The Reserve Bank of India has imposed a penalty of Rs.10 lakh (Rupees Ten Lakh only) on Credit Agricole – Corporate & Investment Bank and a penalty of Rs. Five lakh (Rupees five lakh only) on Karnataka Bank Limited for non-compliance with its directives on derivatives. The penalty on Credit Agricole – Corporate & Investment… Read More »
A recent press report said that Oriental Bank of Commerce (OBC) has entered the credit card segment through a tie-up with SBI Cards. The co-branded credit cards, will be both magnetic stripe and chip-based. The cards are to be launched out through OBC branches around Diwali. Reports said that the bank is one of the… Read More »
The Reserve Bank of India has imposed a penalty of Rs. Five lakh (Rupees five lakh only) on Karnataka Bank Limited for non-compliance with its directives on derivatives. The penalty on Karnataka Bank Limited has been imposed for failing to carry out proper due diligence on user appropriateness and suitability of products and failing to… Read More »
A recent press report said that State-run power utility major NTPC Friday has entered into an agreement with the State Bank of India (SBI) for a loan of Rs. 10,000 crore for its capacity expansion plans. Reports said that NTPC has signed the loan (agreement) to carry out its capacity expansion plans and to finance… Read More »
A recent press report said that Kotak Mahindra Bank has entered into a business co-operation arrangement with Malaysia based CIMB Group for cross-border trade in select countries in the India-Asean corridor. Reports said that the co-operation would cover various businesses of mutual interest, including merger and advisory, trade finance and other corporate solutions, and NRI… Read More »
A recent press report said that the country’s HDFC Bank Limited has increased its lending rates by half a percentage point, in proportion to the rate increases by other key loaners after the RBI had hiked its policy rate by the similar margin. Reports said that the country’s second biggest private-sector bank by assets increased… Read More »
A recent press report said that Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited has launched a traditional group protection-cum-savings product called Smart Sanchay Plan. Smart Sanchay Plan offers life cover and accident protection along with fixed returns. Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd is a joint venture between… Read More »
A recent press report said that Canara Bank has tied up with Canara HSBC Oriental Bank of Commerce Life Insurance Company for a micro-insurance product. This will be offered on the smart cards that it provides in its financial inclusion initiative. At a premium of Rs 100, the insurance will offer a cover of Rs… Read More »
A recent press report said that private sector lender Axis Bank has planned to increase its lending process to micro finance institutions (MFIs). The bank is also looking towards the idea of direct lending to self help groups (SHGs). Ms. Shikha Sharma, CEO and MD of the bank said that the bank’s slowdown on lending… Read More »
A recent press report said that Axis Bank, India’s third largest private Bank, has tied up with Malayan Banking Berhad (Maybank), Malaysia, for remitting money from Malaysia to beneficiary accounts in India. The bank has signed an agreement with Maybank for offering remittance facility to India, under Maybank Money Express (MME) service. According to reports… Read More »