Happy time expected for HDFC bank loan customers

HDFC Bank has informed that it is looking at possibility of rate cut on loans during the Asset Liability Management Committee (ALCO) meeting to be held by this week end. So The loan customers can expect some relief in EMI amount.

Barclays Bank plans to shut 3 Indian branches

The British Bank, Barclays which is having 9 branches in India plans to shut 3 offices situated in Rajamundry, Ahmednagar and Junagadh. The Bank will also reduce the workforce due to the closure of the branches. The bank has taken the decision to sharpen focus in India on corporate and investment banking and wealth management and to reduce over time their retail banking presence to a core network of branches serving the high net worth individuals segment. The foreign bank is not able to make a presence in already heated banking market.

Cosortium Banks allow Hotel Leela Debt Restructuring

The debt-laden hospitality major Hotel Leela venture Ltd has got a breather. The restructured repayment plan of the company has finally been accepted by the lenders. It has received a 24-month moratorium for the outstanding principal amount of Rs 3,000 Cr it borrowed from a consortium of 17 banks. It applied for corporate debt restructuring (CDR) in February 2012. At the September 12 CDR meeting held with the banks, Leelaventure was told to repay all its outstanding principal amount in eight years from January 2014.

Higher interest draws more SB deposits in Kotak Mahindra Bank

Deregulation of the savings bank interest rate has led to a sharp spike in the savings bank deposits of Kotak Mahindra Bank (KMB) in Tamil Nadu. The bank, which has 19 branches in the State, will open three more branches over the next six months. The bank said the high interest rates offered by the bank on SB deposits clicked with the customers since it matched the post-tax yield of term deposits of ‘short to medium tenure’. That the interest earned in the savings bank account up to Rs 10,000 per year was tax free also weighed in with the customers. KMB said that after the new liberalised interest regime for SB deposits was announced by the RBI in October last year, KMB has witnessed a surge in SB deposits in Tamil Nadu. The SB deposit amount has grown by 45%, from Rs 181 Cr to more than Rs 263 Cr in Tamil Nadu region. The bank had, at the all-India level, seen a huge spurt of 68% in the savings bank deposit over a one-year period ending June 30, 2012 — from Rs 3,307 Cr on June 30, 2011 to Rs 5540 Cr on June 30 this year.