Bank of India has raised Rs 325 crore Tier-I capital through a bond issue. According to a press release issued by the bank, the capital was raised through the issuing of innovative perpetual debt instrument (IPDI) carrying a coupon rate of 9 per cent.
According to a media report, private sector lender Kotak Mahindra Bank is looking at acquisitions in India in the coming months.
RBI Governor D Subbarao announced that commercial banks would come out with a plan for financial inclusion by the end of the financial year. Mr Subbarao was speaking on the sidelines of a bankers’ meet on financial inclusion and promotion of financial literacy.
IDBI Bank and Tata Motors signed an agreement in Mumbai for providing auto finance to prospective customers.
India’s largest private sector bank, ICICI Bank, plans to go aggressive on car and truck loans again. The bank had been the biggest lender for automobile buyers till three years ago but had scaled back on auto loans in the past two years on the back of rising defaults. The bank is however discarding its… Read More »
General Motors, India, has entered into a tie up with the Oriental Bank of Commerce to finance it vehicles. A company release informed that GM India Vice-President (Sales and Marketing) Ankush Arora exchanged documents with Oriental Bank of Commerce General Manager A K Tangri in the presence of GM India President and Managing Director Karl… Read More »
In a bid to mop-up liquidity as credit growth remains sluggish, the RBI is considering bringing back the Market Stabilisation Scheme (MSS).
The Geneva headquartered Hinduja Bank has informed that it has increased stake in stock broking and financial services company Paterson Securities to 51 per cent, to expand its presence in India.
World Bank Group President Robert Zoellick recently said the Dubai debt crisis is manageable and would not affect India. Mr. Zoellick was in New Delhi for a meeting with policy makers, including RBI governor D Subbarao and Planning Commission deputy chairman Montek Singh Ahluwalia.
Largest private sector lender ICICI Bank is all set to operate as a local bank in Singapore, following an in-principal approval from the city-state.