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Reduction of mark-up : Bank financing gives impetus to car sales

The banks have increased financing of the automobile sector after reduction of mark-up rates, which has contributed to pick up cars sales in the country.

According to the industry officials, car financing by the banks witnessed a growth of 5% in less than one year, which gave impetus to sales of different models of the automobile assembling companies.

The available statistics of the industry, as reported in the economic survey for 2013-14, suggest that the bank financing of automobile posted a growth of 20% to stand at Rs12.7 billion during July 2014 to March 2015.

The reduced policy rates have compelled the banks to reinvigorate its consumers financing portfolio to generate their revenues, which seemed a good omen in the industry as masses of a significant income group are getting benefits of the banking services

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