FinMin spots 11 EDs for state-run banks
Mumbai: Union ministry of finance (Finmin) on Friday finalised the list of 11 candidates of general manager rank from state-run banks for the positions of executive directors (EDs). The names include Subodh Kumar Goyal from Andhra Bank, Dr K C Chakravarty and M Balachandran from Bank of Baroda (BoB), K Ramakrishnan of Bank of India (BoI), P Subarao of Central Bank of India, Vishwanathan Nair and K Achuthapai of Corporation Bank, A R Naggapan of Indian Bank, M S Aftab of Punjab National Bank (PNB), B Sambamurthy of Syndicate Bank and H A Daruwala of Union Bank of India (Union Bank). Out of these, six would be appointed before December 2003 and others would be in the waiting list for the positions. The Finmin had already selected nine EDs last year and six of them have already been appointed while three are still to join.
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Bancassurance to boost Bajaj Allianz retail sector
Mumbai: The number one private general insurance company, Bajaj Allianz General Insurance's CEO and managing director Sam Ghosh said that it could be cheaper to offer non-tariff products through the bancassurance channel and increase its retail portfolio.
The bancassurance scenario is bound to grow in India as it is successful internationally and is particularly helpful to new private general insurance companies as it cuts cost by providing a distribution channel with a ready customer base. "Regarding bancassurance partners we are very strict to ensure that we share a common goal of providing an efficient service to our customers," he said.
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Union Bank cuts PLR by 25 bps
Mumbai: The Union Bank of India on Friday reduced its prime lending rate (PLR) by 25 basis points from 11.25 per cent to 11 per cent per annum effective May 6. It will charge interest at 1 per cent below PLR on loans to SSI (small scale industries) and agriculture upto Rs two lakh. On loans above two lakh, the maximum rate of interest will be 2 per cent over PLR, depending on the rating of the borrower. It has also absorbed 50 per cent of the Guarantee Fee payable under the Credit Guarantee Fund scheme for the SSI sector and decided to extend credit to exporters at reduced rates. Interest rates on deposits are revised downwards on all maturities. Interest rates stand at 4.25 per cent for 15 to 29 days, 4.50 per cent for 30 to 45 days, 5.00 per cent for 46 to 179 days, 5.25 per cent for 180 days to less than one year, 5.50 per cent for one year to less than two years.
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Singhania to hold brief for co-op bank victims
Hyderabad: Visu Trust, which has decided to take up the cause of the victims of crisis-ridden cooperative banks, has roped in Singhania & Co, an international law firm based out of the US, to help it in filing an "appropriate" petition in the Supreme Court, seeking a direction to the authorities concerned to return the monies invested in those banks.According to a press release here on Thursday, the trust said that the US law firm, which runs offices in London, Bangalore, Kolkata, New Delhi, Chandigarh, Chennai, Mumbai and Hyderabad, had several former judges of the apex court and various high courts on it."We would also seek an interim and immediate relief for payment of interest due and payment of matured deposits," it said.
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SBI staff union defers token strike on May 5
Thiruvanathapuram: The State Banks' Staff Union (SBSU), Kerala Circle, has deferred its call for a token strike on May 5 to an undisclosed date after the Assistant Labour Commissioner (Central), Thiruvananthapuram, offered to intervene to solve the contentious issues. Accordingly, a reconciliation meeting between the striking union and the bank management has been convened on May 10, V.G. Sidhardhan, General Secretary, and K. Raja Kurup, Vice-President, SBSU, said.
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Amway, ICICI Bank tie up for credit card
New Delhi: The Rs 625-crore direct selling major, Amway India, on Friday announced an alliance with ICICI Bank, for the launch of a co-branded international credit card. The card will enable Amway distributors to purchase Amway products and earn and redeem reward points. The ICICI Amway credit card will be made available at 62 locations across the country.
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Govt set on buyback to trim debt burden
Mumbai: The Government proposes to buy back 24 securities with a face value of Rs 82,623 crore from banks and FIs in a `switch deal' under the debt - buy back scheme announced in the Union Budget. The Finance Secretary, Dr S. Narayan, on Friday said the first tranche of the buy back offer will be made by June-July. The Government would only pay the premium and fresh securities will be issued in lieu of securities being bought back. The Government plans to spend a maximum of Rs 3,000-6,000 crore, which will add to the fiscal deficit, the Secretary said. This amount has not been budgeted. The buyback while reducing the interest burden of the Government will help banks to improve their books.
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RRBs under Canara post 16-pc growth
Bangalore: The total business of the eight regional rural banks sponsored by the public sector Canara Bank has achieved a record Rs 4,673 crore in 2002-03, a 15,63 per cent growth over the previous year. The bank release said here that the RRBs continued to have high CD ratios of about 77 per cent as against the national average of 42 per cent. Among the RRBs, the South Malabar Grameen Bank had the highest CD ratio of 103 per cent.
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Bank director denied bail
Kolkata: The Chief Metropolitan Magistrate (CMM) Calcutta on Friday rejected the bail prayer of Keshab Bangur and Vinod Baid and remanded them to jail custody. The CBI had arrested Bangur, a Director of Bank of Rajasthan, for alleged misappropriation of the funds of the bank. It has been alleged that the Bank of Rajasthan accepted cheques and allowed money to be withdrawn after encashment of these cheques. Later the money was transferred to the account of Bangur.
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