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Friday, January 28, 2011

Bunty aur babli, Single property and eight home loans

As many as eight banks have put up notices, fixed various seals and pasted announcements that the property has been mortgaged to them. The owners, Dinesh Reddy and his wife Kalarani, who took all these banks for a ride, are absconding. The eight banks are now tied up in a knot and are struggling to find a solution to the imbroglio. The couple had taken loans of approximately Rs 25 lakh from each of the eight banks - Canara Bank, Syndicate Bank (Jayanagar III Block), GIC Housing Finance, State Bank of Mysore (JP Nagar), UCO Bank (Banashankari), State Bank of Travancore (Girinagar), State Bank of India (Chamarajpet) and Corporation Bank (Jayanagar III Block). A notice pasted on the house, built...
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Monday, January 24, 2011

UCO Bank to sell stressed assets

UCO Bank is preparation to sell some of its stressed assets as part of its efforts to develop the asset quality. “We are looking to sell Rs 280 crore of stressed assets. Within the next 10-15 days, we should be able to finalise one deal. We will sell more of these stressed assets so that we can reduce the portfolio,” said Mr Arun Kaul, CMD of the bank. The bank will look to sell at least one more tranche in the near future, he said. “The NPAs are slightly on the higher side. Slippages are very large. For six months, slippages are nearly Rs 1,100 crore. Gross NPAs have gone above 2.3 per cent as on September-end. So we are making a lot of efforts to improve the quality of assets”, said...
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Sunday, January 23, 2011

Answers of Arun Kaul, CMD, UCO Bank

Kolkata-based UCO Bank, which had a smaller customer base among its peers, wants to focus on customer acquisition, to help in increasing the share of low-cost deposits. In an interview with Business Standard, Arun Kaul, chairman and managing director, who took charge three months before, discusses the strategies with Manojit Saha. Edited excerpts: What areas do you want to focus? I identified a few challenges when I took over the bank. First, I have noticed the current and savings account deposits (Casa) are radically low. Casa has been low as compared to other banks of the same size and there were two reasons. One, customer acquisition was very slow. The customer base was also small as...
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80CCF deduction on long-term infrastructure bonds notified

80CCF deduction on long-term infrastructure bonds notified Notification No. 48/2010[F.No.149/84/2010-SO(TPL)],dated 9-7-2010 In exercise of the powers conferred by section 80CCF of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies bonds, subject to the following conditions, as long-term infrastructure bonds for the purposes of the said section namely :- (a) Name of the bond – The name of the bond shall be “Long-term Infrastructure Bond”.(b)   Issuer of the bond – The bond shall be issued by :-(i)   Industrial Finance Corporation of India;(ii)  Life Insurance Corporation of India;(iii) Infrastructure Development Finance Company Limited;(iv) ...
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