ING Vysya Bank has increased deposit rates on certain maturities with effect from 4th June 2010. The bank has hiked rates in the range of 0.50 -1.25% which means 50 – 125 basis points. The altered rates for deposits whose maturity is within 92 – 182 days are 5.25% as against to 4.75% previously.
Public sector bank, Punjab National Bank has launched a special credit card scheme for the visually impaired. In a circular dated 31st May, the bank has particularly directed all its branches throughout India to accept applications filed by blind having a bank account for over 6 months and have a good track record.
The crisis in Greece is expected to cause outflow of capital from equity markets in emerging countries, including India. Debt-related flows may also be lower as global financial market players are reluctant to invest in non-dollar regions. Consequently, capital inflows to India may be on the lower side during the next 6 months, according to… Read More »
Presently the demand for electric car in India is still quite small. As per industry estimates, less than 5% cent of the passenger car market in India would make up electric cars for the next 5-7 years , at 1,75,000. Maruti Suzuki, India’s biggest passenger car producer, had displayed the SX4 hybrid and an electric… Read More »
The State Bank of Hyderabad, a subsidiary of SBI, will hire 2,000 clerical and 600 supervisory staff in the current fiscal. Of these around 300 will be sent in rural branches to build the bank’s agricultural loan portfolio. Renu Challu MD said, “This is in addition to the 600 supervisory officers, who were interviewed last… Read More »
The merger of State Bank of India, the biggest lender of India with its subsidiary bank, State Bank of Indore has ultimately been authorized by RBI. The apex bank is believed to have given its approval to the merger proposal. SBI had previously said that it wanted to proceed with the merger during the 1st… Read More »
Ashok Leyland and Nissan, who have tied up for producing light commercial vehicles, are intending to launch their first product by mid-2011. Both the partners have said they will manufacture 150,000 vehicles during their phase I plans from their current facilities and said, the greenfield facility is ‘very much’ on the agenda.
Housing Development Finance Corporation (HDFC) has re-introduced a scheme of offering loan against property. Loan against mortgage of Property is regarded as a riskier business as against home loans, and so, attracts a far higher rate of interest as against home loans. To lower the risk in these loans, HDFC has said it will offer… Read More »
India will continue withdrawing economic stimulus introduced during the financial crisis and carry on increasing interest rates on personal loans despite uncertainty associated with euro zone’s debt problems, finance minister said. Pranab Mukherjee said that a worsening debt crisis in Europe could affect India’s and other emerging economies’ exports and growth, but this risk was… Read More »
US auto maker General Motors said it would either introduce or display an electric car in the Indian market next year, but refuted vying with the Tata Nano on price aspect. The President and MD of GM India, Karl Slym, said “I would like to say that you will start to see opportunities for sale… Read More »