Canara Bank slashes rates for housing loans by 50 bps

Canara Bank has announced a retail loan festival till 15th January

Canara Bank has announced a retail loan festival till 15 January 2011 during which interest rates on housing and home improvement loans will be reduced by 50 basis points across all slabs and tenures.

The bank has also completely waived processing charges during this festival period, it said in a statement. It has also waived the 25 basis points additional interest being levied on borrowers acquiring a second residential unit.

In respect of vehicle loans availed during the period, borrowers need to pay reduced rate of interest by 100 basis points, besides being eligible for complete waiver of processing charges, the bank said in a statement.

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HDFC Bank and Diners Club International ink strategic partnership

HDFC Bank to offer Diners Club international credit cards and merchant acquiring services in India

HDFC Bank and Diners Club International Ltd have announced a strategic alliance, whereby HDFC Bank will issue Diners Club International credit cards in India. The Bank will also provide merchant acquiring services, thereby creating more acceptance opportunities for the Diners Club brand in India.

With this strategic alliance, the Diners Club brand will join hands with the bank to reach out and serve the payment needs of India’s rapidly growing affluent class. This will help HDFC Bank, which is already India’s largest credit card issuer, to further extend its foray into the super premium segment to address the rich clientele.

Pralay Mondal, country head, retail assets and credit cards, HDFC Bank, said: “HDFC Bank enjoys the highest mind and wallet share in credit cards in India. To add to that, HDFC Bank and Diners Club will now form a powerful combination that has the potential to redefine the lifestyle experience of the Indian elite with its global reach, exclusive privileges and customised personal services.”

“Our strategic partnership with HDFC Bank demonstrates our continued commitment to expanding our brand in India, which is recognised as one of the world’s key emerging markets,” said Rajive Chadha, president of Diners Club International, a subsidiary of Discover. “We know that HDFC Bank and its customers will benefit from the international network provided by Diners Club International, as well as access to millions of merchant locations and more than 800,000 cash access locations and ATMs.”

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Kotak Mahindra MF launches 370 days fixed maturity plan

Kotak Mahindra Mutual Fund new fund offer closes 13th October

Kotak Mahindra Mutual Fund has launched Kotak FMP Series 60 (370 Days), a close-ended income scheme.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme. The tenure of the scheme is 370 days.

The new issue closes on 13 October 2011. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Index is the benchmark index. Abhishek Bisen and Mayank Prakash will be the fund managers.

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