After teaser home loan, SBI has another first to its credit: private banking. It is offering private banking in association with Societe Generale of France to offer private banking services to ultra high net worth persons in India. With this initiative, SBI has become the first PSU bank to offer these services.
HDFC Bank has tied up with UAE based Emirates NBD in order to assist Indian clients send money online to India quickly. The Indians living in UAE will gain from this facility since they can send their money directly to their account with HDFC Bank via online banking facilities offered by NBD.
German auto maker Volkswagen is set to remove Honda’s supremacy in the premium mid-size segment in India, with the introduction of a new executive sedan in the 2nd half of this year. With low-cost car loans, the company expects it to sell easily.
The Superb’s success in the Rs 20 lakh+ division implies it has attracted some of the German car makers like Mercedes-Benz and BMW who have introduced cheaper versions of their executive saloons.
Banks are approving more loans, but companies aren’t taking even half the money, bankers rue. SS Ranjan, deputy MD and CFO, State Bank of India said, “Our sanctions grew by around Rs 60,000 crores in the last financial year. Of that undisbursed loans stand at about Rs 45,000 crores”.
Despite RBI’s strict warnings against teaser home loans, SBI has decided to extend its special home loan scheme by another month. The bank has chosen to extend the scheme up to June, an increase of another 2 months. Other banks offering this scheme viz. ICICI Bank and HDFC Bank have decided to withdraw the scheme.
French car manufacturer Renault and Bajaj Auto have agreed to value the ultra low cost (ULC) car that they are building together with Nissan at $2,500, (approx. Rs 110,000) to rival Tata Nano.
ICICI Bank intends to raise its workforce by recruiting 5,000-7,000 people this year, a senior bank official said. Chanda Kochhar, ICICI Bank’s MD and CEO said, “We plan to hire around 5,000-7,000 people this fiscal. We have also declared bonus and increments for our employees”. She was talking to reporters after opening the 2000th branch… Read More »
Targeting a healthy increase in its business from the Mumbai zone, Andhra Bank is intending to open 10 new branches in the present fiscal, a top bank official said. M Anjaneya Prasad, Andhra Bank’s general manager (Mumbai Zone) said, “Presently, we have 86 branches in the Mumbai zone. We now plan to open 10 new… Read More »
Worried about the exploitation of credit card holders, a parliamentary committee has recommended that the Reserve Bank of India should suggest highest interest rate that can be levied by banks from the card holders.