Latest Finance News
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…
