Hitachi ties up with SBI, Axis Bank for cash deposit ATMs

State Bank of India and Axis Bank will install the next generation of ATMs from Hitachi

Japan's Hitachi-Omron Terminal Solutions Corp (HOTS) has tied up with two of India's leading banks, State Bank of India (SBI) and Axis Bank to install the next generation of automated teller machines (ATMs) across the country.

Hitachi plans to tie up with eight more banks by the end of the next financial year with total revenues of 1 billion yen from the new HOTS ATMs.

The two-in-one ATMs are revolutionary in nature as it eliminates the need to visit bank branches for simple tasks like making cash deposits which get directly credited to your account, printing your passbook and numerous other banking services without compromising on time.

Yasuo Sasabe, general manager, ITC solutions business, Hitachi India Pvt Ltd said the company's leadership position in China and Japan in the cash deposit/recycle ATM market gives Hitachi the confidence to also develop the 2 in 1 ATM for Indian banks.

Yasuo Sasabe said, "These simple self-service functions will help increase branch efficiency tremendously as it frees the branch officials to attend to other work, while at the same time, it eliminates the need for customers to wait in long queues at their bank branches."


Axis Bank offers ‘NISHCHINT’ home loan

Axis Bank offers a lifetime fixed interest home loan at 11.75% p.a. on the brand ‘NISHCHINT’ for up to 20 years

Axis Bank, India's third largest private sector bank, today announced the launch of 'NISHCHINT'-a lifetime 'Fixed Interest Home Loan Scheme', which offers home buyers housing loans at a fixed rate of 11.75% p.a. for the entire duration of the loan i.e. up to 20 years.

RK Bammi, ED-retail banking, Axis Bank said, "Customers today are facing uncertainty about EMIs on their home loans, due to interest rate increases in the market. At Axis Bank, we want to offer the customer certainty about the EMI they need to pay for the entire life of the loan. 'NISHCHINT' offers that option to the customer at a very attractive rate."

Under 'NISHCHINT', Axis Bank will offer home loans to eligible buyers up to 85% loan to value for loans up-to 20 lakhs and 80% loan to value for loans above Rs 20 lakhs, with a pre-payment charge of 2% of the outstanding amount.


Finance ministry to discuss steps with SEBI, RBI to boost corporate bond market

A finance ministry official said discussions were held with representatives of financial institutions like Morgan Stanley, ICICI Securities, PNB Gilts, Tata Group and AK Capital, on the steps for boosting corporate bond market. The ministry will now hold discussions with SEBI and RBI in this regard

New Delhi: The finance ministry will discuss with the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) the steps required to broad-base and make vibrant the corporate bond market to help mid-sized firms to raise funds at competitive rates, reports PTI.

The ministry today discussed the issue with participants of the debt market to enlist views for widening the corporate bond market.

"Various suggestions have come (on making corporate bond market vibrant), but no decision so far. We will discuss these suggestions with SEBI and RBI," a senior finance ministry official said after the meeting.

While India has a well established government securities (G-Sec) market, the corporate bond segment is yet to pick up mainly due to the asset quality of the debt papers.

The official said the discussions were held with the representatives of financial institutions like Morgan Stanley, ICICI Securities, PNB Gilts, Tata Group and AK Capital, on the steps for boosting corporate bond market.

He said there would be another round of meeting next month with the market players to crystallise the suggestions.

Sources said the government is mulling tax incentives such as reduction in Securities Transaction Tax (STT) and stamp duty, besides withdrawal of withholding tax, to help companies raise funds at competitive rates.

G-Secs are preferred over corporate bonds as they enjoy sovereign guarantee and are highly traded, as compared to bonds.

However, in comparison to G-Secs, corporate bonds offer better rate of interest and people prefer to hold them till maturity, hence there is less trading in the segment.

The official said the government is ready to put in whatever it takes to bring liquidity in the corporate bond market.

A vibrant corporate bond market, as suggested by India Inc in its 1st August meeting with finance minister Pranab Mukherjee, would help small and medium sized companies to get credit at comparative rates.

Large companies are able to get loan through private placement and from banks, while the smaller players face problems.


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