Punjab National Bank launches Basant Bonanza offer for housing loans

PNB Basant Bonanza scheme closes on 31st March

Punjab National Bank has launched PNB Basant Bonanza Offer which provides 50% waiver of upfront fee and documentation charges for housing loans up to Rs3 crore. The scheme closes on 31st March.

The Bank has 5,000 branches across India spread over 764 cities and is the largest commercial bank which is state owned.

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Axis Bank signs MoU with Indian Army for power salute salary account

Axis Bank, as a part of the power salute salary account, has introduced a ‘nil loan processing fee’ for all categories of defence forces

Axis Bank has signed a Memorandum of Understanding (MoU) with the Indian Army for the power salute, a salary account exclusively for the army personnel.

Axis Bank, as a part of the power salute salary account, has introduced a 'nil loan processing fee' for all categories of defence forces. Apart from this, the features of the account include: Unique life time account number which can be used at all branches of Axis Bank anywhere in India; Zero minimum balance requirement and services like ATM cards; Net banking/e-statement/draft at Axis Bank locations; Fund transfer through RTGS/NEFT and unlimited number of transactions at other bank ATMs are offered totally free of cost along with the power salute account.

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PMEAC projects 8.6% GDP for FY11, March-end inflation at 7%

The PMEAC, in its 'Review of the Economy 2010-11' released today, said the country's GDP is likely to grow by 9% in 2011-12, back to the high rate it had witnessed before onset of the global economic recession

New Delhi: The Prime Minister's Economic Advisory Council (PMEAC) today projected the economic growth in the country at 8.6% for the current fiscal on the back of rebound in farm output and added that inflation will come down to 7% by March-end due to declining food prices, reports PTI.

The PMEAC, in its report 'Review of the Economy 2010-11' released today, also said the country's gross domestic product (GDP) is likely to grow by 9% in 2011-12, back to the high rate it had witnessed before onset of the global economic recession.

The PMEAC's projection of 8.6% growth is in line with government estimates released earlier this month.

According to PMEAC, the agriculture sector is expected to grow at 5.4% this fiscal. This is higher than the 0.4% rate of growth registered by the farm sector in 2009-10.

"Agriculture will do very well this year. We might have record harvest of wheat," PMEAC chairman C Rangarajan said here.

The council also said the services and industry sectors would maintain the high growth rate of the last few years.

While services is expected to register a growth rate of 9.6%, industry is projected to grow by 8.1%.

During the last fiscal, services sector had witnessed a growth of 9.1%, while manufacturing had grown by 8.8%.

The PMEAC further said the overall inflation is expected to be at 7% by March-end and that the rate of price rise in the case of manufactured goods has been low.

"The declining trend in food prices, particularly that of vegetables, will result in lower food inflation...

Considerable care from the policy side has to be taken to ensure that the manufactured goods inflation remains below 5% in 2011-12," it said.

The overall inflation for January has been at 8.23%, while food inflation was at 11.05% in the first week of February.

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