UCO VASANTH BONANZA - Fixed Deposit Scheme

Normal 0 MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman";} UCO Bank Launched a A limited duration Fixed Deposit Scheme providing benefits of high...

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Bank of Maharashtra restructures around Rs 1,100-cr debt of Rajasthan SEB

MUMBAI: Bank of Maharashtra (BoM) has restructured around Rs 1,100 crore loan, that has been extended to Rajasthan State Electricity Board (RSEB), in the third quarter ended December 31, a top official said on Friday. "The loan extended to Rajasthan State Electricity Board, which is around Rs 1,100 crore, has been restructured in the third quarter to give more time to the board for making repayment," said the official, who wished not to be named. The public sector lender had got a good deal as part of the restructuring process, he said. "We have...

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Bank of Maharashtra net jumps 50% in Q3

Bank of Maharashtra reported a 50 per cent increase in net profit to Rs 135.54 crore in the October-December 2011 period on the back of a healthy growth in net interest income and non-interest income. The public sector bank had reported a net profit of Rs 90 crore in the corresponding period last year. In the reporting period, net interest income increased by 24 per cent to Rs 645 crore (Rs 522 crore in the October-December 2010 period) and non-interest income was up by 21 per cent to Rs 150 crore (Rs 123.50 crore). The Chairman and Managing Director,...

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LIC crosses one-million mark in health insurance coverage

The Life Insurance Corporation of India has crossed the one-million mark in cumulative lives covered under its health insurance segment. “One of the major drivers of this growth has been Jeevan Arogya, a benefit health insurance product launched last year,” Ms Renu Jain, Head, Health Insurance Business, LIC, told Business Line here on Friday. The total number of policies was over 5.44 lakh. The cumulative lives covered were 10,04,525, while the premium was Rs 395 crore. Jeevan Arogya policy alone had brought the first premium of Rs 63 crore within...

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Muthoot Precious Metals launches new gold scheme

Muthoot Precious Metals Corporation (MPMC), one of the group companies of the Kerala-based Muthoot Group, launched a new scheme called ‘Muthoot Kanaka Vrishty Cumulative Scheme' here on Friday. Under this plan, an individual, singly or jointly with any other person, must make a minimum monthly payment of Rs 1,000 and in multiples of Rs 500. This is a fixed advance payment plan for a tenure of 16, 23 and 28 months. The customer can get the gold coin/bars after 12 months at today's price through 12 equal monthly instalments. A processing fee of two...

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Syndicate Bank Q3 net profit rises 32%

Syndicate Bank's net profit grew 32 per cent during the third quarter of this fiscal on the back of higher net interest income and operating profits. The bank's net profit for the period stood at Rs 1,004 crore (Rs 759 crore), while net interest income was Rs 1,325 crore (Rs 1,150 crore). The bank's operating profit grew 30 per cent to Rs 2,556 crore (Rs 2,078 crore). Other income increased by 17 per cent to Rs 776 crore (Rs 660 crore), mainly due to an increase in fee-based income, said a press release from the bank. Gross NPAs (non-performing...

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Karnataka Bank net up 87% in Q3

Karnataka Bank Ltd has recorded a growth of 86.71 per cent in net profit due to the increase in the spread and strong credit growth. Net profit was at Rs 72.05 crore for the third quarter of 2011-12 against Rs 38.59 crore in the same period of the previous fiscal. Speaking to Business Line after the board meeting here on Saturday, Mr P. Jayarama Bhat, Managing Director and Chief Executive Officer, said that the increase in the spread and the strong credit growth have contributed to the growth. The spread increased to 4.53 per cent (3.87 per cent)....

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IFCI keen on raising stake in Stock Holding Corp

IFCI is looking to strengthen its holding in Stock Holding Corporation of India Ltd (SHCIL), the country's largest custodian of shares and other securities. It is open to acquiring more stake in SHCIL if the other shareholders are willing to offload, Mr Atul Rai, Chief Executive Officer and Managing Director of IFCI, said here on Friday. “SGCIL is a great business. We are looking forward to increase our stake,” he said when asked if he would prefer IFCI having a controlling stake of 51 per cent in SHCIL. IFCI had recently bought out ICICI Bank's...

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Axis Bank Q3 net up 24% on robust interest, fee incomes

Axis Bank's net profit increased by 24 per cent to Rs 1,102 crore for the quarter ended December 31, 2011, from Rs 891 crore in the corresponding year-ago quarter, on the back of robust growth in both interest and fee income. The bank's performance in the just-ended quarter was satisfactory, although it was a challenging quarter, said Mr Somnath Sengupta, ED and CFO, Axis Bank. Growth in fee income was broad based and from all segments such as retail, corporate and treasury. Advances growth too was across all segments, although retail advances...

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UCO Bank to auction a part of stressed assets

Kolkata based UCO Bank has decided auction its bad loans in a bid to lower its non performing assets. It has called for bids from investors for a stressed portfolio of Rs 327 crore comprising 45 loan accounts. These 45 accounts includes assets like J B Diamond, Ind Synergy and Asian Electronics, officials from banking industry told ET on condition of anonymity. A number of asset reconstruction companies are likely to bid, they added. The bad loan market usually becomes active in the second half of a fiscal year as bank tries to meet annual targets...

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RBI, banks in talks for recast of power sector loans, says SBI

NEW DELHI: Country's largest lender State Bank of India has said that banks are in talks with the Reserve Bank of India on possible restructuring of loans to the power sector projects that are facing problems in implementation. "We are working with the RBI on how this can be done without the banks being required to make any provisioning," said SBI's Chairman Pratip Chaudhuri. He, however, clarified that the State Bank of India, which has over Rs 32,000 crore exposure in the power sector, has not yet received any "special request" from the power...

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SKS Micro posts Rs 428-cr loss

SKS Microfinance Ltd has posted a net loss of Rs 428 crore in the third quarter ended December 31, 2011. The Hyderabad-based company had earned Rs 34 crore net profit in the corresponding quarter of previous financial year. The loss was due to Rs 358.66 crore provisions and write-offs made during the period under review, largely on account of Andhra Pradesh Microfinance crisis. “In the absence of virtual certainty of future taxable profits supported by convincing evidence, the net deferred tax asset amounting to Rs 353 crore as at December 31,...

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Move to reposition Nabard as ‘commercial entity' irks staff

The All-India Nabard Employees' Association (AINEA) has described as retrograde the move to reposition the apex-level bank as a ‘commercial entity'. The association has twice moved the management against the move, Mr Jose T. Abraham, Vice-President, AINEA, told Business Line here. ROLE STRIPPER The repositioning, as proposed by the Boston Consulting Group (BCG), is aimed at stripping Nabard of its ‘development finance' role, the association said. Mr Tapas Sen, Member of Parliament, has written to the Finance Minister requesting his intervention...

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Bank borrowings test RBI's CRR resolve

MUMBAI: Bank borrowings from the Reserve Bank of India has doubled in two weeks, testing the Reserve Bank of India's resolve not to signal a shift in monetary stance of fighting inflation by easing the cash reserve requirement. The maturity of forward contracts where the central bank had sold US dollars to prevent the rupee slide last month, and higher demand for funds from companies that no more want to borrow overseas due to higher rates, could push up interest in the domestic market in the short term, traders say. "The selling by RBI for intervention...

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