Latest Updates On Finance & Business News of India |
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| Citibank reduces PLR by 25 basis points |
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 Citibank, one of the largest full service banks in the world on Wednesday has cut its prime lending rate (PLR) by 25 basis points to 14.75% from 15%, effective 1 May.
The PLR is the rate of interest at which banks lend to their most creditworth customers. One basis point is a hundredth of a percentage point.
In a statement, the bank said, "This reduction is in line with the prevailing monetary policy of the RBI, lower deposit rates and overall cost of funds... |
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| SBI reduces education loan rates by up to 200 bps |
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 State Bank of India has announced a reduction in the interest rate on education loans, which will be sanctioned to students pursuing higher studies from May 2009 to September 2009, by up to 200 basis points.
In a statement, the bank said that interest rates on education loans (linked to the bank`s prime lending rate of 12.25 per cent) up to Rs 4 lakhs, above Rs 4 lakhs up to Rs 7.50 lakhs and above Rs 7.50 lakhs will stand reduced to 11.5 per cent (11.75 per cent now), 11.25 p... |
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| RIL signs gas sale agreements with nine power firms |
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 Reliance Industries has signed gas sales agreements with nine power firms to supply 11 million metric standard cubic meters per day of gas.
The company will sell gas at the government-approved price of $4.2 per million metric British thermal unit (mmbtu) for five years to fuel 11 power plants. The KG basin gas will supply the gas, from where RIL started production early this month.
President and CEO of RIL`s petroleum business PMS Prasad said that it may sig... |
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| New FDI guidelines may be amended for banking sector |
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 The new foreign direct investment (FDI) norms may get revised for the banking sector in India to avoid any adverse disagreement for Indian banks with majority foreign equity.
Any downstream investment by a firm with more than 50 per cent foreign equity will be considered as FDI under the new regime, as defined by Press Notes 2, 3 and 4.
Hence, banks such as ICICI Bank, which have more than 50 per cent foreign equity, will be treated as foreign-owned but Indian... |
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| Lazard plans Rs 500-cr India fund to acquire mid-sized Indian firms |
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 Lazard, the New York-based investment banking and asset management firm is planning to form Rs 500-crore ($100 million) India-focused fund to buy significant minority stakes in mid-sized Indian firms.
This is the first major expansion move by a US investment bank in India after the economic failure of Lehman Brothers last September, which indicated the collapse of independent investment banking business.
Lazard is already operating its merchant banking busin... |
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| SBI Mutual Funds celebrates Akshaya Tritiya week |
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 SBI Mutual Funds, the joint venture between the State bank of India, and SGAM (France) is celebrating the Akshaya Tritiya week in select branches throughout the country from April 22 to April 28.
Srinivas Jain, chief marketing officer, SBI mutual fund stated, "We are observing a discerning trend in preference for Gold ETF as an alternate investment avenue on the eve of Akshaya Tritiya. We have received queries from our investors and distributors on it being an auspicious occas... |
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| Indian jewellery export grows by 1.45% in FY09 |
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 The gems and jewellery of India, which is the third-largest foreign exchange earner for the country, has increased slightly by 1.45% to $21.11 billion in FY09 despite a reduction in global demand.
However, the growth is because of a strong performance in the first half of the fiscal. The global recession touched the gems and jewellery sector in the second half of FY09 and exports decreased by 18.9%, mostly due to a plunge in demand from the US.
As per the i... |
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| Increasing food & textile products pushes inflation to negative territory |
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 The increasing prices of food items and textile products in the week ended April 11 has pushed inflation more away from its widely expected fall into negative territory.
In terms of wholesale price index (WPI), annual inflation measured came close to 0.26% from 0.18% in the week before.
In its monetary policy review announced earlier this week, the Reserve bank of India (RBI), had suggested that the central bank is no longer concerned about inflation. RBI ... |
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| Reserve Bank reduces short-term rates by 25 basis points |
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 Reserve Bank of India has cut the key indicative short-term rates by 25 basis points on Tuesday looking for a fall in lending and deposit rates by banks.
While announcing the Annual Policy 2009-10, RBI Governor D. Subbarao stated, "Within the policy rate adjustment already effected by the RBI, there is scope for banks to further reduce lending rates so as to ensure credit flow for all productive economic activity. We hope and expect that banks will play their part in the econo... |
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| Indian BPO sector expected to list revenues of $225 bn by 2020 |
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According to a new report, Indian IT-BPO industry is expected to register revenues of $225 billion by 2020, of which exports will account for about $175 billion.
The BPO industry also has the prospective to generate an additional $150 billion in revenues, provided it takes some measures to convert the business environment, infrastructure, talent development and innovativeness.
As per the report, Perspective 2020: Transform Business, Transform India, by indus... |
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