Author: PTI

Only 23 housing projects comprising 7,620 units were launched during April-June quarter under the subvention scheme, which has been banned recently by the National Housing Bank (NHB), according to property consultant Anarock. Worried over frauds by builders, last month, the NHB asked housing finance companies (HFCs) to “desist” from offering loans under subvention scheme wherein real estate developers pay interest on behalf of home buyers for a certain period of time.

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Auto major Hyundai Motor India Ltd (HMIL) has come out with no production days this month at its Sriperumbudur facility near here, in view of the prevailing market conditions. As per the announcement made on 9 August at the plant, the Korean auto major said, “due to prevailing market conditions, there will be no production in passenger cars, powertrain system and related support departments.”

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United Bank of India is aiming at a net profit of around Rs 1,000 crore for the 2019-20 fiscal, the state-owned lender’s CEO and MD Ashok Kumar Pradhan said. The bank managed to be in the black in the fourth quarter of the last fiscal by posting a bottomline of Rs 95 crore, after reporting losses for seven straight quarters. In the April-June period, too, it achieved a net profit of Rs 105 crore.

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