ICICI Bank inaugurates OBU
Mumbai: ICICI Bank inaugurated its offshore banking unit (OBU) recently, which will offer a suite of products to meet specific requirements of corporates and individuals. The bank intends to invest $100 million for its global strategy, including setting up subsidiaries in the UK and Canada this year.

The OBU will provide international finance at competitive rates, market linked deposits in major currencies of various tenors and a host of other products. It will also offer foreign currency deposits to NRIs providing competitive returns benchmarked to the international markets. The OBU will provide them the flexibility to choose deposit products across varying maturities and interest rates.
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SBI, Tafe sign agreement for financing tractors
Chennai: State Bank of India (SBI) has announced a tie-up with the Chennai-based Tractor and Farm Equipment (Tafe) for financing tractors at concessional rate of interest under the banner of ‘SBI-Tafe Tractor Plus Scheme’. SBI and Tafe have entered into a memorandum of understanding (MoU) for rolling out the new scheme here.

Tafe director Mallika Srinivasan said that under the new scheme, Tafe would provide an upfront discount to the tune of Rs 60,000 for each tractor it sold besides which it would also provide an extended warranty of three years for the tractors it sold under the scheme, she added.

The other salient features of the scheme include a reduction in down payment to 10 per cent from the usual 20 per cent to 25 per cent, longer repayment period of nine years in addition to one year moratorium and a lower interest rate of 11 per cent. The scheme will be available in states such as Tamil Nadu, Andhra Pradesh, Uttar Pradesh, Uttranchal, Rajasthan, Gujarat and Union territory of Pondichery.
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