The Rs 4.8 lakh crore home loan market in India is expected to see more competition in the next months. The competition would increase due to the steady pressure from some non-banking finance companies (NBFCs). These companies are experiencing a compounded annual growth rate (CAGR) of 15% for the earlier 5 years.
The bill to lower the stakeholding of government on the country’s biggest personal loan lender, State Bank of India has been approved by the Parliament. Now, the government stake would go down to 51% thus allowing the bank to generate more capital.
German car manufacturer Mercedes Benz has introduced a new variant of its E-Class sedan costing Rs. 64.5 lakh ( Rs. 6.45 million)(ex-showroom Delhi), in an attempt to boost its top position in the Indian luxury car market.
Now credit card transactions would now be similar to debit card transactions. The difference is that debit card lets a person spend the amount available in his savings account and credit card transactions will now be linked to the amount available in the respective fixed deposit account.
In the Q1 of FY 2010-11 there has been about 16% increase in credit card transactions valued at Rs 16,947.86 crore.
Srei Infrastructure Finance may be undertaking measures to venture into the banking sector by applying for a license, according to a senior official.
The biggest car loan lender in the country, State Bank of India has reported a 25% increase in its net profits for Q1 of this financial year. The increase has been because of rising loan demand and income from retail banking.
Czech car manufacturer Skoda said it will launch a small car in the Indian market in the initial part of 2012, which will cost Rs 3-5 lakh (Rs 300,000-500,000).
Personal loan lender, Canara Bank has increased its benchmark prime lending rate (BPLR) by 50 basis points. The new BPLR of the bank is 12.50% as compared to 12% previously.
The biggest home loan lender of the country, State Bank of India will shortly be increasing its deposit and lending rates, at least by 25 basis points.