CitiBank has opened a modern branch at Pune. The branch has been opened by Shirish Apte, CEO, Citi Asia-Pacific along with Pramit Jhaveri, Citi Country Officer, India and N. Rajashekaran, Country Business Manager, Global Consumer Group, Citi India.
IDFC, the infrastructure finance company has stated that it does no plan to venure into the banking division. The company made this announcement after the discussion paper on new banking license has been circulated by the Government.
Swiss bank, Credit Suisse has obtained license to start branches in India. The bank’s first branch would be opened in Mumbai.
The Reserve Bank of India has sent a directive to all commercial banks asking them to keep a nonstop watch on the usage of customers’ lockers and take necessary measures to retain the security of these safe deposit vaults.
Car loans from HDFC Bank and Kotak Mahindra Prime are expected to go up due to the hike in prime lending rates (PLR) by the banks.
The Rs 4.8 lakh crore home loan market in India is expected to see more competition in the next months. The competition would increase due to the steady pressure from some non-banking finance companies (NBFCs). These companies are experiencing a compounded annual growth rate (CAGR) of 15% for the earlier 5 years.
The bill to lower the stakeholding of government on the country’s biggest personal loan lender, State Bank of India has been approved by the Parliament. Now, the government stake would go down to 51% thus allowing the bank to generate more capital.
German car manufacturer Mercedes Benz has introduced a new variant of its E-Class sedan costing Rs. 64.5 lakh ( Rs. 6.45 million)(ex-showroom Delhi), in an attempt to boost its top position in the Indian luxury car market.
In the Q1 of FY 2010-11 there has been about 16% increase in credit card transactions valued at Rs 16,947.86 crore.
Now credit card transactions would now be similar to debit card transactions. The difference is that debit card lets a person spend the amount available in his savings account and credit card transactions will now be linked to the amount available in the respective fixed deposit account.