Good Morning! News 19.1.2015 1. Days after the Reserve Bank of India (RBI) lowered the repo rate in a surprise move, banks have set the ball rolling for a possible reduction in their lending rates.Repo is the rate at which the central bank lends to commercial banks.A host of lenders, including State Bank of India (SBI), IDBI Bank, Indian Bank and Andhra Bank, have lined up meetings of their asset-liability committees (Alco) this week, to review their lending and deposit rates. 2. The Nano did not take off the way Tata Motors would have liked, despite aggressive pricing and Rs 4,000 crore of investments in development, marketing and a dedicated plant at Sanand in Gujarat. But the company, Indias largest automaker by revenue, is looking to recover some of the cost incurred on the Nano platform. The plan is to develop a slightly bigger hatchback at the Sanand factory, to take on the Maruti Suzuki Alto, Indias top-selling car.The new car, code-named the Pelican, is being developed on the X302 platform. To be powered by two new engines - a one-litre petrol power engine and an 800-cc diesel engine - the car is expected to hit the road next year. 3. Peng Lei, co-founder of Jack Ma-led Chinese e-commerce giant Alibaba Group Holding, is going to join the board of mobile wallet operator Paytm. Alibaba and Alipay, which operates the Chinese e-tailers third-party online payment platform, are to invest $575 million for a cumulative 40 per cent equity in Paytm, a company owned by Noida-based One97 Communications. 4. Reliance Capital Ltd’s (R-Cap) asset management unit has expressed interest to buy the funds management business of Goldman Sachs Group Inc. in India—a deal that could strengthen the nation’s third largest asset manager’s foothold in the exchange-traded funds (ETF) business that is growing in popularity with local investors, mirroring global trends.
Posted on: Mon, 19 Jan 2015 04:40:04 +0000
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