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Housing industry seeks more interest rate concessions for poor

Maharashtra Chamber of Housing Industry has called for more interest rate concessions for lower middle and economically weaker sections for buying home

Mumbai: While welcoming extension of interest subsidy scheme for this year, real estate industry body Maharashtra Chamber of Housing Industry (MCHI) has called for more interest rate concessions for lower middle and economically weaker section of the society for housing, reports PTI.

"The extension of the scheme offering concessions in interest rate is a positive step, which will act as an incentive to home loan borrowers," MCHI President Paras Gundecha said in a statement.

Under the scheme, interest subsidy at the rate of one percent on housing loans upto Rs15 lakh where the cost of the house does not exceed Rs25 lakh is given. The scheme announced last year was extended to FY13 as well.

A budgetary provision of Rs400 crore has been made for 2012-13 for implementing the scheme.

The realty body has however called for more interest rate concessions for lower middle and economically weaker sections to help them own a house.

"These sections are the worst hit as they cannot afford a house due to high cost of housing triggered by increase in cost of inputs and finance. The government should extend the benefit of lower rate of interest of 6-7%, currently available to some government and public sector employees, to all, so that housing would really become affordable in the true sense of the word," Gundecha added.

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SEBI reduces timeline for transfer process of equity shares

SEBI reduced the time-line for registering the transfer of shares to 15 days from 30 days to expedite the transfer process in the interest of the investors

New Delhi: In a move to expedite the transfer process of equity shares market regulator Securities and Exchange Board of India (SEBI) has reduced the timeline for registration of transfer of shares to 15 days from the existing one month, reports PTI.

It also decided to reduce the time period for transfer of debt securities to 15 days. The new directive will come into effect from 1st October, this year.

"With a view to expedite the transfer process in the interest of the investors, it has been decided, in consultation with Registrars Association of India, Stock Exchanges and market participants to reduce the time-line for registering the transfer of shares to 15 days," SEBI said in a circular today.

The same time-line shall also be applicable for transfer of debt securities, it added.

"This circular is issued in exercise of powers conferred under SEBI Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets and shall come into force with effect from 1 October 2012," SEBI said.
 

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RBI revises criteria for declaring dividend by UCBs

Urban cooperative banks which have less than 5% of NPAs and comply with capital to risk-weighted assets ratio norms may declare dividends without prior permission from the central bank

 

Mumbai: The Reserve Bank of India (RBI) said urban cooperative banks (UCBs) which have less than 5% of non-performing assets (NPAs) and comply with capital to risk-weighted assets ratio norms may declare dividends without its prior permission, reports PTI.

"It has now been decided to revise the criteria for declaring dividend without prior permission of the Reserve Bank," RBI said in a notification.

Further, it said the UCBs should have made all required provisions for NPAs, investments and others assets as per prudential norms.

The dividend should be paid out of the net profit and after making all statutory and other provisions and adjustment for accumulated losses in full, it said.

"UCBs complying with all the above parameters except net NPA and desirous of declaring dividend may approach the respective regional office of the RBI for permission for declaring dividend provided the net NPA is less than 10%," it added further.

Earlier, there was a requirement of net NPA of less than 10% for declaring dividend.

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