Mahindra and Mahindra join hands with Federal Bank
A preferred financial agreement has been signed by Mahindra and Mahindra with Federal Bank. The tie up will enable M&M as well as Federal Bank to leverage on the inherent strengths of each other’s vast network of more than 250…
Corporation Bank plans to open more rural branches
With an intention to increase the lean farm loan portfolio with a higher rural penetration, the Corporation Bank intends to a higher rural penetration. The increase in the number of rural banks is planned this year but the shortage of…
Reserve Bank Of India slaps fine on Karad Urban Cooperative Bank Ltd
A penalty of Rs. 5 lakh has been imposed by the Reserve Bank Of India (RBI) on Maharashtra based Karad Urban Co-operative Bank for violating guidelines. The penalty has been imposed for shifting of branch without the regulator’s prior approval….
State Bank of India says it is not in favor of shutting down Kingfisher Airlines
India’s biggest and lead lender of Kingfisher Airlines on July 12, 2012 said that it does not intend to shut down the airlines. The cash trapped airline said that it needs to take a few measures to recover the loans…
Dena Bank not to reduce lending rates after SBI
Indian money lender Dena Bank on July 10, 2012 said that it will not follow the footsteps of the State Bank of India by reducing the lending rates. The bank also said that its rates were the lowest in the…
Rs. 15 lakh fine imposed by IRDA on IndusInd Bank
A penalty of ₹15 lakh has been imposed on the Indusind Bank by the Insurance Regulatory and Development Authority. The penalty was imposed for violating corporate agency norms. The lender of the private sector is a corporate agent of the…
RBI asks banks to develop cost effective village banking
The banks have been asked by the Reserve Bank Of India (RBI) to develop cost effective village branch model. The RBI has asked to create a village model so as to promote the financial inclusion. D Subbarao, the RBI governor…
Union Bank of India cuts rates on agriculture loans
The Union Bank of India on July 5, 2012 announced a cut in the interest rates of for the various categories under agriculture. The interest rates have been cut by up to 175 basis points so as to boost the…
State Bank Of India announces hike in interest rates
India’s largest lender, the State Bank Of India has increased its interest rates by 25 basic points to nine percent . The bank in a statement on June 29 said that the interests have increased for three to five year…
RBI says 9% of banks in India don’t want to lend to poor
There are many banks in India which show reluctance to lend money to the poor. This is in turn is effecting the implementation of Prime Minister Manmohan Singh government’s financial inclusion scheme. The Reserve Bank Of India (RBI) has found…