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.
Investment Vehicle
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 Rs 7.81 lakh crore — resulting into a net outflow of Rs 23,713 crore. This significant level of fund mobilisation has also helped the total asset under management of mutual funds to grow to Rs 7.66 lakh crore as on August 31, 2013 from Rs 7.6 in the previous month.
Foreign Portfolio Investors to get registration within 10 days; stake capped at 10%
new delhi: Making it easier for overseas entities to invest in Indian markets, Sebi has proposed grant of registration to them within 10 days of application under the new Foreign Portfolio Investor (FPI) regime. The FPIs would be allowed to invest across a host of the capital market segments, including in shares, debentures, warrants, mutual funds, collective investment schemes, derivatives, treasury bills and government securities. Besides, they can also invest in the commercial papers, security receipts of asset reconstruction companies, perpetual debt instruments, non-convertible debentures, infrastructure debt funds and Indian Depository Receipts. However, one FPI can hold a maximum of 10 per cent equity shares in a company, subject to the applicable sectoral caps. Under the proposed FPI Regulations, which will be notified soon, various investor classes like Foreign Institutional Investors and Qualified Foreign Investors would be clubbed into one single category to be known as FPIs. To make it easier for FPIs to invest in Indian markets, the new norms also provide for a permanent registration to them, while Sebi has also exempted the lowest-risk foreign investors from any registration fees. pti
Jai Mahakal.
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