Reserve Bank of India has established an estimate of 5 years by which mobile banks would be reaching out to every village in India, according to K C Chakraborty, Deputy Governor, RBI.

Bank customers are soon to receive gifts during this festive season. Many PSU banks such as Punjab National Bank (PNB),Allahabad Bank, UCO Bank and Bank of India have introduced festival offers. These offers chiefly comprise of loans at lower rates and relinquished processing and documentation charges.

Home loan lender, Punjab and Sind Bank has plans of hiring 1000 new employees during this fiscal.

Car manufacturer Ford India said it intends to introduce 8 new models in India by mid-decade, with an aim of capturing the country’s rapidly rising car market and make it an export hub.

India’s biggest carmaker Maruti Suzuki India is believed to be planning increasing its production by around 10% to manufacture more than 1,10,000 units a month from October.

After the successful launch of the 1.2-L Polo in March in India, the biggest European car producer Volkswagen has rolled out an advanced model of the hatchback with an initial price of Rs 616,000 (ex-showroom New Delhi).

Non banking financial company (NBFC), Magma Fincorp is planning to increase its loan portfolio to Rs 5,500 crore in this fiscal, an increase of 25% from previous year.

Hyundai is ready to introduce its Sports Utility Vehicle Santa Fe in India in this festive season. Presently, the Indian SUV market is abuzz with action and the new car will have to encounter a stiff competition.

Private sector bank, Dhanlaxmi Bank is planning to hike its NRI deposit base. The bank has plans to increase the NRI deposits to Rs 1000 crore by the end of this fiscal.

Rising inflation and increasing interest rates will not affect the increase in car sales, according to senior industry officials.