The Reserve Bank of India (RBI) has said banks should get top management approval to carry on business association with a current client who then becomes politically connected and that the banks should carry out customer due diligence (CDD) on politically exposed people.
Many PSU banks said they will fix the base rate for personal loans at about 8%. This new system is set to come into effect from 1st July 2010. SBI chairman OP Bhatt said the base rate of the bank would lie between 7.5% and 8.5% while Punjab National Bank CMD KR Kamath said it… Read More »
IDBI Bank has started its first overseas branch at the Dubai International Financial Centre (DIFC), to offer corporate banking services, including financial advisory and syndication of credit. The branch was opened by Union Minister of State for Finance Namo Narain along with IDBI Bank’s Deputy MD B P Singh and other dignitaries.
French car major Peugeot is ready to re-enter the Indian market which it left in the late 1990s. It anticipates good sales due to availability of cheap car loans. Peugeot-Citroen is presently scouting locations throughout the country, to establish a manufacturing plant.
Life Insurance Corporation (LIC), plans to venture into the reverse mortgage sector. LIC is in initial talks with the home loan regulator, National Housing Bank (NHB), for offering this scheme to its clients, a top official in the company said.
Mahindra & Mahindra, India’s biggest sport-utility carmaker, will start conducting due diligence on Ssangyong Motor within 2 days, as the company plans to expand abroad. A bid will be decided on the inspection’s observations into Ssangyong, Mahindra & Mahindrapresident Pawan Goenka said.
World’s cheapest car, Tata Nano, will be sold without advance booking from August 2010, a top company officer said. The company expects good sales due to cheap Car Loans. Manoj Arora, senior manager, Tata Motors said, “From this August-September, customers will be able to walk into our showroom and drive out in a Nano,”.
ICICI Bank, the biggest private sector bank in the country has nurtured plan of expanding its rural and semi urban presence. It also intends to lower its exposure to personal loans. Chanda Kochhar, MD and CEO of the bank said, “As we focus on enhancing our capabilities to serve our corporate and retail customers across… Read More »
With the housing market set to recover, home loan company Sundaram BNP Paribas Home Finance (SBNPPHF) is now planning to expand and boost its presence with more investments in the 4 southern markets this year. The housing finance associate of Sundaram Finance obtained a 39% increase in disbursements in 2009-10.
India’s biggest lender, State Bank of India plans to raise Rs. 20,000 crore through rights issue by the end of this fiscal. It also plans to continue with its teaser rate on car loans. SBI chairman OP Bhatt said, “It is still at the conversation stage (with the government)… If at all it comes up,… Read More »