RBI to issue Rs. 5 coins to mark 125th Nehru anniversary

The Reserve Bank of India (RBI) will shortly put into circulation Rs. 5 coins minted by the Government of India to commemorate 125th birth anniversary of Pandit Jawaharlal Nehru.Observe of the coin shall bear the Lion Capitol of Ashoka Pillar in the centre with Satyamev Jayate inscribed below, along with the word Bharat in Devnagri script and INDIA in English. It will also bear the Rupee symbol and denominational value Rs. 125 in the international numerals below the Lion Capitol.The reverse of the coin shall bear the portrait of Jawaharlal...

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UBI’s Rs1,300-cr QIP likely next quarter

Union Bank of India (UBI) is likely to mobilise about Rs.1,300 crore through Qualified Institutional Placement (QIP) in the first quarter of the next financial year.“We have got all approvals from the Centre and the Reserve Bank of India (RBI) but are waiting for market conditions to improve,” Executive Director K Subrahmanyam told newspersons after inaugurating an industrial finance branch here on Friday.In addition, the bank has headroom for Rs.4,000 crore additional tier-I capital. “We are also not in the immediate need of capital,” he added....

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Bank of India raises Rs. 641 cr via preference shares

Public sector lender Bank of India (BOI) said it has raised over Rs. 641.99 crore by issuing shares on preferential basis to LIC and New India Assurance.”...members had accorded their approval for issue of 2,00,00,000 equity shares to Life Insurance Corporation of India (LIC) and 26,45,502 equity shares to the New India Assurance Company Ltd on preferential basis at a price of Rs. 283.50 per share,” the bank said in a filing to BSE.The bank approved the fund raising plans in its extra-ordinary general meeting held on March 7, 2015.The issue...

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Axis Bank cuts deposit rates by up to 0.25 per cent

Axis Bank has reduced interest rates offered on retail deposits by 25 basis points across maturities. The cut by the country's third largest private bank comes after the Reserve Bank of India slashed its key policy rate by 25 basis points to 7.50% on March 4. One basis point is equal to a hundredth of a percentage point."The bank has cut its deposit rates by 25 basis points across buckets in the 18-36 months tenure," a banker familiar with the matter said. "Interest on deposits for less than 17 months has been reduced by 15 basis points to...

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Service conditions to get better for bank staff; coming, leave policy

Bank employees, especially from the public sector, are likely to see service conditions improve substantially.A host of service condition improvements are being considered by managements, including a “Leave Bank” system, privilege leave four times a year (against three times now), six months maternity leave for adoption of child (two months now), and paternity leave. This is in addition to getting a 15 per cent hike in salary under the industry-wide wage settlement agreement signed recently.Under the ‘Leave Bank’ system, employees can voluntarily...

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RBI to make public Centre’s surplus cash balance to help banks manage liquidity

To help market participants, such as banks, assess systemic liquidity better, the Reserve Bank of India will indicate the Government of India’s surplus cash balance, which will be reckoned for auction, with effect from April 6.Officials positiveThe government’s surplus cash balance with the RBI will be indicated by way of a footnote in the press release issued daily on “Money Market Operations,” the central bank said in a statement.According to NS Venkatesh, Executive Director (Treasury) & CFO, IDBI Bank, once the information on the government’s...

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Citigroup CEO Corbat earned 10% less in 2014

Citigroup Inc cut its Chief Executive Michael Corbat's annual compensation by 10.3 per cent in 2014, citing high legal expenses and the company's failure to win regulatory approval for its capital plan in last year's stress tests.Corbat earned a total of $13 million for 2014, down from $14.5 million a year earlier, according to the compensation approved by Citi's board.The board's compensation committee said the company's proxy statement said it had also cut compensation or held back raises for Citigroup's chief financial officer, the chief...

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Karnataka Bank launches ‘e-Lobby’

Karnataka Bank on Thursday launched the ‘e-Lobby 24X7 banking services’ at three locations in Bengaluru. A press release said that ‘e-Lobby’ provides essential banking facilities under one roof through self-service automation kiosks. P Jayarama Bhat, Managing Director and Chief Executive Officer of the bank, said the bank has planned to extend the ‘e-Lobby’ services to another 21 locations across India soon. Source : Thehindubusinesslin...

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HDFC Bank plans to open 200 branches in Kerala in next 2 years

HDFC Bank is looking at opening 200 branches across Kerala in the next two years as part of its efforts to support inclusive growth.Dhiraj Relli, Branch Banking Head, who was here to open the 150th branch in Kochi on Thursday, said that 70 per cent of the bank’s branches in the State are in rural and semi urban areas to ensure greater participation of people in the banking system.“Our objective is to empower more people in Kerala, by offering them our full range of banking services, including digital initiatives thus making a difference in...

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KVB on network expansion spree

After a brief pause, Karur Vysya Bank is now expanding its network aggressively.The bank has opened three branches in the last two days and grown its network across the country to 623.The 335th branch of the bank in Tamil Nadu was opened at Kilpauk in Chennai. This incidentally is the 40th branch under Chennai division.The 336th branch and 62nd under Tambaram division was operationalised on March 18.The bank plans to open branches at Pillayarkuppam, Nadukuppam and Pootuthakku soon. Source : Thehindubusinesslin...

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