As per a recent press report, the Muthoot Exchange which is an extended subsidiary of Muthoot Group has entered into a remittance agreement with Mercantile Bank Limited operating in Bangladesh. Muthoot Exchange has been into the business of money transfer in Dubai for the past two years. There is a large population of Bangladeshi in… Read More »
As per the recent press release from the Development Credit Bank it is seen that the net profit of DCB has grown to Rs.13 crore for the quarter ended September 30, 2011 compared to the corresponding period last year which was Rs.5 crore. This was because of the good growth in advances and less provisions… Read More »
A recent press report said that the RBI has penalised Gujarat-based cooperative lender Mansa Nagarik Sahakari Bank Limited (MNSBL) for violation of Anti-Money Laundering (AML) guidelines. The RBI has imposed a penalty of Rs 1 lakh on Gandhinagar- headquartered MNSBL for violating the RBI’s instructions regarding the submission of reports on cash transactions above Rs… Read More »
A recent press report said that the Government has decided to introduce the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2001, during the Winter Session of Parliament. According to the new Bill, it will modify nine sections of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI)… Read More »
A recent press report said that private sector lender YES Bank has planned to give a big booster to its retail banking operations. The bank has planned to add several new products to its retail portfolio in order to enhance its offerings to the customer. Amongst the new product lines to be introduced include Loan… Read More »
A recent press report said that Public sector lender Canara Bank has set up a wholesale branch in Bahrain. The branch will offer services to the Indian corporations operating in the gulf region. The corporates will be offered a wide variety of products and services through the bank’s new branch. Reports said that through this… Read More »
A recent press report said that Public sector lender UCO Bank has announced the appointment of Mr. R Chandrasekharan as the new executive director for the bank. Mr. R Chandrasekharan has a banking experience of about 35 years; he has worked across different segments of banking operations. He started his career as probationary officer of… Read More »
A recent press report said that the tenure of education loans is expected to be increased to 15 years. At present the repayment period for the same has been set at 5 to 7 years. Reports said that the pressure of installments is going to be lightened with the repayment period getting extended. The extension… Read More »
A recent press report said that dual rate home loans are once again capturing a space in the loan portfolio of some of the big lenders in the country. Lenders like ICICI Bank and HDFC as well as LIC housing finance have already introduced these fixed cum floating rate schemes in the home loan segment… Read More »
A recent press report said that State Bank of India has set higher deposit targets for its business branches in urban centres and is likely to tap high net worth individuals (HNIs). Reports said that the bank has asked its managers in Tier III towns to insistently sell its mortgage-backed products like car loan and… Read More »