A recent press report said that the Reserve Bank of India as a part of green initiatives has asked all the financial services companies including non banking financial companies (NBFCs) to gradually stop using cheques and switch over for electronic payment system. The government has suggested various steps for all the units in the financial… Read More »
According to a recent press report, Global banking giant Goldman Sachs has alleged that Indian economy is going to face the downside risk which ensures that Reserve Bank has to lower its projection growth rate from 8 per cent to 7.6 per cent for this fiscal. Goldman Sachs from the Global ECS Asia Research in… Read More »
According to a recent press report, Government is likely to allow banks’ to raise long term resources for infrastructure financing through issue of development bonds. The Department of Industrial Policy and Promotion (DIPP) in a discussion paper said that banks would be permitted to raise long term resources through issuance of development bonds, for the… Read More »
Abhyudaya Co-op. Bank Limited is one of the leading Urban Co-operative Banks in India and works with the objective of progress and prosperity of all. The bank’s operation was commenced on January 1964 as a Co-operative Credit society with a share capital of a merely Rs.5, 000/- held by 83 members. Today it has become… Read More »
A recent press report said that Kotak Mahindra Capital Company a subsidiary of Kotak Mahindra Bank and Evercore Partners have entered into an exclusive strategic alliance for cross-border M&A advisory services between India and the United States, the United Kingdom and Mexico. Reports said that the two leading investment banks will offer high-quality objective advice… Read More »
A recent press report said that Kotak Mahindra Bank which is a Private sector bank has reported a growth in its net profit to about 18.8 per cent to Rs.432.58 crore for the second quarter ended September this fiscal year which was Rs.364.11 crore during the corresponding period last year. The total income of the… Read More »
A recent press report said that the State Bank of Mysore has reported a fall in its net profit for the second quarter ended September, 2011. The net profit of the bank fell by 17 per cent to Rs.77.78 crore against Rs.93.36 crore during the same period last year. Mr. Dilip Mavinkurve, Managing Director of… Read More »
A recent press report said that the recent hike in key interest rates by the Reserve Bank of India might make the bankers increase their interest rates on the retail loans and corporate credit including home loans and auto loans. According to Mr. S. C. Sinha, Executive Director of Oriental Bank of Commerce, the banks… Read More »
A recent press release said that the Union Cabinet has approved an interest subsidy of 1 per cent for housing loans up to Rs. 15 lakh in order to enhance the housing sector. Currently the home loan limit for interest subsidy is prevailing at Rs. 10 lakh for which the cost of house should not… Read More »
A recent press report said that the net profit of Axis bank increased to 25 per cent to Rs.920 crore compared to the net profit of Rs.735 per cent during the corresponding period last year. In his statement Mr. Somnath Sengupta, Executive Director and Chief Financial Officer of Axis Bank said that the gross across… Read More »