Allahabad Bank all set to launch new initiatives
Kolkata: Allahabad Bank is all set to revive its subsidiary, Allbank Finance, in the near future.
The company, which has a capital base of Rs 60 crore, does not have any liability. According to the company, distribution of savings and investment products could be one of its main activities in the days ahead. The bank plans to work out an ADR or a rights offer with the intention of mobilizing around Rs 100 crore. The bank also plans to unveil its first overseas branch in Hong Kong and has approached RBI for approval.
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Bank of Bahrain's Indian operations go live with RTGS
Mumbai: Bank of Bahrain and Kuwait has announced that its Indian operations went live on Friday with the real time gross settlement (RTGS) system under the framework and guidelines of the Reserve Bank of India. In a press release, the bank said the system would enable instant transfer of funds between banks and financial institutions and helps banks manage intraday liquidity effectively.
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Karnataka Bank goes live with RTGS
Mumbai: The Karnataka Bank Ltd went live with real time gross settlement (RTGS) transaction on July 16. A bank release said that the payment gateway of the bank is located at the head office.
The release said the bank has plans to put the system to the full advantage for its customers as 227 branches are already networked.
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