Rabobank, the Dutch bank has at least sold off its 11% stake in Yes Bank for a sum valued about Rs 980 crore. Now the bank holds 4.9% stake in the private sector bank as against its previous holding of 15.9%. It had to reduce its stake in order to meet the statutory conditions to… Read More »
China-based Beiqi Foton Motor Company, one of Asia’s biggest car companies, is searching for methods to enter India. An association with SpiceJet promoter Ajay Singh’s firm, Argentum Motors, is likely, for now. Beiqi Foton (or Foton) is the biggest light truck producer in China, with focus on heavy trucks and buses too.
German car manufacturer Volkswagen said it was thinking about the introduction of a car smaller than Polo in India to capture the fast-growing compact car sector in the country. Volkswagen Group’s India Communication Head Kurt Rippholz said, “Believe me, we will have something smaller than the Polo. We are working on it”. But he did… Read More »
Tata Technologies, the engineering and design arm of Tata Motors, has been chosen by US-based Genovation Cars to plan and develop a model of an electric car for it. The Maryland-based producer of environmentally friendly cars is involved in production and designing of battery-run, custom-designed cars for the US market, although on a very small… Read More »
Car manufacturer Mahindra and Mahindra (M&M), said it will be introducing a new sports utility vehicle (SUV) in the Indian market within a year’s time. Pawan Goenka, Mahindra and Mahindra’s Auto and Farm Equipment Sector’s President said, “We will be launching the vehicle in the first quarter of FY 12.
The government has cleared infusion of Rs 6,211 crore into 5 PSU banks, a step which will assist in lending an extra Rs 77,637 crore to different sectors of the economy. The banks to receive capital infusion include Union Bank of India, Bank of Maharashtra, IDBI Bank, UCO Bank and Central Bank India.
Japanese two-wheeler giant Suzuki has introduced its superbike GSX-R1000 costing Rs 12.75 lakh (Rs 1.28 million) (ex-showroom, Delhi) making it the most expensive product from the company’s group in India Suzuki Motorcycle India, the fully-owned associate of the Japanese giant, introduced another superbike
The Reserve Bank of India (RBI) has said banks should get top management approval to carry on business association with a current client who then becomes politically connected and that the banks should carry out customer due diligence (CDD) on politically exposed people.
Many PSU banks said they will fix the base rate for personal loans at about 8%. This new system is set to come into effect from 1st July 2010. SBI chairman OP Bhatt said the base rate of the bank would lie between 7.5% and 8.5% while Punjab National Bank CMD KR Kamath said it… Read More »
IDBI Bank has started its first overseas branch at the Dubai International Financial Centre (DIFC), to offer corporate banking services, including financial advisory and syndication of credit. The branch was opened by Union Minister of State for Finance Namo Narain along with IDBI Bank’s Deputy MD B P Singh and other dignitaries.