Vijaya Bank opens ATMs
Vijaya Bank inaugurated five new ATMs as well as its Bank IT Lab in Bangalore on Tuesday.

The ATMs, situated on Residency Road, Shantinagar, Vanivilas Road, Yeshwanthpur and Bilekahalli are connected to a central switch and aim to enable customer convenience, a press release here said.
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UBI To Wipe Off Rs 1,200 Cr Accumulated Loss In 4-5 Yrs
The United Bank of India (UBI) has targeted to wipe off its entire Rs 1,200 crore accumulated losses in the next 4-5 years after government decided against fresh capital infusion in the erstwhile weak bank.

"Last fiscal, we reduced the accumulated losses by Rs 300 crore to Rs 1,200 crore. We are planning to reduce it further to less than Rs 1,000 crore this fiscal and wipe off the remaining in the next 4-5 years," UBI chairman V Madhukar told PTI IN Kolkata yesterday
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IDFC infrastructure fund to be ready by Sept
Infrastructure Development Finance Company Ltd will operationalise an Infrastructure Equity Fund by September, and diversify its areas of operations, according to Mr Nasser Munjee, Managing Director and Chief Executive Officer, IDFC.

Addressing a press conference in Chennai on Wednesday following the company's annual general meeting, he said that by September, IDFC would have an operating fund in place for infrastructure funding, as outlined by the Union Finance Minister, Mr Yashwant Sinha, during his Budget speech. While transportation would be a major area of focus, IDFC plans to diversify into new areas such as tourism, oil and gas (production and transportation), education and health, he said.
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ABN-Amro ties up with EDS for card processing
ABN-AMRO Bank announced a tie-up with Electronic Data Systems (India) Pvt Ltd (EDS) for its credit card processing services in India.

"Through outsourcing of credit card processing we increase cost efficiency by 15-20 per cent. We will be able to offer a low cost delivery experience to our clients,'' said Mr Romesh Sobti, Executive Vice-President & Country Representative India, at a press conference IN Mumbai testerday
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Aviva Life starts operations in Kochi
Aviva Life Insurance, a joint venture of the Dabur group and CGU of UK, yesterday formally started its operationsin Kochi, with the launch of seven products.

The company offers three products: LifeLong a whole life flexible protection plan, LifeSaver a regular premium endowment savings plan and LifeBond a single premium investment bond. These three products are available under two options, viz., `unit-linked' and `unitised with profits'. In line with the IRDA regulations, these count as six different products.

The seventh product, called EasyLife, is a simple endowment product, amenable for sales through bancassurance, and is unitised with profits.
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Tata AIG claims No. 1 slot in life Insurance business
Tata AIG Life Insurance Company said it has become the largest private life insurer in terms of lives covered, with its policies covering 4.4 lakh individuals.

The company has achieved a total sum assured of Rs 1,100 crore on its life, pension and group business for the year ended March 02 against which it has mobilised Rs 21 crore premium.
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