ICICI Bank and HDFC Bank, two of India’s biggest banks in which foreing investors hold over 51% equity, will now be treated as ‘foreign’ banks. The government’s decision will affect the prospective investment plans of these banks in associates or in segments which have a ceiling on foreign investment.
Leading consumer electronics company Panasonic has announced its intentions of establishing an internal division, Panasonic Automotive Systems India, to concentrate on the Indian automobile sector.
DLF, India’s biggest real estate company, has selected Goldman Sachs as an advisor as it tries to find buyers for Aman Resorts, a luxury hotel chain it had purchased in November 2007 for $400 million.
As a bid to restrict the misuse of legal methods for spreading rebellion in the country, the Govt. has frozen 18 bank accounts held by terror suspects under the Unlawful Activities (Prevention) Act. The bank accounts were maintained in high alert areas such as Pune, Guwahati and West Bengal and have been frozen as per… Read More »
State Bank of India has hiked its interest rates on foreign currency non-resident bank deposits and non-resident external rupee term deposits with immediate effect. FCNR(B) deposits in US Dollar with maturity period of one year to below 2 years will now carry a rate of 1.92% (1.84%) while deposits for 2 years to below 3… Read More »
Maruti Suzuki has become the first Indian company to sell more than a million passenger cars during this fiscal , with as many as 1,018,365 cars being sold from its showrooms during 2009-10. The company sold 870,790 vehicles in the local market and exported 147,575 cars from India. Both these figures were the best-ever, Maruti… Read More »
Union Bank of India is shortly going to exceed the Rs. 3 lakh crore mark in provisions of total business, the bank said. With this, the bank will find a place in the choice group of State Bank of India (SBI), Bank of India (BoI), Bank of Baroda (BoB) and Punjab National Bank (PNB).
T. M. Bhasin has been selected as the new Chairman and Managing Director of Indian Bank. He took over charge of the bank after the retirement of M.S. Sundara Rajan. Earlier, Bhasin was the Executive Director of United Bank of India from November 7, 2007. He made significant contribution to UBI in terms of capital… Read More »
Hinduja Group is all set to enter into the car loan business in India. It received RBI approval, thus clearing its entry into the market. The group will venture into the vehicle financing biz as a new company, Hinduja Leyland Finance (HLF) which has been set up with a starting capital of Rs. 100 crore… Read More »
After Tata Nano, Maruti Cervo and Bajaj-Renault-Nissan’s ultra-low-cost car intentions, now is the time for Toyota to launch a product for the entry level market. The assumption was first started by a Japanese magazine. It had printed an artist’s mind’s eye of Toyota’s low cost car. The magazine says the car is believed to be… Read More »