Karnataka Bank bid to implement Finacle praised
Mangalore: The senior vice-president and head of banking business unit of Infosys Technologies Ltd, Girish G Vaidya, has appreciated the management of Karnataka Bank Ltd for its initiative in implementing core banking solution (CBS), Finacle, way back in 2000. Addressing a gathering to celebrate networking of 200 branches of Karnataka Bank with Finacle here , he said that computerisation of banks in India began in the eighties because of RBI directions than the business considerations.

Saying that it was not easy to implement CBS during the initial days, he said Infosys and Karnataka Bank took the lead in implementing it. Quoting the chief mentor of Infosys, N R Narayanamurthy, Vaidya said speed and imagination are keys to success. The management of the bank, which imagined the requirements of the banking industry, took the right decision to implement the technology. The decision to make an HR person in-charge of Information Technology department was an example in this regard.
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IOB raises Rs 200 crore through private placement
Chennai: Indian Overseas Bank has raised Rs 200 crore by way of private placement of securities. This would be reckoned with tier-II capital, for calculating the bank's capital adequacy, the bank said in a notice to the stock exchanges.
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HDFC Bank to float Rs 400-crore worth bonds
Mumbai: HDFC Bank said that it plans to sell Rs 400 crore ($88 million) worth of bonds to boost its capital and provide loans. The bank plans to sell the bonds from Wednesday.

The bank will sell bonds maturing in April 2014 at a coupon of between 5.75 per cent and 5.90 per cent after getting bids from investors. It may also sell up to Rs 100 crore worth of bonds maturing in April 2017 at a 6 per cent coupon, the official said.
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Bajaj Capital starts broking division
New Delhi: Bajaj Capital Ltd, a financial planning company, has kicked off its insurance broking operations by floating a separate entity called Bajaj Capital Insurance Broking Ltd. The new insurance broking company has already received the licence from the Insurance Regulatory and Development Authority (IRDA).

Says Rajiv Bajaj, managing director, Bajaj Capital Ltd: "Our insurance broking venture will allow us to offer the `power of choice' to our clients in the insurance space. Anil Chopra, the group Chief Executive and Director of Bajaj Capital Insurance Broking Ltd, says: "Given a wide range of life and general insurance products available, the client is confused on which insurance to buy and how much cover he should get. This is the gap which Bajaj Capital Insurance Broking hopes to fill."
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Federal Bank net up 37% in nine months
Kochi: The Aluva-based Federal Bank has recorded a growth of 37 per cent in net profit to Rs 113.30 crore (Rs 82.46 crore) during the first nine months of the current fiscal. The bank had been on a high growth trajectory since 2000. The financial results of the bank, which were accepted by the board of directors, reveal that the bank continues to make steady improvements, a press release issued here said.

The bank has been successful in containing costs and increasing income, thus ensuring operating profits grew by 27.12 per cent to Rs 334 crore (Rs 263 crore). Its total income grew 9.61 per cent to Rs 1,102 crore (Rs 1,006 crore), while the growth in expenditure was contained at 3.41 per cent to Rs 768 crore (Rs 743 crore). The total business of the bank grew to Rs 19,132 crore, registering a year-to-year growth of 22.89 per cent. Deposits grew 23.10 per cent to Rs 12,154 crore, while advances registered a growth of 22.53 per cent to Rs 6,978 crore.
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