Vijaya Bank exporters’ meet

Vijaya Bank recently held its exporters meet 2013 in Bangalore. The meet was inaugurated by bank’s executive director K Ramdas Shenoy. B P Sashidhar, President KASSIA and R.Shivkumar, President, FKCCI and J Crasta, Co-Chairman, ASSOCHAM were present along with exporters. Speaking on the occasion, Shenoy stated that Vijaya Bank offers various products covering the various measures initiated by central government to narrow the trade gap and to improve the exports. Vijaya bank’s export credit is growing at more than 15 per cent annually. Source:...

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New chief for KVG Bank

Ashok Reddy Nukala has been appointed chairman of Karnataka Vikas Grameena Bank (KVGB), a regional rural bank sponsored by Syndicate Bank.He is a graduate in agriculture science and has banking experience of 28 years. Nukala was heading the Vijayawada region of Syndicate Bank before taking charge as Chairman of KVGB.At a function held at Dharwad, Sambasiva Reddy handed over the charge to Ashok Reddy. Sambasiva Reddy has been repatriated to Syndicate Bank Regional Inspectorate in Hyderabad. Source: thehindubusinesslin...

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IDBI Bank hopeful of recovering 80% of Kingfisher dues

Public sector lender IDBI Bank is hopeful of recovering up to 80 per cent of its Rs 800 crore exposure to Kingfisher, even as the revival of the grounded airline remains uncertain.“We are quite hopeful of recovering our dues from Kingfisher Airlines. In all, we expect to recover 70-80 per cent of our total loans to the airline,” a senior IDBI Bank official told PTI here.The official said the bank’s total exposure stands at around Rs 800 crore. “We have already recovered Rs 70-80 crore by way of selling pledged shares,” the official added.IDBI...

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SKS completes Rs 321-cr securitisation transaction

SKS Microfinance Ltd has completed a securitisation transaction for Rs 321 crore with a major public sector bank.The transaction is possibly the first substantial securitisation deal in the fiscal 2013-14 in the microfinance sector.Dilli Raj, Chief Financial Officer, SKS Microfinance, said: "The present transaction generates liquidity of Rs 321 crore for the company and enables it to extend micro-loans to 4,75,000 rural women entrepreneurs.somasekhar.m@thehindu.co.in Source: thehindubusinesslin...

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Atul Agarwal joins IOB as ED

Atul Agarwal joined Indian Overseas Bank as its Executive Director on September 27. Prior to this assignment, he was General Manager in Central Bank of India.Agarwal joined Union Bank of India as Probationary Officer in 1978 and acquired functional, accounting and information systems knowledge at various levels of operations and management. He moved to Central Bank of India as Assistant General Manager in 2007. He has 28 years of experience in commercial banking. Source: thehindubusinesslin...

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Indian Bank gets new ED

Mahesh Kumar Jain has joined Indian Bank as Executive Director.Prior to this, he was General Manager at Syndicate Bank’s largest Regional Office, Mumbai. He also headed various portfolios, such as treasury and international banking, as General Manager.Earlier, he worked in Punjab National Bank’s operations, credit and risk management department. Jain is also a member of Indian Banks’ Association’s steering committee on risk management, and member of IBA working group on implementation of Basel II and III. Source: thehindubusinesslin...

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Bank of Baroda raises FD rates by up to 0.50%

State-owned Bank of Baroda (BoB) raised fixed deposit rates on select maturities by 0.50 per cent, reflecting the tightening of liquidity conditions.Term deposits of 271 days to less than 1 year will now earns 0.5 per cent higher interest rate at 8.25 per cent as compared to the existing 7.75 per cent, BoB said in a statement.With the revision, the interest rate on 1—6 years three months fixed deposit would go up by 0.30 per cent to 9.05 per cent, from 8.75 per cent. At the same time, 6 years three months to 10 years will also earn similar...

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YES Bank to sharpen focus on emerging sectors

Faced with a tough macro-economic environment, private sector lender YES Bank is sharpening its focus on emerging sectors such as life sciences, IT, education and healthcare to boost growth.“Macro-economic environment is pretty tough. Yet there are sectors which are doing well and consciously the approach of the bank is... (to get growth from) emerging segments such as life sciences, IT, export-focused businesses, education and healthcare,” YES Bank, Group President & Country Head-Corporate and Institutional Banking, Amit Kumar, told PTI.Kumar,...

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Muthoot Housing eyeing Rs 300 cr biz this fiscal

Gold loan lender Muthoot Pappachan Group’s housing finance subsidiary is targeting to grow its book by nearly three times to Rs 300 crore by March 2014.“We started home loan business in July 2011 and had a book of Rs 105 crore as of March 2013. This would grow to Rs 200 crore by September and Rs 300 crore by March 2014,” Muthoot Housing Finance Chief Executive Maneesh Srivastava told PTI. Housing loans He said the group, which has been facing trouble ever since the regulatory moves on flagship gold loans business, branched out into housing...

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SBI chairman summoned to court on last day in office

The Madras High Court has issued a notice to Pratip Chaudhuri, Chairman of State Bank of India, to present himself in court on Monday, his last day in office.Chaudhuri and Ranjit Goswami, Chief General Manager (Human Rsources) of the bank, have been summoned in a contempt petition filed by the SBI Officers’ Association and State Bank Officers’ Federation.A notice has been sent to Chaudhuri in his personal name as well, D. Thomas Franco Rajendra Dev, General Secretary of the Officers’ Union, Chennai circle, informed Business Line.The contempt...

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New norms: LIC asks IRDA for deadline extension

Life Insurance of India (LIC) has said it has asked the regulator for extending the deadline for withdrawing existing products that do not meet the new norms from October 1.“We are awaiting approval from the Insurance Regulatory and Development Authority (IRDA). We have made this request in case approvals are not with us. I am sure that IRDA is going to take a call on this and take a decision, which is in the larger interest of investors,” LIC Chairman S K Roy told reporters here on the sidelines of an event organised by Ramakrishna Mission.According...

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Four GMs elevated as Executive Directors in PSBs

The Centre has elevated four General Managers in various public sector banks to the post of executive directors.B.S.Rama Rao, who was General Manager at Andhra Bank, has been appointed as Executive Director at Vijaya Bank.The Centre has appointed Mahesh Kumar Jain, who was General Manager at Syndicate Bank, as Executive Director of Indian Bank.Atul Agarwal, who was General Manager at Central Bank of India, has been appointed as executive director of Indian Overseas Bank.All these appointments will come into effect immediately.R.K.Takkar, who...

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