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Business & Economy
More foreign banks coming
What is India News Service,
Tuesday, 8 March 2005, 1700 hrs IST
An increasing number of foreign banks are now keen on opening shop in India to be able gain a critical mass by April 2009, when private banking space is expected to open up for the foreign players.
The latest addition to the list of foreign banks wishing to set foot in India is the Royal Bank of Scotland, which has total assets of over $806 billion.
The sudden interest in India follows the Reserve Bank of India\92s roadmap for according foreign banks greater freedom in India.
Switzerland\92s UBS, ranked the world\92s best private bank by EuroMoney magazine, has been preparing itself for India launch. Merrill Lynch and Goldman Sachs too are believed to be showing interest.
It is not known whether they will go alone or partner with an Indian entity in the new venture. Some of the new players are targeting the derivatives market to grow in India. The huge retail space is also an enticing factor.
Merrill Lynch has a joint venture in Indian investment banking space \97 DSP Merrill Lynch. Goldman Sachs holds stakes in Kotak Mahindra arms.
US-based GE Capital last week announced its intention to set up a bank last week soon after the banking sector roadmap was unveiled. It already has wide presence in consumer finance through GE Capital India.
Tata
Motors rolls out fully built buses: Tata Motors expects to treble its
chassis and bus-body building business to $1 billion over the next few years.
Postal
department is quietly carrying away courier biz:
As corporates increasingly realise that \91Old is Gold', one organisation that
stands to benefit, believe it or not, is the postal department.
Now,
online investments for postal schemes: ICICIdirect.com, the online share
trading platform belonging to the ICICI Bank group, has made online investments
in postal saving schemes possible to its customers.
Enough
in forex kitty to manage oil imports, says Aiyar: The Union Petroleum
Minister, Mani Shankar Aiyar, today expressed the hope that the unprecedented
rise in crude oil prices would stabilise soon with the coming in place of the
new U.S. administration.
Infocomm pays Rs 150 crore over call routing:
Reliance Infocomm on Monday paid Rs 150 crore as penalty to the government for illegally routing international incoming calls as local within two days of TDSAT rejecting the telecom operator\92s petition challenging the penalty.
Education
outsourcing wave set to hit India: Skilled manpower in India is a major
attraction for foreign entrepreneurs to set up operations here. Now, Indian
entrepreneurs are latching on to the very people who give India its skilled
manpower - namely, skilled teachers.
Five
traditional items propel export growth: Just five traditional items
accounting for almost three-fourth of the country's aggregate exports played a
dominant part in propelling the export growth to 28.12 per cent in dollar terms
during the first seven months of the current fiscal.
Toyota
to expand network in India: Toyota Kirloskar Motors plans to expand
its network in the country with \91Innova,' its first 3-row passenger car.
Sensex
touches 6900-mark: The BSE benchmark 30-share index crossed the 6900 mark
for the first time, in intra-day trading today. However, it settled below the
new levels following profit taking.
Emami
chalks out \91Focus Andhra' strategy::
Kolkata-based Emami Ltd, a provider of personal and healthcare products has
devised a new strategy.
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