Union Bank looking for acquisition for foreign operations
Mumbai: Union Bank of India are talking to various merchant bankers to identify a bank, which has branches abroad, in order to gain a quick entry into the international banking scene.

According to the bank, with the WTO regime setting in, international trade volumes will significantly go up and in such a context the bank needs branches in other countries.

The bank is also in the process of setting up two branches in the Gulf - one in Doha and another in Dubai, and is awaiting clearance from authorities in these countries

The Union Bank is opening 100 `retail boutiques' across the country as part of its efforts to streamline rural and semi urban banking. These boutiques will have ATMs and a few marketing officials to sell the bank's products.

The bank will add another 50 branches this year to its existing list of 2,025 . The number of ATMs will go up to 500 by the end of this year from 270.

Meanwhile, the bank has also set up a Rural Development Training Institute to impart training to unemployed youth. The bank plans to open 11 such institutes in the country with the first two centres coming up in Kerala.
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KVIC awards for Andhra, SBI and SBH banks
Hyderabad: Andhra Bank, State Bank of India (SBI) and State Bank of Hyderabad (SBH) have bagged the awards set up by the Khadi and Village Industries Commission (KVIC) for successfully funding the maximum number of projects under the Rural Employment Generation Programme (REGP).

These awards were given away by the former Prime Minister, P.V. Narasimha Rao.

According to the KVIC, 779 village industry projects were financed in 2002-03, while 879 projects were financed in 2003-04 under the REGP scheme in Andhra Pradesh. The village industry units generated employment opportunities to 8,181 artisans during 2002-03 and to 16,272 artisans during last fiscal.
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Centre completes 44 percent borrowings in the first half
New Delhi: In the first six months of this fiscal, the Centre has managed to complete just a little over 44 per cent of its budgeted market borrowings.

For 2004-05, the Centre's gross market borrowings are budgeted at Rs1,50,817 crore, of which Rs1,24,817 crore are to be raised through dated securities and the remaining Rs26,000 crore from 364-day Treasury bills. These amounts do not include floatation of bonds under the Market Stabilisation Scheme (MSS).

As against this, the Centre has so far mobilised only Rs67,000 crore, which includes Rs54,000 crore from dated securities and Rs13,000 crore through issue of 364-day bills.
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Bank wage talks set for resumption
Chennai: An improved wage offer from the Indian Banks' Association has led to the withdrawal of the threatened two-day strike on October 5 and 6.

The IBA has offered a wage hike that would amount to Rs1,800 crore compared with Rs1595 crore offered earlier. The offer came at a conciliation meeting held under the auspices of the Chief Labour Commissioner, S.K. Mukhopadhyay, at Mumbai.

The United Forum of Bank Unions, has said that this was an interim offer and that they had decided to withdraw the strike and talk further on the issue. According to the Forum, the IBA have raised their offer to 11 per cent against the minimum increase of 12.25 per cent that the Forum has been demanding.

Further talks on the issue, would resume on October 8.
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