The biggest car loan lender in the country, State Bank of India has reported a 25% increase in its net profits for Q1 of this financial year. The increase has been because of rising loan demand and income from retail banking.
Czech car manufacturer Skoda said it will launch a small car in the Indian market in the initial part of 2012, which will cost Rs 3-5 lakh (Rs 300,000-500,000).
Personal loan lender, Canara Bank has increased its benchmark prime lending rate (BPLR) by 50 basis points. The new BPLR of the bank is 12.50% as compared to 12% previously.
The biggest home loan lender of the country, State Bank of India will shortly be increasing its deposit and lending rates, at least by 25 basis points.
Leading car loan lender, Union Bank of India intends to earmark a corpus of Rs 500 crore to help farmers in Andhra Pradesh. The bank is also targetting the Surat-Ganjam (Orrisa) corridor and the migrant laborers out there. It intends to offer mobile based savings accounts in the region.
Home loan lender, Punjab and Sind Bank has hiked its fixed deposit rates of maturities of various durations by around 0.75% per annum.
Reserve Bank of India is anticipated to launch polymer notes by the end of this financial year. The polymer notes would imply the end to the period of partially torn, damaged paper currency.
Personal loan lender, Allahabad Bank has hiked its Benchmark Prime Lending Rate (BPLR) by 50 bps. The present BPLR of the bank is 12.50%.
Personal loan lender, HSBC has elected Naina Lal Kidwai as the new director of the bank. Kidwai will join the office from 1st October 2010. Her taking over this position on this date will depend on the approval from the Hong Kong Monetary Authority.
Reserve Bank of India’s directives on behavior of recovery agents are being blatantly ignored. Recently there has been a sharp increase in the number of complaints being received by the office of Banking Ombudsman and the Government about vigorous recovery of outstanding loan amount by agents, primarily of private sector banks.