14 April 2002

SBI, associates hike STCI stake to 16.81%
New Delhi: The SBI and its associates have increased their share in Securities Trading Corporation of India by 3.35 per cent to 16.81 per cent after Reserve Bank exited from the company.

SBI and associates increased their stake to 16.81 per cent from 13.46 per cent.

SBI invested an additional Rs 17 crore in the equity of the country's largest primary dealer in government securities.

BoB to shift corp office to new premises
Mumbai: Bank of Baroda (BoB) is set to shift its corporate office to Bandra-Kurla Complex in Mumbai in a month.

A plush nine-storey building will house all the top executives of the bank as well as its subsidiaries. The cost of acquiring the land as also construction of the arc-shaped building is around Rs 100 crore.

The old corporate office at the Ballard Pier will house the Mumbai zonal office, which is currently within the precincts of the Bombay Stock Exchange (BSE).

BoB has also acquired a residential plot close to the corporate office for housing 80 executives in the senior management and top executive grades.

ADB to fund 3 UP development projects
Agra: The Asian Development Bank has agreed to fund development projects in Agra, Mathura and Firozabad districts to the tune of Rs 3,800 crore.

ADB has cleared projects for light rail transport system, strengthening of the pollution control board, afforestation in Taj Trapezium zone, improvement of the glass industry at Firozabad, relocation of 76 industrial units of Agra, changing of furnaces of foundry units, sewer treatment plants at Mathura and Firozabad, improvement of the Mansi gang at Mathura, construction of Fatehpursikri road near Arjunnagar and construction of a railway overbridge on the projected southern bypass.

Other projects cleared include construction of a northern bypass, health security and child security programmes, development of the Taj National Park, control of pollution in Mathura refinery, construction of the Taj barrage and conservation of the Mehtabbagh and gadens at the Taj Agra fort, Sikandra and Fatehpursikri.

13 April 2002

Amex to buy out Tatas in forex JV
New Delhi: American Express has signed an agreement with Tata Finance to acquire its entire 65 per cent stake in their forex joint venture, Tata Finance Amex.

Amex will now control 100 per cent equity of the venture.

Tata Finance Amex, was set up as a joint venture in 1999 for offering money changing and foreign exchange services. It has one of the largest distribution networks in the country with 40 offices in 22 cities. The company's total equity is to the tune of Rs 25 crore.

SBI installs 1,017 ATMs
Mumbai: State Bank of India (SBI) has put in place 1,017 ATMs, the largest number of installed ATMs by any single bank in the country, the bank said in a press release.

The bank had installed 764 ATMs in one year while in the last five weeks 541 ATMs were installed across the country.

With these ATMs in place, the bank aimed to provide ATM facilities where it was convenient for the customer to operate, the release added.

RBI okays smart cards
Mumbai: The Reserve Bank of India has allowed issuance of smart cards both on-line and off-line by banks to select customers even if their accounts are for less than six months.

The customers should have good financial standing and banks should ensure the implementation of "know your customer" concept, RBI said in a circular to all scheduled commercial banks.

The apex bank said banks introducing off-line mode of operation of debit cards should adhere to the minimum period of satisfactory maintenance of accounts for six months.

12 April 2002

Canbank Factors crosses Rs 1000-cr turnover mark
Mumbai: Canbank Factors has reported an all-time high turnover of Rs 1,026 crore.

The company, a subsidiary of Canara Bank, has registered a 16% growth over the previous year.

The total income increased to Rs 25.98 crore from Rs 24.30 crore. Profit after tax stood at Rs 7.25 crore as against Rs 5.77 crore recorded the previous year - a growth of 25.65%. The net non-performing assets was nil, according to an official statement.

11 April 2002