The 2nd biggest public sector bank in India, Punjab National Bank has started a huge financial inclusion scheme with an intention to have 1, 00, 000 touch points till the year 2013. 30 touch points have already begun functioning in parts of Bulandshahr in Uttar Pradesh, Rohtak in Haryana and Gaya in Bihar. With this,… Read More »
Despite anticipations of an increase in interest rates, Public sector bank, Bank of India (BoI) has reduced rates by up to 75 basis points on fixed deposits of Rs 1 crore and more. A statement released by the bank says, “The revised interest rates on Domestic Rupee Term Deposits of Rs 1 crore and above… Read More »
As per a research report by HDFC Securities there has been a reduction in the asset quality of foreign banks functioning in India despite an increase in their loan books, including personal loans. The loan books of these banks have posted profits.
Nokia- a leading mobile producer and supplier intends to commence its mobile banking service in India. The service would be called as Nokia Money, as per a Nokia official.
Earlier, any deposit in the account between the 10th and the end of the month, would not earn the account holder any interest as it is not part of the interest rate calculation. Any withdrawal between the same period, would result in lower interest income as the lowest balance would be taken into account for… Read More »
Interest on savings accounts would be computed on a daily basis from 1st April 2010. while the savings account holders are happy, the banks are not happy. This is because the banks’ margins are set to be impacted with the introduction of this new system.
SBI has started a strategic training unit (STU), to bring the bank’s complete training system under a single command, led by a chief general manager. This was done with the aim of improving expertise, especially among the 25,000 extra recruitment that the bank is scheduling for the present financial year.
Crisil has said the cost of deposits for banks will increase by 10-20 basis points as they start computing interest on savings account balances on an everyday basis. The effect will be maximum for banks which have a major portion of salary accounts with highly variable balances.
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.
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.