RBI eases overseas borrowing norms
As part of its previous guidelines on allowing banks to borrow overseas up to 100% of their Tier-I capital, RBI has allowed banks to borrow from international or multi-lateral financial institutions for a limited period up to November 30. Such borrowings should be for the purpose of general banking business and not for capital augmentation, RBI said on website on Thursday. Such borrowings shall be eligible for the concessional swap facility of RBI, the notification said.
Indiabulls Housing cuts lending rates
Indiabulls Housing Finance on Thursday cut home loan rates by 0.15% to 10.25%, following into the footsteps of state-run banks that have slashed lending rates for the festive season. The new rate is applicable on loans under R25 lakh and will remain in force till November 30, the company said in a statement. Indiabulls Housing is the first private lender to slash rates after a majority of the Government banks, including SBI, initiated similar moves on retail products over the last two days. Among mortgage lenders, SBI offers the cheapest loan at 10.15%. IDBI Bank and Punjab National Bank have announced attractive home loan schemes for a limited period to attract customers.