The 2nd biggest public sector bank in India, Punjab National Bank has started a huge financial inclusion scheme with an intention to have 1, 00, 000 touch points till the year 2013. 30 touch points have already begun functioning in parts of Bulandshahr in Uttar Pradesh, Rohtak in Haryana and Gaya in Bihar. With this,… Read More »
Despite anticipations of an increase in interest rates, Public sector bank, Bank of India (BoI) has reduced rates by up to 75 basis points on fixed deposits of Rs 1 crore and more. A statement released by the bank says, “The revised interest rates on Domestic Rupee Term Deposits of Rs 1 crore and above… Read More »
The super luxury homes costing between Rs 4 crore and Rs 30 crore, which had taken a nosevide during the slowdown, is making a comeback. During the last year, demand for super-luxury homes has increased by 30-40 %.
India’s biggest car manufacturer Maruti Suzuki is ready to reintroduce a refurbished and cheaper Alto. Maruti considers that the time is ripe to introduce a basic model of its most popular car. It sells nearly 20,000 Altos a month, thus making it India’s best selling car.
There has been a spurt in the share of loans offered by housing finance companies (HFCs) to non individuals. This trend can lead to higher non performing assets (NPAs) according to CARE.
As per a research report by HDFC Securities there has been a reduction in the asset quality of foreign banks functioning in India despite an increase in their loan books, including personal loans. The loan books of these banks have posted profits.
With consumers grabbing every available Ninja (performance bike from Kawasaki) from Bajaj Auto showrooms, the company is readying to introduce more premium products from the Japanese company later in the year. Part of the increased demand has also been due to economical car loans.
Nokia- a leading mobile producer and supplier intends to commence its mobile banking service in India. The service would be called as Nokia Money, as per a Nokia official.
During the height of recession, banks had stopped offering personal loans. However they have started offering these loans again, but have become very strict with offering unsecured loans.
Interest on savings accounts would be computed on a daily basis from 1st April 2010. while the savings account holders are happy, the banks are not happy. This is because the banks’ margins are set to be impacted with the introduction of this new system.