The Reserve Bank of India intends to bring in a new set of rules on the Business Correspondent (BC) system as a step ahead in its aim of speeding up financial inclusion in all unbanked parts of India. The BC system was introduced by the RBI in 2006 in which NBFCs that don’t accept public… Read More »
State Bank of India (SBI) is intending to raise about Rs 10,000-20,000 crore by the way of rights issue and is sure that a proposal along these lines might be announced in the budget. OP Bhatt, chairman of SBI told during the next 5 years, SBI will require Rs 40,000-50,000-crore capital, along with tier-II capital… Read More »
The Asian Development Bank (ADB) will loan $ 300-million to help India grow its micro, small and medium enterprises, the bank said in a statement here. The statement said, “The ADB Board of Directors today approved a sovereign loan of $ 50-million and a partial credit guarantee of up to $ 250-million for the micro,… Read More »
Leading bankers cheered the Union Budget 2010-11, especially the steps taken on farm loan repayment, capital infusion in PSBs and interest rate funding to underprivileged sections, saying that these would improve the health of the system. State Bank of India’s chief financial officer, S S Ranjan, said that the budget was geared towards growth and… Read More »
Leading car manufacturer, Tata Motors said it will hike the prices of its cars after the Government’s decision to hike central excise duties to 10%. The Government increased excise duties by 2% to 10% on all non-oil products as a step towards withdrawal of stimulus actions with Finance Minister Pranab Mukherjee saying the economy was… Read More »
With significant reduction in personal income tax and expansion of interest subvention can push up demand, expansion of 80IB (10) benefit for another year provides solace for overdue eligible projects. Real Estate sector which is gradually coming out of the mid 2008 recession, has obtained good assistance from Union Budget 2010-11. While the budget has… Read More »
German luxury car manufacturer is quite positive about India and said it is considering making big investments for introduction of new versions and entering the second-hand car segment, besides establishing a financial services arm. BMW India president Peter Kronschnabl said, “We will invest $50 million over the next 24 months for developing the financial services… Read More »
Leading car makers in the country hiked the central excise duty to 10% in response to the government’s decision to increase the excise duty. This hike is likely to push up the car prices by up to Rs. 25,000. The country’s biggest car manufacturer, MarutiSuzuki India (MSI), said its car price will rise by 2%.… Read More »
Bad loans of Indian banks can go up to 3.25-3.75% of total advances as compared to 2.17% as of March 2009. This was reported by credit rating agency, ICRA. The analysis used the functioning of 43 commercial banks, both public sector as well as major private sector banks, comprising 90% of the market.
Pranab Mukherjee’s decision to allow companies and NBFCs to set up private banks in the country has raised the hopes of many like ADAG and Aditya Birla Nuvo. But RBI has expressed its reluctance to ease its norms. Last time RBI has permitted new private banks was in 2002 to Kotak Mahindra Bank and Rabo… Read More »