| To: Mohan Marette who wrote (112) | 2/11/2000 2:27:00 PM | | From: Mohan Marette | | | |
Car finance cos slash rates by 2% overnight-ICICI leads the charge.
Cry-baby Kotak Mahindra complaints.
========================
LEADING car financiers will, in the next few days, slash interest rates from 17-18 per cent to 15-16 per cent. The move has been primarily triggered by the new kid on the block -ICICI- which is offering an interest rate of 16 per cent on car loans. Industry experts view this as a serious move to corner volumes in a highly competitive market. Not to forget, the overall costs of funds too have come down.
However, industry majors have been extremely critical of ICICI's move of "stealing customers" by "undercutting rate". According to Dipak Gupta, executive director of Kotak Mahindra Finance, rates are being pruned to maintain competition.
"But undercutting does not help the market. All it will help is give the first person the benefit of lead time. It doesn't help the market grow. One will only see customers moving away from one loan-provider to the other," he said.
Industry players cool: Page 10
economictimes.com |
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| To: Mohan Marette who wrote (113) | 2/11/2000 5:00:00 PM | | From: Mohan Marette | | | |
ICICI on a hiring-spree
...Take Mumbai-based ICICI which has gone on a recruiting spree. In recent months, it has diversified into new businesses like e-commerce, infotech and capital services. After hiring 400 people, it plans to scour the IIMs for 40 more.
Business has been booming for Executive Search and Placement (ESP), a Mumbai-based head-hunting outfit. In the past six months, it placed some 30 people at Standard Chartered, about 40 people for Hongkong Bank and recruited 10 more for ICICI Bank. Anant Sarawate, ESP's business development manager, say Centurion Bank is also looking for people for its insurance business.
business-standard.com |
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| To: Mohan Marette who wrote (114) | 2/11/2000 8:27:00 PM | | From: Mohan Marette | | | |
ICICI ties up with GFSL
Saturday 12 February 2000
By Nayeem Quadri -Time of India
SURAT: There is good news for over 80,000 customers of Gujarat Gas Company Limited (GGCL) in Surat. Gujarat Gas Financial Services Limited (GFSL), a subsidiary of GGCL has tied up with ICICI Limited to offer its customers in Surat, retail finance products of ICICI Ltd like auto finance, consumer durable loans and home loans.
"The initial launch on Wednesday would be for car finance to be followed later by other products," Vishwanath Seshadri, head of Credit and Auto Finance, ICICI Ltd said. As part of its strategy to enter new markets in well planned phases, ICICI started its auto finance operations in Surat through GFSL as a franchisee for marketing of auto loans and other retail products.
Stating that GFSL today deals with over 80,000 customers directly, Seshadri said that this would provide a big market to ICICI to offer its RFS products. GGCL is one of the leading companies in combined distribution of natural gas to domestic, commercial and industrial customers in the three south Gujarat cities of Bharuch, Ankleshwar and Surat. It is also in the process of expanding its operations across Gujarat.
"GFSL has been providing its services to customers of GGCL for the last five years. In order to broaden the product basket available to our customers, GFSL has tied up with ICICI," GFSL chairman Edwin Bowles said.
ICICI personal financial services in about 18 months, has tied up with leading manufacturers like Toyota Kirloskar, Daewoo Motors, Hyundai Motors, Ford India And Honda Siel as their preferred financiers to provide customers with varied finance options.
The financial institution offers car loan schemes for almost all cars on the Indian roads today. According to Seshadri, ICICI plans to be a universal bank that would fulfil the financial needs of a customer under one roof. "ICICI Group lays heavy emphasis on technology to provide door step service to customers." |
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| To: Mohan Marette who wrote (116) | 2/11/2000 10:18:00 PM | | From: Mohan Marette | | | |
Foreign, private banks likely to join hands for payment gateway
A clutch of leading private and foreign banks is soon likely to join hands to tie-up with a leading e-business solutions provider for launching a payment gateway to facilitate inter-bank transfer of funds through inter-bank.
ICICI Bank, HDFC Bank, Global Trust Bank, UTI Bank, Citibank, Deutsche Bank, HSBC and ABN Amro Bank are said to be keen on joining hands for facilitating the launch of this facility. Names like Satyam Infoway, Compaq, IBM and Brokat Ways are doing the rounds as likely candidates for developing and providing the platform and designing the gateway.
"Public sector banks interested in forewing into net-banking may also be roped in," a high-level e-banking solutions provider said.
The gateway, expected to be set up by the middle of this year is sure to bring banking right at the doorstep of the Indian consumer and be a landmark advancement to the concept of 'virtual banking'.
Talks are underway between these banks for launching the gateway, which will emerge as a forceful alternative to the present electronic funds transfer (EFT) of the RBI. The upcoming payment gateway with real time settlement of transactions and fund transfers, enabling banks to substantially reduce transaction costs and the processing period. Currently, settlement of funds between banks takes place through the clearinghouse of the Reserve Bank of India.
"The concept is the baby of private and foreign banks," sources said.
According to infotech industry sources, the idea of inter-bank fund transfer on the Net, which will facilitate real-time online transactions among customers of banks is still at the conception stage and will be operational subject to regulatory clearances.
"Launching the payment gateway will definitely need approval from the Reserve Bank. There are issues like allowing customers to open accounts through the Net, approval to the concept of e-cheques by the Government and regulatory authorities, recognition of electronic data and setting up of certifying authority to issue digital signature certificates," the source said, adding: "We are optimistic that the idea will receive full support from the RBI".
The current Internet banking facility offered by a few banks enables customers to make inter-branch transfers, but do not enable fund transfer between banks.
A few banks have launched payment gateways offering business-to-business (B2B) and business-to-customer (B2C) services, though these too are handicapped, as they do not enable transactions between two parties having accounts in different banks.
Both parties to the transaction should maintain an account with the bank offering the service.
The establishing of such a gateway will also depend on passage of the Information Technology Bill (IT Bill) by the Parliament. The IT Bill, which was tabled in December last year, is expected to be passed during the budget session.
The bill seeks amendments to the RBI Act (1934) for enabling electronic fund transfer among banks and financial institutions (FIs) and the Bankers' Books Evidence Act (1891) to give sanctity for books of accounts maintained by bank/FIs in the electronic form.
Source : MI
Feb 11, 2000 |
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| To: Mohan Marette who wrote (119) | 2/12/2000 2:19:00 PM | | From: Jane4IceCream | | | |
My God.....2 million>>>>70 million users is ALOT!
Many dont really understand how educated many Indians really are. They focus on the poverty levels and the rebellions and conflicts.
Look at the influx of Indian techies into prominent positions in US tech companies. Microsoft, InfoSpace, etc.
IC...looks good here.
Thanks for all the information you provide here. Very uplifting!
Jane |
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