UCO Bank seeks Rs 800-cr capital from Centre

Kolkata-based UCO Bank has sought Rs 800-crore capital from the Union Government to fund its growth needs and boost its capital adequacy ratio.

According to S. Chandrasekharan, Executive Director, the bank has already garnered Rs 1,000-crore worth capital by way of Tier-II bonds so far during this fiscal.

“We have asked for Rs 800 crore and we hope to get it soon,” Chandrasekharan said here on Saturday at a press meet on the occasion of its 71st Foundation Day.

The bank aims to achieve 20 per cent growth in business this year. “We aim to touch a business of Rs 3 lakh crore by March 2013,” he said.

shobha.roy@thehindu.co.in

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Corp Bank launches RuPay Aadhar card

Corporation Bank has launched Corp RuPay Aadhaar card.

A bank release said here that this product is primarily aimed at providing easy and hassle-free banking services to the financially excluded and underprivileged sections of the society having Aadhaar number.

The card can be used at the conventional ATMs, micro ATMs or at the handheld machines used by business correspondents and at point-of-sale terminals at merchant establishments. The fascia of the card contains the Aadhaar number and this card can be a photo card or a non-photo card, it said.

Direct cash transfer scheme

Corporation Bank is a partner in the direct cash/benefit transfer scheme launched by the Government. This scheme will enable the Government to directly credit various social security benefits and subsidies to the accounts of the citizens, the release added.

vinayak.aj@thehindu.co.in

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LIC Housing property expo begins in Hyderabad

LIC Housing Finance Ltd is organising a two-day mega property show at Hitex in Madhapur.

“We are targeting a business of Rs 200 crore during these two days,’’ V.K. Sharma, Director and Chief Executive, LIC Housing Finance, told newspersons after inaugurating the exhibition here on Saturday.

This is the sixth annual property show organised by LIC Housing in Hyderabad. Over 50 builders have put up their stalls and there is also a facility for spot approvals. The loans are being offered at 10.25 per cent interest.

QIP issue

Meanwhile, Sharma said LIC Housing will be completing its proposed Qualified Institutional Placement (QIP) issue to raise up to Rs 1,200 crore before the end of March. The QIP issue got delayed on a variety of reasons including market volatility.

“We are also ready to apply for External Commercial Borrowings to mobilise up to Rs 700-1,000 crore,’’ he said.

naga.gunturi@thehindu.co.in

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Muthoot PAN processing centre

Muthoot Securities, promoted by Muthoot M. George Group, has tied up with UTI Infrastructure Technology and Service Ltd to act as income-tax PAN service centre.

The company will accept PAN card application through all Muthoot Finance branches. In the South, Muthoot Securities has so far issued 2,50,000 PAN cards. It is now plans to extend this service to the North-East and western States.

“There is an unfounded fear in the minds of many people that once they apply for PAN card, they will be subjected to the scrutiny of I-T Department. This has to be dispelled…”, George Alexander Muthoot, Managing Director, Muthoot Finance, said in a release.

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Synd Bank biz crosses Rs 3 lakh cr

Syndicate Bank has achieved a milestone by achieving over Rs 3 lakh crore business turnover as on December 31.

At a simple ceremony, M G Sanghvi, Chairman and Managing Director of the bank thanked all the customers for their support in achieving the goal.

Later, Sanghvi, M Anjaneya Prasad and Ravi Chatterjee executive directors of the bank addressing the staff members of the bank.

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