US credit card and banking giant, American Express is likely to start retrenchment drive in India and other locations. It would retrench about 10 percent workforce, cutting around 7,000 jobs. The staff would be eliminated in all business units, including markets and staff groups. Some staff in its Indian operations is also likely to be laid off.
SBI Card would release a financial package for defaulting clients. SBI card is the joint venture company of State Bank of India and GE Money. SBI card intends to help those customers who have been good at repaying in the past, but have failed to repay following the turbulent global financial conditions. The company said that it would restructure its card-portfolio to check further defaults.
Public sector lender Dena Bank has revealed its plans to launch co-branded credit cards in coming months.
According to sources, Dena Bank's credit card would be launched in association with State Bank of India (SBI).
Besides launching credit cards, Dena Bank also plans to open 26 new branches and 12 retail assets centers during the current fiscal, besides 108 off-site ATMs.
Dena Bank’s net profit for the second quarter ended September 30 grew 11.6% at Rs 102.8 crore over the Rs 92.15 crore in the corresponding period a year ago.
UTI Mutual Fund, the country's oldest fund, has launched its unique 'UTI Wealth Builder Fund-Series II', an open ended equity oriented scheme in the Indian market.
UTI claims that UTI Wealth Builder Fund-Series II is the first of its kind in the mutual fund industry to offer asset allocation which combines traditional as well as non- traditional asset class i.e. Equity and Gold.
Life Insurance Corporation of India (LIC), the largest life insurance company in India, has entered into an agreement with state-owned Corporation Bank to launch credit cards in the country.
LIC intends to launch the business through its wholly owned subsidiary, LIC Cards Services Limited, which will manage all aspects of its credit card venture. The company already has taken approval from Government of India to form a wholly owned company for this purpose.
HSBC Mutual Fund, one of the premier asset management companies in India has launched ‘Fixed Term Series 68’, a close-ended income fund in the Indian market.
The face value of the fund is Rs 10 per unit and the new fund offer period (NFO) for subscription will be from 6 October to 13 October 2008.
The benchmark index of the scheme is Crisil Liquid Fund Index, which will mature in 3 months from the date of allotment.
US credit card and banking giant, American Express is likely to start retrenchment drive in India and other locations. It would retrench about 10 percent workforce, cutting around 7,000 jobs. The staff would be eliminated in all business units, including markets and staff groups. Some staff in its Indian operations is also likely to be laid off.
SBI Card would release a financial package for defaulting clients. SBI card is the joint venture company of State Bank of India and GE Money. SBI card intends to help those customers who have been good at repaying in the past, but have failed to repay following the turbulent global financial conditions. The company said that it would restructure its card-portfolio to check further defaults.
Public sector lender Dena Bank has revealed its plans to launch co-branded credit cards in coming months.
UTI Mutual Fund, the country's oldest fund, has launched its unique 'UTI Wealth Builder Fund-Series II', an open ended equity oriented scheme in the Indian market.
Life Insurance Corporation of India (LIC), the largest life insurance company in India, has entered into an agreement with state-owned Corporation Bank to launch credit cards in the country.
HSBC Mutual Fund, one of the premier asset management companies in India has launched ‘Fixed Term Series 68’, a close-ended income fund in the Indian market. 
