Thomas Cook (India), the biggest incorporated travel and travel related financial services firm has entered into an agreement with Saraswat Co-operative Bank in order to offer its international money transfer services from all of Saraswat bank’s branches. With this association, all the clients of Saraswat bank can use the MoneyGram service of Thomas Cook. The… Read More »
Axis Bank is holding talks with Max New York Life to buy a less than 5% stake in the insurance company and intends to complete the deal shortly, according to the top bank official. S Sengupta, Axis Bank’s Executive Director and CFO said, “We are in talks with Max New York Life to pick-up a… Read More »
Bad debts caused by non payment of loans by small borrowers have caused a hike in the volume of NPAs of Bank of Baroda. The fact was stated by Bank of Baroda Executive Director R.K. Bakshi. He said that most of NPAs occurred when small borrowers taking loans up to Rs. 50, 000 failed to… Read More »
Luxury car maker Mercedes Benzis intending to introduce its small car, the A Class, in India in a couple of years. Peter Trettin, president and CEO of Daimler, Central and Eastern Europe, Africa and Asia, said the company would market the A Class as its entry- level car in India. He said, “This will be… Read More »
The banks have ultimately succeeded in fulfilling the target fixed by RBI for credit growth in the country. The fortnightly situation of scheduled commercial banks in the country has shown that the banks could fulfill the goal of 16% credit increase during the current financial year. The final data from RBI said that the scheduled… Read More »
The public sector bank, Indian Bank has introduced a new product designed for the corporates and small and medium enterprises. The product is called Visa Business Card. The card provides all the advantages of global cards besides free insurance benefit, and is priced reasonably, according to the bank. The interest free period for these cards… Read More »
It appears that teaser loans will be offered by at least SBI. The bank is anticipated to persist with its 8% happy loan scheme till July. But an official announcement is still to be made about this issue. SBI chairman Mr O.P.Bhatt has said, “We still have time and will review the situation after March… Read More »
ICICI Bank is reverting to its origin of corporate lending, said CEO Chanda Kochhar. The bank had become a leader in the banking sector in the country over the last decade because of the retail lending sector. But the rising defaults has drastically affect it thus forcing it to reduce its unsecured retail loans, personal… Read More »
Life Insurance Corporation (LIC) has hiked its share in Indian Overseas Bank (IOB) from 9.96% to nearly 12%. LIC has managed to do so by purchasing extra shares of the bank from open market in various trenches. The Insurance Regulatory and Development Authority (IRDA) had placed a restriction on the exposure that LIC cane take… Read More »
The country’s biggest lender, State Bank of India has been thinking about purchasing a major stake in Tata Motors Finance. The bank is now waiting for clearance from RBI for the deal. SBI Chairman O P Bhatt said, “We have written to the RBI. We are awaiting a response”. The bank is looking at a… Read More »