The Nagpur Municipal Corporation (NMC) has slapped a fine of Rs 1.10 crore on ICICI Bank for octroi evasion on the sale of gold coins valued at Rs. 10 crores, according to NMC. ICICI Bank commenced selling gold coins via its branches in 2003 but has been avoiding paying octroi, since they were brought into… Read More »
India’s biggest lender, State Bank of India is likely to continue its recruitment binge in next financial year as it intends to recruit about 15,000-20,000 employees in FY11, SBI Chairman O P Bhatt said.
Housing finance companies (HFCs), which depend a lot on banks for funds, have said that loans they take from banks should be excused from the anticipated base rate system. RR Nair, director and chief executive of LIC Housing Finance said that if the base rate is expected to be as high as 9%, then HFCs… Read More »
With so many ambitious plans the funds for the expansion proposed at Rs.4,411 crores looks very less. Hope Ms.Banerjee has got her numbers tallied up for different projects. Also the increase in the expenditure for the next year at a mere 4.4% makes one question the numbers again. Probably the efforts to reduce the expenses… Read More »
Cheques will soon come with more security features such as water marks and hidden logo. This was decided when Reserve Bank of India (RBI) asked banks to adopt extra steps to avert forgeries and frauds. Over and above the extra security features, the cheques that will be issued by commercial banks as well as rural… Read More »
In order to grow the private banking sector, banks are now aiming at the rich from smaller towns. The growth in these towns is much more since these markets are not so nicely penetrated though bigger cities continue to bring in volumes. During the recent years, banks have been focusing on their private banking business,… Read More »
TVS Motors, a car maker based in Chennai has said that it has entered into a memorandum of understanding with India’s biggest lender, State Bank of India (SBI) for financing the inventory of car manufacturer’s dealers. As per the agreement, SBI will offer financing to more than 600 dealers of TVS Motors spread throughout the… Read More »
Private sector bank, Axis Bank has introduced a new service for its clients involving debit cards. The service involves offering payment solution to the clients and is known as ‘Axis Call and Pay on atom’. The bank maintains it to be a leader in offering a safe debit card-based payment service to its client via… Read More »
Berating the banking sector for its inability to reduce interest rates, the Economic Survey said borrowers are looking at optional and low-cost funding sources while cash-rich banks are keeping their excess money with the Reserve Bank of India. The pre-Budget statement about India’s financial health said, “The transmission of monetary policy measures (geared towards reviving… Read More »
Promoters of Bajaj Auto sold more than 10 lakh shares to another promoter body Bajaj Holdings & Investment in a bulk open market transaction priced around Rs 180.45 crore, a step to strengthen their stake. According to the block deal data on hand with the Bombay Stock Exchange, 5 promoters of Bajaj Auto sold 10,47,500… Read More »