Kerala-based South Indian Bank (SIB) declared a net profit of Rs233.76 crore for 2009-10 financial year, a rise of 20.03% over the earlier year. The bank, which had earned a net profit of Rs194.75 crore in 2008-09, credited the hike to “sterling performance in all aspects of operations.”
The Reserve Bank of India (RBI) has sent a circular to the banks stating not accept cheques with corrections or modifications in anything except the date. The step has been implemented to “help banks identify and control fraudulent alterations”. The banks have begun telling customers regarding the policy change via mailers.
The government has said that ICICI Bank and HDFC Bankcannot be called Indian-owned banks, thus putting at rest the debate produced about the nationality of the leading 2 private sector banks. DIPP secretary R P Singh said, “At best, the two can be called as Indian-controlled banks.” He said this when queried about the government’s… Read More »
Excess liquidity present in the system along with sufficient cash available with corporates and individuals, have helped the banks to easily build their current and savings account deposits. This share of low cost deposits is set to be under some pressure due to the large investment by corporates in the next few months as a… Read More »
Indian Bank has intentions of reporting a 25% increase in net profits for this fiscal. The bank plans to do so by raising its lending to corporates, and small and medium enterprises. The bank anticipates its total business to exceed Rs. 1.8 lakh crore up to next year.
Tata Motors has introduced a new version of its compact car Indica Vista at a starting price of Rs 3,57,000 in the petrol option and Rs 4,40,000 in the diesel option (ex-showroom, Delhi). The new Indica Vista ‘Drivetech4’ series meet the Bharat Stage IV emission norm compliant Quadrajet diesel and Safire petrol, a statement released… Read More »
Public sector lender Oriental Bank of Commerce anticipates loans to rise by 23% in 2010/11, a statement released by the bank said. The OBC is aiming at a 30% increase in low-cost deposits in FY11 and has plans to start 175 branches in the present fiscal, it said.
LIC Housing Finance, the housing finance division of Life Insurance Corporation (LIC) of India is planning to venture into the banking sector, if it meets the eligibility criteria established by RBI, which would be announced in July. The home loan provider would be venturing into the sector, even if its parent LIC is not able… Read More »
Maruti Suzuki introduced an all-new WagonR, recharging the second largest selling model in its stable after Alto. The car features the new KB10 engine, new transmission, new suspension and new platform but is priced slightly more than the previous WagonR (at introductory rates). The source model Lx is available for Rs 3.28 lakh, Lxi for… Read More »
Barclays Bank has trimmed jobs of about 450 employees in India. This comprises about a tenth of its workforce in India and include heads of personal loan collection. An insider having information about the topic said, this is the 4th and the biggest layoff process undertaken by the bank since December 2008. This retrenchment process… Read More »