Grace Koshie appointed woman director in Federal Bank

Grace Elizabeth Koshie today joined the Board of Federal Bank as the first lady Director in the Kerala headquartered lender.The bank becomes one of the few listed companies which had complied with the latest regulatory directions in the Companies Act, 2013, which requires a lady Director to be on the Board of Directors.Grace Koshie, a postgraduate Economics graduate specialising in Econometrics and Monetary Economics from Bombay University, joined Reserve Bank of India in 1976 as a Direct Recruit in Grade B, a Federal bank press release said.She...

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Canara Bank sees further decline in bad loans in second half

Canara Bank expects its non-performing assets (NPAs) to decline in the third and fourth quarters. The bank had recorded an improvement in loan quality in the second quarter of this fiscal.R.K. Dubey, Chairman and Managing Director of Canara Bank, said the sequential improvement in asset quality and decline in NPAs are likely to continue in the second half of the current fiscal.In the second quarter, most of the state-run banks saw their gross as well as net NPAs rise over the first quarter as a percentage of total loan, except for Canara Bank...

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With no CMD for a quarter, Andhra Bank scales down 90th year celebrations

For the first time in its 90-year history, Andhra Bank is doing business without a Chairman and Managing Director for almost a quarter.There has been inordinate delay in the appointment of a new head since the retirement of B. A. Prabhakar as CMD on August 31, 2013.Interestingly, the lender has scaled down its 90th year celebrations scheduled for Saturday, as it doesn’t have a CMD.The bank, established by freedom fighter B. Pattabhi Sitaramayya in 1923, had earlier planned a grand function. But now, it will be held on a simple note. “It will...

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LIC to discontinue 14 policies

Country’s insurance giant Life Insurance Corporation (LIC) has decided to stop selling as many as 14 policies, including Jeevan Mitra and Anmol Jeevan.Of this 14 products, LIC has already withdrawn seven policies, including Convertible Term Assurance, Children Deferred Endowment Assurance, with effect from November 16.As many as five policies including Jeevan Mitra, Jeevan Paramukh Plan, LIC’s Bima Account I and II will go off LIC’s shelves from November 23.Besides, two policies New Jeevan Nidhi and Anmol Jeevan I will be discontinued from...

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RBI for diluting Govt stake in public sector banks

The current level of Government shareholding in public sector banks gives it sufficient headroom for diluting its stake in many of these banks, according to the Reserve Bank of India.The Government’s shareholding in the 21 public sector banks ranges from 55 per cent to 82 per cent.According to the statute, the Government’s shareholding in public sector banks cannot fall below 51 per cent.The RBI referred to the dilution of Government shareholding in the context of public sector banks requiring additional capital to implement the Basel-III capital...

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Citibank’s old headquarters in Mumbai put up for sale

Citibank has decided to put its old headquarters in Mumbai on the block and has appointed the CBRE group as its consultant.Citi Centre, an 84,000-sq-ft space in Mumbai’s prime business district Bandra-Kurla Complex, was Citi India’s headquarters until April last year. The bank had shifted to its new location First International Finance Centre about six months ago.The new office space was bought at Rs 985 crore.When contacted, the bank declined to comment while CBRE remained unavailable for comment.A person familiar with the development said...

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Allahabad Bank plans preferential issue of up to Rs 400 cr

Allahabad Bank has decided to issue equity shares worth up to Rs 400 crore to the Government of India on preferential basis.According to a filing to the stock exchanges, the decision was taken at a meeting of the board of directors on Friday.The bank has also decided to raise up to Rs 320 crore by way of Qualified Institutional Placement.The issues will be made in such a way that the shareholding of the Government of India remains unchanged at 55.24 per cent.The bank has called an extraordinary general meeting of shareholders on December...

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Union Bank raises Rs 2,000 cr via tier-II bonds

Union Bank of India said that it has raised additional capital of Rs 2,000 crore through the issue of unsecured redeemable non-convertible tier-II bonds.The bonds carry a fixed coupon rate of 9.8 per cent per annum payable annually having a tenor of 10 years, the bank said in a statement.At 3 p.m., the bank shares were trading at Rs 118.85, down 1.82 per cent on the BSE. Source: thehindubusinesslin...

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Bank of India CMD Vijayalakshmi Iyer calls on Jayalalithaa

The Chairperson and Managing Director of Bank of India (BoI), Vijayalakshmi Iyer on her first visit to Tamil Nadu, called on the Chief Minister J Jayalalithaa at the Secretariat here today. Iyer took over as the Mumbai-based bank’s Chairperson and Managing Director, last year replacing Alok K Misra. Prior taking up the new role, Iyer was serving as Executive Director of Central Bank of India. The meeting between bank officials and the Chief Minister was a “courtesy call”, an official release here said. Bank of India General Manager (International relations), R A Sankara Narayanan, Chief Secretary Sheila Balakrishnan and Finance Secretary K Shanmugam were also present....

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All SBI branches to have ATMs by March-end

State Bank of India (SBI) is upgrading a big chunk of its automated teller machine (ATM) network into self-service centers, which will include cash deposit machines and passbook printers. The bank will also install ATMs in even the remotest branch by end-March 2014.Speaking to TOI, A Krishna Kumar, managing director, SBI, said that the bank was targeting a few thousand ATMs where the self-service kiosks and cash deposit machines would replicate most of the functions of a branch.SBI currently has 17,804 onsite ATMs and 13,945 offsite machines....

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