Exim Bank to raise $250 mn for funding SMEs
Chennai: Exim Bank of India is planning to raise a loan to the tune of $250-million to fund small and medium enterprises (SMEs). The process of due diligence is on and the agreement is likely to be firmed up in two months. The 10-year loan will be at a "good price", also because there would be no incidence of `withholding tax' (levied on interest payments on foreign loans) — the lender being a multilateral funding institution.

The bank had also firmed up agreements to raise $1 billion (Rs4,500 crore) through `medium term notes' and could tap any amount up to $1 billion as and when required. The first tranche would be drawn shortly and the entire amount would be consumed within 10 months.
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Corporation Bank to launch credit card
New Delhi: Corporation Bank has tied-up with Visa International for the purpose of launching a credit card.

Instead of setting up a separate subsidiary for credit cards the bank said the credit card business would function as a division of the bank.

Corporation Bank had in July last year announced intent to enter into credit card business. With a customer base of about 44 lakh, the bank sees lot of potential for selling its credit card product to these customers.

The bank is also looking to enhance its presence in North and Western India by setting up more branches. In the current fiscal, corporation bank proposes to add 70 new branches to its network. It has already opened 43 new branches in the first nine months of the current fiscal.
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