Home loan lender SBI plans to join hands with Western Union Services India Pvt Ltd in order to offer a new service. This was stated by a senior official of Western Union.
The leading car loan lender of the country, State Bank of India has stated its plans of merging its leftover subsidiaries after its merger with State Bank of Indore is over.
Commonwealth Bank of Australia (CBA) has become the 1st bank to start functioning in India. The bank would concentrate chiefly in areas such as trade finance, remittances and foreign exchange services.
Shriram Group has elected to back out of its plans for buying out the non-banking finance company Citi Financial India. The reason given by the company ranges from the high cost of labour to poor returns on the mortgage business, a poor loan portfolio and absence of tax benefits in the planned design.
Japanese car manufacturer Suzuki has declared an expenditure of Rs 500 crore (Rs 5 billion) to more than twice its manufacturing capacity in India, to 5.4 lakh units a year by 2012.
Financial inclusion plans of personal loan lender, Andhra Bank is going gradually towards its goal of financially covering 1144 villages in many states by March 2012.
The merger of State Bank of Indore with State Bank of India will be effective from August 27. After this, all branches of State Bank of Indore will work as those of SBI.
Maruti Suzuki India is considering producing cars for other car makers, both foreign and Indian, similar to its agreement with Nissan.
Private sector bank, Laxmi Vilas Bank (LVB) has chosen to foray into the home loan business. This decision was taken by the bank due to its inability to compete in the increasing home loan rates due to high cost of funds.
Mahindra & Mahindra has said it will consider sharing car platforms with South Korean firm SsangYong Motor, which it plans to acquire by December.