2017-07-29 :UCO Bank announces reduction in MCLR rates
UCO Bank has slashed its marginal cost based lending rate (MCLR). For overnight, one month and three month maturities, the rates have been revised to 8.10 per cent, 8.20 per cent and 8.25 per cent respectively. The new MCLR rate for six month and one year is 8.45 per cent and 8.55 per cent respectively. The new MCLR rates are effective from 10th July, 2017.
2017-07-29 :Now a loan from lenders to make you GST compliant
In a bid to make MSMEs GST compliant, now lenders have started offering loans to them. Under the arrangement, Banks including Indian Bank, Canara Bank and Lakshmi Vilas Bank are offering working capital loans to the SME clients up to Rs. 5 lakh. While others, including Bank of Maharashtra and ICICI Bank are providing them their own readymade SaaS-enabled platforms for their easier GST compliance.
2017-07-29 :Merchant banking operations to enhance access of SMEs to capital markets
In a bid to help micro, small and medium enterprises (MSMEs), Small Industries Development Bank of India (SIDBI) has started fully fledged merchant banking operations to help them raise funds from the capital markets. The initiative will enhance the access of MSMEs to the capital markets including SME trading platform and institutional trading platform.
2017-07-29 :IDFC Bank plans to grow its retail lending portfolio
Aided by the strong improvements in network expansion and stronger focus on its retail business, IDFC Bank is planning to further strengthen its retail lending portfolio from Rs. 260 crore to Rs. 300-400 crore in the current FY18. The bank has further plans to add number of bank branches to its current network.
2017-07-29 : LICHFL net profit increases by 15 per cent at Rs. 470 crore
LIC Housing Finance has reported a significant increase in its net profit by 15 per cent at Rs. 470 crore during the current quarter of FY18 as compared to Rs. 408 during the corresponding quarter of the previous fiscal year. The net profit has increased due to a healthy retail loan growth and developer loans.
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