SBI slashes processing fees on home loan

The State Bank of India (SBI) has cut down processing fee on home loan above Rs75 lakh to Rs10,000 from Rs20,000.

The State Bank of India (SBI) has cut down processing fee on home loan above Rs75 lakh to Rs10,000 from Rs20,000, while for loans between Rs30 lakh-Rs75 lakh, the fees has been reduced to Rs6,500 from Rs10,000 earlier, a senior SBI official said.

The new fee structure is applicable starting January 11, the official added. The official, however, added that the processing fee for loans below Rs30 lakh continues to be 0.25% of the loan amount.

The reason for slashing fee is to promote home loan products of the bank, the official said.

User

IRDA: Agent training institutes to register as company or trust by June

“Existing accredited entities (ATIs), other than the companies/societies, trusts, have to convert themselves into companies, societies or trusts within 6 months...:” IRDA Circular

In order to eliminate non-serious players, the Insurance Regulatory and Development Authority (IRDA) has asked all existing agent training institutes (ATIs) to register either as a company or trust by June.

“Existing accredited entities (ATIs), other than the companies/societies, trusts, have to convert themselves into companies, societies or trusts within 6 months...,” the IRDA said in a circular.

The IRDA has said that only those entities with more than three years of experience in training for financial or insurance products will be eligible for accreditation as institutes for training insurance agents. The initial approval will be for three years and consideration of further renewal for next three years.
Further, ATIs are required to maintain the attendance record by way of biometric system and put in place an effective mechanism for the same by April 1, 2012.
These entities play an important role in training agents for selling insurance products as the sector is battling the curb the menace of mis-selling. Mis-selling refers to sale of a financial instrument without fully disclosing the pros and cons of it to an investor.

User

Cloudy outlook for Indian retail sector: Deloitte report

Commenting on the findings, Rajan Divekar senior director Deloitte in India said: “...Given the recent policy flip-flop related to FDI in multi-brand retail, both global retailers as well as existing Indian organised sector retailers appear to have adopted a cautious ‘wait-and-watch’ approach before committing fresh investments”

New Delhi: India's retail sector faces a ‘bit cloudy’ outlook due slow growth along with persistent inflation and the government’s decision to hold back FDI in multi-brand segment, reports PTI quoting a report by Deloitte Touche Tohmatsu (DTTL).
‘The 2012 Global Powers of Retailing’ report by the consulting firm DTTL suggests that retailers will, however, find some silver linings as softening commodity prices will help in improved profit margins.

“The outlook for India (retail sector) is a bit cloudy as the economy is clearly slowing, following a period in which monetary policy was tightened to fight inflation... it did not bring the inflation down,” the report said.

Commenting on the findings, Rajan Divekar senior director Deloitte in India said: “...Given the recent policy flip-flop related to FDI in multi-brand retail, both global retailers as well as existing Indian organised sector retailers appear to have adopted a cautious ‘wait-and-watch’ approach before committing fresh investments.”

He, however, said the Indian retail sector offers significant potential for growth of modern trade.

India also has a set of obstacles that includes a high degree of trade protection, continuing regulation of labour markets and uncertainty regarding the future of the FDI policy related to multi-brand retail, it said.

Meanwhile, Indian retailers are customising and fine tuning their business models across retail formats to ensure that there is a balance between store expansion and profitability, Mr Divekar said.

“The recent liberalisation permitting 100% in single brand retail is a welcome sign especially for select luxury/niche retailers,” he added.

The report, however, said one positive effect of slower global growth will be the continued dampening of commodity prices.

“For retailers, this means some improvement on the cost side of the ledger while retail price inflation in some economies presents an opportunity for improved profit margins, even in the context of slow topline growth,” it said.

Revival of the proposal to permit 51% FDI in multi-brand retail could bring in a positive impact on the retail sector as well as the Indian economy, it added.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)