"Higher sales tax proposed if you pay by credit card" - Around the turn of the century, I remember reading headlines like these, as cash-strapped state governments thought up ever newer ways of raising revenues.
Satish Kumar (name changed), an information technology professional, recently got an American Express credit card. Since his credit score is around 770, he can easily get a loan or another credit card if he applies for it.
Saddled with a large pile of stressed assets, public sector banks (PSBs) settled loans worth Rs 12,734 crore for 730,000 accounts in the one-time settlement (OTS) scheme in 2014-15, to cleanse their balance sheets.
Sample this: According to the Reserve Bank of India's data, the number of credit cards between April 2014 and April 2015 has increased by two million. The total value of outstanding amount has risen 23 per cent.
Both existing and potential property buyers can expect some good times. Banks have started cutting lending rates more aggressively. On Tuesday, HDFC Bank reduced its base rate by 15 basis points to 9.7 per cent.
In India, 80 per cent of car buyers avail of a loan to buy their dream car. The car loan market is growing at a rapid pace and the leading financial institutions are launching innovative and attractive schemes for the buyers.
With the Reserve Bank of India (RBI) cutting the repo rate for the third time, a total of 75 basis points (bps) in this calendar year, customers can expect some easing of equated monthly instalments (EMIs).