August 5, 2011 in Investment News, News & Events by aloksinha

India may achieve highest FDI in present fiscal year

NEW DELHI: India is likely to bag the highest foreign direct investment (FDI) in 2011-12. Mr Kaushik Basu, Chief Economic Adviser at the Ministry of Finance, said, “This year the FDI is going to see a very big rebound and go up to a very comfortable level. And it should go up where we were [...]

August 5, 2011 in Investment News, News & Events by aloksinha

At $4.66 billion, FDI in May second highest in 11 years

NEW DELHI: Foreign direct investment (FDI) into the country more than doubled in May from year ago, touching $4.66 billion against $2.21 billion in May last year. This is the second highest monthly FDI inflow since 2000. The rebound follows a dismal 2010-11 fiscal in which FDI dropped 25% to $ 19.4 billion. Foreign investors [...]

July 29, 2011 in Investment News, News & Events by aloksinha

FBAR: A new financial disclosure for US-based NRIs

Recently, the United States Justice Department started a probe  into bank accounts opened by US residents with HSBC India, which remained hidden or undisclosed to the US Internal Revenue Service (IRS). According to the Justice Department, HSBC is alleged to have advised its NRI clients that the bank would not disclose the existence of their [...]

July 29, 2011 in Investment News, News & Events by aloksinha

Punjab government for immediate disposal of NRI property cases

In a bid to safeguard the interests of the NRIs in Punjab, state government today directed the officials to dispose their pending property cases fast. Punjab NRI affairs minister Balbir Singh Bath here asked the state officials to look into the property cases of the NRIs lying pending with the Fast Track Revenue Courts. The [...]

July 29, 2011 in Investment News, News & Events by aloksinha

Union Bank revises Re, Foreign currency deposit rates for NRI’s

MUMBAI: Public sector Union Bank of India (UBI) recently  announced a revision of rates in both foreign currency and rupee term deposits by the non-resident Indians (NRIs). The interest rate on a majority of the deposits has been cut as part of the revision. Under the new rate structure effective from today, a five-year dollar [...]

March 3, 2011 in News & Events by admin

Loan Facilities to NRIs from Bank of Baroda

Loan Facilities to NRIs 1.Baroda Home Loans to NRIs / PIOs Bank of Baroda presents yet another innovative product in the form of Baroda Home Loans to NRIs / PIOs, a unique housing loan facility designed specially for Non Resident Indians (NRI) and Person of Indian Origin (PIO). Key Benefits » A loan product tailor-made [...]

March 3, 2011 in News & Events by admin

Union Bank of India plans to set up its UK subsidiary

In order to spread out its international business, Mumbai-based Union Bank of India, which was inaugurated by Mahatma Gandhi, is planning to make its mark by setting up a banking subsidiary in Britain. “The bank already has a representative office in London. We want to upgrade our operations there,” M V Nair, chairman and managing [...]

March 3, 2011 in News & Events by admin

CBA establishes its full-fledged banking ops in India

Banking on the fact that 52 per cent of the remittance from the Indian community in Australia to India is handled by its branches, Commonwealth Bank of Australia has now started its full-fledged banking operations in India. Speaking to the media Simon Blair, Group Executive – international financial services of CBA said: “We have chosen [...]

March 3, 2011 in News & Events by admin

South Indian Bank launches web-based remittance facility from UAE to India

South Indian Bank has come up with an ingenious method of real time credit facility to send remittances through all the branches of UAE Exchange Centre, Abu Dhabi to the 580 branches of the bank. According to the bank’s website, SIB Flash is the all-new remittance product jointly launched by the South Indian Bank and [...]

March 3, 2011 in News & Events by admin

SBI opens NRI branch in Vijayawada

In order to assist the non-resident Indian population of the region, State Bank of India has opened a NRI branch at Gayatrinagar, Vijayawada. Speaking during the inauguration, T.S. Krishna Swamy, General Manager, SBI said that the branch was the only one of this module for three districts, namely, Krishna, Guntur and West Godavari and it [...]