SBI signs pact with NAFED
New Delhi: The State Bank of India and the National Agricultural Cooperative Marketing Federation (NAFED) have entered into an agreement for cooperation in the field of agri business. The memorandum comprises a broad understanding between SBI and NAFED to finance farmers for production and cultivation of various crops like soybean, paddy, jute and potato said Anup Banerji, head - agri business, SBI.

This tie-up would be applicable in Mumbai, Hyderabad, the North East, Delhi, Chennai and Bhopal circles of SBI. Financing would be done by large number of SBI branches located in these cities, Banerji said.

SBI will finance seed production of various crops to be procured by NAFED and also finance cultivation of different crops to be procured by NAFED for commercial trading. The bank aims to generate Rs10-15 crore worth of business through this initiative in the first year of operation. The tie-up would facilitate easy availability of high yielding seed varieties to farmers.
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IFC extends $17.5 m loan to Atul
New Delhi: The International Finance Corporation (IFC), the private sector arm of World Bank, has extended a $17.5 million loan to Gujarat-based chemical manufacturer, Atul to expand its operations.

The rupee-denominated loan (about Rs80 crore) will enable the firm to capitalise on its technical expertise and move from commodity products such as dyes to high-value niche segments and strengthen its environmental, health and safety practices, IFC said in a release.

Officials at Atul said the company adopted a strategy to transform into a global market leader for select products while retaining a smaller portfolio of commodity products where the company has a sustainable low-cost advantage.
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YES Bank launches new fixed deposit scheme
Mumbai: Private sector bank YES Bank has launched a special fixed deposit scheme targeted at providing retail investors with an opportunity to earn an attractive return of eight per cent. This interest rate, effective June 28, 2006, is applicable for deposit values between Rs10,000 and Rs one crore for a period of 10 months and one day, a release issued by the bank stated today.

The special scheme offers a return, which is at least 100 basis points higher than the standard rate offered by peer banks in the industry.

According to the bank this special deposit scheme will offer individual investors both easy liquidity and safe returns.
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StanChart MF ties up with IOB
Mumbai: Standard Chartered Mutual Fund has tied up with Indian Overseas Bank for the distribution of its schemes, an official statement said. Naval Bir Kumar, director of Standard Chartered AMC, said: "This partnership with IOB will make our investment services more accessible to retail investors."
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