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The Muthoot Pappachan Group (MPG) has decided to enter home loan business targeting low income clientele, whose monthly income is between Rs 10,000-30,000. Muthoot Housing Finance will operate as a 100% subsidiary of Muthoot Fincorp – non-banking finance company (NBFC) of the Kerala-based group. The company is confident that it will find many takers for […]

The State Bank of India’s(SBI) outgoing chairman Om Prakash Bhatt joined former RBI governor YV Reddy, credited with saving the Indian financial system , in speaking beside freeing up of savings deposit rates as it may beat the very goal of financial enclosure and expose the poor to be cheated by banks. “It has done […]

After a year of lull, credit card companies have reasons to cheer as 2010-11 will prove to be a year of a bigger and cleaner balance sheet for them. The quality of credit card customers in India has improved, with lower delinquencies and cleaner credit records over the past year, according to banks and credit […]

Customers will get alerts on their e-mails for all transactions done through their debit or credit cards from June 30, 2011. The guidelines issued to the lenders by the Reserve Bank is aimed at checking fraudulent transactions and encouraging usage of cards by customers. Presently, only some banks are intimating their customers through sms and […]

The Reserve Bank of India and State Bank of India may still be arguing on whether the fixed-cum-floating rate home loans should be termed ‘teaser’ or ‘terraced’. But small borrowers such as Kamlesh, a nurse in a government hospital, say that they couldn’t have asked for a better deal at a time when rates are […]