GE Capital expands leasing business in India

GE Capital India is expanding its existing presence in the automotive and equipment leasing for corporate organisations

GE Capital said that it is expanding its leasing business in India and aims for exponential increase in leasing business volume in 2012. GE Capital India is entering new leasing asset areas and expanding its existing presence in the automotive and equipment leasing for corporate organisations.

Anish Shah, president & CEO, GE Capital India said, “Commercial leases contribute a significant portion of GE Capital’s commercial book size globally. We are combining our global leasing expertise with our knowledge of the Indian market to bring relevant offerings to mid-sized and large local and multinational companies.”

GE Capital India has recently acquired leasing customers that includes a bank, telecom equipment providers and ATM provider.

“We are partnering GE Capital in India to provide our employees with easy leasing options for cars for personal use,” said Neena Dhinda, human resource, Alcatel-Lucent India Ltd. According to industry experts, leasing constitutes approximately 2% of capital formation in India compared to the 17% in the USA and, Australia where it is 10%. GE Capital India will continue to work closely with GE Healthcare for leasing solutions and will expand its lease offering to other GE businesses such as Energy and Transportation.

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Shipping Corporation observes Vigilance Awareness Week 2011

The inaugural function of Vigilance Awareness Week 2011 was on 31 October 2011

In accordance with the directive received from the Central Vigilance Commission, the Vigilance Division of the Shipping Corporation of India Ltd (SCI) is observing the Vigilance Awareness Week 2011 in all its offices from 31 October 2011 to 5 November 2011

This year, the main focus of observing Vigilance Awareness Week is “Participative Vigilance”. Keeping in mind the suggestion of the Commission to have an effective participative vigilance campaign this year, the SCI Vigilance Division has organised various programs/competitions. The inaugural function was observed at 11am on Monday (31 October 2011).

In the late afternoon, SCI was trading at around Rs72.75 per share on the Bombay Stock Exchange, 1.75% up from the previous close.

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Federal Bank accepts foreign currency deposits in 9 currencies

Federal Bank has also hiked the interest rates on non resident term deposits

Federal Bank has started accepting FCNR (foreign currency non-resident deposits) in three more currencies with effect from 1st November. The Bank now accepts FCNR deposits in nine currencies namely, US dollars, Great Britain Pound, euro, Japanese yen, Canadian dollars, Australian dollars, Swiss Franc, Hong Kong dollars and Singapore dollars.

The Bank has also hiked the interest rates on non resident term deposits. For FCNR deposits in US dollar, the revised rates for one year to less than two years, two years to less than three years, three years to less than four years, four years to less than five years and five years only are 1.94%, 1.61%, 1.77%, 2.05% and 2.37%, respectively.

Revised rates of interest for NRE term deposits for one year to less than two years, two years to less than three years and three years and above would be 2.69%, 2.36% and 2.52%, respectively.

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