Financial Daily
from THE HINDU group of publications
Wednesday, July 11, 2001
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Financial Daily from THE HINDU group of publications Wednesday, July 11, 2001 |
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UTI Bank to continue to grant loans against US-64 units
Our Bureau
MUMBAI, July 10
UTI Bank has said that it would continue to grant loans against the units of US-64.
UTI Bank is the second bank after State Bank of India which has said that it would continue to provide loans against the units of US-64, after UTI announced a six-month ban on sale/repurchase of US-64 units.
The valuation of the US-64 units will be done at par _ Rs 10 and a margin of 40 per cent will be kept thereon, a UTI Bank press release said on Tuesday. An interest rate of 16 per cent will be charged on the loans.
The exposure ceiling for individuals has been pegged at Rs 20 lakhs for units in the demat form and Rs 10 lakh for units in the physical form. The loans will be sanctioned for a minimum of six months.
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