IT can play a role in financial inclusion: Azim Premji

THRISSUR: Wipro Chairman and Managing Director Azim Premji said information technology can help increase reach of financial services to the poor in rural areas. Besides bracing up to face the stiff competition, Indian banking system should be ready to shoulder new responsibilities like financial inclusion and penetration into the rural sector to serve the less privileged, Premji said while inaugurating renovated corporate office of South Indian Bank here. Financial inclusion in India at present compared poorly with its peers in Asia. Rural penetration...

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Government bond falls on selling pressure

The government bond prices declined due to fresh selling pressure from banks and corporates, while call rates finished higher at 7.00 per cent at the overnight call money market here today, owing to good demand from borrowing banks.The 8.08 per cent government security maturing in 2022 declined to Rs 100.00 from of 100.17, while its yield moved up to 8.08 per cent from 8.06 per cent. The 8.13 per cent government security maturing in 2022 dropped to Rs 100.49 from Rs 100.71, while its yield rose to 8.06 per cent from 8.03 per cent. The 8.26 per...

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Tata Motors Nano could enter Europe in 2-3 yrs-CEO

FRANKFURT: India's Tata Motors could bring its small car Nano, touted as the world's cheapest car, to the European market as early as 2013, although a final decision has not been made, its chief executive told a paper. Asked whether the Nano would be made available in Europe, Carl-Peter Forster told German newspaper Frankfurter Rundschau in an interview published on Saturday: "We don't know yet. But it will certainly take two to three years." Sales of the Nano -- costing slightly more than $2,000 apiece -- doubled in February to 8,262 units. Tata...

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Bank of Baroda chief M D Mallya is BS Banker of the Year

Mangalore Devdas Mallya, the chairman & managing director of Bank of Baroda, is the Business Standard Banker of the Year for 2010. Mallya was chosen by a five-member jury headed by Securities & Exchange Board of India’s former chairman, M Damodaran, for BoB’s sterling performance over the last couple of years. The jury had shortlisted three bankers from 30 on performance parameters ranging from growth in deposits, advances, assets and bad debt to return on assets and business per employee. Mallya took charge of BoB in 2008 at a time when...

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Bank of India close to buying 51 pct in Bharti AXA Investment

MUMBAI: State-run Bank of India is close to buying a 51 percent stake in Bharti AXA Investment Managers , a joint venture between India's Bharti Enterprises and AXA Asia Pacific Holdings Ltd , the Business Standard newspaper reported on Saturday. "We are in an advanced stage of negotiations with Bharti AXA for picking up a majority stake in their asset management company," the report quoted an unnamed bank official as saying. "Things have more or less fallen in place. We are just awaiting the final contours of the deal. The deal is likely to...

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SBI launches SMS Unhappy Service

The country's largest lender State Bank of India (SBI), has launched an additional channel for redressing customer grievances- 'SMS Unhappy Service'. The channel is still in its nascent stage as the full-fledged launch is yet to take place. “We have gone for the soft launch of the programme at all the 14 local head offices (LHOs) located across the country. Once we get a good response from the soft launch of the programme, we will go for a formal launch. As of now, we are getting thousands of complaints from our customers through this channel.”...

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South Indian Bank opens 30 new branches in a day

THRISSUR: South Indian Bank , headquartered in this district of Kerala, Saturday opened 30 new branches at various locations in the country taking its network strength to 640. Azim Premji, chairman and MD of Wipro, inaugurated the renovated corporate office of the bank here. Acknowledging that Wipro had huge stakes in banking, Premji said banks in the country had to face the dynamism of a changing world. "They have to face increased competition and shoulder many new responsibilities, including those pertaining to the rural sector, and serve...

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Karnataka Bank to raise Rs 457 cr via rights issue

Reuters / Mumbai March 4, 2011, 10:10 IST Karnataka Bank plans to raise Rs 457 crore via rights share issue, it said in a newspaper advertisement on Friday. The bank had earlier said its 2-for-5 rights issue at Rs 85 per share will open on March 8. Source:Business-Stand...

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