06 november 2004

sbh to take over credit card dues
hyderabad: the state bank of hyderabad (sbh) has designed a product that enables credit cardholders to obtain a loan of up to rs1 lakh to repay their credit card outstanding dues.

called the `credit to credit cardholders', abbreviated to sbh c3, the product offers the loan at a lower rate of interest of 12.5 per cent per annum compared to 20-30 per cent per annum currently being charged by the credit card issuing banks on the outstanding amounts.

the sbh chief general manager, p dinakara rao, while inaugurating the `festival loan mahotsav' said, "the bank expects to receive tremendous response to this novel product since it provides substantial benefit to the credit cardholders."

sbi chairman sees upward pressure on interest rates
mumbai: state bank of india (sbi) chairman a k purwar has forecast an upward pressure on interest rates in the backdrop of the recent repo rate hike by the reserve bank of india (rbi), rising inflation and fast-shrinking, liquidity in the system.

purwar said there would be pressure on short-term deposit rates, on housing loan rates and on all sub-plr lending rates. the sub-plr lending rates, at which corporates borrow funds, have already gone up by 25-50 basis points. he said the sbi was examining various options and is yet to take a decision on rate raises. however, sbi's benchmark prime lending rate (bplr) would remain stable purwar clarified.

indian bank first half net at rs 154 cr
chennai: indian bank has reported a net profit of rs154.10 crore for six months ended september 30, 2004, as compared to rs116.91 crore during the corresponding period last year.