Abstract:
Vijaya Bank is planning to initiate the reverse mortgage loan scheme by July 2008. They will work collaboratively with IDBI Capital. In this paper we will discuss about this briefly.
Vijaya Bank, a renowned bank in India having a business level worth Rs 78,600 crore, will introduce a reverse mortgage scheme, in July 2008, for senior citizens of India for which, the board has given the clearance already.
The bank has thoroughly studied the reverse mortgage scheme offered by the other banks and is trying to develop its own scheme.
The bank will start this scheme to help the senior citizens of India, that is, to enhance their life after retirement.
The bank will introduce shortly an online trading facility as well for its customers. Vijaya Bank is tying with IDBI Capital Markets Services Ltd up to start this project.
Under this arrangement, IDBI Capital Markets Services Ltd will be providing manual and as well as technical support to set up the services quickly.