AIBOC seeks better terms on pay revision
Coimbatore: The All-India Bank Officers' Confederation (AIBOC) has expressed its readiness to cooperate for an early salary revision settlement, while reiterating that it wants the Indian Banks' Association (IBA) to come out with an improved offer. The AIBOC had rejected the earlier offer of an 8.8 per cent increase in the payload. While expressing its confidence of striking a fair deal by mid-June, the AIBOC has advised its members to be ready for an action programme at short notice should expectations prove otherwise.
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I-Sec net up 52 per cent
Mumbai: ICICI Securities (I-Sec), the investment banking, equity broking and primary dealership arm of ICICI Bank, has posted a net profit of Rs 164.6 crore for the full year ended March 2004, up 52.2 per cent from Rs 108.2 crore in the previous year. I-Sec has paid a dividend of Rs 91 crore to its parent, ICICI Bank.

Gross income of the consolidated company inclusive of its two US subsidiaries increased 12.7 per cent to Rs 361.1 crore (Rs 320.5 crore). Interest outgo decreased to Rs 63.1 crore (Rs 87.3 crore). The net worth of the company increased to Rs 392.5 crore (Rs 351.1 crore). During the year, it has also achieved a turnover of over Rs 1,00,000 crore in the Government securities market.
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United Bank drops rates for educational loans
Kolkata: United Bank of India has reduced the rate of interest on educational loans under the United Educational Loan Scheme by cutting the rates from 10 per cent to nine per cent for loans up to Rs 2 lakh and to 9.5 per cent for loan above Rs 2 lakh but not exceeding Rs 4 lakh. For loan exceeding Rs 4 lakh, the rate of interest has been reduced from 11 per cent to 10 per cent. The revised rates came into force from May 1, 2004, according to a press release issued by UBI.
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