PSU car loan lender Indian Overseas Bank (IOB) has declared a hike in its lending rate by 50 basis points in accordance with the industry drift.

With rise in benchmark prime lending rates by various banks, home, car, education and personal loan rates have gone up in many banks. The rate increase occurred due to the policy rate increase by Reserve Bank of India in the monetary policy review.

State Bank of India (SBI) will offer interest-free seed capital of up to Rs 10 lakh to prospective entrepreneurs as a part of a new plan, SBISMILE, particularly mean to promote small and medium enterprises in the country.

Maruti Suzuki India is planning to restrict exports to 15% of its total production to focus on fulfilling local requirements and combat rising rivalry.

Yamaha Motor India has introduced 3 bikes for the Indian market. They were launched by the brand ambassador, John Abraham. The 3 motorcycles called SZ, SZ-X and YBR 125 have competitive pricing between Rs 47,000 and 52,000. The SZ and SZ-X models are powered by a 153 cc engine, the same engine used in the… Read More »

With increasing usage of technology in the banking sector, the use of branches is falling. Banks can now lower the cost incurred towards rentals and use it elsewhere.

Japanese two-wheeler giant Yamaha said it plans to increase India’s share in its worldwide sales to 10% over the next 3-4 years, after falling demand worldwide made the company report a net loss of 216.15 billion yen (approx. Rs 11,678 crore) in 2009.

Mahindra and Mahindra said it would utilize its buy-out of South Korea’s Ssangyong Motor to become a worldwide player in the SUV market.

Ratan Tata-headed Tata Motors said that it intends to increase its commercial vehicles business in India and would introduce some more models by the end of this year.