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Maruti Suzuki, which reported a 20.3% decline in profit in the 1st quarter, anticipates the revamped Alto, its biggest selling model, to assist it to retain its portion of the aggressive Indian passenger car market.

German luxury car maker Porsche, has introduced its second-generation Cayenne, costing between Rs 65.82-lakh (Rs 6.58 million) to Rs 1.27-crore (Rs 12.7 million) in India (ex-showroom).

PSU lender, Union Bank of India has reported 36% increase in its net profit for the Q1 in this fiscal. The net profit of the bank is Rs 601.42 crore as of June 30, 2010 as compared to Rs 442.19 crore for the equivalent quarter in the earlier fiscal.

PSU banks, Allahabad Bank and UCO Bank have opted to focus more on retail lending portfolio in this fiscal. With the arrival of base rate, the banks have elected to concentrate more on cheap deposits and to raise the portion of retail loans as a part of the overall loan book of the banks, according… Read More »

The upturn in economy has boosted credit offtake of various banks. But these banks are quite wary while lending to real estate, consumer durables and unsecured loans. The credit card disbursals have declined by as much as 27% to Rs 19,579 crore y-o-y as of 21 May, 2010.

In the monetary policy review of Reserve Bank of India, it was decided to hike the policy rates. The repo rate went up by 25 basis points while reverse repo rate has gone up by 50 basis points.

Gujarat has reported a sharp rise in home loan disbursals for the fiscal last over (2009-10) as compared to 2008-09. The home loan offtake has gone up to 61% for FY 09-10 although loan accounts have reported merely 13.39% increase for the same period.

Public sector bank, Punjab National Bank has reported a good performance in Q1 of this fiscal. But a sudden increase in bad assets has mared the otherwise good performance of the bank. But there is no reason for worry as the bank’s provision coverage ratio is 77.6% for its NPAs as against the 70% limit… Read More »

The Indian government might soon let mobile operators and corporates to provide services other than viewing account status on mobile phones as a part of its steps to offer banking services to the weaker strata of the society at economical costs.

PSU bank, Indian Bank is planning to expand its reach both nationally and internationally. The bank intends to do so by raising its branch network, ATM numbers and recruiting over 1000 employees, according to a senior bank official.