Kakathiya Bank awarded for performance
Hyderabad: Kakathiya Grameena Bank, the Warangal-headquartered regional rural bank (RRB) sponsored by State Bank of India (SBI) has been adjudged the second best bank under the `Best Performance Bank Recognition' award instituted by SBI for its 30 sponsored RRBs in the country for 2002-03. As a result, the bank has turned the top performer among the five RRBs of SBI located in Andhra Pradesh.

In a release on Tuesday, V. Jagan Mohan, chairman, said that these awards were instituted from 2002 onwards by SBI to recognise the performance and motivate the staff of the RRBs. The selection was based on five performance parameters that include business development, profitability, recovery performance and NPA reduction, productivity and general efficiency.
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Bank of India cuts prime lending rate
Mumbai: Bank of India has cut its prime lending rate (PLR) by 0.5 percentage points to 11 per cent effective December 1, 2003. "Pending emergence of guidelines for a benchmark PLR, Bank of India has taken this step to work out its own PLR in accordance with the RBI's indicative guidelines," a bank release said.

Interest rate for SSI advances over Rs 50,000 up to Rs 2 lakh will now be 10 per cent, and advances between Rs 2 lakh and Rs 10 lakh would be charged 11 per cent (11.50 per cent). Advances to other priority sectors for amounts over Rs 50,000 would be charged at a sub-PLR rate of nine per cent, according to the release.
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Uco Bank Revises Deposits Rates
Kolkata: Kolkata-based public sector commercial bank, Uco Bank, on Tuesday announced its plans to revise the interest rates on term deposit for different maturity periods. According to a press statement issued by the bank here, the rate of deposit for the period seven to 179 days remains unchanged, the respective maturity-wise rates being four per cent for the period seven to 29 days, 4.25 per cent for 30 to 45 days, 4.75 per cent for 46 to 90 days and five per cent for 91 to 179 days.

"For higher maturity periods, the rate of interest has been reduced by 25 basis points ," the statement added. It is learnt that the revised rates will now be five per cent for the period 180 to 364 days, 5.25 per cent for the period one year to less than three years and 5.50 per cent for the period three years and above.
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HCL Tech expands LOMA ties
New Delhi: HCL Technologies Ltd, on Tuesday said it has stepped up its engagement with LOMA, an international insurance research organisation for professional development, in order to enhance its insurance practice.

The engagement now gives HCL Tech access to LOMA's latest industry research, publications and training/certification programmes to facilitate the growth of domain skills, thereby further enabling the company to offer highly focussed software solutions. HCL Tech currently provides diverse technology and business solutions to the insurance industry, servicing the requirements of leading insurance clients across the globe, a company statement said.
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Karnataka Bank loans for gold purchase
Mangalore: Karnataka Bank Ltd has launched a credit product, `KBL Swarna Nidhi,'to purchase gold ornaments from reputed jewellers. The scheme covers resident Indian women in the age group of 18 to 60 years in the case of self-employed/professionals, and in the case of working women with not less than three years of service left.
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IndusInd Bank board to mull consolidation on December 2
Mumbai: IndusInd Bank on Tuesday said that its board will meet on December 2 to consider opportunities for business synergies and consolidation. The bank on Tuesday informed The Stock Exchange, Mumbai of the same.

While the market has been speculating for a while that the upcoming deal may involve Ashok Leyland Finance, a senior IndusInd bank official when contacted, on the condition of anonymity, said: "Some opportunities have come our way. It could be some kind of merger or acquisition, however, but no final decision has been taken as yet."
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