Federal Bank on Wednesday launched a National Auto Loans Hub here. The Hub has been set up as a single window for processing and sanctioning of auto loans on fast track. With the launch of the National Auto Loan Hub, the bank has addressed two key points that affect consumers pricing and speedy processing. The bank has slashed the interest rates on car loans to 10.45%, one of the lowest rates offered by any Bank in the industry. The Auto Loan Hub is committed to speedy processing and will enable the Bank to reduce turn-around-time (TAT) to less than a day, a bank release said.
Yes Bank to expand biz on acquisitions
Looking to expand its business and grow its financial metrics going forward, new-generation private sector banking major Yes Bank has said it is open to possible acquisitions in banking, broking and asset management businesses, even as its organic growth plans are sufficient to meet its near-term targets. Yes Banks planning continues to be organic in terms of its Version 2.0 target, but it is open to possible acquisitions in banking, broking and asset management businesses, its founder and CEO Rana Kapoor told PTI in an interview. Kapoor, who was here to attend the World Economic Forum Annual Meeting, said that Yes Bank has received RBIs approval to set up a retail broking business.
Sebi restrains Angel Broking for 2 weeks
Sebi restrained three stock brokers, including Angel Broking, from taking up new assignments for a period of two weeks for being allegedly involved in fraudulent and unfair trade practises in the shares of Sun Infoways. The market regulator has prohibited Angel Broking, Allwin Securities and Bharti Thakkar India Securities from taking up any new assignment for two weeks. It also suspended erstwhile NC Jain for a period of one week. The order will come into force after 21 days.