Public sector bank, Indian Bank has set youth as its new target customer. The bank has prepared a plan to entice the youth via totally automated branches this fiscal. An official said that in this fiscal, the bank would establish 5 totally automated branches.
Indian Automobile Industry is in the growth phase and the Indian auto market is still untapped with the majority of the people in the country not owning a four wheeler. Also even with those who own cars – the trend suggests that people tend to shift cars every 4-7 years of owning a car with… Read More »
RBI has strictly directed banks to make mobile and phone banking safer to avert identity frauds in non branch banking services. The banks will now have to install an extra cover guaranteeing the legitimacy of the customer carrying out the debit or credit card transaction through the phone. If they fail to do so then… Read More »
India’s biggest public sector bank. State Bank of India is the first bank to venture into green power by establishing windmills. SBI has ventured into green energy in order to become energy neutral in the future, the statement from the bank said.
Maruti Suzuki India posted approximately three-fold leap in net profit at Rs 656.55 crore (Rs 6.56 billion) for the quarter ending March 31, 2010. The company had reported a net profit of Rs 243.13 crore (Rs 2.43 billion) in the matching quarter of 2008-09 fiscal, according to the statement made by Maruti Suzuki India to… Read More »
The public sector banks may be prevented from introducing any new teaser home loan schemes by the Finance Ministry. The intention of doing this is to prevent any occurrence of rate war between the banks, thus causing increasing NPA levels.
After reducing its retail loan book for 7 quarters right from the start of 2008-09, ICICI Bank has started increasing its loan book. The loan book of the bank, including car loans has posted an increase of Rs. 1,81,206 crore on 31st March 2010 as against Rs 179,269 crore in the earlier quarter.
RBI has ultimately permitted banks to increase the target date for meeting the bad loans provision coverage ratio of 70% after September 2010. The date has been increased till September 2011. But banking giants viz. SBI and ICICI Bank have obtained the extension only up to March 2011.
Bank loans including personal loans increased by 17% on year as on April 9, the apex bank’s weekly statistical supplement (WSS) stated. Deposits were hiked 16% from a year back. Outstanding loans went up by Rs. 8.26 billion ($186 million) to Rs. 32.41 trillion in the 2 weeks up to April 9.
The Rameshs currently are saving/investing only about 14% of their total income. This is way below the national average of 28%. They need to create a budget tracker and enter details on a regular basis to find where they are spending more. They need to start this immediately as they will face a severe cash… Read More »