1. ICICI Bank, has done a minor reshuffle of its board and certain changes in the senior management, with JMD Lalita Gupte slated to retire on October 31. V Vaidyanthan, SGM, will be the new executive director on the board, while Bhargav Dasgupta, SGM, will leave the bank to join ICICI Pru Life as executive director. Following Ms Gupte’s retirement, the bank has assigned Chanda Kochhar, deputy MD, the responsibility for international banking. However, she would continue to be in charge of corporate banking. So far, international banking is overseen by Ms Gupte, who had joined the bank’s board in 1994.
2.UBI and BoI, have joined hands with infrastructure lending institution IDFC to provide banking facilities to customers on a single platform. Although the three entities are yet to sign an agreement, the move is aimed at optimising branch network and gets the better of competition. Since both Union Bank of India and Bank of India have the same technology platform, Finacle, they would be in a better position to undertake cheque collections and payments activities.
3.Federal Bank Limited has reported a net profit of Rs 69.46 crs for the second quarter of the current fiscal, an increase of 28.25% over the corresponding period last year. The operating profit for the quarter went up by 36.60% at Rs 139.01 crs for the quarter. The net profit for the half year this fiscal stood at Rs 109.64 crs compared to Rs 102.84 crs in the same period in 2005-06. For the half-year ended September 30, the bank's total business increased by 21.71% to Rs 31,002.6 crs from Rs 25,473.49 crs over the corresponding half year in the previous fiscal.
4. Banks are likely to push for restoration of the income-tax sops withdrawn in Budget this year to encourage investment in infrastructure.This includes restoration of 10(23)G of the IT Act under which banks had an exemption on their interest income for financing infra projects. In fact, banking sources say that these two issue will figure prominently in the pre-Budget discussions of the banking community with the RBI and finance ministry.
5. Employees and officers of commercial banks will participate in the all-India bank strike on 27.10.2006, called by the United Forum of Bank Unions (UBFU).
6. The Federation of Indian Export Organisations (FIEO), in association with HSBC, is organising a seminar on `Forex and credit risk management and logistics'.
7. Concluding their month-long strike in Kerala, employees of the Lord Krishna Bank, on Wednesday gave their consent to the bank's proposed merger with Centurion Bank of Punjab.The management of the private sector bank has assured the employees that there will be no retrenchment of staff as well as no closure of any rural branches. The assurances had been earlier incorporated in the scheme of amalgamation of the two banks as well.
8. Allahabad Bank on Thursday posted 24.76% increase in net profit at Rs 210.03 crs for the quarter ended September 30, as compared to Rs 168.34 crs in the corresponding quarter last year. The total income increased by 19.16% to 1267.83 crs for the quarter ended September 30, as compared to Rs 1063.93 crs in the same quarter last fiscal.
2.UBI and BoI, have joined hands with infrastructure lending institution IDFC to provide banking facilities to customers on a single platform. Although the three entities are yet to sign an agreement, the move is aimed at optimising branch network and gets the better of competition. Since both Union Bank of India and Bank of India have the same technology platform, Finacle, they would be in a better position to undertake cheque collections and payments activities.
3.Federal Bank Limited has reported a net profit of Rs 69.46 crs for the second quarter of the current fiscal, an increase of 28.25% over the corresponding period last year. The operating profit for the quarter went up by 36.60% at Rs 139.01 crs for the quarter. The net profit for the half year this fiscal stood at Rs 109.64 crs compared to Rs 102.84 crs in the same period in 2005-06. For the half-year ended September 30, the bank's total business increased by 21.71% to Rs 31,002.6 crs from Rs 25,473.49 crs over the corresponding half year in the previous fiscal.
4. Banks are likely to push for restoration of the income-tax sops withdrawn in Budget this year to encourage investment in infrastructure.This includes restoration of 10(23)G of the IT Act under which banks had an exemption on their interest income for financing infra projects. In fact, banking sources say that these two issue will figure prominently in the pre-Budget discussions of the banking community with the RBI and finance ministry.
5. Employees and officers of commercial banks will participate in the all-India bank strike on 27.10.2006, called by the United Forum of Bank Unions (UBFU).
6. The Federation of Indian Export Organisations (FIEO), in association with HSBC, is organising a seminar on `Forex and credit risk management and logistics'.
7. Concluding their month-long strike in Kerala, employees of the Lord Krishna Bank, on Wednesday gave their consent to the bank's proposed merger with Centurion Bank of Punjab.The management of the private sector bank has assured the employees that there will be no retrenchment of staff as well as no closure of any rural branches. The assurances had been earlier incorporated in the scheme of amalgamation of the two banks as well.
8. Allahabad Bank on Thursday posted 24.76% increase in net profit at Rs 210.03 crs for the quarter ended September 30, as compared to Rs 168.34 crs in the corresponding quarter last year. The total income increased by 19.16% to 1267.83 crs for the quarter ended September 30, as compared to Rs 1063.93 crs in the same quarter last fiscal.
