Corporation Bank inks pact with Universal Sompo for accident death coverage

Corporation Bank has signed a memorandum of understanding (MoU) with Universal Sompo General Insurance Co Ltd for providing accident death coverage to its savings bank account holders under Corp Signature, Corp Super and Corp Saral category.A press release by the bank said here on Saturday that the bank provides free personal accident death cover of Rs.10 lakh to its Corp Signature and Rs.5 lakh to its Corp Super account holders.The MoU was signed in the presence of Jai Kumar Garg, Managing Director and Chief Executive Officer of Corporation...

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Dinabandhu Mohapatra takes charge as Canara Bank ED

Dinabandhu Mohapatra, the new Executive Director of Canara Bank, is a post-graduate with a degree in Law, CAIIB and Diploma in Computer Application.Mohapatra, who took charge as ED of Canara Bank recently, started his banking career with Bank of India as Probationary Officer in 1984. Source : Thehindubusinesslin...

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Vijaya Bank net up 43% in Q3

Vijaya Bank reported a 43 per cent increase in net profit at Rs.53 crore in the third quarter ended December 31, 2015, as against Rs.37 crore in the year-ago quarter.The Bengaluru-headquartered public sector bank logged a 33 per cent year-on-year (y-o-y) increase in net interest income at Rs.738 crore from Rs.555 crore in the year-ago period. According to a bank statement, fee-based income increased by 31 per cent to Rs.122 crore (Rs.93 crore in the year-ago period).Net interest margin improved to 2.44 per cent from 1.88 per cent, it added.Gross...

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Govt to infuse about Rs. 5,000 cr in PSU banks this quarter

Government will infuse about Rs. 5,000 crore of capital in the public sector banks in the current fiscal to strengthen the balance sheet.“As committed, banks will get fund infusion in the fourth quarter. Banks will get about Rs. 5,000 crore,” Financial Services Secretary Anjuly Chib Duggal said on the sidelines of an event here.Funds would be infused after Parliament approves the third Supplementary Demand for Grants in the upcoming Budget session.Last year, the government announced a revamp plan ‘Indradhanush’ to infuse Rs. 70,000 crore in...

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Bandhan Bank to scale up retail lending from next fiscal

Kolkata-based Bandhan Bank is on course to introducing new products and scaling up its presence in the retail lending segment. The offerings are expected to be introduced next fiscal onwards.According to Chandra Shekhar Ghosh, Founder, MD and CEO of Bandhan Bank, “teams are being readied”, with offerings targeting micro, small and medium enterprises (MSMEs), housing reconstruction or “smaller value” home loans, vehicle financing and loans against property.The teams, he said, will consist of members across verticals that include those with microfinance...

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New SBI home loan product offers interest moratorium

The newly-launched SBI FlexiPay Home Loan will help working professionals fulfil their aspirations of owning homes, Badal Chandra Das, Chief General Manager, SBI Kerala Circle, has said.The new product was unveiled at 14 circle offices of SBI along with the formal launch at the hands of Chairperson Arundhati Bhattacharya in Mumbai on Monday.Flexible optionIt is targeted at the salaried employees aged between 21 and 45 years with a required loan amount of not less than Rs.20 lakh, Das told newspersons here.It allows borrowers to get higher loan...

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