Over the next 2 years, public sector banks will get Rs. 35,000 crores from Center. This measure has been taken in order to meet the credit needs of the economy.
According to the RBI norms, at least 6% Tier I capital must be kept by the banks. The planned capital infusion will let the banks keep [...]
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Public sector banks to obtain Rs. 35,000 crores from center
IDBI bank offers perpetual bonds to raise capital of Rs. 3,00 crores
IDBI Bank intends to raise Rs. 300 crore this month by issuing perpetual bonds. Mr. P Sitaram, chief financial officer, IDBI Bank said, “The amount raised will be to meet Tier-I capital requirement of the bank.”
A perpetual bond is a bond without a maturity or redemption time. The holder of this bond can earn coupons [...]
Visa, RBS, Global Payments shorlisted by SBI for POS
State Bank of India (SBI) has shortlisted 3 applicants as prospective associates for a joint venture to install 5 lakh swipe machines for credit and debit cards throughout the country. These applicants are Visa, Royal Bank of Scotland (RBS) and Global Payments.
SBI has been looking to reach leadership position in electronic networks. SBI has more [...]
New base rate to be made effective from 1st July
Giving in to the banks’ demand, the Reserve Bank of India has delayed the date of implementation of the planned base rate system to 1st July and also removed 3 types of loans from the new model. This means the rates on old home loans will not change till 1st July.
Usha Thorat, RBI Deputy Governor [...]
StanC’s Indian arm earns $1-b net profit
The profit from Indian arm of Standard Chartered has exceeded the $1 billion mark for the 1st time. The profit before tax for the year 2009 went up by 19% to 1.06 billion from $891 million last year. Actually, the Indian arm of the emerging markets bank is turning out to be the biggest profit [...]
ICICI Bank employees have a reason to cheer
The year 2010 has brought a smile on the face of the ICICI bank employees as the bank is likely to offer bonuses to most of its 36,000 employees for the period 2009-10 by April.
The bank had not offered bonuses in 2008-09 due to the worldwide financial crisis. In this year, it is for the [...]
Private banks increase car and home loan rates
HDFC Bank, ICICI Bank and Kotak Mahindra have increased rates on home and auto loans, highlighting the hardening market that may cause RBI to hike interest rates to combat inflation.
These banks have increased lending rates by as high as 100 basis points, subsequent to the stiffening of the interest rate, despite RBI trying to keep [...]
ICICI Bank removes fixed rate home loan scheme
In a clear indication of an increasing interest rate scenario, India’s biggest private sector bank, ICICI Bank said it has increased its car loan rates by up to 0.5% and removed its special home loan scheme offering loans at 8.25%.
SBI to increase the number of recruitments
India’s biggest lender, State Bank of India intends to increase the staff recruitment in its branches throughout the country. The bank has hiked the target of recruiting 11,000 employees for its clerical post to 25,000 in order to deal with the retirements and the vacancies at its new branches.
Andhra Bank has the best asset quality
Andhra Bank, a public sector bank is concentrated mainly in Andhra Pradesh. The bank is in the news for having one of the lowest Non Performing Assets (NPAs). During the last 5 years, bank’s official NPA was just 0.2% of the total advances. This included even the personal loans.
Australia’s ANZ set to re-enter India after 10 years
Australia and New Zealand Banking Group (ANZ) has at last obtained authorization from RBI to recommence its Indian operations after 10 years. The group intends to establish its first branch in India in Mumbai within a year.
Banks will be allowed to loan below base rate
Loans against fixed deposits, loans to bank’s staff, and restructured loans, which provide borrowers with more time and have lower rates to prevent defaults, can be offered at interest rates lesser than base rate. So this means, the interest rates on the personal loans will not change.
Honda intends to set up a 2-wheeler unit in Rajasthan
Honda Motorcycle & Scooter India Pvt Ltd (HMSI) is thinking about establishing its 2nd plant in Rajasthan. It plans to invest a sum of Rs 1,100 crore (Rs 11 billion) and the plant will have a capacity of manufacturing 12 lakh units per year.
Citibank introduces mobile contactless payment program
After receiving a good response from its trial study in Bangalore, Citibank is intending to increase its mobile payment service to other cities of the country and abroad.
This decision was based on the results of the study conducted at Bangalore in July. The bank had commenced using mobile phones for credit card payments at retail [...]
Ashok Leyland starts biggest production unit in Uttarakhand
Ashok Leyland’s new commercial vehicle unit at Pantnagar in Uttarakhand, inaugurated on Friday, is believed to be its biggest production unit. Spread over 190 acres with a built up area of 2 lakh sq mt., it is also one of the complete production units in the Indian commercial vehicle sector.
The company said,” Best in [...]
Banks increase bulk deposit rates
As a step towards fulfilling the year end targets, banks have taken recourse to increasing interest rates on bulk deposits instead of retail deposits.
Absence of Sharia norms hinders SBI’s W. Asia expansion plans
State Bank of India (SBI) said it is losing the banking opportunities in the Middle East due to lack of regulations on Islamic banking in India. The Middle East is viewed as a major market for these products, due to high wealth in this area.
Ford Figo makes its arrival in showrooms
The car market is abuzz with news that Ford is ultimately available in the showrooms.The price of the petrol model of Ford’s new compact car Figo lies between Rs 3,60,000-4,50,000 and the diesel model costs from Rs 4,50,000 to5,45,000 (ex-showroom, Delhi).
Real estate companies ask for service tax rollback on housing
Real estate developers are holding an emergency meeting to examine the effect of the service tax on housing and will speak to the government for rollback of the Budget scheme.
New BMW 330i available at Rs. 33.4 lakhs
BMW has introduced 2 new models in its 3 series sedan class. BMW India’s president Peter Kronschnabl introduced BMW 320d corporate version (diesel) and the BMW 330i (petrol) as the 2 new BMW 3 Series sedans.
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