State Bank of India commenced operations in Qatar

According to SBI, The branch will cater to business customers like corporate clients and aims at contributing to the growth of trade between the two nations

The nation's largest lender, the State Bank of India has commenced operations in Qatar by opening a branch in the Qatar Financial Centre, Doha.

Established in March 2005, the Qatar Financial Centre (QFC) is a business and financial centre in Doha, providing legal and business infrastructure for financial services. Minister of state for external affairs E Ahmed formally inaugurated the branch in presence of the SBI managing directors and group executives Hemant Contractor and A Krishna Kumar, an SBI statement said.

Speaking on the occasion, managing director and group executive for international banking Contractor said, "The branch will cater to business customers like corporate clients and aims at contributing to the growth of trade between the two nations in addition to extending a bouquet of services like project finance, syndication, trade finance among other products to Qatari corporates."

Managing director and group executive for national banking Kumar said, "The branch will deal in local as well as foreign currencies and will offer services to business customers including HNIs." The State Bank has over 13,700 branches and 170 overseas offices spanning 34 countries.

In the late afternoon, SBI was trading at around Rs1,795.20 per share on the Bombay Stock Exchange, 1.25% up from the previous close.

User

Urban households expect inflation to be 12.9% by Sept: RBI survey

 Housewives surveyed expect inflation to be 13% by September 2012, daily wage workers said it would be 13.4%

Urban households expect inflation to remain high till the first half of next financial year 2012-13, a survey by the Reserve Bank of India (RBI) has found.

For September 2012, household inflation is expected to be 12.9%, same as perceived for June 2012, and daily-wage workers and housewives expected higher inflation rates to continue, the survey said.

As per the 'Inflation Expectations Survey of Households: September, 2011 (Round 25)' conducted by the apex bank, the rise will be mainly on account of movement in food prices. About 27% of respondents believe that the Reserve Bank is taking necessary action to control inflation.

While housewives surveyed expect inflation to be 13% by September 2012, daily wage workers said it would be 13.4%. On the other hand, financial sector employees and self-employed projected inflation to be 12.3% and 12.8%, respectively, by the year-end.

"The general price expectations are observed to be more aligned with food price expectations as compared with other product groups. Around 90% of the respondents appeared to have been driven by expected changes in food prices for arriving at general price expectations," the survey said.

The survey found that households expect inflation to rise further by 120 basis points during the next 12 months from the perceived current rate of 11.7% in the July-September quarter of the current fiscal.

Headline inflation, as measured by Wholesale Price Index (WPI) has been hovering above 9% since December, 2010. It stood at 9.72% in September and 9.73% in October this year.

However, after being in double-digit for over a month, food inflation has shown a moderating trend since late October and fell to a 39-month low of 6.6% for the week ending November 26.

"From September 2010 round of the survey, household inflation expectations are higher than the official inflation rates," the survey said.

The survey was conducted in July-September 2011 and covered 4,000 urban households across 12 cities for the October-December 2011 quarter and the July 2011-June 2012 period. The RBI and the government have forecast headline inflation to moderate to around 7% by March 2012.

User

Credit card deal value up 33% in October

Credit card transactions during the April-October period were worth Rs54,369.69 crore, up 30.1% over the corresponding period of 2010-11

Credit card transactions in October were worth Rs8,997.63 crore, up 33.1% from that in the corresponding period last year. The number of credit cards in circulation has, however, declined by 3.3% to 17600,000 as of October 31, according to the Reserve Bank of India.

Credit card transactions during the April-October period were worth Rs54,369.69 crore, up 30.1% over the corresponding period of 2010-11. Debit card transactions rose 50.5% in October to Rs5,591.06 crore.

There were 255 million debit cards in use as of October 31, up 22.8%  from the year-ago period. Transactions by debit card during the April-October period were up 43.8% per cent at Rs20,176.26 crore. Experts said the jump in transaction points to greater use of the electronic payments system, as people move away from old formats of payment, especially in major urban centres.

In 2010-11, transactions through credit cards in the country rose 22.15% to touch Rs75,515.68 crore in value terms. Debit card transactions rose 46.46% in the last financial year to Rs38,691.88 crore.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)