Beating rival Mercedes as the numero uno luxury car manufacturer in India last year, BMW is set to increase manufacturing capacity at its Chennai plant as it targets sales exceeding 4,000 units in 2010. Peter Kronschnabl, President BMW India said, “In 2010, we aim to achieve double digit growth. In absolute numbers we want to… Read More »
Public sector bank, United Bank of India is negotiating with various asset reconstruction companies (ARCs) to sell a part of its bad loans in order to clean up its loan book, according to a leading bank official. The bank intends to sell bad loans valued at Rs. 100 crore by this month-end. It has already… Read More »
Banks have been going slow in raising capital before the commencement of the new fiscal as many have already raised funds before this year, and the hiking of yields recently has made the prospects of selling bonds poor, according to merchant bankers. Normally during March end banks swarm the market with bond issues as thy… Read More »
The Central Government has stated that it does not have any objection to public sector banks venturing into non-banking segments. Financial Services Secretary, R. Gopalan said, “There is no issue at all. We have never asked and there is no thinking in the ministry. The banks have to expand in various financial product activities so… Read More »
LIC cards, the card division of Life Insurance Corporation (LIC) of India has established a goal of creating credit card sales worth Rs. 5 lakh in the next fiscal. If this target is achieved the company’s card sales will be half a million. The company has a client base of 50, 000 within a year… Read More »
BMW said it will introduce the newest model of its sedan ‘5 Series’ in India this year to bring in volumes and thwart increasing competition from rivals, Mercedes and Audi. With easily availability of low cost car loans, this car is expected to get a good response.
After the recent increases in deposit rates by leading banks such as ICICI and HDFC Bank, the Indian Overseas Bank has also increased the deposit rates by 50 basis points. IOB executive director YL Maran said, “We have decided to raise the deposit rates considering the current market conditions. We expect the rate to firm… Read More »
With the upward spiraling of inflation, it is anticipated that the RBIwill increase its main policy rates next months, according to chief economists. The central bank is expected to hike the repo and reverse repo rates by 0.25-0.5% at the next yearly monetary policy next month, they maintain.
Japanese car manufacturer Nissan said it intends to sell 100,000 cars in India by 2013. For this, it plans to introduce 9 models during the next 2 years, including the sedan edition of its newest compact car Micra.
A report from the banking Ombudsman report has said that the complaints lodged against credit card companies have seen a frequent increase each year. The number of complaints went up by 74% during the year 2008-09, as per the report.