Indian Bank offers special home-auto combo loan scheme
New Delhi: State-owned Indian Bank has launched special home and auto loan schemes to cash in on the festive fervor. Under the special combo scheme, customer availing home loan will be charged base rate and will also be offered vehicle loan and consumer durable loan at the discounted rate of 10.20 per cent, Indian Bank chairman and managing director TM Bhasin said in a statement. To boost demand for retail credit, the bank has also decided to waive processing charges for all retail loans, he said. This offer is for a limited period, he added. Earlier, the government had decided to provide additional funds to the PSU banks to enable them extend more credit to auto and consumer durables sectors to stimulate demand and combat slowdown. The decision to increase the quantum of capital infusion was taken at a meeting between finance minister P Chidambaram, RBI Governor Raghuram Rajan and Economic Affairs Secretary Arvind Mayaram. “This amount (Rs 14,000 crore provided for capital infusion in Budget) will be enhanced sufficiently. The additional amount of capital will be provided to banks to enable them to lend to borrowers in selected sectors such as two-wheeler, consumer durables, etc at lower rates in order to stimulate demand,” a finance ministry statement had said.
Mutual Funds garner Rs 24,000 crore from investors in August
New Delhi: Investors have put in nearly Rs 24,000 crore in various mutual funds in August after pulling out money from such schemes in the preceding two months. The huge inflows of funds during August followed a net withdrawal of Rs 50,067 crore in the preceding month, taking the total outflows for two consecutive months to close to Rs one lakh crore. As per the latest data available with market regulator Securities and Exchange Board of India (Sebi), investors have pumped in a net amount of Rs 23,713 crore in August in various mutual fund (MF) schemes. This takes the MFs’ net mobilisation of funds from investors so far in the current fiscal (April-August) at about Rs 69,252 crore. Mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets. At gross level, mutual funds mobilised Rs 8.05 lakh crore in August, but also witnessed redemption worth