The engineering and construction giant in India, Larsen & Toubro (L&T) is planning to venture into the banking sector by applying for a banking license. The company plans to do so via its associate, L&T Finance in order to access cheaper funds and boost its presence in the area of infrastructure financing.
The oldest personal loan lender in the country, HSBC has opted to slow down its retail and credit card divisions as it plans to concentrate more on global banking, investment banking, wealth management, insurance and mortgages.
The loan portfolio of banking industry has not done up after the Q1 results for this year were declared. The unpaid loans are still below the numbers for June end.
Home loan lender SBI plans to join hands with Western Union Services India Pvt Ltd in order to offer a new service. This was stated by a senior official of Western Union.
The leading car loan lender of the country, State Bank of India has stated its plans of merging its leftover subsidiaries after its merger with State Bank of Indore is over.
Commonwealth Bank of Australia (CBA) has become the 1st bank to start functioning in India. The bank would concentrate chiefly in areas such as trade finance, remittances and foreign exchange services.
Shriram Group has elected to back out of its plans for buying out the non-banking finance company Citi Financial India. The reason given by the company ranges from the high cost of labour to poor returns on the mortgage business, a poor loan portfolio and absence of tax benefits in the planned design.
Japanese car manufacturer Suzuki has declared an expenditure of Rs 500 crore (Rs 5 billion) to more than twice its manufacturing capacity in India, to 5.4 lakh units a year by 2012.
Financial inclusion plans of personal loan lender, Andhra Bank is going gradually towards its goal of financially covering 1144 villages in many states by March 2012.
The merger of State Bank of Indore with State Bank of India will be effective from August 27. After this, all branches of State Bank of Indore will work as those of SBI.