RBI sees 50 per cent rise in value of electronic fund transfers
Mumbai: The Reserve Bank of India has set an ambitious target of achieving a near 50 per cent growth in transaction value of electronics funds transfer by the end of the current financial year.
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Oman International gives VRS to 22 staff
Mumbai: Oman International Bank has trimmed its workforce by 22 through a voluntary retirement scheme. The bank had a staff strength of close to 59 which has now been reduced to 37 for its two-city operations in Mumbai and Cochin.
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United India launches new schemes for weaker sections
New Delhi: United India Insurance Company Ltd has launched a slew of schemes targeted at financially weaker sections of the society.
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RBI auction of Rs 5,000 crore bonds to sail through
Mumbai: The Reserve Bank of India’s auction of the 8.35 per cent 2022 for a notified amount of Rs 5,000 crore is expected to sail through without any hiccups, amidst excess liquidity in the inter-bank system.
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BHFL to expand satellite offices network to 30
Mumbai: As part of its business strategy to provide service in small towns and semi-urban habitations, the Birla Home Finance Ltd, a 50:50 joint venture with BHW Holdings AG Germany, has proposed to expand its satellite offices network to 30 by the end of current financial year.
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Western Union seeking money transfer tie-ups
Mumbai: Western Union Financial Services International, a global money transfer outfit, has initiated talks with some private and more public sector banks to firm up money transfer arrangements through them.
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Sundaram Finance to set up Internet kiosks
Mumbai: Sundaram Finance proposes to put up Internet kiosks at eight of its offices (to start with), to popularise the company's freight exchange portal www.infreight.com.
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UCO Bank cuts home loan rates
Mumbai: UCO Bank has slashed the interest rates for UCO Shelter, the home loan scheme of the bank, with effect from December 1 2002.
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AMP Sanmar to tap small towns in TN
Chennai: AMP Sanmar has entered into an agreement with Trade Wings the Dhandapani Group and Karvy Consultants for marketing its policies.
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New CRR norm puts banks off-balance
Mumbai: Several banks are finding cash management difficult while maintaining the daily minimum of 80 per cent balance of the cash reserve ratio, as prescribed by the RBI in the Credit Policy.
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ICICI Bank plans sector-wise PLR
Mumbai: ICICI Bank Ltd has approached the RBI for permission to introduce a sector-wise prime lending rate (PLR) structure. If this is accepted, the bank will be able to offer varying rates of interest to different sectors.
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United Bank bets on higher advances
Mumbai: United Bank of India hopes to achieve a 20 per cent growth in advances in 2002-03 as compared to 15 per cent posted in 2001-02.
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Bill to corporatise IDBI introduced
New Delhi: Finance Minister Jaswant Singh yesterday introduced the Bill seeking to corporatise Industrial Development Bank of India (IDBI) in the Lok Sabha. The Bill was subsequently referred to the Parliamentary Standing Committee on Finance.
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IDBI looking for `bank' advisor
Mumbai: Industrial Development Bank of India (IDBI) is in talks with commercial banks, including foreign ones, to advise it on converting itself into a bank. Parliament is likely to pass a Bill amending the IDBI Act to help the development financial institution become a stand-alone bank in the ongoing winter session.
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Kotak bond limit hiked to Rs 1 crore
Mumbai: OM Kotak Mahindra has increased the maximum investment limit on its Kotak Insurance Bond (KIB) to Rs 1 crore from Rs 20 lakh.
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Watershed development fund created in Nabard
New Delhi: Agriculture minister Ajit Singh disclosed that a Rs 200-crore watershed development fund has been created in the National Bank for Agriculture and Rural Development.
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