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ICICI Bank introduced a new home loan scheme where customers will get 1% cash back on every equated monthly installment (EMI) for the entire tenure of the loan. The cashback will start accruing from the first month of EMI and will get credited into the customer’s account only after the completion of 36 months. “A customer with a loan of R50 lakh for a period of 20 years can save a total of about R3.5 lakh under the scheme,” an ICICI Bank spokesperson said. Alongside, the largest private sector bank is also giving an option to customers to renew their fixed rate loans for free within 30 days of completion of the initial fixed rate tenure.

RBS suffers Q3 loss of £1.38 billion

Royal Bank of Scotland Group swung into a third- quarter loss after setting aside 400 million pounds ($644 million) more to compensate clients wrongly sold loan insurance. The net loss was 1.38 billion pounds compared with a 1.23 billion-pound profit in the year-earlier period, RBS said in a statement. Analysts had predicted a loss of 276 million pounds, according to the median estimate of eight surveyed by Bloomberg.

Self-service counters at PNB

Punjab National Bank is aiming to set up 24-hour multi-function self-service counters at its 500 branches by March 2013, a top official of the bank said on Friday. The multi function kiosks or E-lobbies would be equipped with cash deposit machine, cheque deposit machine, passbook printing machine and cash dispensers round the clock,

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