State Bank of India (SBI) has shortlisted 3 applicants as prospective associates for a joint venture to install 5 lakh swipe machines for credit and debit cards throughout the country. These applicants are Visa, Royal Bank of Scotland (RBS) and Global Payments. SBI has been looking to reach leadership position in electronic networks. SBI has… Read More »
Giving in to the banks’ demand, the Reserve Bank of India has delayed the date of implementation of the planned base rate system to 1st July and also removed 3 types of loans from the new model. This means the rates on old home loans will not change till 1st July. Usha Thorat, RBI Deputy… Read More »
This piece will try to look at the numbers post budget 2010 and compare it with the tax laws prevailing in 2009-2010 to see which part of the Indian junta will laugh its way to the bank in 2010-11. There have been countless discussions on how the budget is pro-middle-middle class (the repetition of middle… Read More »
This article will try to look the pros and cons of investing in Infrastructure bonds for the sake of tax saving. The analysis will be from the perspective of the different “tax groups” post budget 2010. For the sake of parameters we will have to make an assumption on the lock-in period (as nothing… Read More »
Reams of paper and millions of words are used to discuss the budget every year, but, by the time the next budget has come many of these experts are more involved about thinking of what should be done in the upcoming budget rather than what has been done that was promised in the last year.
The profit from Indian arm of Standard Chartered has exceeded the $1 billion mark for the 1st time. The profit before tax for the year 2009 went up by 19% to 1.06 billion from $891 million last year. Actually, the Indian arm of the emerging markets bank is turning out to be the biggest profit… Read More »
The year 2010 has brought a smile on the face of the ICICI bank employees as the bank is likely to offer bonuses to most of its 36,000 employees for the period 2009-10 by April. The bank had not offered bonuses in 2008-09 due to the worldwide financial crisis. In this year, it is for… Read More »
HDFC Bank, ICICI Bank and Kotak Mahindra have increased rates on home and auto loans, highlighting the hardening market that may cause RBI to hike interest rates to combat inflation. These banks have increased lending rates by as high as 100 basis points, subsequent to the stiffening of the interest rate, despite RBI trying to… Read More »
In a clear indication of an increasing interest rate scenario, India’s biggest private sector bank, ICICI Bank said it has increased its car loan rates by up to 0.5% and removed its special home loan scheme offering loans at 8.25%.
India’s biggest lender, State Bank of India intends to increase the staff recruitment in its branches throughout the country. The bank has hiked the target of recruiting 11,000 employees for its clerical post to 25,000 in order to deal with the retirements and the vacancies at its new branches.