Life Insurance Corporation (LIC) has hiked its share in Indian Overseas Bank (IOB) from 9.96% to nearly 12%. LIC has managed to do so by purchasing extra shares of the bank from open market in various trenches. The Insurance Regulatory and Development Authority (IRDA) had placed a restriction on the exposure that LIC cane take… Read More »
The country’s biggest lender, State Bank of India has been thinking about purchasing a major stake in Tata Motors Finance. The bank is now waiting for clearance from RBI for the deal. SBI Chairman O P Bhatt said, “We have written to the RBI. We are awaiting a response”. The bank is looking at a… Read More »
The State Bank of India has attracted gold deposits of 3, 650 kg via its gold deposit scheme which commenced on 1st March 2009, said a senior bank official. From the total gold collected, 800 kg was contributed by branches in Gujarat. The official said, “As on March 1, 800 kg of gold had been… Read More »
India’s private banks and non-banking finance companies (NBFCs) are ready to join a list of number of certain government owned companies to provide tax-free bonds to investors, as the government is looking to widen its means of bringing in long-term funds to construct more roads, ports and power plants. The country will require more than… Read More »
Yesterday Maruti Suzuki India (MSI) launched its millionth car of the year. This is the first for the firm since its formation. At the same time, it also declared its intentions to manufacture K-Series engines within a year. The car launched was a new shiny red Swift at its factory in Manesar near Delhi. This… Read More »
The Reserve Bank of India has plans to introduce 100 crore polymer notes valued at Rs. 10 each to increase the lifespan of the notes and combat fake notes. RBI plans to introduce the notes initially in 5 cities of the country as portion of pilot study. The matter was informed by RBI Governor, D.… Read More »
ICICI Bank has been granted permission by the Monetary Authority of Singapore to provide banking services in the country. The bank has been awarded a qualified full banking (QFB) class. After this step, ICICI has become the 2nd Indian bank to be given permission in Singapore, with SBI being the first one. These banking licenses… Read More »
Dhanlaxmi Bank has become a new entrant in the ever increasing credit card business. The bank has introduced 2 credit cards, targeting premium segment clients. The bank has introduced an innovative pay by transaction’ method credit cards. As per this method, instead of a monthly billing cycle the interest free credit is offered for every… Read More »
The Finance Minister, Mr. Pranab Mukherjee has firmly asked banks to make plans and tactics to target the unprivileged and under privileged portions of population. For this purpose, the State Bank of India (SBI) has authorized a term loan valued at Rs. 200 crore to Hyderabad based microfinance firm Share Microfin Ltd.
Andhra Bank and Bank of Baroda (BoB), have entered into a joint venture with their British Partner Legal & General to start a life insurance company called IndiaFirst. IndiaFirst life insurance is the 23rd participant in the life insurance business. The company has an equity capital of Rs. 3.3 billion and is headquartered in Mumbai.… Read More »