Connect with us
Wednesday,01-December-2021

Business

PNB Housing Finance tie up with Yes Bank for co-lending

Published

on

Yes-Bank

PNB Housing Finance and Yes Bank on Friday said that they have entered into a strategic co-lending agreement to offer retail loans to home-buyers at competitive interest rates.

A PNB Housing statement said that both the financial institutions will synergise their capabilities to provide an efficient and seamless experience to existing and new retail home loan customers.

PNB Housing and Yes Bank will jointly do due diligence and co-originate the loan at an agreed ratio. PNB Housing will service the customers through the entire loan lifecycle, including sourcing, documentation and collection with an appropriate information sharing arrangement with Yes Bank.

In 2020, RBI allowed the co-origination of HFCs with banks to enable non-banking finance companies and other banking institutions to provide mutually beneficial risk assessment services.

The revised co-lending model, introduced in November 2020, gives lenders greater flexibility in terms of offering higher credit for the unserved and underserved segments of the population.

Rajan Suri, Business Head for Retail at PNB Housing Finance said: “The digital transformation has opened up untapped opportunities in the retail home loan space. We have seen a steady demand among the working class, especially millennials, who are keen to realise their dreams of owning a home early in their careers.”

“I am confident that our strategic co-lending partnership with Yes Bank will enable us to accelerate our business growth and add significant value to customer relationship and experience,” Suri said.

Rajan Pental, Global Head of Retail Banking at Yes Bank said that the partnership provides ease of loan sanctions at borrower’s convenience through digital lending platforms, thereby enabling home-buyers to fulfil their dreams and aspirations.

Business

Delhiites suffered due to Kejriwal’s delayed decision on petrol prices: Manoj Tiwari

Published

on

By

BJP MP Manoj Tiwari on Wednesday said had the Delhi government reduced VAT on fuel soon after the Centre’s decision to lower the prices of petrol and diesel, Delhiites’s hard-earned money would not have been wasted.

“Kejriwal looted the people of Delhi for 27 days! The late decision (on reducing VAT on petrol) has once again proved that he does not care about the people! Had the decision been taken 27 days ago, the people of Delhi would not have lost crores of rupees,” Tiwari said in a tweet in Hindi this afternoon.

Petrol prices in the national capital have fallen by Rs 8 per litre after the Delhi government cut down Value Added Tax (VAT) on the fuel to 19.40 per cent from earlier 30 per cent.

This decision was taken after the chief minister chaired a Cabinet meeting over the issue. Till now, the petrol is being sold at Rs 103.97 and new rates will come into effect from midnight.

Meanwhile, the diesel rate in Delhi stands at Rs 86.67. In Mumbai, which is having the highest fuel rates among metro cities, petrol is retailed at Rs 109.98 per litre while diesel is being sold at Rs 94.14 per litre.

On November 4, the Centre had reduced petrol and diesel rates by Rs 5 and Rs 10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least Rs 10 per litre.

Following the Central government’s announcement, as many as 25 states and Union Territories reduced Value Added Tax (VAT) on petrol and diesel to provide relief to consumers.

A majority of these states are either ruled by the Bharatiya Janata Party (BJP) or its allies.

Continue Reading

Business

Nov GST collection rises to over Rs 1.31 lakh Cr

Published

on

By

GST

 India’s GST collection rose on both sequential and year-on-year basis in November.

Accordingly, the gross GST collection rose to Rs 1,31,526 crore last month.

This was the second straight month when the gross GST collection crossed Rs 1.30 lakh crore.

Besides, the GST revenue for November 2021 was 25 per cent higher than the corresponding period of last year and 27 per cent over the like month of 2019-20.

As per the Ministry of Finance, out of the total gross collection, CGST’s share was Rs 23,978 crore, SGST was Rs 31,127 crore, IGST about Rs 66,815 crore and Cess was Rs 9,606 crore.

“The GST revenues for November 2021 have been the second highest ever since the introduction of GST, second only to that in April 2021, which related to year-end revenues and higher than last month’s collection, which also included the impact of returns required to be filed quarterly,” the ministry said.

“This is very much in line with the trend in economic recovery.”

Continue Reading

Business

Petrol prices cut by Rs 8/litre in Delhi

Published

on

By

Petrol-2

Petrol prices in national capital fell by Rs 8 per litre on Wednesday after the Delhi government cut down Value Added Tax (VAT) on the fuel to 19.40 per cent from earlier 30 per cent.

New rates will come into effect from midnight.

This decision came after Chief Minister Arvind Kejriwal chaired a Cabinet meeting this morning.

Currently, the petrol is being sold at Rs 103.97.

In early November, the Centre had reduced petrol and diesel rates by Rs 5 and Rs 10 per litre respectively. Post the move, the Opposition parties in Delhi have been urging the AAP-led state government to cut VAT on petrol by at least Rs 10 per litre.

In India, fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Besides, the central government charges an excise duty on auto fuels. After adding excise duty, dealer commission and VAT, the retail selling price of the petrol gets nearly doubled.

From June 2017 onwards, the petrol and diesel prices in India are being revised daily at 6 a.m. via the dynamic fuel price method. Earlier, this exercise used to take place every fortnight.

Continue Reading

Trending