Category Archives: News

Targeting a larger share of the remittances market from the NRIs, private sector bank Kotak Mahindra Bank has enhanced its online remittance portal for Non-Resident Indians (NRI).

Saraswat Bank, the largest cooperative bank in the country, has said it has fixed a goal for total business amounting to Rs 25,000 crore in the present financial year, as compared to Rs 23,500 crore in FY2009-10. Eknath Thakur, Chairman of Saraswat Bank said, “We are a good bank and now we aspire to become… Read More »

Telecom giant, BSNL has launched a new payment service under which credit card holders can pay their BSNL bills by using mobile phones.

Car loan lender, Mahindra & Mahindra Financial Services is hoping to obtain a 45% increase in net profits in this fiscal due to rising demand for loans in the commercial and pre-owned cars and construction equipment sector, said senior officials of the company.

PSU bank Union Bank of India predicts deposit rates to increase from October, a senior official said. Chairman and MD M.V. Nair said, “The liquidity is already under pressure with the advance tax payments outgo. Then from October, firstly, the busy season starts where the credit is expected to grow at a faster pace than… Read More »

The 2nd quarter monetary policy review by Reserve Bank of India is anticipated to increase further the main policy rates. Bankers say that the repo rate may go up from the current 5.75% to 6% but a hike in cash reserve ratio (CRR) is not anticipated.

German luxury car manufacturer BMW has declared it has increased production capacity of its Indian unit to 5,400 units a year and will invest another Rs 70 crore by 2012.

When Tata Motors first introduced Ace, a small truck, it became a smashing hit. The company sold more than 100,000 Aces and nearly 50,000 units of the Magic, its passenger carrier developed using the Ace platform. But now the truck is facing competition as Mahindra & Mahindra has introduced 2 small trucks; the Gio and… Read More »

Biggest personal loan lenders in the country, State Bank of India and ICICI Bank are planning to outsource ATM management services. If the deals come  true, it would cost Rs 4,500 crore and Rs 1000 crore for the corresponding banks.