Singapore branch kicks off UTI Bank's international operations
Mumbai: UTI Bank has commenced its international operations opening its first overseas branch in Singapore. According to a bank press release, the branch will offer corporate banking and trade finance products, along with syndication and investment banking and liability businesses.

The bank said that it also has approvals for representative offices in the UAE, China and full service branches in Sri Lanka and Hong Kong and for an offshore operation in Dubai.

The press release quoted Dr P.J. Nayak, chairman and managing director, UTI Bank, as saying, "There is a considerable opportunity for Indian companies to raise money overseas and our presence in Singapore would act as an anchor point for them."
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Andhra Bank to introduce voice-enabled ATMs for rural customers
Hyderabad: Andhra Bank will shortly introduce voice-interactive ATMs in the vernacular languages, according to the bank's chairman and managing director, K. Ramakrishnan. The initiative is aimed at making banking an easy and comfortable experience for farmers, and the rural population in general.

The bank's ATM-enabled Kisan Credit Cards will allow farmers to draw cash at any of the bank's 390 ATMs and also at over 1,100 shared ATMs across the country. There would be no service charge levied on these cards issued free of cost with a validity of three years, subject to annual review. The cardholders would also be covered under personal accident insurance scheme, he said.

Ramakrishnan also said that the bank had already disbursed Rs13,385 crore for crop loans during 2005-06, surpassing its targets. The bank had now set a target of Rs15,000 crore for disbursals during the current fiscal under Kisan Credit Card mode covering 75-lakh farmers.
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IOB launches insurance scheme for NRIs
Chennai: Indian Overseas Bank has launched a scheme for non-resident Indians aimed at providing "all conceivable insurance cover required by NRIs when on a visit to India." The scheme is being launched in association with United India Insurance.

For a premium of Rs250, protection is offered from personal accident (total and partial disability), ambulance charges, loss of baggage and delay in checked-in baggage and loss of passport, up to a value of Rs1 lakh.

While the cover is being provided to NRIs who are visiting India for a period of 180 days, house insurance will be available for the period of a full year. NRI's can also opt for health insurance cover for an additional premium.
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