Banking
Punjab National Bank waives of processing fee during festival

During 9th October to 30th November, PNB would waive off processing fee for housing, car and personal loans

New Delhi: To cash in on the festive fervour, state-owned Punjab National Bank (PNB) has announced waiver of processing fee for housing, car and personal loans, reports PTI.

 

The offer is valid from 9th October to 30th November, PNB said in a statement.

 

To meet the sentiments and aspirations of public, it said, the bank has announced a series of relaxations and concessions.

 

It further said rate of interest on housing loans up to Rs75 lakh was slashed to 10.50% last month.

 

The base rate or minimum lending rate of the bank stands at 10.50%.

 

Similarly, the car finance would be made available up to 100% of ex-showroom price at very competitive rates of 11.5-12%, it said.

 

Loans for purchase of consumer durables also available at a very attractive rate of interest of 15% with no processing charges, it added.

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Kingfisher not a systemic risk: Chakrabarty

According to the RBI deputy governor, debt-laden Kingfisher Airlines, which owes 17 banks about Rs7,000 crore, does not pose any systemic risk to the banking system

Mumbai: The debt-laden Kingfisher Airlines, which owes 17 banks about Rs7,000 crore, does not pose any systemic risk, reports PTI quoting Dr KC Chakrabarty, deputy governor of the Reserve Bank of India (RBI).

 

When asked about the troubles at Kingfisher Airlines, Chakrabarty said that "it does not pose any systemic risk to the banking system".

 

He was talking to reporters on the sidelines on an SME event organised by the Bombay Chamber of Commerce and Industry.

 

The aviation regulator DGCA had recently served a show-cause notice to the company asking why its licence should not be revoked.

 

Within the lenders consortium, SBI has the single largest exposure with Rs1,580 crore, followed by IDBI Bank (Rs720 crore), Punjab National Bank (Rs435 crore), Bank of India (Rs575 crore), Bank of Baroda (Rs530 crore), Central Bank of India (Rs420 crore), UBI (Rs350 crore), Corporation Bank (Rs150 crore), and Federal Bank (Rs80 crore which is not a loan but an en-cashed bank guarantee to BPCL).

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COMMENTS

rajeshpai

4 years ago

YES.
There is no risk as long as bankers act like bankers.Enforce securities offered and proceed against Dr Vijay Mallya who has given his personal guarantee.Surely he is worth more than the amount owed to the banks.
Start selling his mansions,IPL Franchise, UB city,yachts,shares of various group companies, enforce corporate guarantees of the group, declare the group as NPA.Why not??Why the hesitation!!

If the banks act tough, money is secure .That is where the systemic endurance comes into play.

Moneylife, please keep following up on what the banks propose and what they do to recover money from KFA.
If they write off, then it is at the cost of the poor depositors of these banks.

RBI to come out with new definition of sick units soon

The central bank is trying to redefine sick units and would soon come up with the new definition, says Dr Chakrabarty

Mumbai: The Reserve Bank of India (RBI) will come out with a new definition of sick units shortly, reports PTI quoting RBI Deputy Governor KC Chakrabarty.

 

"We are trying to redefine sick units... very soon we will come up with a new definition," Chakrabarty said while addressing a conference on SMEs organised by the Bombay Chamber of Commerce and Industry.

 

Talking about bank financing to SMEs, the senior most deputy governor said entrepreneurs have to be trustworthy and units have to be credit-worthy for getting bank finances. The SMEs have to maintain utmost transparency in their transaction with banks.

 

"Availability of timely credit is more important for SMEs than the cost of credit," he said, adding businesses can't only run on borrowed money and promoters have to bring in capital for growth.

 

He also said that SMEs should foresee their cash flow for at least the next 18 months to arrange for timely availability of bank credit.

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