Bank of Baroda expects 24% growth by March 2012

State-owned Bank of Baroda (BoB) is expecting total business growth of about 24 percent over last year at the end of March 2012. "We plan to achieve a total business of more than Rs 6,50,000 crore at the end of March (2012). We are expecting a total business growth of about 24 percent year-on-year basis," Bank of Baroda chairman M.D. Mallya told reporters on the sidelines of "SME(small marginal enterprise) Festival 2012" here Friday evening. Mallya said the bank will gain a domestic credit growth of 20 percent at the end of the current financial...

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Bank of Baroda to expand overseas network

Public sector Bank of Baroda (BoB) will expand its overseas network by increasing up its presence in Africa, Middle East and entering New Zealand for the first time, a top company official said. "We want to increase our presence in the overseas market. We are present in 87 countries, which will go up to 100 by June 2012," BoB's Chairman and Managing Director M D Mallya said. The bank would increase its presence in Africa and the Middle East, while it would enter New Zealand for the first time. Regarding African operations, he told reporters last...

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Vijaya Bank organises housing loan campaign in Hubli

Vijaya Bank Regional office in Hubli is organising a two-day housing loan special campaign on Saturday and Sunday at RACPC Center at Vijaya Bank, Vidyanagar Branch, Hubli (phone 0836-237485/ Mobile - 8904090903). According to Regional manager Mr B.A. Tata, the main purpose of the mela is to attract more housing loan customers and the highlight of the campaign is offering lowest interest rate on housing loan, 50 per cent concession in processing charges, no pre-payment charges and loans will be sanctioned within three days....

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ING Life Insurance launches 3 new plans

ING Life Insurance has launched three new products in the traditional insurance space. According to the company, the new products are: ING Secured Income Insurance Plans, ING Star Life and ING Critical Illness Riders....

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IDFC Q3 net profit up 27%

Infrastructure finance company, IDFC Ltd posted a net profit of Rs 387 crore in the December-ended quarter, up 27 per cent from Rs 304 crore in the corresponding quarter last year, said a press release from the company. Net interest income during the period increased by 30 per cent to Rs 1,527 crore (Rs 1,171 crore). Non-interest income decreased by 3 per cent to Rs 710 crore (Rs 729 crore). This was primarily on account of a decline of 63 per cent in income from investment banking and broking activity to Rs 60 crore (Rs 161 crore). Loan-related...

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SIDBI's credit growth likely to dip to 21% this fiscal

The Small Industries Development Bank of India (SIDBI) might witness a dip in credit growth on a year-on-year basis at 21 per cent this fiscal, as against 25 per cent during year ago period. The 21 per cent growth is however, marginally higher than the targeted growth of 20 per cent for this fiscal, said Mr N. Raman, Executive Director, SIDBI. “We had achieved more than 25 per cent growth in credit last fiscal. This year, however, the growth is slightly subdued. We might be able to post a credit growth of about 21 per cent this year,” Mr Raman...

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Paperless insurance likely in a year: IRDA chief

You can expect your insurance transactions to be paperless in the next one year, thanks to an initiative by the Insurance Regulatory and Development Authority. “We are working on making insurance paperless and have short-listed about four data repositories, including National Securities Depository Ltd, for the purpose,” Mr J. Hari Narayan, Chairman, IRDA, told newspersons on the sidelines of a roundtable on distribution in insurance organised by the Confederation of Indian Industry here on Friday. Data repositories and data warehouses are vital...

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BoI to revamp 350 large city branches

Public sector lender Bank of India will revamp up to 350 key branches in metro and large cities to project these as “Branch of the Future” over the next 18 months to scale up the retail business. Executive director N Sheshadri said its first pilot branch is already operational at Chembur, a Mumbai suburb. The bank will remodel 200 such branches in the next six to eight months. The focus is on upgrading customer services to retail clients. Attracting the young by providing the latest communication devices at branches for transactions will top the...

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Sebi wants 500 violators blacklisted

Capital market regulator Sebi has decided to share with the Ministry of Corporate Affairs the names of about 500 companies that allegedly garnered money from investors in violation of its Collective Investment Scheme (CIS) rules. Sebi (the Securities and Exchange Board of India) would also give the names of the directors of such entities to the ministry so that necessary action can be taken to prevent these companies and persons from associating with any new company, a senior official says. The Collective Investment Schemes, where an entity pools...

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Standard Chartered Bank lends Rs 250 crore to Bangalore realty firm, DivyaSree Developers

Standard Chartered Bank has lent 250 crore of construction loan to DivyaSree Developers for developing a mixed used project in Bangalore, said more than one person with direct knowledge of the development. The mixed-use residential project, DivyaSree Technopolis, is being built on the Old Airport Road in Bangalore. DivyaSree Developers refused to comment on the transaction. Standard Chartered could not be reached for a comment. The Bangalore-based builder is also in talks with private equity funds, including the PE arm of Standard Chartered to...

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United bank signs remittance deals with Nepal's Global bank

Kolkata State-run United Bank of India has entered into an agreement with Nepal's Global Bank to launch remittance facility to a large segment of Nepalese population working in India. UBI became the third bank in India to offer Indo-Nepal remittance services. Under the agreement, a person of Nepalese origin can remit funds in Indian rupee to a beneficiary in Nepal through any of the designated branches of UBI. The remitter will be provided with a unique PIN which will then be communicated by the remitter to the beneficiary in Nepal. The beneficiary...

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Air India begins sounding LIC and mutual funds for bond sale

Government-owned Air India, which is to issue non-convertible debentures (NCDs) to raise funds for repaying its debt mountain, has begun informally sounding Life Insurance Corporation (LIC) of India, mutual fund houses and government-owned non-life insurance companies to subscribe to the issue, bankers said. Permission from a group of ministers came yesterday for the NCD issue, as part of a debt recast plan; it has still to be approved by the Cabinet. The NCDs are, goes the proposal, to be guaranteed by the government and aimed to raise Rs 7,400...

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Deutsche Bank exits Lodha Developers, gains $183 mn

MUMBAI: Germany's Deutsche Bank has gained 9 billion rupees ($183.09 million) after exiting from a four-year investment in Mumbai-based builders Lodha Developers, the Indian company said. Deutsche Bank was paid 25.42 billion rupees, 55 percent more than its investment of 16.4 billion rupees in late 2007, it said on Thursday. A spokesman for Deutsche Bank in Mumbai declined comment. Lodha funded 17.2 billion rupees of the repayment from cash generated through sales of residential units in its projects across Mumbai, including in its flagship 117-storey...

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Shriram Transport to get new MD

Non-banking finance company, Shriram Transport Finance, Deputy Managing Director Mr Umesh Revankar is all set to become the company’s new Managing Director from April. The company said “regarding the succession plan for the Chief Executive Officer, the board of directors will decide the appointment of Mr Umesh Revankar as Additional Director as well as Managing Director of the company with effect from April one, 2012“. Mr Revankar, alumni of Mangalore University and also from Harvard Business School respectively has been in Shriram Transport Finance...

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Bank of Maharashtra to raise capital from LIC, second after Dena Bank

MUMBAI: The Bank of Maharahstra will be the second bank after Dena Bank to raise capital from Life Insurance Corporation (LIC), in a move aimed at boosting their capital. The board of the bank will meet on February 10 to consider issuing shares on preferential basis to government or LIC, according to a statement issued to the stock exchange. Widening fiscal deficit has prompted government to approach LIC to invest in government owned banks- a move which will help government to trim expenses and yet retain control over banks. Government had targeted...

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Punjab & Sind Bank abolishes prepayment fines on housing loans

NEW DELHI: Punjab & Sind Bank on Wednesday said it has abolished pre-payment penalties on housing loans for all types of borrowers with immediate effect. "The decision to waive repayment charges on housing loans reflects the concern of the bank for its borrowing clientele desirous of repaying housing loans before their repayment schedule," PSB Chairman and Managing Director D P Singh said in a statement. He said the bank has kept the interests of the customer in the forefront while framing policies. State Bank of India, ICICI Bank and Central...

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FIR vs Kotak Mahindra, directors stands

The Supreme Court has refused to quash an FIR against Kotak Mahindra Bank and its nine top executives in a case relating to alleged criminal conspiracy to cheat a liquor manufacturer on the pretext of settling debts. However, the apex court also said "no coercive measures" will be taken against the executives till eight weeks' time during which they can seek bail from the concerned court. The FIR was lodged in Raisen district of Madhya Pradesh against the Kotak Mahindra Bank and its directors-- Anand Mahindra, Pradeep Kotak, Cyril Shroff, Shivaji...

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Axis Bank travel currency card volume crosses $2 bn mark

Private sector lender, Axis Bank today said sales and usage volumes for its travel currency card used for international travel have crossed USD 2 billion. In a statement issued here, the bank claimed it holds 48 percent market share in the segment currently and that this is the first time anywhere in the world that any bank has crossed USD 2 billion in sales for such a card. The city-based bank said the product, launched in 2003 crossed, had surpassed the USD 1 billion mark in 2009. The card allows users the ability to top-up money in 11 currencies...

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Federal Bank announces scholarship programme

Fedbank Hormis Memorial Foundation, the public charitable trust formed by Federal Bank to perpetuate the fond memories of its founder K.P. Hormis, has invited applications for the Foundation's scholarships for the year 2011-12. Students of Indian origin studying in Kerala and Tamil Nadu in any of the Government/Aided/ self-financing colleges are eligible for reimbursement of 100 per cent of tuition fees, subject to a maximum of Rs 75,000 a year. The courses eligible for the scholarship are Medicine (MBBS); Engineering (BE/ B.Tech); Agriculture...

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Corp Bank workshop on forex

Corporation Bank, in association with FEDAI (Foreign Exchange Dealers' Association of India) Mumbai, has organised an orientation workshop on foreign exchange in Mangalore. A bank release said here that the workshop, from February 6 to 11, is being attended by 33 bankers from 17 banks. Inaugurating the workshop, Mr H.S. Saini, General Manager of the bank, said that it is very important for bankers to be abreast with the latest guidelines of the Reserve Bank of India and the Foreign Exchange Management Act as today's customers are well informed...

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Vijaya Bank revises rates on FCNR (B) deposits

Vijaya Bank has revised interest rates on FCNR (B) deposits with effect from February 1. The revised interest rates are as follows: For one year to less than two years period – £3.14 per cent, $2.35 per cent, €2.98 per cent, AU$6.13 per cent, CAD 3.12 per cent. For two years to less than three years period - £2.49 per cent, $1.78 per cent, €2.42 per cent, AU$5.09 per cent, CAD 2.44 per cent. For three years to less than four years period - £2.51 per cent, $1.87 per cent, €2.50 per cent, AU$5.13 per cent, CAD 2.50 per cent. For four years to less...

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Central Bank plans to hire 2,700 personnel this year

One of the oldest state-run banks, Central Bank of India is on a massive recruitment exercise, a senior official of the bank said here. The bank plans to recruit 2,700 people this year to add to the 3,200 recruited last year. Ms Vijayalakshmi R. Iyer, Executive Director, Central Bank of India, said that this number would be exclusive of the addition in specialised segments such as treasury operations, legal, and so on. “The recruitment exercise was triggered by large number of retirements. Around 1,500 to 1,800 are retiring every year, over the...

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Manappuram Finance plunges 20%; corporate governance in question

KOCHI/MUMBAI: Manappuram Finance, the second-biggest lender against gold, plunged 19.96% as investors worried about its ability to continue sourcing funds and questions were raised about corporate governance after the RBI said the company and its group cannot access public deposits. Depositors remained calm with little signs of panic as the company assured that all was fine with its operations and the central bank's diktat will have limited impact on its operations or its ability to serve them. "There are enquiries and clarifications, but everything...

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Temasek to sell 1.4% in ICICI Bank

Singapore state investor Temasek Holdings is selling 1.38 per cent stake in India’s No. 2 lender, ICICI Bank, according to a term sheet seen by Reuters, in a deal to raise up to Rs 1,472.3 crore. The share sale comes less than a week after Carlyle Group and Warburg Pincus took advantage of India’s recent market gains to pare stakes in two financial companies, in deals worth Rs 2,138 crore. The Sensex is up 14 per cent so far this year, mainly led by financial stocks. Temasek held 39.83 million shares of ICICI Bank, or 3.46 per cent, as of end-December,...

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RBI asks banks to refund unclaimed deposits of Rs 1,700 cr

In a development which may bring cheer to some, RBI on Tuesday asked banks to locate and refund unclaimed deposits estimated at over Rs 1,700 crore. “Keeping in view public interest, it has been decided that banks should...play a more pro-active role in finding the whereabouts of the account holders of unclaimed deposits/ inoperative accounts. “Banks are, therefore, advised that they should display the list of unclaimed deposits/inoperative accounts which are inactive/inoperative for ten years or more on their respective websites,” the Reserve...

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Islamic finance training comes to India

Ethica Institute of Islamic Finance, a leading Islamic finance training and certification institute, has granted Infinity Consultants, an India-based advisory firm, rights to exclusively market and sell Ethica training across India. Bids for the Ethica country exclusivity licence began last year and were concluded recently. Other country exclusivity licences currently under discussion include ones for Pakistan, Oman, Australia, Nigeria, France, and Germany, a statement released here said. Ethica is currently offered in 43 countries and this will...

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Nabard to help introduce CBS in 4 district co-op banks

To face competition from regional rural banks and scheduled commercial banks, Nabard plans to help introduce core banking solutions (CBS) to four district central co-operative banks in Karnataka. The four districts identified are Kodagu, Kanara, Chikmagalur and Bijapur. Tata Consultancy Services is the technology provider in Karnataka. The four banks signed agreements with TCS on Tuesday. According to Mr S.N.A. Jinnah, Chief General Manager, Nabard, “We are to play the role of an advisor and facilitator in the process and extend project management...

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YES Bank ties up with Buldana society for doorstep service

YES Bank, which is keen to enhance its priority sector lending, has tied up with the Buldana Urban Cooperative Credit Society to help the Society with its new customer service initiative entailing door-step para-banking services. The Society has launched a new doorstep service, called Nano Teller, where the credit society employee visiting the customer's house can help him make a deposit or allow withdrawal up to Rs 10,000 from his savings account. The cash handling would be done by the society's employee using a small swipe card machine and a...

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SBH launches welfare scheme for underprivileged girls

State Bank of Hyderabad has launched a welfare scheme to provide financial assistance to underprivileged/differently abled girl students. Under the scheme, christened as ‘SBH Vidya', each of the 1,410 branches of SBH in Andhra Pradesh will adopt a student studying between VI-X standard based on the recommendation of the school management committee. The identified students would be extended Rs 5,000 per year as financial support to meet various requirements till she reaches X standard. “Each year, we propose to extend this assistance to new beneficiaries...

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Reliance Life launches new money-back plan

Anil Ambani Group controlled Reliance Life Insurance Ltd is planning to engage young graduates and housewives to break into the rural and semi-urban markets. Unlike the traditional model of paying commission to insurance agents on the basis of business generated by them, Reliance Life plans to engage fresh graduates on a trainee basis on a fixed stipend to distribute its products. This apart, the company also plans to employ young women freshly out of college or housewives at a fixed monthly salary in select locations, said Mr Malay Ghosh, Executive...

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Vijaya Bank sanctions Rs 500 cr for MSME

Vijaya Bank has accorded in-principle sanction of up to Rs 500 crore for the MSME (Micro, Small & Medium Enterprises) sector during 21 mela's across the country. With a view to give thrust to the MSME sector, the bank is organising a two-day mela at Patancheru Industrial area. The event was inaugurated by Ms Shubhalakshmi Panse, Executive Director of the Bank today. Speaking at the function she said Vijaya Bank was giving more than 28 per cent to MSMEs through special cells of the bank across the country. The sector is very important and growing...

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