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Latest Banking News
Indian banking system not yet geared up for NRIs
RBI cuts CRR by 1%, raises interest rate ceiling on NRI deposits
deposits rise in Kerala banks
US financial turmoil makes NRIs turn to Indian banks
Bank sets up base in Dubai
PNB hikes interest on non resident deposits
influence in Forex may decrease with FIIs in currency futures
raises interest on NRE, FNCR deposits
Banks to tap NRI market
Home Loans Made More Affordable by Wizard
HSBC Realty Fund in the Offing
Wider Access to Home Loans as More Banks Slash Rates
NRI Deposits face the odds as Interest Rates Drop
Wizard Launches Home Loan Products in India
Union Bank Joins Move to Cut Home Loan Rates
HDFC May Slash Home Loan Rates
High Lending Rates Affect Indian Real Estate
Axis Bank Woos NRI Investors
CBOP tie-up with LKB targets NRIs from Kerala
Bank of Baroda offers Respite in Home Loan RateTuesday, 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 NRIsFriday, 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 100,000Tuesday, 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 NRIsTuesday, 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 2007-08Thursday, 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 ECBsWednesday, 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 PolicyThursday, 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 ratesMonday, 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 Q1Friday, 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: HDFCThursday, 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 SchemeWednesday, 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 LaunchMonday, 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 RatesSaturday, 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 depositsMonday, 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 MortgageMonday, 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 DepositsJune 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 ImbalancesMay 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 DohaMay 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 USMay 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 BanksTuesday, 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.
Interest Rate Brings a Time to Rejoice for NRIs
Bank of Baroda Cuts Down FCNR (B), NRE RatesApril 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 UAEMarch 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 BusinessMarch 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 IndiaMarch 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 BudgetMarch 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 BanksFeb 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....