Corporation Bank shareholders approve preferential share allotment

The extraordinary general meeting of shareholders of Corporation Bank has approved the preferential allotment of shares to the Government of India.The bank informed the Bombay Stock Exchange that the meeting on Friday approved the issue of 47,85,137 equity shares of the bank of face value Rs 10 each at a premium of Rs 416.32 per equity share to the Government of India. With this, the issue price of the share stood at Rs 426.32.The preferential allotment of shares to the Government will help bank raise Rs 203.99 crore.The bank informed the exchange...

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IRDA forms panel to review insurance broker norms

The Insurance Regulatory and Development Authority (IRDA) is set to overhaul the insurance brokerage soon.It has constituted a committee headed by Suresh Mathur, Senior Joint Director, IRDA, to review the entire insurance brokers’ regulations, 2002.“`Since a decade is passed after the notification of regulations, it is felt to review the existing practice,’’ T.S. Vijayan, Chairman, IRDA, said in an order.There is also a need to evolve a standardised process to assess the gravity of violation (of norms) and imposition of appropriate penalties...

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ICICI, HDFC Bank, Axis probing money laundering accusations

India's top private sector lenders ICICI Bank Ltd, HDFC Bank Ltd and Axis Bank Ltd said they were investigating allegations of widespread money laundering practices at their branches.The shares of the banks fell briefly on Thursday after the independent investigative journalist, Aniruddha Bahal, made the accusations in a news conference televised by a local TV station in the morning.Bahal, founder and editor-in-chief of Indian news and opinion website Cobrapost.com, said he had collected hundreds of hours of video recordings from "dozens and...

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Nabard sanctions Rs 30.61 cr for godowns in Haryana

The National Bank for Agriculture and Rural Development (Nabard) has sanctioned a loan of Rs 30.61 crore to the Haryana State Warehousing Corporation for construction of nine foodgrain godowns with a storage capacity of 97,796 tonnes.These facilities will be set up in Jind, Hisar, Kaithal, Palwal, Karnal and Panipat under the Rural Infrastructure Development Fund (RIDF)-XVIII 2012-13, said K. Sayeed Ali, Chief General Manager, Nabard (Haryana).“The construction of these godowns will benefit farmers of 24 villages attached to nine mandis of...

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Canara Bank plans 10 all-women branches

Canara Bank with a focus on women clientele is planning to open 10 all-women employee branches across the country.According to R.K. Dubey, chairman and managing director of the bank, processing charges for home and vehicle loans for women will be waived from March 1, 2013, to May 31, 2015.The bank has also begun new initiatives such as waiver of promoter’s contribution and providing 100 per cent finance for micro and small projects up to Rs 1 lakh for empowerment of women.“We also plan to waive processing charges and upfront fee for loan up...

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Y-Cash, KVB launch prepaid mobile wallet in Coimbatore

YPaycash, an innovative mobile wallet, was launched in the city today by Y-Cash Software Solutions and Karur Vysya Bank.YPaycash, a prepaid mobile wallet, supported various kinds of payments including payments at retail shops, mobile/DTH recharge and fund transfer, Ravi Jagannathan, Vice-Chairman, Y-Cash Software Solution, told reporters here.The company’s target was to enroll small and mid-sized merchants who typically did not use credit/debit car payment system, he said.Already launched in Chennai some three months ago, the platform had received...

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Vijaya Bank gesture to women

Vijaya Bank has announced that it will start three all women branches in Delhi, Mumbai, Bangalore.Also for women entrepreneurs, the bank is offering 25 basis point interest concessions in the MSME advance and additionally, 25 per cent of CGTMSE fees in respect of women entrepreneurs will be borne by the bank.H.S. Upendra Kamath, Chairman & Managing Director, Vijaya Bank said the bank is adopting one girl child for financially supporting her education till graduation in all the semi-urban and rural branched to be opened by the bank in FY...

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Allahabad Bank cuts home loan rates for NRIs

Allahabad Bank has reduced interest rates on housing loans for non-resident Indian and person of Indian origin (NRI/PIO) under its festival bonanza offer. The reduction in rates would be applicable on loans in the range of Rs 30-75 lakh, said a bank statement. The interest rate on such loans would be 10.25 per cent and will remain effective till March 31, 2013. The bank had, in September 2012, launched festival schemes for home loans under — AllBank Aashiana Housing Loan scheme. Under the scheme, the bank had offered concessions in interest...

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Union Bank to get Rs 1,154-cr capital infusion

The Union Government will infuse Rs 1,154-crore capital in Union Bank of India before this month-end.“We have asked for Rs 900 crore and the Government has approved infusion of Rs 1,154 crore,’’ K. Subrahmanyam, Executive Director, Union Bank of India, told newspersons here on Thursday.The EGM of the bank would meet on March 16 to approve the infusion. “We should be able to complete the process within a week after the EGM,’’ he said.As on December 31, 2012, Union Bank had a capital adequacy ratio of 10.78 per cent.On the ensuing policy review...

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Government identifies GMs for executive directors post at PSU banks

Government has identified over 20 bankers for the post of executive director at public sector to fill the vacancies due in next fiscal year 2013-14. Officials from the financial sector said that names of the candidates are being referred to the central vigilance commission for clearance.It may be recalled that in mid February appointment's committee had interviewed general managers from public sector banks for the executive director post. Among them, the highest number of candidates were selected from Dena Bank - four GMs- followed by Bank...

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RBI likely to reduce rate by 25 bps on Mar 19, says HSBC

Foreign brokerage HSBC today said the Reserve Bank will cut the policy rate by 0.25 per cent on Tuesday as the central bank is likely to boost growth amid some comfort on the inflation outlook front.The central bank may further reduce repo rate by 25 bps on Tuesday and make another equal cut in the second quarter of 2013, taking the policy rate to 7.25 per cent from the current 7.75 per cent, HSBC said in a report today."While growth is stabilising, the RBI is likely to see it as too low for comfort. At the same time it is getting slightly...

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RBI asks urban Co-operative Banks to implement CBS by Dec 31

The Reserve Bank today asked Urban Co-operative Banks (UCBs) to implement core banking solutions (CBS) in all their branches by December 31, 2013."...very few UCBs have adopted CBS. Hence all UCBs are advised to implement CBS, in all their branches before December 31, 2013," RBI said in a notification.It further said the failure to implement CBS within the time frame could result in denial of various facilities like expansion of branches or area of operation to UCBs.The usage of Information Technology (IT) is critical for the survival and growth of banking institutions as IT usage not only helps banks to reduce their cost of operations, but also enables them to offer products and services...

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WBIDFC alleges Rs 120-cr fraud against UCO Bank manager

State Government-owned West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC) has alleged Rs 120 crore fraud against a branch manager of UCO Bank.Avirup Sarkar, Chairman of WBIDFC, told Business Line that a named FIR was lodged against the bank manager, who allegedly reported to the corporation that a large part of the Rs 120 three-year fixed deposits were missing from the account.“We suspect a serious foul play on the part of the bank’s branch officials. WBIDFC has filed the FIR with police headquarters here this evening,”...

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BoB preferential allotment

The Allotment Committee of Bank of Baroda has issued and allotted 1,01,32,920 equity shares of Rs 10 each at a issue price of Rs 838.85 aggregating to around Rs 850 crore to Government of India on preferential basis, according to SEBI guidelines. The public sector bank informed the BSE about the allotment on Tuesday. Source: thehindubusinesslin...

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Central Bank of India ties with ADAG firm for credit card

Public sector lender Central Bank of India said it has partnered with ADAG firm Reliance Big Cinemas to launch its co-branded credit card.The card that has been designed especially for movie-goers, can also be used for shopping, dining, fuelling, booking railway tickets, payment of hospital bills and also on e-commerce platforms. Source: Economictime...

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BoB preferential allotment

The Allotment Committee of Bank of Baroda has issued and allotted 1,01,32,920 equity shares of Rs 10 each at a issue price of Rs 838.85 aggregating to around Rs 850 crore to Government of India on preferential basis, according to SEBI guidelines. The public sector bank informed the BSE about the allotment on Tuesday. Source: thehindubusinesslin...

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Muthoot unveils new engraved gold coin

Muthoot Precious Metals Corporation (MPMC), a division of Muthoot Group, has launched a new engraved gold coin — the Mecca Medina with holy number 786 imprint.M.G. George Muthoot, Chairman, The Muthoot Group, said that the engraved gold coin exemplifies the holy city and the auspicious number in the Islamic religion.Besides having a sentimental and religious value, he said it is an ideal gift for marriages, an addition to the family heirloom and a collector’s item.The 24 carat gold coin with 999 purity comes in 2 gm, 4 gm and 8 gm denomination...

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United Bank to raise Rs 300 cr thru rights issue early next fiscal

Kolkata-based United Bank of India plans to come out with a rights issue to raise Rs 300 crore, early next fiscal.According to Sanjay Arya, Executive Director, the bank has already received nod from its board of directors for the rights issue.“ We will soon approach the government and Reserve Bank of India seeking their approval,” Arya told Business Line.The rights issue could happen by the first half of 2013-14, he said.Meanwhile, the bank, on Tuesday, received its shareholders’ approval to raise Rs 100-crore worth Tier-I capital by way of...

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Union Bank opens 2nd overseas branch in Dubai

Public sector lender Union Bank of India opened its second overseas branch at the Dubai International Financial Centre (DIFC).Union Bank set up its first overseas branch in Hong Kong in 2008 and five representative offices in Abu Dhabi, Beijing, Shanghai, Sydney and London thereafter.The Bank plans to further expand overseas with branches in Antwerp (Belgium) and Sydney (Australia) and a subsidiary in London (UK) on the anvil, the bank said in a statement.beena.parmar@thehindu.co.in Source: thehindubusinesslin...

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17 lakh in race for 1,500 officer posts in SBI

If proof were needed that bank jobs are in demand, here’s one: 17 lakh hopefuls for 1,500 probationary officer openings in State Bank of India.According to SBI sources, this is the highest number of applications the bank has received in recent times.Despite being “the best” bank employer, in terms of perks and growth opportunities, SBI went beyond the ritual notification to advertising extensively.SBI is offering for the post a maximum salary of up to Rs 69,000 a month in Mumbai, while it would be around Rs 50,000 in other places. Exam date The...

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SKS Micro inducts Ranjana Kumar on board

SKS Microfinance Ltd has informed BSE that Ranjana Kumar has been appointed as an independent director on the company's board with effect from March 8.Ranjana Kumar served as the Chairperson of Indian Bank and Nabard. She also held the constitutional post of Vigilance Commissioner in Central Vigilance Commission. Source: thehindubusinesslin...

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First all-woman post office opened

The government today opened the country’s first all-women post office here and announced plans to open more such branches completely operated by women employees. “In coming days, I believe there will be more all-women post offices across country for convenience of women,” Telecom and IT Minister Kapil Sibal said. While inaugurating first ‘All Women Post office’ in the country on the eve of International Women’s Day, he said the new post office branch will be completely operated by women employees and provide all facilities that are available...

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New admin building of Syndicate Bank inaugurated in Kolkata

Ravi Chatterjee, Executive Director of Syndicate Bank, recently inaugurated the bank’s new administrative building at Anandpur on Eastern Metropolitan Bypass.The bank’s administrative building was previously functioning from Shakespeare Sarani, said a press statement issued by the bank.Later during the day, Chatterjee addressed the city branch heads and reviewed the region’s performance in the backdrop of achieving bank’s set target of 3.5 lakh crore business by March 31, 2013. Source: thehindubusinesslin...

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Issue intl debit/credit cards only on demand: RBI

At present, almost all banks issue cards that have international acceptability so much so that if one goes abroad and wants to withdraw, say, US dollars, one can do so.To minimise misuse of such cards, the Reserve Bank of India has asked banks to withdraw this automatic facility and replace it by on-demand facility by June 30, 2013.In other words, from July 1, 2013, cards issued in India will not function abroad unless it has been activated specifically for international withdrawals and payments to parties abroad at the specific request of...

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Central Bank rolls out scheme for women

Central Bank of India has opened a women entrepreneur cell in Mumbai. The bank has also launched a new scheme — Cent Kalyani — to encourage women to start their own manufacturing/service enterprises, M. V. Tanksale, CMD, said here on Friday. Loans of up to Rs 1 crore will be given and there is no need for collateral security or third-party guarantee.Source: thehindubusinesslin...

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