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Geojit Financial Services launches Property Services Division in Kochi
Wednesday, Feb 18,. 2009: Geojit Financial Services on Wednesday launched its property services division, which will offer investors and builders a single transparent platform to buy/sell office and commercial spaces and residential apartments/flats.

RBI approves FII participation in IDRs, to consider NRI subscription issue
Monday, Oct 6, 2008: The Reserve Bank of India (RBI) and finance ministry have approved the participation of foreign institutional investors (FIIs) in Indian depository receipts (IDRs). IDRs are Indian counterparts of global depository receipts that enable foreign companies to raise money from the Indian markets.

Fall in rupee raises remittances from Gulf
Saturday, Sep 27, 2008: Since the value of the Rupee fell against the dollar there has been a surge in remittances from NRIs in the Gulf in the last couple of weeks, especially as the festival season is on back home. Exchange houses and banks in the region have reported that the fall in the value of the rupee, coupled with the ongoing Islamic holy month of Ramadan and Kerala's harvest festival Onam, have contributed to the increase in remittances to India by around 25 per cent.

ICICI to hike interest on NRE, FNCR deposits
Friday, Sep 26: India's largest private lender, ICICI Bank has announced an increase in the interest rates for NRE term deposits and FCNR deposits. This will affect NRI finance inflow. The bank raised the interest rates by 0.50%, effective from September 17.

NRI Company seeks Foreign Banking Assets
Monday, Sep 16, 2008: IndusInd International Holdings Limited (IIHL), a holding company controlled by prominent non-resident Indians (NRIs) and headed by billionaire businessman Srichand P. Hinduja wants to acquire banking assets in key foreign markets, including Gulf countries. IIHL subsidiary IndusInd Bank, which operates 148 branches in India, is also keen to expand its financial services in markets with significant NRI and Indian-origin populations, Hinduja said.

PNB slashes Rates on Non-Resident Schemes
Thursday, Sep 4, 2008: The country's second largest government-owned commercial bank, Punjab National Bank (PNB) reduced the interest rates on various non-resident schemes. FCNR (B) Scheme's interest rates for dollar deposits with maturity tenure between one and two years have been reduced from 2.50 per cent to 2.46 percent..

India among Top recipients of Remittance Inflow
Wednesday, Sep 3, 2008: India has consistently been among the top recipients in terms of remittances over the last 14 years. Total remittance flows into India increased to US$36 billion in 2007 from US$13 billion in 1997. In 2007, in terms of absolute amount of remittances inflows, India is ranked number one in the world. As a percentage of GDP, India received 3.3% of remittances in 2007 compared with an average of 1.8% for developing countries.

DLF Seeks Foreign Pastures for Fresh Funds
Friday, October 05, 2007 : Indian real estate companies are looking for a fresh avenue of funds. DLF, India's largest realty development company is seeking foreign pastures for another surge of capital to finance its various projects.

Govt. Approves 13 FDI Proposals
Friday, October 05, 2007 : A fresh round of approvals came in from the Finance Ministry, upon the recommendations of the Foreign Investment Promotion Board, for 13 proposals for foreign direct investment (FDI) in India, adding up to Rs.393.36 crore.

RBI Steps In to Check Rupee
Thursday, September 27, 2007 : In a measure taken to check the rupee's rise, the Reserve Bank of India has liberalized norms for Indian companies, mutual funds and individuals to invest abroad.

Rupee Breaks New Ground at 39.88 to a Dollar
Friday, September 21, 2007 : Breaking the Rs.40 to a dollar barrier for the first time since 1998, the Indian currency rose by 0.7% to touch 39.88 per dollar, spurred by the US Federal Reserve's cut in the key interest rate.

Foreign Funds Flood Indian Real Estate
Tuesday, September 11, 2007 : With the Indian real estate market generating waves in global financial circles, Indiareit hopes to cash in on the investment mood of global equity players with the launch of an offshore fund.

Trends in NRI Remittances

Friday, September 07, 2007 : The year 2005-06 saw an increase of 25% in NRI remittances over the previous year, taking the figure up to USD 25 billion, according to a Reserve Bank of India survey .

Andhra Bank's NRI Mantra: Overseas Branches, New Schemes

Tuesday, August 21, 2007 : Andhra Bank has announced its plans to raise up to Rs.4 billion in December this year through a mix of several debt instruments. Expecting a growth of 25% in terms of advances and 23% in terms of deposits, Andhra Bank is on an expansion mode.

Life and general insurance policies for NRI in Saudi Arabia

Thursday, August 02, 2007 : Life Insurance Company of India and New India Assurance, have entered into a joint venture with Al Hokair Group of Saudi Arabia, to start operations in Saudi Arabia. The joint venture, Saudi India Company for Cooperative Insurance (SICCI), shall sell both life and general insurance policies in Saudi Arabia.

0.5 % Hike in CRR, key bank rates unchanged: RBI

Thursday, August 02, 2007 : The RBI announced a hike in its cash reserve ratio (CRR) by 50 basis points in its 1st quarterly review of the monetary policy. Effective from August 4, the CRR now stands at 7 per cent. Keeping in tune with the first quarter credit policy

HDFC Bank Raises Capital through ADS: July 07

Thursday, July 19, 2007 : Looking overseas to raise capital, HDFC Bank Ltd. has generated USD 698 million by selling 6.59 million American Depository Shares on the New York Stock Exchange at USD 92.10 each. This follows ICICI Bank's raising of USD 2.14 billion last month.

Finance Ministry Approves 17 New FDI Projects

June 13, 2007: A fresh round of FDI approvals came in from the Finance Ministry on Tuesday, upon the recommendation of the Foreign Investment Promotion Board. All of 17 FDI projects were cleared, involving an investment of Rs. 122.3 crore.

HDFC Ventures into Reverse Mortgage

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

Service Tax on Commercial Property in Force

June 05, 2007: With the new service tax introduced by the government in the last budget coming into force, commercial property rates have gone up from 1st June. The 12.6% service tax, including the 3% education cess applies to all rents on commercial properties ...

NHB, National Housing Board Proposes Common Home Loan Forum

June 04, 2007: Home loan seekers confused about disparities in housing loans extended by various housing finance companies can look forward to a common forum being proposed by the National Housing Board (NHB). The NHB is deliberating over a common forum of banks and HFCs to maintain proficient and principled standards in the housing loan sector...

HDFC Housing Loans from Citigroup

June 01, 2007: Citigroup, the financial services giant, will sell HDFC home loan products through all its branches in India alongside its own loan services. This arrangement follows an agreement signed by the two finance companies which would see cross-selling of their products, provided HDFC Bank’s dealings are not in variance with Citigroup...

NRI Entrepreneurs to Avail Services of Facilitation Centre

May 28, 2007: As promised during the 5th Pravasi Bharatiya Divas in January this year, a Facilitation Centre for NRI entrepreneurs is being set up in New Delhi on May 28....

NRIs Finance Model School Project in Punjab Village

May 14, 2007: Muksudran village, tucked away on the outer limits of Ludhiana, and carrying the distinction of having the largest number of NRIs has received a grant of Rs.10 million for establishing a model school....

Pension Scheme under Deliberation for Non Resident Keralites

May 28, 2007: A contributory pension scheme is under way for all non-resident Keralites, which would be paid out after a minimum lock-in period. With two million of Kerala’s population employed overseas, the state Government has decided to extend social security benefits to these citizens who have contributed so significantly to its economy...

Personalised NRI Services from Sahara

May 18, 2007: The Sahara Care House service caters exclusively to NRIs through a network of "relationship ambassadors". These ambassadors are on call 24 hours a day, offering a range of services to NRIs who are unable to attend to their responsibilities in India...

NRI Wealth and Indian Economy - Both Touch $1 Trillion Mark

April 27, 2007: From under USD 500 billion in 2000-01, India has joined the ranks of the world’s top 10 economic powerhouses with a trillion dollar economy. And it’s not just the Indian economy which has attained the trillion-figure mark. Non Resident Indians, according to the committee working on making Mumbai an international hub, also carry a net worth of over USD 1 trillion...

 

 

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