The Reserve Bank of India has plans to introduce 100 crore polymer notes valued at Rs. 10 each to increase the lifespan of the notes and combat fake notes. RBI plans to introduce the notes initially in 5 cities of the country as portion of pilot study. The matter was informed by RBI Governor, D.… Read More »
ICICI Bank has been granted permission by the Monetary Authority of Singapore to provide banking services in the country. The bank has been awarded a qualified full banking (QFB) class. After this step, ICICI has become the 2nd Indian bank to be given permission in Singapore, with SBI being the first one. These banking licenses… Read More »
Dhanlaxmi Bank has become a new entrant in the ever increasing credit card business. The bank has introduced 2 credit cards, targeting premium segment clients. The bank has introduced an innovative pay by transaction’ method credit cards. As per this method, instead of a monthly billing cycle the interest free credit is offered for every… Read More »
Andhra Bank and Bank of Baroda (BoB), have entered into a joint venture with their British Partner Legal & General to start a life insurance company called IndiaFirst. IndiaFirst life insurance is the 23rd participant in the life insurance business. The company has an equity capital of Rs. 3.3 billion and is headquartered in Mumbai.… Read More »
The State Bank of India has been told to pay Rs. 11 lakh by the Delhi consumer commission for disregarding an order from an Italian company of dishonoring cheques from a lost chequebook. The charge was levied on SBI by Delhi State Consumer Disputes Redressal Commission president Barkat Ali Zaidi and member M.L. Sahni. The… Read More »
Home loan and car loan rates are expected to rise in April. This is due to the sudden increase in interest rates by the RBI on 19th March 2010. The rate hike preceded by a month prior to the monetary policy is announced. The decision to increase the rate is due to increasing rate of… Read More »
Credit Information Bureau of India (CIBIL) has tied up with 31 major micro finance institutions (MFIs) of India to set up credit information bureau for MFIs. The MFIs form a portion of the Micro Finance Institutions Network (MFIN). MFIN has just been established as a regulatory authority of the MFIs. Arun Thukral, Cibil’s Managing Director… Read More »
Increasing competition in the luxury residential property sector, India’s biggest realty player DLF said it will sell having a price tag of Rs 4 crore per flat in the center of the National Capital. The company is selling 150 luxury apartments subsequent to the introduction of the 3rd phase of its housing project, Capital Greens… Read More »
Mahindra finance, the financial services division of the Mahindra Group has introduced a new product ‘Loan against gold’ in Kerala. Vice-Chairman Uday Phadke said that the design of the product is such that the clients can avail of loans against gold jewellery. This will save them from having to sell off their gold jewellery to… Read More »
The Government has said that it is left to the Board of Directors of Life Insurance Corporation (LIC) to determine if they want to go for a banking license or not. R Gopalan, secretary, department of financial services said, “The LIC board will have to decide that first. Let the board decide, discuss and debate… Read More »