PNB launches two deposit schemes
New Delhi:Punjab National Bank (PNB) has launched two new deposit products - PNB Smart Roamer and PNB Prudent Sweep. Current account holders under the PNB Smart Roamer will now get FD interest rate automatically whenever their balance exceeds Rs 1 lakh in multiples of Rs 10,000. Under the PNB Prudent sweep, customers would get FD rate of interest on a balance of over Rs 50,000 in multiples of Rs 10,000.
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Canara Bank debit card for accountholders
Bangalore: The public sector Canara Bank has launched its debit card for its account holders in the country. R.V. Shastri, chairman and managing director of the bank said the bank was targeting a customer base of one million before the end of the current fiscal year. The debit card is offered free of charge to its depositors.

The debit card, he said, could be used to draw cash from any of the banks ATM (automatic teller machines) in the country. Itcould also be operated from any of the VISA-affiliated ATMs across the country. The bank simultaneously launched its branded group insurance cover Savings Suraksha. The cover is being provided by its bancassurance partner, Aviva Life Insurance Company Ltd.

The cover would be offered to the Bank's savings and term deposit holders. This value-added service comes to all depositors' in the age group 18-55 at their option and cost. The scheme assures Rs 1 lakh for individual savings bank/term Deposit account holders, with additional cover of Rs 1 lakh for accidental death.
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FIs should invest only in rated securities, says RBI
Mumbai: Financial institutions should invest only in rated securities, which carry a minimum investment grade rating from a credit rating agency registered with SEBI, according to the draft guidelines issued by the RBI on Tuesday. The FIs should not invest in unrated securities.

According to the guidelines for FIs on investments in non-Government debt securities, the investment grade rating should have been awarded by an external rating agency, operating in India, as identified by the IBA or FIMMDA. The list of such agencies would also be reviewed by the IBA and FIMMDA at least once a year.

The FIs should not invest in debt securities of original maturity of less than one-year other than commercial paper and certificates of deposits, which are covered under the RBI guidelines and should undertake usual due diligence in respect of investments in debt securities. The FIs must ensure that all fresh investments in debt securities are made only in listed debt securities of companies, which comply with the requirements of the SEBI.
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BoI to set up more ATMs in Vizag zone
Visakhapatnam: Bank of India, Visakhapatnam zone, is planning to set up two more ATMs, one here and the other at Guntur, by the end of the financial year. This was stated by the zonal manager, J.R.V Prasad, at a press meet here on Tuesday. He said the zone's business turnover touched Rs 849 crore during the past six months and earned a net profit of Rs 16.92 crore.

The priority sector advances amounted to Rs 265.56 crore and per-employee business had risen from 1.36 crore last year to Rs 1.60 crore.
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UTI Bank to open captive call centre
Mumbai: UTI Bank is to open a captive call centre to be operational in the next financial year.
The call centre will have a staff strength of between 50 and 75 people and be based in Mumbai.
The bank has also decided to open six rural branches by this fiscal-end - - three each in Andhra Pradesh and Punjab.

According to S. Bhattacharya, senior vice-president (Human Resources), the bank discovered that despite having an interactive voice recording system, employees spent a great deal of time answering calls from customers regarding the bank's services. The call centre will handle "inward services" manning the service centre and helplines. The setting up of the centre will likely lead to greater productivity among the sales staff, it is believed. The bank is also on an expansion spree. It opened two branches in October.
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Birla Sun Life, KVB in agreement
Chennai: Birla Sun Life Insurance has entered into an agreement with Karur Vysya Bank (KVB) here on Tuesday, under which the bank will sell Birla Sun Life's insurance policies. Officials said that the bank was expected to earn a premium income of Rs 1.5 crore this fiscal year. In the next year, first full year of partnership, Birla Sun would earn a premium of Rs 5 crore through the KVB sales channel.
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