Non-resident Indians, who keep their surplus cash in rupee-denominated non-resident external (NRE) and non-resident ordinary (NRO) savings accounts with Indian banks, will receive higher returns.
This follows a decision by the Reserve Bank of India (RBI) to calculate the interest on a daily basis from April 2010. Interest is currently calculated on a monthly basis. full story
Wednesday, 29 April 2009
Monday, 27 April 2009
NRIs can borrow up to Rs 1cr against deposits
If you are an NRI with fat foreign currency deposits with Indian banks, you can avail of loans up to Rs 1 crore against them for purposes such as your child’s education or marriage, to buy property at home or abroad or to meet other exigencies such as medical expenses.
The Rs 1-crore cap fixed by the Reserve Bank of India in the recent money policy for loans against foreign currency non-resident (FCNR-B) and non-resident external (NRE) deposits is a five-fold increase from the earlier cap of Rs 20 lakh.
In fact, under the present guidelines, such loans can also be taken for third party (not the depositor), such as a relative, by pledging the deposit receipt, though such loans for another person would attract a higher interest rate. read full story here
The Rs 1-crore cap fixed by the Reserve Bank of India in the recent money policy for loans against foreign currency non-resident (FCNR-B) and non-resident external (NRE) deposits is a five-fold increase from the earlier cap of Rs 20 lakh.
In fact, under the present guidelines, such loans can also be taken for third party (not the depositor), such as a relative, by pledging the deposit receipt, though such loans for another person would attract a higher interest rate. read full story here
SBT earns Rs 608 cr NP, declares 130% dividend
At the end of fiscal in which non-resident deposits were feared to shrink significantly, Kerala’s market leader in NRI
deposits, the State Bank of Travancore, achieved a record net profit of Rs 607.84 crore, and declared a 130% dividend. The bank had declared a dividend of 100% in the previous year.
The net profit of Rs 607.84 crore for 2008-09 over the net profit of Rs 386.11 crore in the previous fiscal represented a 57.43% growth. The operating profit, too, showed an impressive 49% growth from Rs 709 crore in 2007-08 to Rs 1,056 crore in 2008-09.
SBT managing director A K Jagannathan said gross NPAs were brought down from 2.01% of total advances in March 2008 to 1.65% at the end of March 2009. Net NPAs during the same period were brought down from 0.95% to 0.58%.
deposits, the State Bank of Travancore, achieved a record net profit of Rs 607.84 crore, and declared a 130% dividend. The bank had declared a dividend of 100% in the previous year.
The net profit of Rs 607.84 crore for 2008-09 over the net profit of Rs 386.11 crore in the previous fiscal represented a 57.43% growth. The operating profit, too, showed an impressive 49% growth from Rs 709 crore in 2007-08 to Rs 1,056 crore in 2008-09.
SBT managing director A K Jagannathan said gross NPAs were brought down from 2.01% of total advances in March 2008 to 1.65% at the end of March 2009. Net NPAs during the same period were brought down from 0.95% to 0.58%.
Wednesday, 9 May 2007
Going upwards
An interesting take on rupee appreciation...
Most NRIs are worries their salaries r going down and has cut down on remittance.
read more
Most NRIs are worries their salaries r going down and has cut down on remittance.
read more
Wooing NRIs with online videos
NautankiTV, along with big players like Rajshri Media and StarTV’s indya.com, is targeting the non-resident Indian (NRI) community with online videos and looking at advertisers who also plan to attract this customer base.
A start-up by three friends with Angel investment of Rs 1.5 crore, the portal has close to 40 per cent of its users from the US and UK. An eight-month-old start-up providing online video content, the portal claims to generate 100,000 hits per day and depends primarily on ads for revenues.
read more here
A start-up by three friends with Angel investment of Rs 1.5 crore, the portal has close to 40 per cent of its users from the US and UK. An eight-month-old start-up providing online video content, the portal claims to generate 100,000 hits per day and depends primarily on ads for revenues.
read more here
Sunday, 6 May 2007
Committee for NRI marriage issues
Who said govt doesnt do anything... they do come up with committees. Will it help lets wait and watch...
"With an increase in the number of cases of women being duped in NRI marriages and harassment of maids who go to work in foreign countries, the government has decided to set up a sub-committee to look into these issues. The decision to form the six-member sub-committee was taken at a meeting between the Minister of Overseas Indian Affairs, Vayalar Ravi, and Minister of State for Women and Child Development, Renuka Chowdhury. "
more
"With an increase in the number of cases of women being duped in NRI marriages and harassment of maids who go to work in foreign countries, the government has decided to set up a sub-committee to look into these issues. The decision to form the six-member sub-committee was taken at a meeting between the Minister of Overseas Indian Affairs, Vayalar Ravi, and Minister of State for Women and Child Development, Renuka Chowdhury. "
more
HSBC unveils new schemes for NRIs
This one is more for the NRIs in US...
nevertheless checkl it out
With banking transactions between India and the US increasing at a fast pace, HSBC Bank has introduced facilities to make it easier for Non Resident Indians (NRIs) to conduct cross-border transactions, besides offering a variety of US and Indian deposits, mortgage and investment products. Announcing this on Thursday, HSBC Bank (USA) said it would provide assistance to clients in the US in opening account with the bank's India unit and vice versa.
more
nevertheless checkl it out
With banking transactions between India and the US increasing at a fast pace, HSBC Bank has introduced facilities to make it easier for Non Resident Indians (NRIs) to conduct cross-border transactions, besides offering a variety of US and Indian deposits, mortgage and investment products. Announcing this on Thursday, HSBC Bank (USA) said it would provide assistance to clients in the US in opening account with the bank's India unit and vice versa.
more
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