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Banking

HDFC Ltd Launches Dual Rate Product – 4

Mumbai, Maharashtra, India: Highlights: • 8.50% p.a. Fixed Rate up to 31st March, 2011, 9.50% p.a. for period between 1st April, 2011 and 31st March, 2012 and Floating Rate for the Balance term. • Same Interest Rates irrespective of the Loan amount. HDFC Ltd has introduced Dual Rate Home Loan – 4 (DRHL- 4). This […]

Banking

Strike call to hit banking operations on Tuesday

Banking operations are expected to be hit on 7th September, with the All-India Bank Employees Association joining the nationwide strike called by several unions to protest against the price rise, unemployment, grant of licences to private banks and other issues. Nearly 10 lakh employees from 27 public sector banks, 18 foreign banks, 26 private banks, […]

Banking

SBI mulling merger of associate banks

State Bank of India (SBI) is considering the merger of all five of its remaining associate banks with itself, having amalgamated with two of them in the last two years. “It (merger of other associate banks) is in my mind, but we have to see,” SBI Chairman O P Bhatt said. “We have to check […]

Banking

World Bank to provide USD 1 billion to Pakistan

The World Bank will increase its flood-related support to Pakistan to USD 1 billion from the previously announced USD 900 million. World Bank Group President Robert B Zoellick informed Pakistan’s Finance Minister Hafeez Shaikh about his decision and emphasised the Bank Group’s commitment to help Pakistan recover from the worst floods in its history “As […]

Banking

HDFC raises lending rate by 50 basis points on home loans

Leading housing finance firm HDFC on Tuesday raised its benchmark lending rate by 50 basis points to 14.25 per cent, a move that will make home loans costlier. The revised Retail Prime Lending Rate (RPLR) would be effective from 1st September, 2010 and home loans up to Rs 30 lakh would increase to 9.25 per […]

Banking

Swiss DTAA to allow India access to banking info: Pranab

The Double Taxation Avoidance Agreement signed with Switzerland will allow India access to banking details of its citizens in that country including for enforcement purposes, but it will be operational with prospective effect, Govt told the Lok Sabha. “This (DTAA) will provide us an opportunity to have the relevant bank information for taxation purposes,” Finance […]

Banking

State bank of Indore to officially merge in SBI today

State bank of Indore will officially merge in State bank of India today. State bank of Indore have about 470 branches across the country. Now they will be part of SBI and customers of State bank of Indore could avail all the facilities available to SBI customers. The account numbers of customers of State bank […]

Banking

Corporate must seek tough govt purchase order norms: Com Min

Peeved that corporates in India have to face tough norms in global government purchase orders totalling an estimated USD 3 trillion, the Commerce Ministry has suggested that the industry too should root for similar norms back home. “I (India) have given my market to everbody in the globe, …(but) I do not get access in […]

Banking

Indian, Chinese middle class new engine of global growth: ADB

Asia’s middle class population, led by China and India, will replace the role of the US and Europe as engines of growth for the world economy, said the Asian Development Bank (ADB) in New Delhi Asian consumers are likely to spend USD 32 trillion by 2030, accounting for 43 per cent of global total consumption, […]

Banking

Everbright Bank Makes Shanghai Debut

China’s stocks opened slightly higher Wednesday with the benchmark Shanghai Composite Index up 0.1 percent to open at 2,674.5 points. The Shenzhen Component Index rose 0.2 percent to open at 11,304.12 points. China Everbright Bank made its debut on the Shanghai bourse Wednesday, with its share price opened at 3.37 yuan (about 0.49 U.S. dollars), […]