Shriram Group, the Chennai based financial institution is set to foray into the gold loan segment. The company would rely on its robust client base and branch network as core competencies. Currently, the consumer finance division of the Group, Shriram city union finance ( Scuf) operates in gold loan business.
India’s biggest lender, State Bank of India has posted a Rs. 674 crore increase in its non performing assets in the 4th quarter of the financial year just ended. This increase in NPAs can be credited to the corporate sector. But the NPAs of its agricultural loans along with the retail loan portion including personal… Read More »
The lucrative credit market in the south has tempted Allahabad Bank to increase its base there too. The bank plans to start some branches in the southern cities. M R Nayak, the bank’s executive director, said, “The credit market in the southern region is encouraging. We are going to open 40 of 95 new branches… Read More »
Vijay Mallya is unveiling a plan to build Rs 1,500 crore-luxury residential homes in the center of Bangalore, on Vittal Mallya Road, in a tie-up with Prestige Estates. This may the costliest residential project to be build in Bangalore’s real estate history , since the asking rate per sq ft is estimated to be a… Read More »
In a step that can start a rate war among microfinance institutions (MFI), Bandhan Financial Services has reduced lending rates by about 5 percentage points to 19.1% from 24% on a reducing balance. With this, Bandhan’s personal loans are expected to become cheaper. Bandhan’s step will directly help its 25 lakh+ poor women borrowers. The… Read More »
The Reserve Bank of India (RBI) has eased rules on establishing offsite ATMs for strong urban co-operative banks with robust corporate governance. From now on, banks with lower bad loans, 3 successive years of profit and experts on their board, do not have to take prior authorization from RBI for off-site ATM. Earlier, no UCB… Read More »
German carmaker Volkswagen said it will boost the production of its latest product, compact car Polo in India to clear order backlog, which has exceeded 5,700 units within 2 months of introduction. These high orders were due to availability of cheap car loans. Neeraj Garg, Volkswagen Group Sales India Board Member said, “We are gradually… Read More »
PNB, the 2nd biggest PSU bank has opened its 5th branch in UK through its fully owned associate, Punjab National Bank (International) Ltd. The branch is located at Ilford, east London. The bank has intentions of starting another 2 branches this year. The new branches would be located in Wembley and Wolverhampton, according to Punjab… Read More »
India’s biggest lender, State Bank of India has joined hands with McKinsey and Co as its advisor to help it in developing its rural business. The banking giant has paid Rs. 62.8 crore to McKinsey for this purpose. SBI had kept a project allotted to McKinsey in 2007 on hold because of some operational reasons.… Read More »
Central Bank of India has posted a net profit of Rs. 171 crore for the 4quarter of the financial year ending March 2010. The bank has reported a robust increase in its net interest income. The net profit for the equivalent period last year was Rs. 62.50 crore.