Interest on savings accounts would be computed on a daily basis from 1st April 2010. while the savings account holders are happy, the banks are not happy. This is because the banks’ margins are set to be impacted with the introduction of this new system.
SBI has started a strategic training unit (STU), to bring the bank’s complete training system under a single command, led by a chief general manager. This was done with the aim of improving expertise, especially among the 25,000 extra recruitment that the bank is scheduling for the present financial year.
Crisil has said the cost of deposits for banks will increase by 10-20 basis points as they start computing interest on savings account balances on an everyday basis. The effect will be maximum for banks which have a major portion of salary accounts with highly variable balances.
The country’s biggest lender State Bank of India has said it will not increase its lending rates right away but will wait for additional signs from the Reserve Bank’s impending annual monetary policy.
ICICI Bank and HDFC Bank played down issues of being considered as foreign banks due to their majority foreign shareholding and said they persist in remaining Indian.
India’s leading car manufacturer Maruti Suzuki has increased prices of many models as it claimed that the company intends to pass on to clients a portion of the increase in input costs and expenses associated with adhering to new emission norms.
Tata Motors may launch its first Nano on May Day to commemorate the golden jubilee of Gujarat which was born on 1st May 1960. This is regarded as a emblematic gesture towards the government that bailed out the project from its problems in West Bengal.
Within a month since its launch, Ford Figo has reported over 10,000 bookings, a record sales from Ford India. The record has assisted Ford India’s total March sells triple from March last a year.
Two-wheeler manufacturer India Yamaha Motor said it is targeting a market share of 20% in the deluxe and premium sectors by the end of 2010. Pankaj Dubey, Business Head India Yamaha Motor National said, “We have been receiving an overwhelming response for our premium and deluxe segment models. We have clocked a robust performance so… Read More »
Ashok Leyland has reported 97.43% increase in its commercial vehicle sales at 10,067 units in March. The company had sold 5,099 units in March last year, according to a statement released by Ashok Leyland. In FY’10, Ashok Leyland sold 63,926 units as compared to 54,431 units in the earlier fiscal, a hike of 17.44%.