· Audi, Daimler to add auto finance arms
· IDBI Bank, Oriental Bank raise rates
· Shanghvi is E&Y entrepreneur of 2010
Audi, Daimler to add auto finance arms
Audi AG, the luxury unit of Volkswagen AG, plans to form an auto finance arm in India after offering car loans helped rival BMW AG become the country's biggest luxury car seller in 2010.
Audi plans an announcement on vehicle financing as early as this month, Michael Perschke, head of the Germany based car maker's India unit, said on Thursday. “Lending to potential buyers may help the company boost sales 50% from last year to 4,500 vehicles in 2011,“ he said.
Perschke is also following Daimler AG, which last week said it will begin offering car loans to customers in the second half of this year as rising interest rates boost the attractiveness of dealer credit for car buyers.
IDBI Bank, Oriental Bank raises rates
IDBI Bank Ltd on Monday said it has raised its benchmark prime lending rate (BPLR) as well as its deposit rate, after India's central bank raised key rates in January for the seventh time since last March.
The public sector lender raised its base rate by 50 basis points (bps) to 9.5% and BPLR by 25 bps to 14% effective Tuesday, it said in a statement.
A basis point is one hundredth of a percentage point.
A basis point is one hundredth of a percentage point.
Oriental Bank of Commerce raised rates on term deposits with a maturity of 91179 days by 250 bps to 9%, and by between 25 bps and 175 bps on other maturities
Shanghvi is E&Y entrepreneur of 2010
Dilip Shanghvi, chairman and managing director of Sun Pharmaceutical Industries Ltd, was named Ernst and Young (E&Y) entrepreneur of 2010 on Monday. Eight other entrepreneurs were awarded in various categories by the consulting firm, a press release said
