Union Bank of India reduces interest rates on home loans by 30 basis points and car loans by 40 bps; personal loans see sharper reduction.
Shriram Finance seals India’s largest cross-border deal in financial services sector. Will the NBFC turn into a bank? How significant is the deal as foreign investors evince interest in Indian financial entities in 2025.
RBI imposes penalty of Rs 61.95 lakh on Kotak Mahindra Bank for non-compliance of norms related to basic savings bank deposit account, business correspondents and credit information companies.
Ashwini Tewari, the seniormost managing director at SBI, gets two-year extension until 31 December 2027.
RBI Governor Sanjay Malhotra said rate cuts made during his tenure had helped engineer a “Goldilocks” phase of brisk growth with low inflation.
HDFC Bank gets nod to acquire aggregate holding of up to 9.5% stake in IndusInd Bank; group entities include HDFC Mutual Fund, HDFC Life Insurance Company, HDFC ERGO General Insurance Company and HDFC Securities.
Floor price fixed at Rs 34 per share; govt plans to divest up to 2% stake in IOB through offer for sale, with option of additional 1% via green shoe option.
With a view to improving monetary policy transmission, the RBI has advised banks to link loans to MSMEs to an external benchmark.
Ravi Ranjan will oversee key portfolios including risk management, compliance and stressed assets; Vinay Tonse had completed his term as MD on 30 November.
State Bank of India slashes EBLR, applying to most floating- rate retail and home loans, by 25 bps; less sharp cut on select FD rates, implying pressure on deposit mobilisation.
Indian Overseas Bank reduces external benchmark lending rate by 25 basis points to 8.10% from 8.35% earlier; MCLR cut by 5 bps.
Despite retail inflation rising to 0.71% in November from a record low of 0.25% a month ago, economists say there is space for another interest rate cut by 25 basis points.
Public sector banks have written off loans worth Rs 6.15 lakh crore in the last five and a half years, MoS for finance Pankaj Chaudhary said.
Bank of Maharashtra reduces interest rates by 25 basis points on a range of retail loans, including home, car and education; others to cut rates are PNB, Bank of India and Indian Bank.
Soon after RBI lowers key repo rate by 25 basis points, state-owned banks like PNB, Indian Bank and Bank of India have cut lending rates, including home loans.
