The Press Release Resource

Herndon, Va. — The Securities and Exchange Commission (SEC) has proposed a rulemaking to increase the quality of information available to investors in asset-backed securities. This includes information on the value of property collateralizing loans that comprise the pools of securities. The American Society of Appraisers (ASA) believes the valuation requirements in the proposed rule …

With RBI relaxing the deadline to meet new provisioning norms, State Bank of India is likely to outperform analyst expectations on net profit in the fourth quarter. Analysts projections of the bank’s net profits for the quarter ended March 2010 ranged from Rs 2,522 cr to Rs 3,033 cr before RBI relaxed the deadline to …

According to research conducted by the UK’s leading discount website, 62% of people that have had cosmetic surgery have funded the procedure with a loan or credit card and two thirds, 64% of those considering a procedure would do the same. A new poll by the UK’s leading voucher codes and discount website has found …

State Bank of India (SBI) has selected US-based Elavon Incorporation and Visa International for a joint venture to facilitate payment through debit or credit card at the retail outlets through swipe machines (or merchant acquiring business) on a pan-India scale, with metro, urban, semi-urban and rural centers. Elavon US is a wholly-owned subsidiary of US …

LIC Housing Finance, the housing finance arm of the insurance giant LIC, today said it will raise Rs 20,000 crore during the current fiscal to fund its business growth. “Last year we had raised Rs 17,000 crore. This year we plan to mop up Rs 20,000 crore from the domestic market,” its chief executive RR …

The government is working on a refinance scheme to offer education loans at interest rates as low as 4 percent, and plans to extend the repayment period for those who aspire to become doctors, engineers, fashion designers and IT professionals. The scheme envisages the setting up of a special purpose vehicle to refinance banks for …

HSBC Bank Plans to focus on credit cards and home loans this year. After booking losses on its consumer banking business for three straight years, Hong Kong and Shanghai Banking Corporation (HSBC) looks to rebuild its retail loan book in 2010, aided by an improving credit environment. The UK-based bank, the third-largest foreign lender in …

The battle for home and car loans is getting hotter. ICICI Bank has taken on HDFC and State Bank of India (SBI), cutting rates by 50 to 75 basis points. It has reduced rates on home loans by 50 basis points, launching a new home loan scheme that charges 8.25 per cent for the first …

State Bank of India’s interest rates on retail loans might be reviewed after the Reserve Bank of India’s credit policy, according to a regional head of the banking major. “Liquidity is coming down, so we need to necessarily hike deposit rates. Automatically, interest on advances would go up,” Ms Arundhati Bhattacharya, Chief General Manager, State …

CEOs of large commercial banks will seek the support of the Reserve Bank of India to secure a government guarantee for education loans. They plan to raise this issue on Monday when chiefs of large commercial banks are slated to meet RBI governor D Subbarao, a fortnight ahead of the monetary policy review due on …

HDFC chairman Deepak Parekh said on Friday India’s largest home loan company might spin off some of its non-subsidiary unlisted investments into a special purpose vehicle to unlock value. In an interview to a news channel, Parekh said the book value of the half a dozen or so investments, including those in infrastructure finance firm …

Banks’ non-performing assets have shot up nearly 30% at the end of calendar 2009 from a year ago due to stress in many sectors and farm loan waiver, indicating sharply lower profits for banks and possibility of curbs on exposure to sectors that have contributed to the bad assets. In a reply to the Rajya …

HDFC Bank, ICICI Bank and Kotak Mahindra have raised rates on home and auto loans, reflecting the stiffening market that may lead to the Reserve Bank of India (RBI) hastening with a lift in its policy rates from record lows to fight inflation. The country’s largest private sector lender, ICICI Bank, says it is going …

The Indian operations of HSBC has reported a 44% drop in its net profits for the year ended December 31, 2009, to $374 million from $666 million a year earlier. The drop comes on the back of a loss of over Rs 1,000 crore in retail banking. The bank has also recorded a loss in …

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