Bank officers threaten nation-wide strike

Bank officers have threatened to go on a nation-wide strike over non-recall of a terminated employee of Thrissur, Kerala-based Dhanlaxmi Bank.PV Mohanan, general secretary of the Dhanlaxmi Bank Officers Organisation (DBOO) and president of All-India Bank Officers Confederation (AIBOC), Kerala, was terminated on June 11 ‘without citing any reason.’CONCILIATION BIDSThe Kerala unit of AIBOC observed a lightning strike the very next day, which was followed by a 33-day-long hunger strike by 1,200 members of the DBOO, union sources said here.The...

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UCO Bank to reduce base rate by 25 bps to 9.7%

A day after the RBI announced a 50 basis points repo rate cut, Kolkata-based lender, UCO Bank, has said it will reduce the base rate by 25 basis points.The base rate, which will come into effect from October 5, will be at 9.70 per cent, according to a notification to the bourses."The UCO Bank has informed the BSE that the bank has reduced its Base Rate by 25 basis points to 9.70 per cent with effect from October 05, 2015," it said in the notification. Source : Thehindubusinesslin...

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Naina Lal Kidwai to step down as Chairperson of HSBC India

HSBC India Chairperson Naina Lal Kidwai will retire in December after a 13-year stint with the bank, HSBC said today."She will also step down from her position of executive Director on the Board of HSBC Asia-Pacific," HSBC said in a statement."During this period, she has served HSBC with distinction in a number of senior roles, and we wish her every success for the future," Peter Wong, Chief Executive of HSBC Asia-Pacific said.Kidwai joined HSBC in 2002 as Vice Chairman and Managing Director at HSBC Securities and Capital Markets, India and...

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State lenders PNB, BoB, OBC cut base rate by up to 0.40 per cent

State-run lenders Punjab National Bank, Bank of Baroda and Oriental Bank of Commerce have trimmed their base or minimum lending rates by up to 0.40 per cent in response to RBI's policy rate cut.Punjab National Bank (PNB) cut the base rate by 0.40 per cent, Bank of Baroda (BoB) by 0.25 per cent, while Oriental Bank of Commerce (OBC) slashed the rate by 0.20 per cent."Base rate cut by 40 bps from 10 per cent to 9.60 per cent from October 1," PNB said in a statement.In a BSE filing BoB said it has decided "to reduce base rate by 25 basis points...

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Home, auto loans to cost less as RBI cuts rate by 0.5%

Home and corporate loans will cost less as the Reserve Bank today lowered the key interest rate by 0.50 per cent — the biggest cut in over three years — to bolster the economy.In its fourth bi-monthly monetary policy for the current fiscal, RBI cut the benchmark repurchase (repo) rate from 7.25 per cent to 6.75 per cent, the lowest in four-and-a-half-years.RBI Governor Raghuram Rajan, who had faced growing pressure from the Government as also industry to reduce one of Asia’s highest borrowing costs, justified the bigger than expected reduction...

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SBI cuts base lending rate by 40 bps to 9.3%

Soon after reduction in repo rate by the Reserve Bank of India, the country’s largest lender State Bank of India today slashed minimum lending or base rate by 0.4 per cent to 9.3 per cent, setting the trend for benign interest rate regime.With the reduction in the base rate, all loans, including home, auto and corporate, would become cheaper by at least 0.40 per cent.The bank has decided to reduce the base rate by 0.40 per cent to 9.3 per cent with effect from October 5, SBI said in a statement.“RBI has cut interest rate by 0.50 per cent, we...

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Syndicate Bank bonds worth Rs. 1,000 cr fully subscribed

Public sector Syndicate Bank today said the issue of Rs. 1,000 crore tier-II Basel compliant non-convertible bonds has been fully subscribed.“The bank has finalised the issue of unsecured redeemable non-convertible Basel III compliant tier-II bonds in the nature of debentures aggregating to Rs. 1,000 crore. The issue is fully subscribed,” it said in a BSE filing.The issue, which opened on September 24 and closed on September 28, carries a coupon rate of 8.58 per cent per annum.The maturity date of the bonds is as on September 28, 2025.The debentures...

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Andhra Bank cuts base rate by 25 bps to 9.75%

Andhra Bank has reduced its base rate by 25 basis points to 9.75 per cent with immediate effect.A press release in this regard was issued here on Tuesday. Andhra Bank was the first to announce an interest rate cut after the Reserve Bank of India announced a 50 bps cut in the repo rate in its policy review today.  Source : Thehindubusinesslin...

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RBI cuts repo rate by 50 bps

In a big surprise for the markets, the RBI on Tuesday cut the policy repo rate by 50 basis points to 6.75 per cent.The equity market which was in the red till the announcement after a brief bounce back slipped into the red again.The market was widely expecting the central bank to go only for a token 25 basis points cut in view of the deficit monsoon and expectation that the US Fed will raise interest rates by December.The RBI said monetary policy has to be accommodative to the extent possible, given its inflation goals, while recognizing that...

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IDFC Bank mulls having no ATMs, free service at other machines

As it prepares to launch its banking services with motto to become "hatke bank", IDFC Bank is contemplating a low capex move of not having its own ATMs and making transactions at rivals' ATMs free for customers, a senior official said."We feel there is a saturation of ATMs in the market and even after having the machines, you spend on its maintenance. We are looking at not having a network of ATMs," its head of personal and business banking Naval Bir Kumar told PTI after the bank unveiled its logo last week.He added that IDFC Bank customers...

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DoP may seek Cabinet nod to set up payments bank

The Department of Posts (DoP) is expected to seek Cabinet nod within two months for raising Rs. 292 crore from Public Investment Board to set up payments bank, for which it has already got the RBI approval.“The DoP is going to take approval for Rs. 292-crore fund from Public Investment Board after which it will be submitted for Cabinet approval. We expect the fund to be cleared in two months,” an official source told PTI.Payments bank licence will allow companies to collect deposits (initially up to Rs. 1 lakh per individual), offer Internet...

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