Oriental Bank of Commerce to go slow on large advances, bulk deposits

With the banking industry grappling with corporate loans turning bad, the state-owned Oriental Bank of Commerce has decided to go slow on chasing aggressively bulk deposits and providing advances to corporates."We are not chasing bulk deposits as well as going for large corporate advances unless there is a very good asset for the time being," OBC Chairman and Managing Director S L Bansal said.He said slippages during the first nine months of the current fiscal were Rs 2,800 crore, while the recovery was Rs 1,300 crore."Recovery continues to...

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Punjab National Bank evinces interest in opening 2 branches in Pakistan: Meena

Government said state-owned bank Punjab National Bank ( PNB) has applied for opening branches in Pakistan and is awaiting approval from the competent authority."Punjab National Bank has applied for opening of two branches in Pakistan, one each in Lahore and Karachi, but these branches have not been approved by the competent authority," Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.No Indian bank has presence in Pakistan, he said. The State Bank of Pakistan (SBP) had indicated to the Reserve Bank of...

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Mahila Bank ties up with New India; launch 3 health schemes

Bharatiya Mahila Bank (BMB), the first all-women bank, today tied with New India Assurance to launch health insurance products for women account holders of the bank.These policies, BMB Sakhee, BMB-Nirbhaya and BMB-Parivar Suraksha provide customised package of health insurance policies from New India assurance, its chairperson Usha Ananthasubramanian said here.While Sakhee Policy aimed at rural women, offers covers up to Rs 50,000, the Nirbhaya schemes offers cover limit up to Rs 5 lakh.At the same time, Parivar Suraksha offers family floater...

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Bank of Baroda and Bank of India to organise “I Run for Fun”

IL&FS Financial Services (IFIN) has emerged as an Organisation with a Bouquet of initiative on the business front- that of a leader in the area of its operation.From the IFIN think tank this time comes another initiative – I RUN for FUN. This marathon set in and around BKC involves two key banks as partners in the initiative namely  “Bank Of Baroda” and “Bank Of India”, with participation from employees of all the Corporate houses and Financial Institutions. IFIN has already received more than 2000 participants registered for this...

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SBI lowers retail deposit rates by up to 0.50%

State Bank of India, the country's largest lender, has cut deposit rates by up to 0.50 per cent starting February 18.While deposit rates for maturities of three to five years have been lowered by 0.25 per cent, those for five years and above have been cut by 0.50 per cent, SBI said in a filing to the BSE today.The bank currently offers an interest rate of 8.75 per cent for three to five year deposits and 8.5 per cent per annum for deposits exceeding five years.For bulk deposits of Rs 1 crore and above with a maturity period of 61 days to less...

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