Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Credit cards: Banks start withdrawing zero interest EMI schemes after RBI crackdown

Sep 25 2013, 17:02 IST
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RBI's advisory against zero-interest monthly installments by banks could come as a dampener for consumers just ahead of the festive season. (Reuters) RBI's advisory against zero-interest monthly installments by banks could come as a dampener for consumers just ahead of the festive season. (Reuters)
SummaryConsumer durable manufacturers are among those who offer the zero per cent facility.

managing director A Krishnakumar said the bank does not have any such schemes. SBI managing director (associates and subsidiaries) S Vishwanathan, however, clarified, “I cannot categorically say there is no such offering from SBI Cards as I have not checked with them. But SBI does not have any such offers.”

Central Bank seeks clarity

* RBI says the interest component in the scheme is generally hidden and effectively passed on to consumers in the form of a higher processing fee or annual charge

* Consumer durable firms anticipate the step would end up hurting most companies, forcing them to recalibrate their strategies

* With the RBI demanding more disclosures, banks are now withdrawing the scheme

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