In a bid to contain inflation and anchor inflationary expectations, RBI has announced a change in both the repo and reverse repo rates. The repo rate has increased by 25bps to 5.5% while the reverse repo rate has been increased by 50 bps to 4.5% with immediate effect. Bank rate, CRR and SLR have been… Read More »
ICICI Bank has stated that loan rates may go up after September. Chanda Kochhar, ICICI Bank MD and CEO said, “There is clearly an upward bias. An increase in deposit rates does not translate into a rise in the cost of funds immediately. It usually happens with a lag”.
Subsequent to the policy rate increase by Reserve Bank of India, Union Bank of India has also hiked the rates of its deposits. The new rates would be effective from 4th August.
Western Union, leading global payment service provider has tied up with the biggest car loan lender of the country, State Bank of India to offer international direct cash to bank account transfers. The service would be effective from next year. The statement said, Indians living abroad as well as all SBI account holders can transfer… Read More »
Leading personal loan lender, HDFC Bank has received Celent Model Bank 2010 award. This was announced by Nucleus Software. The bank received this award for its loan origination system.
PSU bank, Dena Bank has anticipations of getting capital infusion valued at Rs 600 crore from the government in this financial year, according to a senior bank official. The official also said that why Dena Bank is asking for capital from the Centre is to speed up its business growth.
The policy rate hikes should not trouble the retail customer as home loan and car loan rates will not see any increasing. Banks would be bearing this policy rate increase without affecting the retail borrower.
Maruti Suzuki, which reported a 20.3% decline in profit in the 1st quarter, anticipates the revamped Alto, its biggest selling model, to assist it to retain its portion of the aggressive Indian passenger car market.
German luxury car maker Porsche, has introduced its second-generation Cayenne, costing between Rs 65.82-lakh (Rs 6.58 million) to Rs 1.27-crore (Rs 12.7 million) in India (ex-showroom).
PSU lender, Union Bank of India has reported 36% increase in its net profit for the Q1 in this fiscal. The net profit of the bank is Rs 601.42 crore as of June 30, 2010 as compared to Rs 442.19 crore for the equivalent quarter in the earlier fiscal.