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SBM
to computerise all branches by next year
Visakapatnam: STATE
Bank of Mysore (SBM) will computerise all its 615 branches
by the end of June 2004, and the first phase of branch
networking covering 300 major branches will also be completed
by that time, Mr M. Sitarama Murty, Managing Director,
has said.
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Madras
HC declines to set aside order on winding up of finance
co — Appoints administrator
Chennai: The Madras High Court has refused to set
aside the order for winding up of the Chennai-based Fidelity
Finance Ltd. It ordered appointment of a full-time administrator
to recover the amounts due to the company in liquidation
from various borrowers in the interest of the litigant
public/depositors.
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Central
Bank of India For Agri-priority Survey
Mumbai: The Central Bank of India has initiated
a household economic survey in the 26,000 service area
villages for offering need-based productive finance as
part of boosting its direct agricultural advances to 13.5
per cent by March 2005. The bank is targeting to disburse
Rs 1,100 crore of advances through this channel to farmers
during fiscal 2003-04.
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Escorts
in tie up with UCO Bank
New Delhi: Leading tractor maker Escorts Ltd on
Tuesday launched a special tractor finance scheme for
farmers in association with UCO Bank.
The
`UCO Escorts Krishi Jyothi' scheme would provide 100 per
cent finance facilities to buyers of Escorts tractors
without requiring any fixed deposit from them, a company
release said.
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SIDBI
signs pact with Oriental Bank
New Delhi: Small Industries Development Bank of
India (SIDBI) and Oriental Bank of Commerce (OBC) have
entered into a memorandum of understanding to work together
on projects related to the small-scale, infrastructure
and service sectors.
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IDBI
Homefinance slashes rates by up o 150 Bps
Mumbai: DBI Homefinance Ltd, which is the new name
of the Tata Homefinance Ltd after the takeover by Industrial
Development Bank of India (IDBI), has reduced its variable
home loan rates by up to 150 basis points (bps). The revised
rates will be effective from September 17, 2003.
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RBI
discourages repatriable bank deposits
Mumbai: Late on Monday, the Reserve Bank of India,
in a sudden move, capped the rates on NRE deposits at
LIBOR plus 100 basis points. Earlier the spread allowed
was 250 basis points.
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RBI
asks IBA to prepare report on PLR system
Mumbai: The Reserve Bank of India has asked the
Indian Banks' Association (IBA) to formulate a report
on the methodology to be adopted for making the Prime
Lending Rate more transparent to customers.
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