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IndusInd Bank has entered into an agreement with Deutsche Bank to buy the latter’s credit card business in India after others in the race pulled out due to expensive valuations. Dhanlaxmi Bank, Standard Chartered Bank and Karnataka Bank had apparently shown initial interest for the business. The deal allows IndusInd Bank to tap into Deutsche […]

The nation’s largest public sector bank, State Bank of India (SBI) has undergone a revamp of its top management and how. After appointing Pratip Chaudhuri as the new chairman, the bank has also promoted its former chief financial officer, Hemant Contractor, as the new managing director (MD) for international banking services. The bank also appointed […]

Never mind the potholes, the narrow lanes, the long waits in traffic jams, India’s appetite for cars seems insatiable. Car prices may be up because of input cost increases, petrol prices may be high and Car loan interest rates may be climbing. But the sales numbers year-on-year show no signs of slowing. A report by […]

Amid introduction of illegal online forex trade by certain companies, the Reserve Bank has asked credit card issuing companies to not permit payments for such transactions. The regulations under Foreign Exchange Management Act (FEMA), 1999, do not permit resident Indians to trade in foreign exchange in domestic or overseas markets. The RBI’s instruction comes in […]

State Bank of India (SBI) would try to increase its market share in deposits and loans, without taking a hit on its margins and profitability, said Pratip Chaudhuri, the bank’s new chairman. “There would not be a significant shift in gear. But we would like to reassess business areas in which the bank experienced stress […]