08th Oct 16 Small Scale Industries - RBL Bank, NeoGrowth and OPIC sign pact to finance SME in India
RBL Bank, Neo Growth Credit Pvt. Ltd and Overseas Private Investment Corporation (OPIC), the U.S. Government development finance institution have jointly committed to provide financing for small and medium enterprises (SMEs) in the Indian retail space. RBL Bank loan will allow Neo Growth to provide loans ranging from Rs. 200,000 to 7,500,000 to the retail SMEs.
04th Oct 16 Axis Bank sells Rs 1000 cr of Essar Steel debt to Edelweiss ARC
Axis Bank sold its loans to Essar Steel worth Rs. 1000cr to Edelweiss Asset Reconstruction Company at the discount of 45 per cent. Axis becomes the forth bank after HDFC( 550cr), ICICI( 1,600cr) and Federal bank( 70cr) to sell its loans to Essar steels raising the total amount of funds to Rs. 2,220 cr.
18th Sep 16 Haryana to give startups collateral-free loan up to Rs 1cr: CM Manohar Lal Khattar
On the occasion of Haryana golden jubilee year the Chief Minister has set up a Rs 1,000 crore corpus for the industry sector, particularly MSME sector. Under the provision for start ups collateral free loans up to Rs 1 crore will be given to entrepreneurs. In the scenario where the cost of capital is 16 percent, the startup fund is a welcome move.
17th Sep 16 SBI eyes 12 per cent SME loan growth in FY17
State Bank of India (SBI) is targeting12 percent growth in SME loans in the current financial year. This target is set in line with a massive growth of SME sector and muted demand for corporate loans. The bank is switching from balance sheet-based financing for SMEs to cash flow-based financing.
04th Sep 16 PNB current a/c holders to pay more for not having minimum balance - 04 Sept
Punjab National Bank will charge fine from October on current general account and PNB Smart Banking current account holders for not upholding the quarterly average balance as per the revised tariff. The charges for PNB Smart Banking silver account holders (QAB - Rs 1 lakh) hiked to Rs 500 per quarter. For gold account holders (QAB - Rs 2 lakh), the charges increased to Rs 1,000 and diamond account holders (QAB - Rs 5 lakh) will have to pay Rs 2,000 if their balance fall below Rs 5 lakh. Platinum account holders will have to pay Rs 4,000 if they fail to maintain Rs 10 lakh balance per quarter. For current general accounts, the bank has raised the initial deposit requirement as well as QAB for rural, semi urban and urban sectors.