Corporation Bank in distribution pact for Prudential ICICI products
Mangalore: Corporation Bank has announced a partnership with Prudential ICICI Asset Management Company for the distribution of its mutual fund products.

A release said that Corporation Bank would offer the entire range of Prudential ICICI Mutual Fund products at select branches of the bank. This initiative will enable Prudential ICICI AMC to further expand its retail presence. The partnership will enable Corporation Bank augment its distribution capabilities in third-party products and will enrich its end-to-end bouquet of service offerings for its customers.
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Tata AIG in pact with ATE group
Thiruvananthapuram: Tata AIG has signed an agreement with the city-based ATE group to promote various travel insurance products and services within India, says an ATE group press release. The ATE group has also entered into an alliance with the cargo division of Thomas Cook India to promote cargo and logistics services worldwide, the press release added.
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Government clears 74 per cent FDI in weak private banks
Mumbai: The Parliamentary Standing Committee on Finance has cleared the way for 74 per cent foreign direct investment in weak private banks.

B C Khanduri, chairman of the committee, said the 74 per cent FDI limit has been approved along with a proportionate hike in voting rights. At present, the voting rights are capped at 10 per cent irrespective of the FDI limit, now at 49 per cent.
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RBI stake in SBI lowered
The Parliamentary Standing Committee on Finance has also approved reduction of the RBI's stake in State Bank of India to 51 per cent from the current level of 59.73 per cent.

This comes as a shot in the arm for SBI, which is planning a second public issue. It will be also raising around Rs3,000-4,000 crore from the debt market. These funds will be used for overseas expansion and funding of domestic assets. At present, foreign institutional investors and public hold 20 per cent each in the bank.

SBI has approached the Union government for a stock split in its three associate banks and doing away with the cap on individual shareholding limits in these banks. Individual shareholders are not allowed to hold more than 200 shares in SBI's three listed associate banks. Foreign direct investment in banking, on the other hand, has been a bone of contention between the government and the RBI.

Initially, the RBI had preferred hiking the FDI to 74 per cent in banking without proportionate hike in voting rights. Later it agreed to increase in voting rights to 15 in an incremental manner.
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