Banking

Any Indian citizen residing abroad who has a salaried job or is self-employed in his country of residence qualifies as an NRI and can apply for NRI car loans, Vivina Vishwanathan reports.

State-owned banks, which employ over 800,000 people, could move towards performance-based pay soon, a move that would put them on the same platform as their private sector peers, while helping keep costs under check. Mahua Venkatesh reports.

The Reserve Bank of India (RBI) may introduce some corrective measures in the Know Your Customer (KYC) norms as and when necessary to check any transaction level aberrations in the functioning of banks. HT reports.

India's second-largest private sector lender, HDFC Bank Ltd, met forecasts with a 30% year-on-year rise in net profit to Rs. 1,890 crore for the quarter ended March 2013 against Rs. 1,453 crore in the year-ago period led by higher loan growth, fee income and stable asset quality. HT reports.

If you have an old savings account with your bank, chances are you will have to do submit your Know Your Customer (KYC) documents - identity and residence address proofs - all over again. Mahua Venkatesh reports. Prove yourself once more

An audit report submitted by the Reserve Bank of India (RBI) to the finance ministry has found certain aberrations at ICICI Bank, HDFC Bank and Axis Bank, which were accused of money-laundering by investigative website Cobrapost, but no risk of systemic failure was discovered.

The RBI is likely to cut lending rates in its monetary policy review on May 3. If that happens, banks, too, are expected to follow suit and lower the interest rate they pay on fixed deposits. HT reports.

Device to analyse driving pattern and award points, insurers to link premium to good driving behaviour.

There is an 80% probability that the Reserve Bank will cut repo rate by 0.25% in its monetary policy review on May 3, but it is "not a done deal", leading global brokerage firm Nomura said in a research note today.

Jammu and Kashmir Bank, the only listed company of the state, has bagged the prestigious Best Enterprise award from the Europe Business Assembly (EBA) in London, a bank spokesman said today.

Morgan Stanley upgraded ICICI Bank to "overweight" from "equal-weight" and has raised its target price to 1,250 from 1,235 rupees, as it expects a pickup in consumer loan growth to drive performance.

While the finance ministry has already initiated an inquiry against those who have allegedly stashed money in tax havens, following a global report prepared by the International Consortium of Investigative Journalists, several banks with offshore branches have also decided to go ahead with in-house probes to see whether there has been any discrepancy.

Manual intervention in identification of non-performing assets may be leading to NPA overestimation.

Finance minister P Chidambaram on Monday met public sector bank chiefs and business leaders and pored over details of several projects to identify bottlenecks as he pushed to revive economic growth hit by high interest rates and red tape. HT reports.