2010 is a watershed year for the investors’ community in many ways. India regained the high growth rate, monsoon was plenty to spread cheer, auto sector saw huge growth, and stock market touched the same all time high of 2008. Quantitative easing in US started in 2010 and its impact will be felt only in… Read More »
1987 marked a very special year for both Maruti as well as our nation with the export of a first lot of 500 cars to Hungary. One can almost feel the jubilation that the workers of MUL must have felt in gaining acceptance in Europe, the very Mecca of automotive engineering. 1992 was a year… Read More »
2010 was a defining year for the insurance industry. The ULIP controversy, SEBI versus IRDA fight, and dispute over cashless insurance scheme created enough ripples in insurance industry. Additionally IPO and merger and acquisition attracted the attention of regulators.
When you have quite a bigger amount of money to spare on buying a car or rather as they say, you have arrived in life; it’s time for a luxury sedan or at least a sedan. The price range could be 8-15 lakhs for this category. The cars are longer, more spacious and the price… Read More »
Recently, RBI Governor, D Subbarao has indicated that RBI is in favor of deregulating the savings bank interest rate, which is currently fixed at 3.5% p.a. for deposits up to Rs. 2 lakh. Deposits over Rs. 2 lakh are currently deregulated allowing banks to fix their own rate. Interest on savings bank account is the… Read More »
Public sector bank, Bank of Baroda intends to open 12 foreign branches this fiscal. M D Mallya, CMD of the bank said, “By June, we will have a branch in Auckland and we will open our tenth branch in the United Kingdom. This fiscal, we also plan to expand in the African subcontinent and would… Read More »
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 »
RBI has recommended that the BPLR system be replaced by a base rate system below which no lending can be done. This recommendation comes in the backdrop of the BPLR system failing to achieve what it was originally intended for – transparency in lending rates charged by banks. The report submitted by the working group… Read More »
The evolution of the BPLR can be traced back to September 1990 when the first attempt to rationalize the administered lending rate structure was made by removing multiplicity and complexity of interest rates. According to this structure, the advances of scheduled commercial banks were divided into six slabs and progressively higher interest rates were prescribed… Read More »
Unlike the manual clearing of cheques where there is a possibility of many human errors and subsequent delay in clearing, the MICR code on the cheque printed with a unique magnetic ink usually iron oxide has magnetic material present in it and thus makes it machine-readable and almost error proof! Under this method the reading… Read More »