According to a recent press report HDFC Ergo, which is in an expansion stage is in need of about Rs. 80 crore from the promoter end. Mr. Ritesh Kumar Chief Executive Officer HDFC Ergo General Insurance informed that they already invested about Rs 75 crore, additionally they require Rs 25-30 crore in the current fiscal… Read More »
According to a recent press report the net profit of from the Bank of Baroda has gone up by 14.4 % in the second quarter. The net profit of the bank has increased from Rs. 1019 crore to Rs. 1166 crore compared to the previous year results. The net interest income of the bank has… Read More »
A recent press report said that improved asset quality and loan growth has boosted the net profit of ICICI Bank. The bank has recorded a net profit of 21.6 percent in the second quarter and has broken the market forecast. As per the resulted of the second quarter the bank The has seen an increase… Read More »
A recent press report said the Public sector bank IDBI bank has announced the book closure to repay the bonds of 2011 which is to be matured on December 16. The bank said that the principal amount of the 2011 bone series would be repaid at par on December 16th. The interest on these bonds… Read More »
A recent press report said that the Reserve Bank of India as a part of green initiatives has asked all the financial services companies including non banking financial companies (NBFCs) to gradually stop using cheques and switch over for electronic payment system. The government has suggested various steps for all the units in the financial… Read More »
A recent press report said that the Reserve Bank of India has imposed penalty on two cooperative banks for not abiding by the norms of the central bank. The two cooperative sector lenders – the Pravara Sahakari Bank and the Baroda Traders Co-operative Bank have been imposed a monetary penalty of Rs. 5 lakh for… Read More »
A recent press release said that the government is going to launch e – payment scheme for contractors, government employees and retirees. Mr. C.R. Sundaramurthi, Controller General of Accounts (CGA) explained that in the Electronics Payment Mechanism the payments, salaries, pensions and other retirement benefits could be credited in the respective bank accounts of the… Read More »
According to a recent press report, Global banking giant Goldman Sachs has alleged that Indian economy is going to face the downside risk which ensures that Reserve Bank has to lower its projection growth rate from 8 per cent to 7.6 per cent for this fiscal. Goldman Sachs from the Global ECS Asia Research in… Read More »
A recent press report said that Indian Overseas Bank (IOB) has reported an increase of 0.64 per cent in its net profit for the quarter ended September 30 at Rs 207.46 crore as against Rs 206.15 crore in the last year of same period. The bank’s total income for the quarter stood at Rs 4,822.56… Read More »
In the recent press report, RBI announced a deregulation of the savings bank (SB) interest rate which will help the SB account holders to enjoy high earnings. This change in the policy is expected to bring out a great transformation in the banking operations. Before the deregulation, banks were supposed to give four percent per… Read More »