Public sector bank, Corporation Bank is planning a rights issue of about Rs 3,000 crore in H2 FY 11 to improve its loan-book. JM Garg, Corporation Bank chairman and MD said, “We would like to raise capital of at least Rs 3,000 crore through a rights or follow-on issue in the second-half of FY 11”.
Teaser interest rates are a subject of regulatory worry, minister of state for finance Namo Narain Meena said. RBI had already expressed worries about teaser home loans being offered by banks. Mr Meena said, “Borrowers with low financial means may get attracted to such loans on finding the initial low interest rates to be within… Read More »
Major real estate firms of the country are under investigation by enforcement agencies for alleged breach of FDI terms and utilization of slush funds valued at several thousand crore brought in from some tax havens.
Private sector bank Yes Bank has posted a net profit amounting to Rs. 140 crore for the last quarter of the financial year ended on 31st March 2010. This is a 75% increase as against the Rs. 80.1 crore for the same duration previous year.
Home loans and car loans are two important areas, which comprise majority banks’ retail loans portfolio. While, credit cards and personal loans may continue to form a small part, as banks are turning risk averse to lower their non-performing assets.
Good behavior may soon be an extra point for borrowers to get loans at lower rates. This may entitle them to receive cheaper car loans. Banks have plans of starting a behavior based lending system once the base rate comes into effect from 1st July 2010.
In a step to fuel its ambitions to increase its retail division, Yes Bank has decided to launch its credit cards by the end of the fiscal 2010-11. The bank will also enter into home and car loan divisions by March 2012, Rana Kapoor, founder, MD and CEO of the bank said.
The leading 3 private banks in India have again regained their glory after the sad performance earlier fiscal. ICICI Bank, HDFC Bank and Axis Bank have shown appreciable performances despite the rigid monetary control steps by RBI to regulate inflation.
Tata Housing said it is intending to introduce around 10 new residential projects in low-cost as well as luxury sectors in 2010-11, making an investment of around Rs 1,200 crore along with its associates.
Car major, Mahindra & Mahindra (M&M), said its Bolero has once again been ranked as India’s no 1 sport utility vehicle (SUV) for the 4th successive year, with record sales of 70,554 units in 2009-10.