HDFC Bank and the US mortgage lender Wells Fargo have joined hands to enable NRIs in the United States to remit money to their beneficiarys HDFC Bank savings account in India. The new service aims to cash in on the Wells Fargos number of banking locations among US banks and HDFC Banks over 2500 branches in India. HDFC Bank said that it is already a preferred remittance channels for NRIs residing in The Gulf. India has consistently been the top recipient of remittances with the largest chunks coming from The Gulf and the US according to the World Bank and this is evident by high customer demand as well, said Daniel Ayala, executive vice-president and head of Wells Fargos Global Remittance Services.
RBI notifies Bank of Baroda aggregate shareholdings
The Reserve Bank of India on Monday notified that the aggregate share holdings in Bank of Baroda by Foreign Institutional Investors (FIIs)/Non Resident Indian (NRIs)/Persons of Indian Origins (PIOs) under the Portfolio Investment Scheme (PIS) have gone below the prescribed threshold limit stipulated under the extant FDI Policy.
Bajaj Allianz Gen Insurance appoints Tapan as MD, CEO
Private insurer Bajaj Allianz General Insurance said it has appointed Tapan Singhel as the managing directer and CEO. Singhel has been the chief marketing officer and will be taking over from Hemant Kaul, who has been relocated to Singapore, Bajaj Allianz said in a statement. "We are confident that Singhel, who has been with the company since its inception, will be able to sustain its success going forward," Bajaj Allianz Director and Bajaj Finserv managing director Sanjiv Bajaj said.