Corporation Bank to collect central excise, service tax
Bangalore: The Central Board of Excise and Customs (CBEC) has nominated Corporation Bank to collect central excise and service tax in the Bangalore Commissionerate II region. The regions falling under this Commissionerate include Bangalore Cantonment, Yelahanka, Doddabalapur, Tumkur, Chitradurga, Davangere Harihar, and Rannebennur. Branches located in these regions would collect the taxes.

The bank was already collecting these taxes in the Mangalore Commissionerate since 2001 and in Dakshina Kannada district on behalf of the department, the release added. Officials of CBEC had conducted a workshop to train personnel of Corporation Bank's branches on the procedural aspects of the tax collection and their subsequent remittance to the Government with speed and accuracy. The bank has already been collecting direct taxes on behalf of the government since March 2000 at 270 branches across the country. Further, the bank also handled the pension payments for retired personnel of both the Central and State Government in more than 400 branches all over the country.
Back to News Review index page  

ICICI Bank opens new ATM in Coimbatore
Coimbatore: ICICI Bank has activated its 25th ATM in Coimbatore city. The ATM, installed at the BPCL retail outlet on the Avinashi Road here, was inaugurated by the DRT (Debts Recovery Tribunal), Coimbatore presiding officer, Ashok C Parkash.
Back to News Review index page  

State Bank of Saurashtra, Maruti, join hands in Gujarat
Ahmedabad: Maruti Udyog has entered into an alliance with the State Bank of Saurashtra (SBS) to try and tap potential customers in the Saurashtra-Kutch belt and other parts of Gujarat. SBS has announced the slashing of interest rates by 0.5 per cent, from 10.25 per cent to 9.75 per cent for three-year car loans. S K Singh, chief general manager, SBS, said the reduced rates will be applicable only for Maruti car loans. This package also include loans over three years wherein the interest rates will stand reduced from the present level of 11 per cent to10.5 per cent.

Thus, the EMI per Rs 1 lakh will henceforth be Rs 1,686,which means a reduction by Rs 30 for a seven-year loan, Singh said. This is the latest such effort at going in for an exclusive tie-up with a state bank by MUL in a bid to carve out a regional niche for the marketing of its vehicles. Three such recent forays had come in July with MUL tying up with the State Bank of Mysore, State Bank of Indore and the State Bank of Travancore.
Back to News Review index page  

Bombay HC clears Centurion restructuring plan
Mumbai: The Bombay High Court (Goa bench) has approved the scheme of arrangement filed by Centurion Bank for restructuring and recapitalisation of the bank. The scheme also envisages merger of the Bangalore branch of Bank Muscat with Centurion Bank. Bank Muscat has filed the requisite petition with the Karnataka High Court and the hearing is scheduled for 10 October 2003. Centurion Bank has valued Bank Muscat's Bangalore branch at Rs 45 crore.

The Reserve Bank of India (RBI) had, on 22 August, given its in-principle approval for the restructuring of the equity of Centurion Bank. The investors led by Sabre would bring in Rs 129 crore, while existing investors such as the Asian Development Bank (ADB) and Keppel Bank of Singapore will bring in Rs 25 crore, taking the capital infusion to Rs 154 crore. In the next phase, there will be a Rs 65 crore public cum rights issue. Bank Muscat will invest Rs 75 crore, including the merger of its Bangalore branch operations, in Centurion Bank.
Back to News Review index page