The 2nd quarter monetary policy review by Reserve Bank of India is anticipated to increase further the main policy rates. Bankers say that the repo rate may go up from the current 5.75% to 6% but a hike in cash reserve ratio (CRR) is not anticipated.
German luxury car manufacturer BMW has declared it has increased production capacity of its Indian unit to 5,400 units a year and will invest another Rs 70 crore by 2012.
When Tata Motors first introduced Ace, a small truck, it became a smashing hit. The company sold more than 100,000 Aces and nearly 50,000 units of the Magic, its passenger carrier developed using the Ace platform. But now the truck is facing competition as Mahindra & Mahindra has introduced 2 small trucks; the Gio and… Read More »
Biggest personal loan lenders in the country, State Bank of India and ICICI Bank are planning to outsource ATM management services. If the deals come true, it would cost Rs 4,500 crore and Rs 1000 crore for the corresponding banks.
PSU lender, Vijaya Bank and Hyundai Motors India have entered into a pact to mutually help both the companies. The companies have entered into a memorandum of understanding (MoU) for this purpose.
The biggest private sector bank in the country, ICICI Bank has introduced a new credit card jointly with Kingfisher Airlines. The card would offer a wide array of lifestyle gains to its holder.
PSU lender, Indian Bank has launched “Festival Offer- 2010′ for all new home loan borrowers. The offer will be effective from 13th September 2010 to 31st December 2010.
PSU lender, Bank of Baroda has taken over the troubled Memon Cooperative Bank based in Mumbai. The bank would be buying certain assets and liabilities of the cooperative bank.
The largest home loan lender of the country, State Bank of India (SBI) plans to make complete utilization of its big technological platform. The platform required Rs 500 – 600 crore for construction and the bank now plans to make proper use of it.
Special deposit schemes offering higher rates of return than normal have returned in the personal finance area. These special schemes have been relaunched by around 14 banks. Slow growth rate of deposits at just 14.4% have made these banks take this measure as a way of rebalancing the asset liability disparity.