Banks can extend finance to purchase second-hand assets
Mumbai: The Reserve Bank of India has said that banks can extend finance to non banking finance companies against second-hand assets financed by them.

It has also said that banks will be allowed to extend financial assistance to customers directly for purchase of second-hand assets.
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United Bank half yearly operating profit up at Rs336 crore
Kolkata: United Bank of India has posted an operating profit of Rs336 crore in the first half of the current fiscal as compared with Rs276 crore in the same period of 2003-04, registering 22 per cent growth.

However, the pre-tax net profit during the period declined to Rs156 crore (Rs238 crore). The bank management attributed the dip to higher provision for depreciation on investment.

While the interest income from advances at Rs383 crore (Rs328 crore) showed an 18 per cent growth in the first half, the income from investment at Rs643 crore (Rs650 crore) showed a marginal dip. The trading profit from investment at Rs131 crore (Rs116 crore) however showed a small growth.
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ICICI Bank-HPCL credit card a success
Mumbai: ICICI Bank and Hindustan Petroleum Corporation (HPCL) has announced that their co-branded credit card launched in September 2001 had crossed the one-million mark.

Both companies will facilitate the millionth cardholder by gifting Rs50,000 worth of free fuel.
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IndusInd Bank repeats deposit rates interest hike
Mumbai: IndusInd Bank has announced a 10 to 25 basis points hike in deposit rates across various maturities for the second time this month.

This upward revision has been done for deposits amounting to Rs15 lakh and deposits above Rs15 lakh to below Rs1 crore, according to a press release from the bank.

In the band between Rs15 lakh to Rs1 crore, revision has been across both short term and long-term maturities except for deposits of maturity period between three and five years. .

In the case of deposits of up to Rs15 lakh, the revision is in select tenors of 15-30 days, 31-60 days, 61-90 days, one year to below 18 months, 18 months to below 3 years and 5 years and above.

Domestic deposits for `15 days and above' for senior citizens will be eligible for 50 basis points per annum additional rate of interest over the prevailing card rates, said the release.
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