HDFC Bank to scale up branch count in Gujarat

Gujarat is a focused state for HDFC Bank and it will open 250 branches in the state over the next three years, taking the total tally to 465 branches, the bank’s Managing Director, Aditya Puri said today.“The state grew at the rate of 10 per cent. HDFC believes that Gujarat will grow at the same rates. We have 215 branches in the state and we plan to open 250 more branches here in the next three years,” Puri said here at the sixth edition of ’Vibrant Gujarat’.“Gujarat is a focused state for HDFC Bank... Our credit-deposit ratio in the state...

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ItzCash ties up with HDFC Bank, Visa

ItzCash Card, a multi-service prepaid card company of the Essel Group, has tied up with HDFC Bank and Visa to launch corporate gift cards. The HDFC Bank ItzCash Visa Gift Card offers a wide range of products and can be used at over a million outlets where Visa cards are accepted. Employers can use the card to reward staff members, customers or pay commissions. The card can be purchased for any value. It comes with a range of security features designed to protect cardholders from unauthorised purchases if their card is stolen. The gift card,...

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Sidbi ties up with Franchising Association

Small Industries Development Bank of India (SIDBI) today announced it has tied up with the Franchising Association of India to work together for entrepreneurship growth and development of Micro, Small and Medium Enterprises (MSME).SIDBI, the financial institution for promotion, financing and development of MSME sector, would provide financial assistance under its Direct Credit Schemes, after initial screening to the Franchising Association of India, an industry association representing franchisees, franchisors and service providers to the sector,...

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Oriental Bank may rejig loans worth Rs 2,500 cr

Oriental Bank of Commerce is likely to restructure loans worth Rs 2,500 crore in the next few quarters. The bank has a restructuring book of close to Rs 10,500 crore.According to Chairman and Managing Director S.L. Bansal, the bank is in the process of restructuring its Rs 450-crore advances to Moser Baer.The restructuring of advances is likely to drag down margins.“We have to make additional provisioning of up to 0.75 per cent on restructured accounts, this will put pressure on bottom line,” Bansal said at a press meet on the occasion of a...

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Federal Bank launches online puja offering services

Federal Bank has launched ‘online religious offering services bouquet’ in association with the Sree Padmanabhaswami Temple. This enables the devotee to make offerings/pujas without visiting the place. Any credit or debit card or the Federal Bank net banking service (FedNet) may be used for the purpose.Federal Bank also plans to roll out the service through its merchant-payment system soon. The service can be accessed through following addresses - www.sreepadmanabhaswamytemple.org/pooja.aspx andwww.federalbank.co.in/General_ProductandServices_OnlineReligiousOfferings.aspx Shyam...

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ICICI Bank raises S$225 mn

ICICI Bank has raised S$ 225 million from a seven-year bond sale programme through its Dubai branch at a coupon rate of 3.65 per cent.“We have successfully raised S$ 225 million through our Dubai branch yesterday at a coupon rate of 3.65 per cent. Significantly, the seven-year bond will also yield 3.65 per cent,” a bank spokesperson said here today.The bank had given an initial price guidance of 4 per cent while the final pricing saw of tightening of 0.35 per cent. The issue was oversubscribed by over 13 times to S$ 3 billion, the lead banker...

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IRDA’s softening brings back pension products to life

The unit-linked pension market is slowly coming back to life for life-insurance companies following regulatory changes.Private life-insurance companies have not launched any unit-linked pension plan in the last one year, as the regulator had mandated a minimum annual guarantee of 4.5 per cent. Public-sector insurance behemoth Life Insurance Corporation of India (LIC) was the only insurer offering pension products during the period.Change in regulationsHowever, with an amendment allowing assured benefit and the regulator showing some urgency...

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Kotak Mahindra serves possession notice on Deccan Chronicle press

Kotak Mahindra Bank has served a possession notice on Deccan Chronicle Holdings Ltd, publisher of English daily Deccan Chronicle, seeking payment of dues.The notice for recovery of Rs 50.25 crore has been served under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and its rules calling upon the borrower to repay the amount together with the interest at contractual rates and other costs and expenses from August 16, 2012, till payment or realisation within 60 days from the date of receipt.The...

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S&P assigns ‘BBB-’ rating to ICICI Bank’s overseas bond issue

Standard & Poor’s Ratings Services on Wednesday assigned ‘BBB-’ long-term issue rating to a proposed issue of Singapore dollar-denominated senior unsecured notes by ICICI Bank Ltd. The rating on the notes reflects the long-term issuer credit rating on the bank.The proposed notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of the bank. They will rank at par with all other unsecured obligations of the bank. The bank will list the notes on the Singapore Exchange.jayanta.mallick@thehindu.co.in...

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Allahabad Bank, small-businesses body sign pact

Allahabad Bank has signed a memorandum of understanding with the Chamber of Indian Micro, Small and Medium Enterprises to shore up its priority-sector lending. The Chamber will get proposals from its members for consideration of the bank. Once a loan is sanctioned, the organisation will support the bank in follow-up and recovery and provide early warning signals, if any, said a press statement issued by the bank....

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Syndicate Bank new branch at Nagaram

Syndicate Bank has opened a new branch at Nagaram, Keesara Road here.A.S. Rao, Regional Director, Reserve Bank of India, Hyderabad had inaugurated the branch in the presence of M. Anjaneya Prasad, Executive Director, Syndicate Bank.Speaking on the occasion, Rao said Syndicate Bank was a ‘pioneer’ in schemes pertaining to agricultural advances, Government-sponsored schemes, among others.He urged the people to procure Aadhaar cards to be linked to the accounts with the bank.M. Anjaneya said his bank had the highest number of branches in Andhra...

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Exim Bank raises $750 million

The Export-Import Bank of India has raised $750 million by issuing 10 year Reg S bonds to funds it operations including extending lines of credit to the Governments of other countries, export finance and support Indian companies overseas investments. The resources were raised at a fixed coupon of 4 per cent (or 10-year US Treasury plus 220 basis points), said David Rasquinha, Executive Director.“The original issue size was $500 million. But seeing the investor interest, we upscaled it to $750 million. The order book touched $6.50 billion.”...

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Axis Bank joins PSBs like Dena Bank & Corporation Bank in raising deposit rates

Axis Bank joined state-run lenders such as Dena Bank and Corporation Bank in raising interest rates for deposits in select tenor, sending contrary signal to the market, which is expecting lower interest rates.The instances of banks increasing deposit rates, though sporadic, come as a stark indicator of the reality that the economic slowdown has had varying effects on different entities, which could make RBI's monetary policy choice tough.Axis Bank, the country's third-largest private sector bank, on Tuesday raised rates from 9% to 9.25% for...

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IRDA asks Bajaj Allianz to adhere claim settlement norms

Taking serious note of violation of claims servicing regulations by Bajaj Allianz General Insurance, insurance regulator Insurance Regulatory and Development Authority (IRDA) has asked it to ’scrupulously adhere’ to the norms.“The competent authority has taken serious note of your company’s violation of regulations...of IRDA (PPI) Regulations, 2002 in the matter,” it said in response to a complaint filed by an individual with regard to delay in settlement of motor insurance claim.The IRDA, however, did not impose any monetary penalty.“While...

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MasterCard Worldwide appoints Ari Sarker as India Country Head

MasterCard Worldwide on Tuesday said Ari Sarker has been appointed as its India Country Head.“Ari Sarker has been appointed as Country Head, India to bolster the India leadership team as well as division president, South Asia,” MasterCard Worldwide said in a statement.Sarkar will provide leadership to the South Asia team to drive core business growth, executing on the nascent but fast rising emerging payments opportunities in the subcontinent.Sarker succeeds TV Seshadri who is moving from India to Singapore as Group Executive, Global Products...

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SBI not merging its associate banks this fiscal

State Bank of India is not looking to consolidate any of its associates with itself during the current fiscal, Chairman Pratip Chaudhuri has said.“We could look at consolidation next financial year. Nothing this quarter,” he said. SBI has already merged State Bank of Saurashtra and State Bank of Indore with itself during the recent years....

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Federal Bank makes top-level changes

Private sector lender Federal Bank has announced two changes in its senior management by appointing Suresh Kumar as Non-Executive Chairman and K.M. Chandrasekhar as an Additional Director.Suresh Kumar, who has been on the board of the Kochi-based bank since November 2005, will stay as the Non-Executive Chairman for two years.Besides, he is the Non-Executive Chairman of the bank’s associate concern, Fedbank Financial Services Ltd, and Director in IDBI Federal Life Insurance Co. Ltd.On the other hand, Chandrasekhar’s term will be for three years....

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Allahabad Bank to shore up priority sector lending

Allahabad Bank has signed a Memorandum of Understanding with the Chamber of Indian Micro, Small and Medium Enterprises (CIMSME) to shore up its priority sector lending.CIMSME represents the interests of companies in MSME sector, with banks, financial institutions, concerned ministries and other organisations.As per the terms of agreement, CIMSME would mobilise proposals from its members for consideration of the bank. Once the loan is sanctioned, the organisation would support the bank in follow-up and recovery of dues and provide early warning...

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