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ICICI
Bank plans to set up kiosks in rural areas
Mumbai: ICICI Bank is planning to set up kiosks
to offer financial services in the rural areas. The outfits,
which would be on the lines of STD booths, would also
extend agricultural loans.
The
proposal would partly help the bank in meeting its priority
sector lending targets. It would be possible to extend
agricultural loans, which comprise priority sector lending,
through the kiosks in the rural areas.
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SG
to shut Asian arm
Mumbai: SG, the corporate and investment banking
arm of Société Générale, today
announced that it is closing its Asian equity sales and
research activities on account of depressed markets. The
move will result in around 180 employees, representing
nine per cent of the group's total workforce, being laid
off in the region.
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Syndicate
Bank schemes for agri-credit
Mangalore: Syndicate Bank has formulated a `special
plan' for agricultural credit. Under this plan, for the
development of the agricultural sector in the Dakshina
Kannada and Chikmagalur districts of Karnataka, the bank
has already disbursed loans amounting to Rs 12 crore during
the first half of 2002-2003, while the total lending to
farmers in this region stood at Rs 108 crore.
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CII
for tax sops on pension funds
Hyderabad: The session on pension reforms at the
7th Insurance Summit 2002 being held here by the Confederation
of Indian Industry (CII) has stressed the urgent need
for a change in the pension schemes existing in the country.
The speakers also felt that tax benefits on contribution
to pension funds should be continued.
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Union
Bank to automate 500 branches by 2005
Madurai: Five hundred branches would get computerised
and online banking facilities offered to customers by
the year 2005, V Leeladhar, chairman and managing director,
Union Bank of India, said.
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UTI
Bank cuts home loan floating rates
Mumbai: UTI Bank has cut interest rates on its
floating rate housing loans by 25 basis points. The change
is effective from November 25.
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Crisil
Downgrades Kotak Mahindra Primus NCDs, FD
Mumbai: The Credit Rating Information Services
of India Ltd (Crisil) on Wednesday downgraded Kotak Mahindra
Primus Ltd’s (KMPL) nine non-convertible debentures
(NCD) aggregating Rs 213.40 crore and fixed deposit (FD)
issue and removed them from watch with developing implications.
The
NCDs were downgraded to ’AA-’ from ‘AA’
while the FD issue was scaled down to ‘FAA’
from ‘FAA+’, Crisil said.
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