Foreign currency non-resident bank FCNR (B) deposits in dollar, having maturity of one year to less than two years, would now attract an interest rate of 2.41 per cent as compared to 2.33 per cent earlier. Rate of interest for deposits with 2-3 years maturity has been revised to 2.71 per cent from 2.43 per cent earlier. For deposits having a maturity of five years, the rate has been revised to 3.47 per cent, against 3.11 per cent earlier, the banks said.
The amount is almost double the Rs 220 crore (Rs 2.2 billion) that a consortium of Bank of Baroda and Andhra Bank earned for its life insurance tie-up with the UK-based wealth and investment company, Legal & General Group (see table). The entry premium is a result of regulations that require foreign insurers to tie up with Indian partners. SBI will hold 74 per cent in the non-life insurance company and IAG the remaining 26 per cent.
Leading Indian public sector banks State Bank of India, Bank of Baroda and Syndicate Bank are close to committing a part of the $3 billion bridge loan that Tata Motors has to raise to finance the acquisition of Jaguar and Land Rover from Ford.
An Indian national has been killed in a protest demonstration in Uganda prompting New Delhi to take up the matter with Kampala.
The board of state-run Bank of Baroda has approved a proposal to return Rs 91.9 crore (Rs 919 million) of capital against recapitalisation bonds to the government, the National Stock Exchange said on Tuesday.\n\n\n\n
They need to have 15 years of mainstream banking experience
Many from this small lender have made it to other bank boards over the past 5 years
Global rating agency Fitch has upgraded its support ratings for several Indian banks, including ICICI Bank, HDFC, Punjab National Bank, Canara Bank, Bank of India and IDBI among others.
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government.
The boards of three PSU banks - Bank of Baroda, Oriental Bank of Commerce and Andhra Bank met in deference to the Finance Ministry's insistence, but quite unexpectedly they did not roll back the rate hikes announced last week.
Public sector lender Bank of Baroda on Thursday said it was targeting to increase business by almost 50 per cent to Rs 300,000 crore (Rs 3000 billion) by 2010, while also expanding international operations and acquiring banks overseas.
According to sources close to the developments, major PSU banks -- State Bank of India, Bank of Baroda, Bank of India, and Union Bank of India -- were likely to review the deposit rates for a possible upward move.
Embattled liquor baron Vijay Mallya, who lost his UK high court appeal against an extradition order to India, has said that he is "disappointed" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
UTI Asset Management Company will float an initial public offer by March-end 2008 to help its sponsors State Bank of India, Life Insurance Corporation, Punjab National Bank and Bank of Baroda -- offload up to 50 per cent stake.
Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end.
While the RBI is reportedly thinking of capping loans to real estate, many believe any such move is a bad idea.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Borrowers haven't heard the last of interest rate hikes, as more banks are preparing to raise lending rates in the days ahead to offset increase in their cost of funds.
The tri-series, also involving South Africa, is slated to be played from August 14 to 29 in Colombo.
You cannot do much to ensure that the documents banks take from you before giving a loan do not get damaged
The State Bank of India on Saturday hiked its benchmark prime lending rate by 0.50 per cent from 12.25 per cent to 12.75 per cent.
R N Subramanian, manager-foreign exchange, Canara Bank, will be the new chairman of the Forex Association of India for the current financial year 2004-05
Bank of Baroda on Tuesday said it would increase deposit rates by 25 basis points with effect from either January 27, 2006 or February 1, but would not go for any change in the lending rates.
Rahul Dravid has signed up a three-year deal with Bank of Baroda and would be its Brand Ambassador.
For non-callable deposits above Rs 1 crore, the interest rate is only five basis points more than the regular FD.
The Dubai branch of Bank of Baroda has been directed by courts in Dubai to pay a sum of over $103,869 to an Indian company in a bank guarantee case.
