Canara Bank software subsidiary looks
overseas
Bangalore: Canara Bank’s wholly-owned
subsidiary – Canbank Computer Services, which is acting as registrar and transfer
agent and also develops software, will start selling it overseas, to begin with, in the
West Asian markets. The bank
management feels that the domestic market alone may not be a viable proposition. Its
software products include integrated branch banking software and the automatic ledger
processing machine.
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Banks see
decline in credit growth
Mumbai: Bank credit has fallen to Rs.6,025
crore in the four months of the financial year 1999-2000, as against Rs.6,711 crore, in
the same period, last fiscal. This marks a fall from 1.8 per cent growth to 1.6 per cent.
During the fortnight ended 16 July 1999, deposits grew by Rs.6,770 crore.
Lower lending and higher deposits has
meant that there is increased trading in government securities.
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GIC
to restructure schemes
Calcutta: General Insurance Corporation is
all set to scrap its non-productive schemes, as part of its revamp exercise. The
corporation is giving final shape to the plans.
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US immigration shows decline
Washington: As compared to 1996 and 1997,
the number of immigrants in 1998 to the US has shown a decline, according to the
Immigration and Naturalisation Service of the US. In 1998, 6,60,477 foreigners were
granted permanent residence in the US. The INS had to struggle with a huge pile of green
card applications pending for the last 10-15 years.
In 1998, 36,482 Indian were granted
permanent residence in the US. India, in 1998, was the third largest in terms of number of
immigrants to the US.
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