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Friday, July 27, 2012

SKS Microfinance: Deutsche Sec buys 9%

Deutsche Securities Mauritius has picked up 9.15 per cent stake in SKS Microfinance for an estimated Rs 78 crore.Deutsche Bank arm has picked up 95 lakh shares through qualified institutional placement basis, the German bank said in a BSE filing.Deutsche Securities Mauritius expected to have paid about Rs 77.9 crore at today's closing price for picking up shares of Hyderabad based micro finance company. Source: Financial Expre...
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SBI raises $1.25 billion from overseas bond sale

State Bank of India raised $1.25 billion from an overseas-dollar-denominated bond sale on Thursday. This is the largest single-tranche offering by a public sector bank from India.The bank’s London branch issued 4.125 per cent five-year-notes due in July 2017 at 375 basis points, spread over five-year US Treasuries. The notes offer the lowest ever coupon achieved for an Indian issuer in the US dollar bond market in the five-year tenure, said a banker close to the development. The notes, a debt instrument, are rated Baa2 by Moody’s and BBB- by...
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State Bank of India to hire 7,740 clerks

State Bank of India will recruit 7,740 clerks to work in its associate banks. According to a notification posted on SBI’s portal, the online registration of applications would begin on July 30 and will continue till August 13. The written examination is likely to be conducted in two phases on October 7 and 14. A clerk in SBI would earn approximately Rs 14,200 a month. A first division in intermediate or a degree from a recognised university is the minimum educational qualification required to apply for the examination. Mr C.S. Vepa, Director...
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Thursday, July 26, 2012

Exim Bank pays Rs 205 cr dividend

The Export-Import Bank of India (Exim Bank) has paid a dividend of Rs 205 crore to the Government. Mr T. C. A. Ranganathan, Chairman & Managing Director, Exim Bank, presented an RTGS receipt representing return on capital to Mr Namo Narain Meena, Union Minister of State for Finance, on Tuesday....
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Indian Bank makes Rs 32-cr provision for Air India loan

Indian Bank has made a provision of Rs 32 crore against its Rs 800-crore loan to Air India, the bank’s Chairman and Managing Director, Mr T. M. Bhasin, said at a press conference here today.He said the bank was required to make Rs 8 crore of provision for each of the four quarters of the year, but it decided to take the entire provision in the first quarter itself.Except for Air India, the bank has no other exposure to the aviation sector.Indian Bank has restructured loans worth Rs 9,918 crore (loans for which payment terms have been reset...
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Get credit score before applying for home loan, says CIBIL

Stressing that borrowers with a credit score of 750 and above have a higher chance of getting a home loan, the Credit Information Bureau (India) Ltd (CIBIL) on Wednesday urged consumers to get their credit scores before applying for loans with banks and financial institutions.Citing CIBIL data that show 88 per cent of home loan borrowers in 2011 had a credit score of 750 and above on a scale of between 300 and 900, Mr Arun Thukral, Managing Director, told a news conference here that home loan inquiries had doubled since 2007, indicating the...
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PNB pays Rs 418.61 cr dividend to Centre

Punjab National Bank (PNB) has paid Rs 418.61 crore to the Central Government towards dividend for the financial year 2011-12.The dividend payment advice for Rs 418.61 crore was handed to Mr Namo Narain Meena, Minister of State for Finance, by Mr K.R.Kamath, Chairman & Managing Director of the bank, here on Tuesday.Also present on the occasion were Executive Directors, Mr Rakesh Sethi and Ms Usha Ananthasubramanian.For the financial year 2011-12, this public sector lender had declared a dividend of 220 per cent, i.e Rs 22 per share of Rs...
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YES Bank profit soars 34% on income growth

Robust growth in net interest income and other income helped YES Bank report a 34 per cent increase in net profit in the April-June quarter.The private sector bank clocked a net profit of Rs 290 crore against Rs 216 crore in the year-ago period.Net interest income (difference between interest earned and expended) rose 33 per cent to Rs 472 crore.Non-interest income, comprising financial advisory, investment banking, financial markets and fee income, jumped 74 per cent to Rs 288 crore.Net interest margin (expressed as a ratio of net interest...
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Vijaya Bank Q1 net up 54% on lower provisioning, higher interest income

Lower provisioning for NPAs and higher net interest income lifted Vijaya Bank’s first quarter net profit by 54 per cent to Rs 111.36 crore. The bank provided Rs 130 crore for NPAs this quarter compared with Rs 231 crore for the same period last year. Total income for the quarter grew 18.8 per cent year on year to Rs 2,319.9 crore (Rs 1,953.4 crore). Net interest margin grew 7.5 per cent at Rs 455 crore. The bank saw 23 per cent increase in interest income at Rs 2,197 crore. Mr H.S. Upendra Kamath, Chairman and Managing Director, told a...
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Wednesday, July 25, 2012

Mobile banking has failed to take off in India: RBI

The Reserve Bank of India (RBI) deputy governor H R Khan has hinted that mobile banking has failed take-off in India and hence has called upon banks and mobile companies to work together for the benefit of their customers. At a seminar in Bhubaneswar, Khan said that the growth rate in the value and the volume of mobile based transaction is much lower compared to the number of bank accounts and number of mobile subscribers.Mobile banking transactions are transactions where customers undertake banking transactions using mobile phones involving...
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PNB’s mega agriculture credit camp in Perambalur

Punjab National Bank conducted a mega agriculture credit camp in Perambalur near Tiruchi on Tuesday. This camp was part of the month-long ‘Special Agriculture Credit Campaign’ launched by the bank in mid-June to boost agriculture credit to farmers. Around 300 farmers attended this camp, in which the District Collector of Perambalur, Dr Darez Ahmed, distributed sanction letters to the farmers. Though the sanctions were exclusively for agricultural activities, the Collector appealed to farmers to utilise the opportunity and increase agriculture...
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Aegon launches online health plan

Aegon Religare Life Insurance Company launched an online health plan today in Mumbai.Called iHealth Plan, it covers hospitalisation and surgery expenses. This is a fixed benefit plan covering 849 surgeries and provides for lifelong renewal of health cover till the age of 100 years.An important feature of this plan is that it can be used to provide cover for in-laws in addition to other family members such as spouse, children, parents and siblings.Mr Rajiv Jamkhedkar, Managing Director and Chief Executive Officer, said the focus of the online...
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HDFC Standard Life to roll out more products for women

HDFC Standard Life Insurance plans to launch products targeted at the youth and for people in the age group of over 45 years. The company also plans to roll out products catering to the needs of women customers.According to Mr Sanjay Tripathy, Executive Vice-President, Marketing and Direct Channels, HDFC Standard Life, the company has already applied to the Insurance Regulatory and Development Authority for its pension product.The company has announced the launch of Smart Women — its first offering for women customers — on the unit-linked plan...
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State Bank of Bikaner profit up 31% in Q1 on higher income

State Bank of Bikaner and Jaipur (SBBJ) reported a 31 per cent growth in net profit at Rs 168 crore in the April-June period on the back of higher interest income and other income.The State Bank of India associate reported a net profit of Rs 128 crore in the year ago period.Net interest income (difference between interest earned and interest expended) rose by 33 per cent to Rs 656 crore from Rs 493 crore.Other income jumped by 63 per cent to Rs 154 crore (Rs 94 crore) due to higher government commission.According to Mr Shiva Kumar, Managing...
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LIC Housing Finance net declines 11% on rise in expenses, fall in other income

Increase in expenses, coupled with a dip in other income, weighed down LIC Housing Finance profits in the first quarter.The company reported a 11 per cent decline in net profit at Rs 228 crore in the April-June quarter against Rs 256.50 crore in the year-ago period.In the reporting quarter, LICHF’s interest income on housing loans increased by 27 per cent to Rs 1,718 crore (Rs 1,358 crore in the year-ago period).Total expenses, comprising mainly interest expense and provisions for bad loans, increased by 36 per cent to Rs 1,463 crore (Rs 1,073...
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ING Vysya Bank net rises 38% in Q1

ING Vysya Bank has posted 38 per cent increase in net profit at Rs 130.12 crore for the quarter ended June 30, against Rs 94.02 crore, in the same period the previous year.Total income rose 32.7 per cent y-o-y to Rs 1,342.36 crore (Rs 1,011.29 crore)Net interest income went up 31 per cent to Rs 343.3 crore. Net interest margin improved to 3.29 per cent (3.02) year-on-year.The bank notched 48 per cent higher operating profit at Rs 217.5 crore.It improved its net NPA to 0.19 per cent from 0.35 per cent and gross NPA to 1.97 per cent from 2.15...
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SKS Micro to step up lending to kirana stores

SKS Microfinance Ltd plans to extend more loans this year to kirana stores and for purchase of mobile phones.The company would extend loans to 15,000 ‘Sangam’ stores from the present 10,742 stores, Mr M.R. Rao, Managing Director and Chief Executive Officer, SKS Microfinance, said in the annual report for the year 2011-12.A Sangam store is a kirana store run by an SKS borrower. The objective of the lending initiative is to enable Sangam store owners to buy goods from a wholesale vendor and then resell them in their retail kirana stores. SKS...
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Higher interest income lifts Canara Bank Q1 net 6.8%

Canara Bank’s first quarter net profit grew 6.8 per cent year on year to Rs 775.24 crore (Rs 725.85 crore)Total income for the quarter ended June 30 increased 18.9 per cent to Rs 9,165.47 crore (Rs 7,707.59 crore)The public sector bank posted a 4 per cent higher net interest income of Rs 1,844 crore y-o-y. At a press conference on Tuesday, the Chairman and Managing Director, Mr S. Raman, said the continued de-risking strategy on interest outgo had lifted the net interest margin to 2.4 per cent. Amidst sluggish economic conditions, the bank...
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Tuesday, July 24, 2012

Indian Bank Q1 profit up 13 % at Rs 461.7 cr

Indian Bank posted 13.4 per cent rise in net profit at Rs 461.7 crore for the first quarter ended June 30, 2012, over the same period in the previous fiscal.The state-run bank had posted a net profit of Rs 406.9 crore in the corresponding quarter of last fiscal.The bank's total income increased by 19 per cent at Rs 3,596.5 crore as compared to Rs 3,030.7 crore in the same period a year ago, Indian Bank said in a filing to the BSE.The total interest income of the Chennai-based bank rose to Rs 3,373.8 crore as compared to Rs 2,781.4 crore in...
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BoB celebrates 105th Foundation Day

Bank of Baroda, Eastern Zone has recently celebrated its 105th Foundation Day. It carried out several welfare activities to mark the foundation day celebrations.Mr M.L. Jain, General Manager of the Eastern Zone, and Mr S.K. Singhray and Mr Sukumar Saha, Deputy General Managers, distributed computers to Sujay Welfare Society. Fruits and other nutritious food were also given to 250 patients at the School of Tropical Medicine and the National Institute of Homeopathy.The bank has also organised three free health check-up camps where 396 people...
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Allahabad Bank cuts rates on deposits less than Rs 5 cr

Allahabad Bank has slashed interest rates on term deposits of less than Rs 5 crore in the time band of one to less than two years. The interest rate has been reduced by 25 basis points to 9.25 per cent effective July 24, said a bank statement.  Senior citizens will get additional interest rate of 50 basis points. The revised rate will be applicable for fresh deposits as well as those which come up for renewal....
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IOB to open 15 agri credit branches in Q2

Indian Overseas Bank will open 15 agriculture credit branches during the second quarter of 2012-13.Addressing presspersons here recently, Mr M. Narendra, Chairman and Managing Director of the bank, said that the bank has planned to create special agriculture credit branches in the country.In the first phase, 15 such branches will be opened in Karnataka and Maharashtra. These branches will be opened in Belgaum, Bagalkot, Raichur, Hassan and Udupi districts in Karnataka, and Sholapur, Kolhapur and Ratnagiri in Maharashtra.The bank is targeting...
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Monday, July 23, 2012

Islami Bank Bangladesh, with suspected terror links, had dollar account with HSBC India

Mexico in the summer of 2006 was fun. Spirits were high, the go-go years were still not over, and Lehman was yet to cast its long shadow. On a sunny morning in Mexico City, the British bank HSBC was holding a leadership workshop for some of its bright sparks across markets.The men and women who had assembled in the training centre straightened themselves with rapt attention as one of the stars at the global bank took the podium. The message that went across to the young managers (largely from sales) was one of the many untold stories behind...
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Bank of Maharashtra net rises to Rs 140.46 cr in Q1

Bank of Maharashtra (BoM) on Saturday said it has posted a 15 per cent rise in net profit at Rs 140.46 cr for the first quarter ended June 30, 2012 as against Rs 122.04 cr over the same period in the previous fiscal.BoM’s total income increased by 22 per cent at Rs 2,217.30 crore as compared to Rs 1,817.6 crore in the year—ago period.The total interest income of the bank rose to Rs 2,038.50 crore as against Rs 1,644.1 crore in the same quarter previous fiscal....
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Central Bank donates water tanks

Central Bank of India, under its corporate social responsibility programme, has provided water storage tanks in the water shortage areas of Man and Khatav Taluks in Maharashtra. These water storage tanks were handed over to the district administration who will in turn supply the water in the villages. On this occasion, programmes were organized at Dahiwade block office & Waduj tehsil of Satara district, a press release from the bank said....
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SBI plans lead management system for associate banks

State Bank of India plans to roll out ‘Lead Management System’ (LMS) in its five associate banks to help them garner more business. Under LMS, customers of associate banks can not only access details of products of their respective bank from SBI’s helpline number, but they can also register for further contact by an expert from the bank. According to a bank statement, the expert will call the customer, resolve the doubts and queries, and help him select a product. LMS is currently available to all SBI customers. The associate banks of SBI...
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