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Tag: retail

Banks shower offers on retail borrowers as corporate demand plummets

Banks shower offers on retail borrowers as corporate demand plummets

Finance
MUMBAI: Monsoon may have gone, but it is raining offers from banks for retail borrowers. The record low corporate demand is forcing banks to dole out offers this festive season to attract home to automobile to iPhone buyers. From EMI waivers to home loan cash backs, interest rate cuts and waiver of processing fees, banks are trying every trick in the book to pump up retail growth. Retail loan growth stood at 15 per cent year on year in July against 18.8 per cent a year earlier, according to data from the Reserve Bank of India (RBI). Within that, housing loan growth also slowed to 10.5 per cent from 17.2 per cent. State Bank of India (SBI), Bank of Baroda (BoB) and Andhra Bank have lowered their base rate just a week ahead of RBI monetary policy announcement, extending benefits to their...
Mutual Fund folios surpasses 6 crore mark at August-end on high retail push

Mutual Fund folios surpasses 6 crore mark at August-end on high retail push

Finance
Showing a growing interest for mutualfunds among investors, the number of folios has grown by 2.4 per cent to cross 6 crore at the end of August, according to a report by ICRA. The total folio count at the end of August stood at 6.08 crore, 2.4 per cent higher compared to July. The growth was primarily on the back of 10.9 lakh new folios added to the equity category (including equity-linked saving schemes) and another 2.36 lakh new folios to the balanced category, the report noted. Besides, investor awareness initiatives by Asset Management Companies (AMC) and regulatory bodies are helping to enhance the financial awareness and maturity of investors, which in turn is driving this growth, it added. Folios are numbers designated to individual investor accounts, though one inv...
Co-op in exclusive talks to buy Nisa Retail

Co-op in exclusive talks to buy Nisa Retail

Business
The Co-op Group has moved into pole position to swoop on Nisa Retail, trumping its rival J Sainsbury in an accelerating battle to consolidate Britain's convenience store market.Sky News has learnt that the board of Nisa Retail has granted a period of exclusivity to the Co-op to negotiate a takeover of the member-owned business.It comes just days after Sainsbury's put the brakes on its interest in Nisa amid concerns about competition regulators' likely view of a tie-up.In a message circulated on Wednesday, Peter Hartley, Nisa's chairman, told shareholders that the Co-op had "confirmed, subject to further due diligence, its intention to progress matters as quickly as possible, in the hope that a transaction can be finalised".Mr Hartley cautioned that "key elements" of a takeover by the Co-op...
Hudco looks to revive retail home finance portfolio

Hudco looks to revive retail home finance portfolio

Finance
NEW DELHI: State-owned Housing and Urban Development Corporation (Hudco) looks to revive its retail financing segment and will seek its board's approval for a roll-out plan next week.Hudco launched its retail finance window in 1998 and it now plans to expand the portfolio across the country, a senior official of the housing finance company said."Out retail finance portfolio Hudco Niwas has not been picking up in a big way as was expected. We are now going for the revival plan for Hudco Niwas."We are going to put up the matter with the board on July 11 where our roll-out plan will be presented to the board," Hudco Director Corporate Planning Nand Lal Manjoka told PTI.Retail financing will be done on a pilot basis first and if successful, it will be expanded across India, Manjoka said.Manjok...