European credit investors see more possibility of contagion from emerging market risks via Brazil than other major emerging markets (EMs), according to Fitch Ratings’ latest senior investor survey. Seventy-six percent of respondents to the survey, which closed on 2 July, selected Brazil when asked to choose two countries from a list of five where they […]
Axis Bank, India’s third largest private sector bank, has added touch authentication for transactions through its mobile app for its iOS app. The feature will not be available in the Android version of the app. Bank customers using Apple iPhone 5s and above can now complete their financial transactions such as bill payments, mobile recharge […]
ICICI Bank has upgraded its mobile banking app ‘iMobile’ by taking the total number of services that the users can avail of to over 100. The new app will help customers connect with the Bank’s call centre from within the app without any further authentication, withdraw cash from an ATM without using a card, tag […]
Moody’s Investors Service said that India’s base metals industry — aluminium, copper, and zinc — will benefit from increased demand, easing restrictions on raw material availability, and relatively low production costs. “We expect India’s consumption of base metals to increase by 8%-10% annually over the next three years, driven primarily by demand from three sectors: […]
CRISIL Research expects India Inc results for the quarter ended June 30, 2015, to disappoint as soft commodity prices, weak growth in investment-linked sectors, and subdued rural demand restrict earnings. “Our analysis of 600 companies (excluding financials and oil & gas), which account for 70% of overall market capitalisation, shows only a mild 3% uptick […]
United Bank of India has cut its fixed deposit rates by 0.25 percentage points from July 6 onwards. With this, the Bank now offers rates of 7.25% interest for deposits up to 269 days (from 180 days) and up to 7.75% for 270-365 days. Above one year, United Bank of India offers interest rates of […]
State Bank of India (SBI), the largest commercial bank in India, has promised to cut home loan processing times to ten days under its new ‘Project TATkal’. “The initiative will help the home loan applicants to get the Loan within “10 Days” after receipt of application form and relevant supporting documents,” it said. Project TATkal […]
Financial Technologies said that the Supreme Court has stayed an earlier order by the Central Electricity Regulatory Commission directing Indian Energy Exchange to transfer its shares in the exchange to a trust. The CERC issued the order on June 26, 2015, directing FTIL (Financial Technologies) to transfer its entire shareholding in the Trust Demat Account […]
Infibeam Incorporation Ltd, which some call the fourth or the fifth biggest online portal in India, has filed for a Rs 450 cr initial public offer with the markets regulator. With this, the company has beaten Flipkart, which was widely expected to be the first online shopping portal to go public, to the bourses. Infibeam.com […]
HSBC’s manufacturing PMI for India was weaker in June due to a decline in output and new order flow, including from overseas, the financial services firm said. PMI or purchasing manager’s index, is a gauge of confidence levels of purchasing managers in companies. It gives an indication of what companies expect will happen in the […]
Citi India, the Indian unit of global banking giant Citibank, said its pre-tax profit rose 15.8 percent in the year ended March to Rs 5,923 crores from INR 5,113 crores in the previous financial year. Citibank is not obligated to report its results publicly as it is not listed in India. Profit After Tax rose […]
State Bank of India has launched an enterprise-wide loyalty programme – State Bank Rewardz through which it will reward its customers for various types of banking transactions with the Bank. Customers will be enrolled automatically into this programme as soon as they start using at least one of services that offer points. Customers will be […]
Axis Bank, India’s third largest private sector bank has launched a Fixed Deposit scheme titled “Fixed Deposit Plus”, which gives customers a higher rate of return on their fixed deposit investment compared to regular Fixed Deposit rates. The differential rates on Fixed Deposit Plus with a lock in are currently available for a minimum period […]
State Bank of India and MakeMyTrip.com signed an agreement today which will see the travel portal make use of India’s biggest bank’s infrastructure to meet its finance and banking related requirements related to its online travel portal. “SBI aims at becoming a “One Stop” solution provider for the entire range of financial needs of e-Commerce […]
India has extended additional Line of Credit (LOC) to the Government of the United Republic of Tanzania, of USD 268.35 million for financing the extension of Lake Victoria pipeline to Tabora, Igunga and Nzega in Tanzania. The loan has been routed through Export-Import Bank of India (Exim Bank). The line of credit agreement was signed […]
The Reserve Bank of India has flagged two key areas of concerns as far as monetary policy is concerned – the threat of poor monsoon, and the return of high inflation due to possible increase in oil prices. “While headline inflation has moderated, price pressures arising from a possible sub-normal monsoon and uncertainties about crude […]
Tata AIG General Insurance Co, one of India’s top insurers, has been pulled up by the country’s top consumer court after the company claimed that it did not insure a buffalo as claimed by a farmer, and that someone had cheated the farmer by forging documents. “It is a sad story that the gullible persons […]
Nilesh Shivji Vikamsey has been appointed as Part-Time Chairman of Federal Bank and the appointment has been approved by the Reserve Bank of India, the bank said. CA. Vikamsey, who will assume office on 20th June 2015, succeeds Prof. Abraham Koshy, who retired from the Board of Federal Bank on 17th May 2015 on successful […]
Lakshmi Vilas Bank increased the savings interest rates to 5% on balances upto ₹5 Lakhs and 6% on balances above ₹5 Lakhs to garner low-cost deposits. At present, most banks offer 4% interest on savings bank accounts. Only exceptional banks, such as Kotak Mahindra, offer 6% – that too on balances above Rs 10,000. Meanwhile, […]
ICICI Prudential, India’s fifth biggest mutual fund by equity holdings, increased its cash holdings in May by selling most of its holdings in Bharti Airtel and much of its holdings in ONGC, Crompton Greaves, Cairn India, Hindalco and SJVN, publicly available numbers revealed. Mutual funds typically increase cash holdings when they expect share prices to […]
