Increasing competition in the luxury residential property sector, India’s biggest realty player DLF said it will sell having a price tag of Rs 4 crore per flat in the center of the National Capital. The company is selling 150 luxury apartments subsequent to the introduction of the 3rd phase of its housing project, Capital Greens… Read More »
Mahindra finance, the financial services division of the Mahindra Group has introduced a new product ‘Loan against gold’ in Kerala. Vice-Chairman Uday Phadke said that the design of the product is such that the clients can avail of loans against gold jewellery. This will save them from having to sell off their gold jewellery to… Read More »
The Government has said that it is left to the Board of Directors of Life Insurance Corporation (LIC) to determine if they want to go for a banking license or not. R Gopalan, secretary, department of financial services said, “The LIC board will have to decide that first. Let the board decide, discuss and debate… Read More »
Beating rival Mercedes as the numero uno luxury car manufacturer in India last year, BMW is set to increase manufacturing capacity at its Chennai plant as it targets sales exceeding 4,000 units in 2010. Peter Kronschnabl, President BMW India said, “In 2010, we aim to achieve double digit growth. In absolute numbers we want to… Read More »
Public sector bank, United Bank of India is negotiating with various asset reconstruction companies (ARCs) to sell a part of its bad loans in order to clean up its loan book, according to a leading bank official. The bank intends to sell bad loans valued at Rs. 100 crore by this month-end. It has already… Read More »
Banks have been going slow in raising capital before the commencement of the new fiscal as many have already raised funds before this year, and the hiking of yields recently has made the prospects of selling bonds poor, according to merchant bankers. Normally during March end banks swarm the market with bond issues as thy… Read More »
The Central Government has stated that it does not have any objection to public sector banks venturing into non-banking segments. Financial Services Secretary, R. Gopalan said, “There is no issue at all. We have never asked and there is no thinking in the ministry. The banks have to expand in various financial product activities so… Read More »
LIC cards, the card division of Life Insurance Corporation (LIC) of India has established a goal of creating credit card sales worth Rs. 5 lakh in the next fiscal. If this target is achieved the company’s card sales will be half a million. The company has a client base of 50, 000 within a year… Read More »
BMW said it will introduce the newest model of its sedan ‘5 Series’ in India this year to bring in volumes and thwart increasing competition from rivals, Mercedes and Audi. With easily availability of low cost car loans, this car is expected to get a good response.
After the recent increases in deposit rates by leading banks such as ICICI and HDFC Bank, the Indian Overseas Bank has also increased the deposit rates by 50 basis points. IOB executive director YL Maran said, “We have decided to raise the deposit rates considering the current market conditions. We expect the rate to firm… Read More »