A recent press report said that the board of Axis Bank has approved the merger of the financial services business of Enam Securities Private Ltd (Enam) with itself by transferring the business into the bank’s wholly owned subsidiary. According to the notice issued to the BSE the bank has said that it will merge Enam… Read More »
Bank funds have started flowing into microfinance institutions (MFIs), although slowly and in small amounts. Mr. Samit Ghosh, CEO and Managing Director, Ujjivan Financial Services said that the company has received Rs. 100 crore from both public and private sector banks, in August; and in September Rs. 25 crore from another PSU bank. Reports said… Read More »
A recent press report said that Union Bank and the State Bank of Travancore (SBT) have raised their lending rates by 50 basis points, following the hike in key policy rates by the Reserve Bank last month. Union Bank’s new base rate, or the minimum lending rate, would be 10.75 percent per annum, while SBT”s… Read More »
A recent press report said that SKS Microfinance is likely to approach the Reserve Bank for a banking licence, according to sources. Reports said that the company may approach the RBI for licence after the Board of Directors approval. Mr. M R Rao, CEO and Managing Director, SKS Microfinance said that the company does not… Read More »
According to a recent press report the Reserve Bank of India’s quarterly data, has said that SBI group’s share in deposits fell to 21.6 per cent in March 2011 from 22.5 per cent at the end of 2010. Government-owned banks improved their share in deposits from 51.9 per cent to 53 per cent. Reports said… Read More »
A recent press report said that Industrial and Commercial Bank of China (ICBC), the world’s largest bank in terms of market capitalization, has launched its Indian operations by inaugurating its Mumbai branch. The bank, has a license for wholesale banking, and has planned to focus on commercial banking services in the first phase. Mr. Yang… Read More »
A recent press report said that Canara Bank has planned not to hike its lending any time soon. The bank has decided not transmit the burden to borrowers immediately. Mr. S. Raman, Chairman and Managing Director, Canara Bank, told the press that the hike depends on the change in deposit rates. He mentioned that the… Read More »
A recent press report said that Vijaya Bank has started the process of increasing loan repayment periods in order to enhance retail borrowers come out of the possible financial stress following the increase in interest rates in the recent months,. Mr. H.S. Upendra Kamath, Chairman and Managing Director of the bank, said about the extension… Read More »
A recent press report said that Standard Chartered Bank has partnered with the Economic Development Board of Singapore to help its Indian clients expand in Asia by leveraging Singapore as a hub. Mr. Sumit Aggarwal, Head, Transaction Banking, Singapore, Standard Chartered Bank said that the bank has a good reputation in both Singapore and India… Read More »
A recent press report said that Syndicate Bank has set up two loan processing centres for the small and medium enterprise (SME) segment on a pilot basis. The bank has planned to set up these SME loan processing centres at Bangalore and New Delhi. The bank on a pilot basis, has decided to set up… Read More »