Berating the banking sector for its inability to reduce interest rates, the Economic Survey said borrowers are looking at optional and low-cost funding sources while cash-rich banks are keeping their excess money with the Reserve Bank of India. The pre-Budget statement about India’s financial health said, “The transmission of monetary policy measures (geared towards reviving… Read More »
Promoters of Bajaj Auto sold more than 10 lakh shares to another promoter body Bajaj Holdings & Investment in a bulk open market transaction priced around Rs 180.45 crore, a step to strengthen their stake. According to the block deal data on hand with the Bombay Stock Exchange, 5 promoters of Bajaj Auto sold 10,47,500… Read More »
The competition in this arena is expected to further strengthen the infrastructure capabilities of CIBIL, which currently has the first mover advantage and a huge database to its credit, not to mention a huge list of banks and financial institutions as its members. On the other hand the new entrants come with the rich experience… Read More »
Manufacturers focusing primarily on selling diesel cars such as Mahindra & Mahindra, Tata Motors, Toyota, Mercedes, BMW and Volkswagen foresee a big fall in sales should the government accept the suggestion by Parikh committee to levy a flat tax of Rs 80,000 on diesel cars, due to increasing price differential with petrol models.
India’s banking regulator, RBI does not possess any details regarding the stiff fines and steep interest rates charged by banks on credit card defaults. When asked if RBI is aware of the fact that the banks are levying stiff fines along with heavy interest rate on credit card defaults and the statements are not sent… Read More »
Economic growth figures for the present financial year that will be released around May will give the actual scenario to the government to take the decision whether they can roll back the package. This was stated by Pronab Sen, the chief statistician.
On Thursday, ICICI Bank said that it foresees the interest rates to go up from the 2ndquarter of the forthcoming financial year, since investment activities will go up from then on.
On Thursday, the government said that it might take a decision on the Parikh Panel suggestions of liberalizing the oil rates and hiking the prices of kerosene and cooking fuel prior to budget.
The branches of banks and their front offices are set to recover their lost glory. A year back, problems in worldwide financial markets and subsequent economic slowdown affected the sector.
Union Bank of India foresees an increase in non-performing assets (NPA) in the forthcoming quarters. In fact, the bank has already seen slippages due to its restructured loans. The bank’s chairman and managing director MV Nair said that till December, the bank has seen a 5% reduction in the restructured loan portfolio worth Rs 4,700-crore.… Read More »