Now credit card transactions would now be similar to debit card transactions. The difference is that debit card lets a person spend the amount available in his savings account and credit card transactions will now be linked to the amount available in the respective fixed deposit account.
In the Q1 of FY 2010-11 there has been about 16% increase in credit card transactions valued at Rs 16,947.86 crore.
Srei Infrastructure Finance may be undertaking measures to venture into the banking sector by applying for a license, according to a senior official.
The biggest car loan lender in the country, State Bank of India has reported a 25% increase in its net profits for Q1 of this financial year. The increase has been because of rising loan demand and income from retail banking.
Czech car manufacturer Skoda said it will launch a small car in the Indian market in the initial part of 2012, which will cost Rs 3-5 lakh (Rs 300,000-500,000).
Personal loan lender, Canara Bank has increased its benchmark prime lending rate (BPLR) by 50 basis points. The new BPLR of the bank is 12.50% as compared to 12% previously.
The biggest home loan lender of the country, State Bank of India will shortly be increasing its deposit and lending rates, at least by 25 basis points.
Leading car loan lender, Union Bank of India intends to earmark a corpus of Rs 500 crore to help farmers in Andhra Pradesh. The bank is also targetting the Surat-Ganjam (Orrisa) corridor and the migrant laborers out there. It intends to offer mobile based savings accounts in the region.
Home loan lender, Punjab and Sind Bank has hiked its fixed deposit rates of maturities of various durations by around 0.75% per annum.
Reserve Bank of India is anticipated to launch polymer notes by the end of this financial year. The polymer notes would imply the end to the period of partially torn, damaged paper currency.