The compliance window in the black money law has created more confusion and fear in the minds of the industry leaders, professionals, trading entrepreneurs, than giving any comfort of stress-free regime that treats the tax-payers with respect, the ASSOCHAM said. India’s black money law has tough provisions for those found to be holding assets and […]
State Bank of India said its Net Profit increased by 10.25% from Rs 3,349 crores in last year to Rs 3,692 crores in the first quarter. SBI’s operating profit increased by 4.72% from Rs 8,788 crores in the same quarter last year to Rs 9,202 crores in the first quarter. Fee income increased by 12.86% […]
Institutional Investor Advisory Services India Limited (IiAS) has said that many Indian companies are disregarding the boundaries imposed on related party transactions brought in by new SEBI norms brought in over the last few years by passing vague enabling resolutions. IiAS is India’s leading proxy advisory firm and offers voting recommendations on shareholder resolutions. It […]
IDBI Bank has reduced the interest rates on Retail Term Deposit by 40 basis points (0.4 percentage points) on fixed deposits with maturity of more than 6 months and up to 270 days. For maturity periods of over 271 days, it has reduced the interest rates by 25 basis points. Senior citizens would get interest […]
Construction major Shapoorji Pallonji Group has issued Rs 2,610 cr of bonds at an average price of 9.15%, making it one of the biggest asset-backed infrastructure project financing in India. “At Rs 2,610 crores, this is among the largest private sector infrastructure bonds issued in India and is the largest bond in the roads sector,” […]
ICICI Bank, India’s largest private sector bank, introduced a new product — ICICI Bank Saral-Rural Housing Loan — which will carry only the bank’s base interest rate. “Applicants from rural areas including women borrowers as well as seekers from weaker sections can now avail home loans at the ICICI Bank Base Rate which is currently […]
Pramerica Asset Managers, the asset management business in India of Pramerica Investment Management, said it had agreed to buy Deutsche Bank’s India asset management business. Separately, Dewan Housing Finance Corporation Ltd also said that it had decided to acquire 50% of the equity share capital of Pramerica Asset Managers Private Limited — the asset management […]
Life insurer HDFC Life said it will start selling insurance policies using the Common Services Centre (CSC) network set up by the govenrment. The company has designed HDFC Life CSC Suraksha, an exclusive term insurance plan to be sold through CSC channel, it said. The annual premium for the specal CSC Suraksha scheme starts at […]
IDBI Bank, arguably the most tech-savvy among government banks in India, has implemented a new digital system for processing loans such as education loans, auto loans and personal loans. “The system would improve turn-around time for these loans and bring about customer delight,” it said. The new system is in addition to its existing loan […]
Even as many voices said that the Reserve Bank of India is unlikely to cut interest rates further this year, the real estate sector — though disappointed by today’s actions — is holding out hope that it will do so in coming months. On the RBI’s decision not to cut rates during its third monetary […]
Federal Bank is promising low interest rates and quick processing for personal loans for salaried employees under its new Fed Premia scheme. Under the scheme, salaried borrowers can avail personal loan up to Rs.10 Lakh with repayment period extending up to 48 months. It will offer “competitive interest rate and the quick processing time,” the […]
The following are reactions from industry experts and analysts on RBI’s monetary policy announced today. The central bank did not change key interest rates, which was in line with what the Street had expected. Repo rate remains unchanged at 7.25% and CRR remains unchanged at 4%. Kunal Shah, Fund Manager, Debt at Kotak Mahindra Old […]
The Catholic Syrian Bank Limited, a private bank based in Kerala readying for its IPO, has appointed Anand Krishnamurthy as the Managing Director and Chief Executive Officer. Krishnamurthy holds a bachelor’s degree in technology (mechanical engineering) from the Indian Institute of Technology, Madras and a post graduate diploma in management from the Indian Institute of […]
Telecom provider Bharti Airtel said that Manish Khera, Co-founder & MD of YTS Solutions will be appointed as CEO of Airtel M Commerce Services Limited (AMSL), which offers Airtel’s flagship semi-closed wallet under the brand name ‘Airtel Money’. YTS Solutions provides solutions of financial inclusion, micro banking and branchless banking. Once appointed, Manish will be […]
IDBI Bank has launched a unique kiosk-based branch that will provide services such as issue of demand drafts and pay orders and request of cheque leaves 24×7. “IDBI Bank would be the first bank in the country to make available these services on 24X7 basis,” the government-controlled bank said. These Kiosks will also have the […]
Snapdeal, India’s largest online marketplace today and HDFC Bank Ltd. today launched a co-branded Visa credit card with lots of offers and discounts. The new card will offer Rs 500 cash back on spending Rs 5000 across any category on Snapdeal (for one time only.) It will also offer 10% cash back on Recharges & […]
ICICI Bank Ltd, India’s biggest private sector bank, reported a 14% year-on-year increase in consolidated profit after tax to Rs 3,232 crore (US$ 508 million) for the quarter ended June 30, 2015 (Q1-2016) from Rs 2,832 crore (US$ 445 million) for the quarter ended June 30, 2014 (Q1-2015). Net interest margin improved to 3.54% in […]
Bangalore-based Ujjivan Financial Services has become the first microfinance institution in India to raise funds directly from mutual funds, and that too one of the largest mutual funds in India. It raised Rs 50 cr from an unnamed mutual fund by placing ‘commercial paper’ (a kind of debt). “This is the first CP issuance by […]
Moody’s Analytics, a division of global ratings firm Moody’s, has warned that the current government at the center needs to start delivering on its reform promises as business confidence is starting to dip. The firm also warned that meddling in Reserve Bank of India’s powers to manage interest rates could have a bearing on India’s […]
Shriram City Union Finance Limited (Shriram City), the retail lending arm of the Chennai-based Shriram Group and a financier of small businesses said its Q1 net profit was higher by 15.6 % year-on-year at Rs. 148 Crores. Income from Operations stood at Rs.913 Crores, up 7.8% over the same period last fiscal. Net Interest Income, […]
