IOB training for crafts persons

Indian Overseas Bank (IOB), lead bank for Thiruvananthapuram, in partnership with SEWA, conducted a hands-on training for women bamboo crafts persons here on Saturday.Atul Agarwal, executive director, IOB, inaugurated the event in the presence of Balachander, general manager-credit, and Haridas, chief regional manager, Thiruvananthapuram.This was part of the bank’s initiative to revive bamboo craft in which the new generation of traditional craft persons lack needed skills.The bank also plans to start a production unit. The session is for six...

Read more »

South Indian Bank Q2 net soars 30.5% on hefty margins

Kerala-headquartered South Indian Bank has registered a 40 per cent growth in NRI remittances during the first half of the current fiscal.Briefing media persons after the board meeting here this morning, the bank Chief Executive V.A. Joseph said that the NRI remittances crossed the Rs 7,000-crore mark for the first time this year.“Favourable rate of return on investment coupled with the depreciating rupee became a huge attraction for the NRIs to park their funds here. While this was not totally unexpected, we can’t expect the remittances to...

Read more »

Axis Bank Q2 net up 21% on strong interest income

Axis Bank posted a 21 per cent rise in net profit at Rs 1,362 crore in the July-September quarter, driven by interest income, higher margins and retail loan growth.The country’s third largest private sector bank had reported a net profit of Rs 1,124 crore in the year-ago period.Net interest income (difference between interest earned and expended) rose 26 per cent to Rs 2,937 crore, Other income was up 11 per cent to Rs 1,766 crore from Rs 1,593 crore in the year-ago period.Despite liquidity tightening measures taken by the central bank in July,...

Read more »

Yes Bank, Care Ratings tie up for SME segment services

Private sector lender Yes Bank and credit rating company Care Ratings have entered into an agreement to offer services and products in the small and medium enterprise (SME) segment.The collaboration will also work towards creating awareness on the importance of external ratings for SMEs, and funding avenues through knowledge dissemination workshops.Both partners will also undertake focused research studies in the SME segment, the bank said in a statement.Mehul Pandya, Head – SME, Care Ratings, said “While access to finance remains a key challenge...

Read more »

RBI rejects takeout finance plan of IIFCL’s London arm

The Reserve Bank of India has rejected IIFCL’s proposal to provide takeout finance at the latter’s wholly-owned London subsidiary.This is despite the Centre giving its nod to IIFCL’s London arm to operate in the takeout finance segment.The RBI’s move is a setback of sorts for the state-owned infrastructure lender, IIFCL, which was betting big on takeout finance to speed up disbursements from its London subsidiary.Takeout financing at London was envisaged to be similar to IIFCL’s takeout scheme in India. Under takeout financing, loans made by...

Read more »

Kotak Mahindra Bank to move into Bandra Kurla Complex

Kotak Mahindra Bank Managing Director Uday Kotak along with the bank’s operating management committee, including C. Jayaram and Dipak Gupta, are soon to get a swank new office address at Bandra Kurla Complex in Mumbai.After playing host to the who’s who of Mumbai’s banking corporates, including ICICI Bank, Bank of Baroda, Bank of India, IDFC, Standard Chartered, HSBC, Deutsche Bank and Citibank, the complex is now set to welcome the latest entrant after a four-year wait.The new office, with an area of about 1.5 lakh square feet, is set to house...

Read more »

IndusInd Bank: Beats cost of funds pressure

IndusInd Bank’s well-diversified loan portfolio, improving share of low-cost deposits and good asset quality continued to help it deliver healthy earnings.Post the Reserve Bank of India’s liquidity tightening measures in July, there were concerns that the bank’s higher dependence on wholesale short-term deposits could increase its cost of funds and, hence, affect its net interest margins (NIM); sixty-five per cent of the bank’s deposits and borrowings are in the less-than-one-year category.Despite this, IndusInd Bank has been able to log a...

Read more »

Birla Sun Life launches BSLI Savings Plan

Private sector insurer Birla Sun Life Insurance (BSLI) launched a participating traditional plan, BSLI Savings Plan, with guaranteed additions for the first five years of the policy term.“BSLI Savings Plan is designed to cater to the changing needs across customer segments with the flexibility it offers in choosing the policy term and the premium paying term with guaranteed additions,” Birla Sun Life Managing Director and CEO, Jayant Dua said in a release issued here.The plan is a savings-cum-insurance option that aims to provide secured growth...

Read more »

Dena Bank slashes interest rate on tractor financing

After reducing interest rate on retail loans, public sector lender Dena Bank has decided to offer tractor financing at base rate to farmers to improve agriculture lending this festive season.In addition, the bank also waived off the processing fee on tractor finance.The bank will now offer the tractor loans at base rate of 10.25 per cent up to Rs 100 lakh.The revised rate of interest will be effective from October 12, 2013 to March 31, 2014.Last week, the bank cut interest rates on home loan and auto loans. Source: thehindubusinesslin...

Read more »

LIC Housing cuts home loan rates by 0.25%

LIC Housing Finance Ltd (LIC HFL) reduced its home loan rates by 0.25 per cent as a festival offer between October 15 and November 30, 2013.Special rates of processing fees will also be offered during the period, the company said in a statement.In the Bhagyalakshmi Plus scheme, specially designed for women borrowers as first property owners, the rate will be from 10.10 per cent onwards for the first fixed period of two years. An additional rebate of 0.25 per cent will be applicable throughout the loan term after conversion to floating rate,...

Read more »

ING Vysya ties up with IRCTC to offer online ticketing services

ING Vysya Bank has entered into a business tie-up with Indian Railways’ IRCTC to offer online train ticketing services to its customers.This facility enables ING Vysya Bank’s customers to book train tickets using ING Net Banking or ING debit cards. Over 1 lakh tickets were booked during the first month of the launch, the bank said in a statement.The South-based private sector bank has been enrolled into a select category of financial services firms offering these services with a high level of safety, security and ease of transactions online....

Read more »

Muthoot Finance gets ‘Golden Peacock’ award

Gold loan company Muthoot Finance Ltd has been bestowed with Golden Peacock Award for ‘HR Excellence for 2013’ at a function in London.Baroness Verma, Parliamentary Under Secretary of State for Energy and Climate, Government of United Kingdom, presented the award to George M. Jacob, Director, Muthoot Group.Golden Peacock Award recognises the continuing commitment by business to conduct itself ethically and contribute to economic development, while improving the quality of life of the workforce, their families as well as of the local community...

Read more »

IndusInd Bank Q2 net rises 32% on higher interest income, margins

IndusInd Bank reported a 32 per cent jump in net profit to Rs 330 crore in the July-September quarter from Rs 250 crore in the same quarter last year.Higher interest income, net interest margin and loan growth helped boost the profit.However, sequentially, the private sector bank’s net declined marginally from Rs 335 crore in the first quarter of FY14.Net interest income in the reporting quarter grew 37 per cent to Rs 700 crore from Rs 510 crore in the year-ago period.A 32 per cent growth in core fee income helped non-interest income rise 30...

Read more »

Life insurance cover for HIV-AIDS patients from April 1

The HIV-AIDS patients can look forward to life insurance cover from April 1, 2014.The Insurance Regulatory and Development Authority (IRDA) will be making in mandatory for insurers to offer insurance cover for people living with HIV/AIDS. Underwriting policy In the draft guidelines issued on Friday, the regulator said that the board-approved underwriting policy should be put in place by all insurers. The patients should not be denied life insurance if the eligibility criteria as per the underwriting policy is satisfied. Mortality study For...

Read more »

Finance Ministry target: PSBs must set up 137 ATMs daily

Public sector banks will have to race against time to install 137 ATMs every day to meet the Finance Ministry’s target of putting up cash dispensing machines at all their branches by March end.According to the ministry, all the public sector banks are running behind schedule. The banks, which are required to install onsite ATMs at 34,668 branches by March 31, had set up 5,726 at the end of August.In the remaining seven months of the financial year, the 26 public sector banks will together have to set up 28,942 ATMs, or an average of 137 every...

Read more »

Re rises as RBI makes it easier for banks to borrow abroad

The rupee closed at an over two-month high closing at 61.07 to the dollar, buoyed by a rising domestic equity market and sale of dollars by foreign banks.The Indian unit, which opened 32 paise stronger at 61.08 against the previous close of 61.40, was also helped by the Reserve Bank of India’s notification allowing banks, which are authorised to deal in foreign exchange, greater flexibility to access overseas funds.The benchmark 30 stock BSE Sensex closed 1.26 per cent (255.68 points) up at 20,528.59.A public sector bank dealer said, “Among...

Read more »

Vijaya Bank slashes interest rates on vehicle, consumer durables loans

Vijaya Bank has reduced interest rate on vehicle loans and consumer durables.The bank has slashed by 30 basis points to 10.75 per cent on four wheeler loans, interest on two wheeler loans is also reduced by 45 basis points to 10.60 per cent.Interest rate on consumer durables for salaried class has been slashed by 220 basis points from 14.70 per cent to 12.50 per cent.The Bank has already reduced home loan interest by 80 basis points. The current home loan interest under festive offer is 10.25 per cent for loans up to 75 lakhs and 10.50 per...

Read more »

RBI infuses Rs 19,000-cr liquidity

The Reserve Bank of India infused liquidity aggregating Rs 19,000 crore into the banking system through a seven-day term repo auction on Friday.This is the maiden term repo auction by the central bank. It announced introduction of this auction, whereby banks pledge excess government securities with the regulator to borrow funds for 7 days and 14 days, on October 7.Against the notified auction amount of Rs 19,000 crore, the central bank infused Rs 19,001 crore into the banking system, at the cut-off rate of 8.80 per cent. To borrow funds for...

Read more »

SBI tenders apology in contempt case against former chief

State Bank of India has tendered an unconditional apology in the Madras High Court in a contempt of court case involving Pratip Chaudhuri who retired as Chairman on September 30.The court had summoned Chaudhuri for a personal appearance on his last day in office, but at the request of the bank’s counsel, was given 10 days until Thursday to comply.The case involved the summary withdrawal by the bank of the ‘check off’ facility extended to its officers associations.This had provided a lifeline to the associations in the form of individual subscriptions...

Read more »

Corporation Bank cuts lending rates on home, auto loans

Corporation Bank reduced interest rates on home, auto and consumer durables loans by up to 1.75 per cent to cash in on the festival season demand.The bank cut lending rate on home loans by 0.50 per cent, while the reduction in rates for auto loans is 1 per cent.The cut in lending rate for consumer durables loans of up to Rs 5 lakh is 1.75 per cent.The bank offers home loans of up to Rs 50 lakh at base rate of 10.25 per cent for all tenors. For loans of above Rs 50 lakh, the interest rate is 10.50 per cent.The processing charges are fully waived...

Read more »

Canara Bank raises $500 m senior unsecured bonds

Canara Bank has raised $ 500 million through the issue of Senior Unsecured Bonds under the $2 billion medium term note (MTN) programme through the bank's London branch.According to the bank’s release to exchanges, the coupon rate is 5.25 per cent per annum. The tenure of the bonds is five years. The bonds are listed on the Singapore Stock Exchange.anil.u@thehindu.co.in Source: thehindubusinesslin...

Read more »

J&K Bank expands branch network

Expanding its branch network, private sector lender Jammu and Kashmir Bank opened 122 new business units and 179 ATMs in the state of J&K to increase banking infrastructure in the state.The number of branches stood at 695, while total number of ATMs was at 662 as on June 30, 2013.The private bank’s net profit in the first quarter of FY14 was up 25 per cent to Rs 308 crore in the April to June period as compared with Rs 246 crore in the same period last year. The gross non-performing assets (NPAs) in Q1 FY14 stood at 1.67 per cent of gross...

Read more »

SBI to focus on agri portfolio in AP; to add 85 branches

State Bank of India (SBI), Andhra Pradesh Circle, will be adding about 85 new branches in the State before the end of the current financial year, according to Chief General Manager C.R. Sasikumar.“We will also be adding over 200 ATMs in the same period to cater to the growing needs of our customers,’’ Sasikumar, who recently took over as AP circle head, told Business Line here.As on September 30, 2013, SBI has 1,359 branches in the State and 2,911 ATMs with the highest amount loans under the agricultural portfolio among SBI circles in the...

Read more »

Syndicate Bank focusing on expanding branch network

Syndicate Bank is concentrating on expanding its network of branches and growing its current account deposits, according to Sudhir Kumar Jain, Chairman and Managing Director.In an interaction with media persons, after inaugurating a new branch in the city, Jain said the bank plans to increase the number of branches to 3,200 by March compared with 3,047 now. The number of ATMs would more than double by the year end to 3,000 from 1,360 at present. The bank plans to rejig administrative zones by bifurcating one of its two zones to create a new...

Read more »

Kotak Bank cuts interest rates on home, car loans

After public sector banks, it is now the turn of private sector lenders to cut interest rates. Kotak Mahindra Bank cut interest rates on its retail loan products for the festival season.The bank slashed its home loan rates by 13-20 basis points (bps), while the interest rate on car loans was cut by 25 bps. “Kotak does not publish a definite card rate but both the loans range in the 10.50 to 11 per cent range,” a bank official said. One bps is a hundredth of a percentage point.During the first quarter ending June 30, car loans grew 17 per cent...

Read more »

SBI appoints new CFO

State Bank of India has designated Rajendra Kumar Saraf as Deputy Managing Director and Chief Financial Officer (CFO) of the bank.Prior to this appointment, Saraf was Deputy Managing Director in-charge of Corporate Strategy and New Business.Before her elevation as the Chairperson on October 7, Arundhati Bhattacharya was Managing Director and CFO of SBI. Source: thehindubusinesslin...

Read more »

IRDA invites applications from retired insurance professionals

The Insurance Regulatory and Development Authority has invited applications from experienced insurance professionals retired from public sector insurance companies on a contract basis.The place of posting will be at Hyderabad/Mumbai/New Delhi.The candidates should possess qualification in CA/CFA/CS/ICWA/LLB/MCA/B.Tech (IT)/FIII or equivalent and should have experience in Audit/Inspection/Accounts/Legal/Information Technology/Insurance and have retired from a public sector insurance company in Scale–II or Scale-III.The number of positions is...

Read more »

SBI cuts short-term bulk deposit rates

State Bank of India has cut the interest rate on ultra-short duration bulk deposits of Re 1 crore and above to 8.5 per cent.In a filing with the stock exchanges late last night, SBI said that the interest rate on bulk deposits for a tenure of 7-60 days would be 8.5 per cent per annum with effect from October 10.The bank had revised the revised rates with effect from August 31, interest rates on domestic term deposits of Re 1 crore and above for a tenure of 7 days to 60 days to 9 per cent from 7.25 per cent for the general public (excluding...

Read more »

Dena Bank cuts interest rates on home, car loans

Public sector lender Dena Bank reduced interest rates on various retail loans including home and car loans.The bank will provide home loan at base rate, which is at 10.25 per cent for up to Rs 100 lakh and 10.50 per cent for home loan above Rs 100 lakh.The interest rates on car loan also have been reduced by 100 basis points to 11 per cent from 12 per cent.Similarly, for consumer loan, in case of tie-up under Corporate Salary Scheme rate of interest has been reduced by 100 basis points to 12 per cent from 13 per cent.On a combo loan of car...

Read more »