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Indian banking system not yet geared up for NRIs
Monday, Feb 23: Remittances, in fact, have become a major component of the forex earnings and gross domestic product (GDP) of the country. However, the banking services in the country are not yet fully geared up to cater to the NRI segment of the market, specially since the RBI has reportedly issued strict guidelines to all banks on funds that come in through transfers from NRI customers into their accounts.

RBI cuts CRR by 1%, raises interest rate ceiling on NRI deposits
Thursday, Oct 16: After the Reserve Bank of India reduced the CRR (Cash Reserve Ratio) was by 150 basis points or 1.5% effective October 11, it has announced another cut of 1%. Now CRR stays at 6.5 per cent. Besides this, RBI decided to provide Rs. 25,000 crore to banks as the first instalment under the Agricultural Debt Waiver and Debt Relief scheme of the Government.

NRI deposits rise in Kerala banks
Monday, Oct 6: The non-resident Indian (NRI) deposits in Kerala banks went up 6.6 percent in the April-June quarter this fiscal to touch Rs.318.65 billion ($7 billion), bankers' committee said. "This is up by Rs.1, 976 crore (Rs.19.76 billion) in comparison to the corresponding period of the previous fiscal," said the latest State Level Bankers Committee report.

US financial turmoil makes NRIs turn to Indian banks
Saturday, Oct 4: The collapse of American banking has turned out to be a blessing in disguise for Indian banks, now being seen by NRIs as a safe place to park their funds. In recent weeks, many US-based NRIs have switched their funds from US based entities to Indian banks by way of NRI deposits.

Corporation Bank sets up base in Dubai
Thursday, Oct 2: India's Corporation Bank has set up a representative office in Dubai. Bank chairman and managing director B. Sambamurthy said the bank would provide banking consultation and financial services while promoting the bank's retail products, including insurance and mutual funds.

PNB hikes interest on non resident deposits
Wednesday, Oct 1: The Securities and Exchange Board of India's (Sebi) proposal to allow foreign institutional investors (FIIs) in currency futures trading may curtail the Reserve Bank of India's (RBI) ability to intervene in the foreign exchange market. This has created tension in the market.

RBI influence in Forex may decrease with FIIs in currency futures
Thursday, Sep 24: The Securities and Exchange Board of India's (Sebi) proposal to allow foreign institutional investors (FIIs) in currency futures trading may curtail the Reserve Bank of India's (RBI) ability to intervene in the foreign exchange market. This has created tension in the market.

ICICI raises interest on NRE, FNCR deposits
Monday, Sep 22: ICICI Bank has increased the interest rates on its NRE and FCNR deposits of non resident Indians by half a percent. The decision follows the recent measures announced by the Reserve Bank that allowed banks to offer higher interest rate on non resident Indian deposits to attract larger foreign fund flows.

Private Banks to tap NRI market
Monday, September 08, 2008 : Private bankers are eyeing the increasing wealth of non-resident Indians (NRIs) whose businesses are usually closely tied to the booming Indian economy. Some banks, such as Barclays Wealth, are looking to expand their team of relationship managers working on this segment as they expect the NRI slice of their private banking pie to grow quickly.

Home Loans Made More Affordable by Wizard
Monday, October 08, 2007 : GE Money's Wizard is chalking out a novel strategy based on a wealth-sharing plan to garner the huge home loan market in India through owner-operator branches, competitive pricing and customer oriented mortgage products.

HSBC Realty Fund in the Offing
Friday, October 05, 2007 : HSBC is working on an India-specific real estate fund, with a target of USD 500-600 million. The London-based bank is planning to garner a share of the booming Indian real estate market, and HSBC's realty fund would be its first India focused fund.

Wider Access to Home Loans as More Banks Slash Rates
Thursday, October 04, 2007 : The bid to bring back customers for home loans is on, as more banks trim their loan rates. The latest to join the league are Allahabad Bank, Canara Bank and Central Bank.

NRI Deposits face the odds as Interest Rates Drop
Wednesday, October 03, 2007 : NRI deposits have received a setback following a drop in the interest rate and the weakening of the dollar against the Indian rupee.

Wizard Launches Home Loan Products in India
Thursday, September 27, 2007 : The Indian home loan market is astir with the entry of Wizard Home Loans from Australia. Wizard is a subsidiary of GE Money and has ambitious targets of figuring in the top 5 mortgage companies of India

Union Bank Joins Move to Cut Home Loan Rates
Thursday, September 27, 2007 : New home loans from Union Bank would be charged at a lower rate with immediate effect, depending on the size of the loan.

HDFC May Slash Home Loan Rates
Monday, September 24, 2007 : There's good news for those who have been waiting for interest rates to drop in order to purchase a property - HDFC is expected to lower its rates this week, following similar initiatives by Bank of Baroda and IDBI.

High Lending Rates Affect Indian Real Estate
Friday, September 21, 2007 : Real estate companies and banks have been severely affected by the RBI's diktat on high interest rates. Real estate majors admit to a sharp drop in bookings ever since ever since the lending rates were increased.

Axis Bank Woos NRI Investors
Friday, September 14, 2007 : The re-branded Axis Bank is venturing into retail banking operations overseas, with an eye on managing the investments of NRIs.

CBOP tie-up with LKB targets NRIs from Kerala
Monday, September 10, 2007: The Centurion Bank of Punjab has announced major plans for the NRIs from Kerala after its merger with the Lord Krishna Bank recently.The bank is emerging as one of the leading private sector banks in India, and is a key player for retail foreign exchange offering an array of products for in

Bank of Baroda offers Respite in Home Loan Rate

Tuesday, September 04, 2007 : The growth of housing loans has been adversely affected by rising home loan rates. From a 29.1% growth rate in 2005-06, the rate is expected to drop to 17-20% by the end of the current fiscal, as per a study carried out by Assocham.

Doha Bank offers MFs to NRIs

Friday, September 07, 2007 : Doha Bank is planning to launch mutual funds in India in an arrangement with Investnet. The bank has acquired a 49% stake in Investnet and the company is undergoing a re-branding exercise, with the Doha Bank CEO taking over the reins as Chairman.

RBI permits Overseas Remittance upto USD 100,000

Tuesday, August 14, 2007 : The Reserve Bank of India has taken fresh measures to suck out excess foreign capital, by allowing resident Indians to open accounts abroad and transfer up to USD 100,000 without seeking its approval under the Liberalised Remittance Scheme (LRS).

YES Bank, Federal Bank introduce new schemes for NRIs

Tuesday, August 14, 2007 : YES Bank has announced its new International Banking Scheme, offering a bouquet of technology driven products and services. These include debt, trade finance, corporate finance, investment banking and business advisory services, treasury and global Indian banking.

First Quarter Review of the Annual Monetary Policy for 2007-08

Thursday, August 09, 2007 : Dr. Y Venugopal Reddy, Governor, Reserve Bank of India submitted the First Quarter Review of the Annual Monetary Policy for the Year 2007-08.

More Banks cut Deposit Rates, Fresh Curbs on ECBs

Wednesday, August 08, 2007 : At ICICI Bank, the cut applies to interest rates on deposits below Rs.15 lakh for 2 schemes. The 181 to 365 day and the 366 days to 2 year deposits will both avail 6.25% instead of 6.5% and 6.75% offered earlier. The special deposit schemes of the ICICI Bank however, remain unaffected.

Annual Monitory Policy

Thursday, August 09, 2007: Dr. Y Venugopal Reddy, Governor, Reserve Bank of India submitted the First Quarter Review of the Annual Monetary Policy for the Year 2007-08. The highlights of the report are:

Banks Slash Deposit rates

Monday, August 06, 2007 : The State Bank of India has cut rates on some fixed deposits with effect from 6th August, 2007. Fixed deposits for a term of 1-2 years have been reduced by 0.25% to 8%, while the rates on deposits of 3-10 years have been raised to 8.5%.

Indian Banks report profit in Q1

Friday, July 27, 2007: India’s booming economy and an upbeat banking sector are precursors to the banks’ reported quarterly profit. The growing demand for loans has been instrumental in registering banks’ profits.

Home loan rates likely to be cut: HDFC

Thursday, July 26, 2007 : A 35 percent dip in home loan disbursals in the first quarter has propelled HDFC to ponder cutting its home loan interest rates. The fall however is less than the 42 percent dip witnessed by ICICI Bank.

HDFC Launches Loan on Property Scheme

Wednesday, July 18, 2007 :HDFC has introduced its Asset Plus scheme which offers loans against property at a 13.25% interest rate. Comparing favourably with auto finance and personal loans, HDFC hopes to convert its home loan borrowers who have already cleared their loans to avail of this scheme.

Housing Index and Realty Index make Parallel Launch

Monday, July 16, 2007 :The National Housing Bank formally launched the NHB Residex last week to monitor residential property prices and evaluate the house wealth in the cities of Bangalore, Delhi, Kolkata, Mumbai and Bhopal.

ICICI Raises Interest on NRI Deposits; Lowers Floating Loan Rates

Saturday, July 07, 2007 : Interest rates on NRI deposits have been raised by ICICI Bank with effect from July1, 2007. As per the changes, NRE fixed deposits for one-year have increased by 0.16%, to touch 5.43%.

More Banks Raise Interest rates on NRE deposits

Monday, June 11, 2007 : Taking the cue from the State Bank of India, other leading public and private banks have taken the initiative to woo NRI investors by hiking the interest rates on NRI deposits with immediate effect...

HDFC Ventures into Reverse Mortgage

Monday, June 11, 2007 : As the perception of reverse mortgage gains popularity in India, HDFC proposes to enter the market with a customized mortgage product for the elderly. The process of identifying potential customers has already been initiated in Athashri in Pune, a housing society exclusively for senior citizens...

State Bank Hikes Interest Rates on NRI Deposits

June 05, 2007: India’s leading nationalized bank, the State Bank of India, has increased its rate of interest on NRI deposits with effect from June 1, 2007....

India's CAD does not Create Global Imbalances

May 31, 2007: The RBI Governor has reassured global audiences that India's current account deficit (CAD) would not create imbalances in the global economy. The CAD is at 1.7% currently in spite of a trade deficit of almost 7% owing to NRI remittances...

NRIs Unresponsive to Stronger Rupee


May 28, 2007: NRIs are still shying away from NRI Accounts or deposit schemes since the interest rates were pulled down in February. Since February 2007, NRE deposits have performed better than the previous year, adding up to USD 1,177 million till April 2007.....

NRI Banking Services Now Also in Doha

May 04, 2007: Non resident Indians in Doha will now be able to enjoy the services of the ICICI Bank, as it prepares to start its operations from the Qatar Financial Centre. ICICI Bank, India's second largest bank and holding assets worth $79 billion, offers a range of banking services for non resident Indians...

HSBC offers Innovative Solutions to NRIs in US

May 04, 2007: Tapping the large NRI community in the US, HSBC has introduced a range of cross border banking solutions for US and Indian deposit, mortgage and investment products....

Increasing NRI Deposits in Kerala Banks

Tuesday, April 24, 2007: For the past one year, Kerala banks have been witnessing a marked increase in NRI deposits, which is estimated to have grown from Rs. 288 billion in December 2005 to Rs. 329 billion, constituting 38.42% of all deposits in Kerala banks.

Increasing Interest Rate Brings a Time to Rejoice for NRIs
April 09, 2007: In an effort to control the surging inflation, the Reserve bank of India (RBI) increased the interest rates. This created a tense situation for the Indian Stock Market as it plummeted by over 600 points...

Bank of Baroda Cuts Down FCNR (B), NRE Rates

April 04, 2007: Interest Rates on FCNR (B), deposits in US dollar with the maturity periods between one year to two year, two to three years, and three to four years tenors, have been revised to 4.97%, 4.77% and 4.71%, respectively...

ICICI to Start Commercial Banking Operations in UAE

March 23, 2007: The bank is holding continuous discussions about beginning commercial operations in UAE, said K.V. Kamath, ICICI Bank chief executive officer, who did not specify whether a formal request for a commercial banking license has been made to the UAE Central Bank or not...

Merrill Lynch plans to Double Private Banking Business

March 19, 2007: With an eye on the burgeoning affluent Indian segment, Merrill Lynch is planning to double its private banking business in the country by doubling the number of its financial advisers this year....

Australian Bank Eager to Make investment in India

March 08, 2007: The Commonwealth Bank of Australia has launched a new investment fund for prospective investors of Australia to encourage them to park in Indian market....

RRBs Allowed to Accept NRE Money, Says Budget

March 01, 2007: With an eye on the burgeoning affluent Indian segment, Merrill Lynch is planning to double its private banking business in the country by doubling the number of its financial advisers this year...

RBIs Restraining Arm May Deter NRIs, Fear Banks

Feb 05, 2007: In its efforts to correct the inflationary trends in the real estate and equity markets, the Reserve Bank of India's double-edged sword aimed at non resident Indians could cause a temporary setback in NRE deposits or accounts, fear banks....

 

 

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