sebi),investment by the mutual fund industry in software stocks stood at Rs 20,284 crore as on August 31,accounting for 14.01 per cent of their total equity assets under management (AUM) of Rs 1.45 lakh crore. In comparison,the mutual fund exposure to software stocks was at an all-time high of Rs 22,009 crore in July. Market participants attributed the decline in investment in software shares to profit booking and overall volatility in equity market. Experts expect that fund mangers exposure to the software segment may decline in the coming months as well in case the upward movement of the Indian currency continues.

Visa in pact to promote savings among low-income households

Mumbai: Global payment technology company Visa has partnered with Micro-Pension Foundation to create a lab which help in channelling savings amongst the low-income households. ‘Micro-Pension Visa Financial Inclusion Lab’ will target 140 million low-income,unbanked,informal sector individuals and provide them access to affordable,micro-savings and pension products from regulated financial institutions. “We are delighted to partner with Micro-Pension Foundation. Through the lab we propose to create solutions that inculcate and channelise savings,” Uttam Nayak,Group Country Manager-India and South Asia,Visa said. “This will directly impact both voluntary savings discipline and the amount of pension that subscribers get in their old age,” Gautam Bhardwaj,co-founder of Micro-Pension,said. .

Union KBC Mutual Fund hopes to be profitable in five years

Mumbai: Union KBC Mutual Fund aims to be profitable in the next five years driven by innovative product offerings coupled with focus on retail segment,a top company official has said. “Earlier,we thought we would break even in the first five years of operations. But,due to the prevailing tight market condition we now hope to break even in the next three-five years,” Union KBC chief executive G Pradeepkumar said. He maintained innovative product offering and focus on retail segment would be the key for attaining profitability. “We are focusing on retail segment,which is more stable with higher margin.”

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