India’s biggest lender, State Bank of India has joined hands with McKinsey and Co as its advisor to help it in developing its rural business. The banking giant has paid Rs. 62.8 crore to McKinsey for this purpose. SBI had kept a project allotted to McKinsey in 2007 on hold because of some operational reasons.… Read More »
Blue chip stocks are stocks of companies which are well-established companies and have stable earnings and no extensive liabilities. They can be income or growth stocks. They have a track record of paying regular dividends. They are relative safe and stability.
Central Bank of India has posted a net profit of Rs. 171 crore for the 4quarter of the financial year ending March 2010. The bank has reported a robust increase in its net interest income. The net profit for the equivalent period last year was Rs. 62.50 crore.
After teaser home loan, SBI has another first to its credit: private banking. It is offering private banking in association with Societe Generale of France to offer private banking services to ultra high net worth persons in India. With this initiative, SBI has become the first PSU bank to offer these services.
HDFC Bank has tied up with UAE based Emirates NBD in order to assist Indian clients send money online to India quickly. The Indians living in UAE will gain from this facility since they can send their money directly to their account with HDFC Bank via online banking facilities offered by NBD.
German auto maker Volkswagen is set to remove Honda’s supremacy in the premium mid-size segment in India, with the introduction of a new executive sedan in the 2nd half of this year. With low-cost car loans, the company expects it to sell easily.
The Superb’s success in the Rs 20 lakh+ division implies it has attracted some of the German car makers like Mercedes-Benz and BMW who have introduced cheaper versions of their executive saloons.
Banks are approving more loans, but companies aren’t taking even half the money, bankers rue. SS Ranjan, deputy MD and CFO, State Bank of India said, “Our sanctions grew by around Rs 60,000 crores in the last financial year. Of that undisbursed loans stand at about Rs 45,000 crores”.
Despite RBI’s strict warnings against teaser home loans, SBI has decided to extend its special home loan scheme by another month. The bank has chosen to extend the scheme up to June, an increase of another 2 months. Other banks offering this scheme viz. ICICI Bank and HDFC Bank have decided to withdraw the scheme.
French car manufacturer Renault and Bajaj Auto have agreed to value the ultra low cost (ULC) car that they are building together with Nissan at $2,500, (approx. Rs 110,000) to rival Tata Nano.