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MCC
Finance to pay Rs 50 cr to depositors
Chennai: The Chennai-based MCC Finance Ltd, which
is in liquidation, has given an undertaking to the Madras
High Court to pay Rs 50 crore, in a phased manner, to
the depositor-holders, bond-holders and hundi-holders.
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SEZ
banks to have $10-m capital infusion by parent
Mumbai: Banks setting up offshore banking units
(OBU) in Special Economic Zones (SEZ) would have to allocate
a minimum capital of $10 million. They will, however,
be exempted from CRR requirement, and on request, also
from SLR requirement for specific for specific period,
the RBI notified.
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Risk-profile
onus falls on banks
Mumbai: The RBI has rolled out Risk Based Supervision
(RBS) for banks. The central bank has sent a template
of prudential norms to all banks to independently measure
their prudential status.
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Canara
Bank plans to open branch in China
Mumbai: The public sector Canara Bank has proposed
opening a branch in China. The setting up of the branch
is to take advantage of the growing trade volumes between
India and China.
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Rs
2,500-cr dose for IDBI recast as bank
New Delhi: The Government approved a restructuring
package for Industrial Development Bank of India (IDBI)
by repealing the IDBI Act and facilitating the conversion
of the development financial institution into a stand-alone
bank.
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Syndicate
Bank cuts PLR
Mangalore: Syndicate Bank yesterday announced a
reduction in its prime lending rate and prime term lending
rate by 50 basis points from the prevailing 12 per cent
to 11.50 per cent, effective from November 1.
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South
Indian Bank cuts lending rates
Hyderabad: Consequent to the reduction in bank
rate and CRR by the RBI, the South Indian Bank has decided
to reduce its prime lending rate by 50 basis points from
13.5 per cent to 13 per cent with effect from December
1.
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Reserve
repo done at 7.5% for Rs 50 cr
Mumbai: After a gap of several months, a reverse
repo auction, a facility to inject liquidity into the
system was availed of on Tuesday in which the RBI purchased
securities worth Rs 50 crore at the rate of 7.50 per cent.
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UCO
Bank cuts deposit rates
Kolkata: UCO Bank has decided to decrease the rate
of interest in respect of term deposits and NRE deposits.
For 7-60 days, the existing rates will remain unchanged.
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Corpn
Bank, Oriental Bank to share ATMs
Mangalore: The Mangalore-based Corporation Bank
and the Delhi-based Oriental Bank of Commerce have signed
an agreement to share their ATM network. The tie-up between
the two public sector banks, will bring together 252 ATMs
of Corporation Bank and 40 of Oriental Bank.
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Bank
of Punjab lines up major branch expansion
New Delhi: Bank of Punjab, one of the new generation
private sector banks, has outlined an ambitious strategy
to expand its operations throughout the country by increasing
the number of its branches and widening its exchange bureau
network.
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