Category Archives: News

The Superb’s success in the Rs 20 lakh+ division implies it has attracted some of the German car makers like Mercedes-Benz and BMW who have introduced cheaper versions of their executive saloons.

Banks are approving more loans, but companies aren’t taking even half the money, bankers rue. SS Ranjan, deputy MD and CFO, State Bank of India said, “Our sanctions grew by around Rs 60,000 crores in the last financial year. Of that undisbursed loans stand at about Rs 45,000 crores”.

Despite RBI’s strict warnings against teaser home loans, SBI has decided to extend its special home loan scheme by another month. The bank has chosen to extend the scheme up to June, an increase of another 2 months. Other banks offering this scheme viz. ICICI Bank and HDFC Bank have decided to withdraw the scheme.

French car manufacturer Renault and Bajaj Auto have agreed to value the ultra low cost (ULC) car that they are building together with Nissan at $2,500, (approx. Rs 110,000) to rival Tata Nano.

ICICI Bank intends to raise its workforce by recruiting 5,000-7,000 people this year, a senior bank official said. Chanda Kochhar, ICICI Bank’s MD and CEO said, “We plan to hire around 5,000-7,000 people this fiscal. We have also declared bonus and increments for our employees”. She was talking to reporters after opening the 2000th branch… Read More »

Targeting a healthy increase in its business from the Mumbai zone, Andhra Bank is intending to open 10 new branches in the present fiscal, a top bank official said. M Anjaneya Prasad, Andhra Bank’s general manager (Mumbai Zone) said, “Presently, we have 86 branches in the Mumbai zone. We now plan to open 10 new… Read More »

Worried about the exploitation of credit card holders, a parliamentary committee has recommended that the Reserve Bank of India should suggest highest interest rate that can be levied by banks from the card holders.

Kerala-based South Indian Bank (SIB) declared a net profit of Rs233.76 crore for 2009-10 financial year, a rise of 20.03% over the earlier year. The bank, which had earned a net profit of Rs194.75 crore in 2008-09, credited the hike to “sterling performance in all aspects of operations.”

The Reserve Bank of India (RBI) has sent a circular to the banks stating not accept cheques with corrections or modifications in anything except the date. The step has been implemented to “help banks identify and control fraudulent alterations”. The banks have begun telling customers regarding the policy change via mailers.

The government has said that ICICI Bank and HDFC Bankcannot be called Indian-owned banks, thus putting at rest the debate produced about the nationality of the leading 2 private sector banks. DIPP secretary R P Singh said, “At best, the two can be called as Indian-controlled banks.” He said this when queried about the government’s… Read More »