Finance News
Analysis of latest finance news
The Reserve Bank of India (RBI) has asked banks to not charge any fees for customers using their own bank's Automatic teller machines (ATM). Also from 2009 April, ATM card can be used at any commercial bank ATM center.
Currently banks charge a small fee if you use your ATM card at other bank's ATM center.
There is expected to be a delay of over 10 days in Tata Motors' purchase of the luxury Jaguar and Land Rover marques. The reasons are yet to be known.
The memorandum of sales will now take place in the week beginning March 17, after the Geneva Motor Show is over. Tata Motor's 1 lakh car nano is a huge crowd puller at the Geneva motor show.
ICICI Bank has reported a loss of $264 million in overseas investment. It is one of the biggest losses reported by any Indian bank in recent times. This could wipe up to 9 percent off its annual profit.
Bank has denied US subprime crisis for the loss. Joint Managing Director Chanda Kochhar told reporters that the bank do not have any direct exposure to subprime. But he did not specify what was behind the loss.
The Sensex has dropped 500 points soon after budget proposals were announced. This was attributed to the raise in short term capital gains tax from existing 10 percent to 15 per cent. Also the corporate tax rates remained unchanged.
