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KYC Norms: Banks told to comply with KYC norms strictly

 The Reserve Bank of India (RBI) has asked all banks doing business in the country to carry out better customer due diligence and maintain details of third party products sold by them. The Central Bank observed that banks are not carrying out customer due diligence as required under Know-Your-Customer (KYC)/Anti-Money Laundering (AML)/Countering Financing of Terrorism […] Continue reading →

HDFC Bank cuts lending rates by 0.1%

 HDFC Bank cuts lending rates by 0.1 percent effecting from March 30, 2013. HDFC Bank has decided to cut its benchmark lending rates by 0.1 per cent with effect from March 30. The base rate, or the minimum lending rate, of the country’s second largest private sector bank will become 9.6 per cent from the […] Continue reading →

HDFC Bank raises $500 m via MTN issue

 HDFC Bank on March 6, 2013 raised $500 million unsecured debt at a fixed coupon rate (interest rate) of three per cent for five years. The bank has to effect the coupon payouts semi-annually. The fund-raising is part of its $1-billion Medium Term Note programme. The debt instrument (fixed rate senior unsecured note) would be […] Continue reading →