Vijay Mallya is unveiling a plan to build Rs 1,500 crore-luxury residential homes in the center of Bangalore, on Vittal Mallya Road, in a tie-up with Prestige Estates. This may the costliest residential project to be build in Bangalore’s real estate history , since the asking rate per sq ft is estimated to be a… Read More »
In a step that can start a rate war among microfinance institutions (MFI), Bandhan Financial Services has reduced lending rates by about 5 percentage points to 19.1% from 24% on a reducing balance. With this, Bandhan’s personal loans are expected to become cheaper. Bandhan’s step will directly help its 25 lakh+ poor women borrowers. The… Read More »
The Reserve Bank of India (RBI) has eased rules on establishing offsite ATMs for strong urban co-operative banks with robust corporate governance. From now on, banks with lower bad loans, 3 successive years of profit and experts on their board, do not have to take prior authorization from RBI for off-site ATM. Earlier, no UCB… Read More »
German carmaker Volkswagen said it will boost the production of its latest product, compact car Polo in India to clear order backlog, which has exceeded 5,700 units within 2 months of introduction. These high orders were due to availability of cheap car loans. Neeraj Garg, Volkswagen Group Sales India Board Member said, “We are gradually… Read More »
PNB, the 2nd biggest PSU bank has opened its 5th branch in UK through its fully owned associate, Punjab National Bank (International) Ltd. The branch is located at Ilford, east London. The bank has intentions of starting another 2 branches this year. The new branches would be located in Wembley and Wolverhampton, according to Punjab… Read More »
India’s biggest lender, State Bank of India has joined hands with McKinsey and Co as its advisor to help it in developing its rural business. The banking giant has paid Rs. 62.8 crore to McKinsey for this purpose. SBI had kept a project allotted to McKinsey in 2007 on hold because of some operational reasons.… Read More »
Central Bank of India has posted a net profit of Rs. 171 crore for the 4quarter of the financial year ending March 2010. The bank has reported a robust increase in its net interest income. The net profit for the equivalent period last year was Rs. 62.50 crore.
After teaser home loan, SBI has another first to its credit: private banking. It is offering private banking in association with Societe Generale of France to offer private banking services to ultra high net worth persons in India. With this initiative, SBI has become the first PSU bank to offer these services.
HDFC Bank has tied up with UAE based Emirates NBD in order to assist Indian clients send money online to India quickly. The Indians living in UAE will gain from this facility since they can send their money directly to their account with HDFC Bank via online banking facilities offered by NBD.
German auto maker Volkswagen is set to remove Honda’s supremacy in the premium mid-size segment in India, with the introduction of a new executive sedan in the 2nd half of this year. With low-cost car loans, the company expects it to sell easily.