Latest Banking News
SBI and ICICI Bank Wait for US License
Friday, July 06, 2007 : The US Federal Reserve is expected to approve the proposals submitted by the ICICI Bank and the State Bank of India to open branches in the US. The process is reportedly in its final stages, and the approval is expected in a month’s time.
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%.
NRI Banking and Insurance Schemes Launched Overseas
Wednesday, July 11, 2007 : A bouquet of banking and insurance schemes awaits non-resident Indians from Indian and foreign finance companies. This includes insurance schemes from ICICI Prudential and NRI banking products from Barclays of the UK.
ICICI Gears Up for Jumbo Issue; DLF closes on Rs.525 per share
Monday June 18, 2007: The bourses are gearing up for another mega issue – this time from ICICI Bank which will set rolling a USD 5 billion follow-on offer tomorrow to finance its overseas and rural network and promote infrastructure projects in India worth USD 500 billion.
Indian Private Banks Offer New Products; Seek New Business Avenues
Monday June 18, 2007:
Reuters India has extended its Reuters Trading for Foreign Exchange (RTFX) facility to YES Bank to introduce a new electronic trading service for corporates and other establishments in India….
The first-of-its kind service in India will be rendered to customers through YES Bank’s 40 branches who subscribe to the Reuters terminal.
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….
Standard Chartered Bank Launches NRI
Swagat Account
Nov. 14, 07: Standard Chartered Bank has launched NRI Swagat account, a first of its kind
customer proposition, which addresses the specific banking requirements
of the NRIs with their roots in Kerala and Punjab, says a release.
