Mahindra & Mahindra Ltd. (M&M), a market leader in the Utility Vehicle segment, has signed a MoU with the State Bank of Bikaner and Jaipur (SBBJ) for financing of vehicles.

Under the arrangement, customers can avail of a loan up to 85% of the on road price of the vehicle, with tenure of up to 7 years. In addition, they can also avail low interest rates amounting to 12% for passenger vehicles and 11.75% for commercial vehicles.  

M&M’s Automotive Sector makes a wide range of vehicles including MUVs, LCVs and three wheelers.

The government's new foreign direct investment (FDI) rules which, according to the banking sector, are rather ambiguous might likely be reviewed. The Reserve Bank of India (RBI) had recently raised issues concerning the rules, and other banks too are awaiting clarity of the new policy.

As per the FDI guidelines given, the ownership of India's biggest private lender ICICI Bank would need to undergo a change - they would have to substitute their 'resident entities' status with a non-resident entities status.

Frankfurt - De

Beijing  - Germany's Allianz Group and US-based American Express have sold shares valued at up to 2 billion dollars in China's biggest commercial bank, the Industrial and Commercial Bank of China (ICBC), the companies said on Tuesday.

Allianz said it had sold 3.216 billion shares, or half of its stake in ICBC, to "a select group of investors through a private sale."

Bank of Baroda, the sixth largest bank of India, has reported growth of 172% in its net profit at Rs 752.69 crore for the fourth quarter ended March 31, 2009.

The bank had a net profit of Rs 276.44 crore in the March quarter of FY'08.

Further, the lender has registered 28.50 per cent jump in its total income to Rs 4,992.41 crore during the March quarter, from Rs 3,885 crore in the corresponding quarter last fiscal.

India's second-largest lender ICICI Bank today announced 35% drop in net profit at Rs 743.76 crore for the quarter ended March 31, 2009 when compared to Rs 1149.84 crore in the year-ago period.

In addition, the lender's total income also fell to Rs 9203.36 crore from Rs 10390.92 crore in the corresponding period in the previous year.

For the full-year ended March, ICICI Bank's net profit fell 9.40% percent to Rs 3758.13 crore, as compared to Rs 4157.73 crore for the year ended March 31, 2008.