With the upward spiraling of inflation, it is anticipated that the RBIwill increase its main policy rates next months, according to chief economists. The central bank is expected to hike the repo and reverse repo rates by 0.25-0.5% at the next yearly monetary policy next month, they maintain.
Japanese car manufacturer Nissan said it intends to sell 100,000 cars in India by 2013. For this, it plans to introduce 9 models during the next 2 years, including the sedan edition of its newest compact car Micra.
A report from the banking Ombudsman report has said that the complaints lodged against credit card companies have seen a frequent increase each year. The number of complaints went up by 74% during the year 2008-09, as per the report.
Government of India may buy RBI’s stake in the National Bank of Agriculture and Rural Development (NABARD) in the next fiscal. The Government had allocated Rs. 1450 crore in this budget.
RBI has said that the banks need to disclose more details about their Non Performing Assets (NPAs). The apex bank has said that an in-depth information is needed about the market workings of the banks, including the list of their main 20 depositors, 20 biggest borrowers, 4 biggest NPAs on the books of the banks… Read More »
Over the next 2 years, public sector banks will get Rs. 35,000 crores from Center. This measure has been taken in order to meet the credit needs of the economy. According to the RBI norms, at least 6% Tier I capital must be kept by the banks. The planned capital infusion will let the banks… Read More »
IDBI Bank intends to raise Rs. 300 crore this month by issuing perpetual bonds. Mr. P Sitaram, chief financial officer, IDBI Bank said, “The amount raised will be to meet Tier-I capital requirement of the bank.” A perpetual bond is a bond without a maturity or redemption time. The holder of this bond can earn… Read More »
State Bank of India (SBI) has shortlisted 3 applicants as prospective associates for a joint venture to install 5 lakh swipe machines for credit and debit cards throughout the country. These applicants are Visa, Royal Bank of Scotland (RBS) and Global Payments. SBI has been looking to reach leadership position in electronic networks. SBI has… Read More »
Giving in to the banks’ demand, the Reserve Bank of India has delayed the date of implementation of the planned base rate system to 1st July and also removed 3 types of loans from the new model. This means the rates on old home loans will not change till 1st July. Usha Thorat, RBI Deputy… Read More »
The profit from Indian arm of Standard Chartered has exceeded the $1 billion mark for the 1st time. The profit before tax for the year 2009 went up by 19% to 1.06 billion from $891 million last year. Actually, the Indian arm of the emerging markets bank is turning out to be the biggest profit… Read More »