1. The Punjab & Sind Bank has reported a net profit of Rs 72.93 crs for the quarter ended September 2006 recording an increase of 102.13% compared with Rs 36.08 crs in the second quarter last fiscal.
2. Besides celebrations and crackers, an inevitable currency crunch is turning out to be a hallmark of Diwali. On Friday, banks borrowed a record Rs 1,500 crs from RBI to tide over a temporary cash crunch as corporates withdrew large amounts for bonus payments and consumers withdrew cash ahead of a stretch of holidays. The cash shortage pushed up rates in the interbank call money market. The rates touched an intra-day high of 7.20%. In order to cope with such a huge cash outflow, banks have braced up the cash-holding limits of their ATMs and raised the cash supplies towards agencies undertaking cash management at ATM outlets.
3. With PNB rolling out its online trading business in November and BOB firming its plans for a foray into the space, the neighbourhood banker will soon become the de facto broker. In fact, major MNC banks including Citibank, ABN Amro and HSBC recently started their operations in the segment. This is expected to give retail investors the confidence to participate in the capital markets in a big way since they have a long-standing association with their banks.
4. IndusInd Bank, has launched its Indus Gift Card which can be used for purchase from any point-of-sale terminal in India and abroad. The gift card, launched in association with Visa, is a pre-paid card available in any denomination, including odd amounts and ranges from Rs 250 to a maximum of Rs 20,000. The gift card can be used for online purchases, on Visa BillPay and at any point-of-sale outlet, both in India and abroad.
5. PNB has plans to sell Rs 100 crs worth of gold coins in the next 12 months. Already a long list of banks, including ICICI Bank, HDFC Bank, Corporation Bank, SBI and Indian Bank has been betting on bullion for their retail customers. Denominations in gold ranging from 5 gm to 100 gm are on offer.
6.PNB is planning to offer a medical insurance cover from November to depositors for a lower price than market rate. The bank has tied up with private insurer Reliance General Insurance for the purpose.
7. Kotak Life Insurance (KLI) has now joined the Ratnakar Bank Ltd . KLI would now be able to tap the strong customer base of RBL, which also would gain by the new non-banking.
2. Besides celebrations and crackers, an inevitable currency crunch is turning out to be a hallmark of Diwali. On Friday, banks borrowed a record Rs 1,500 crs from RBI to tide over a temporary cash crunch as corporates withdrew large amounts for bonus payments and consumers withdrew cash ahead of a stretch of holidays. The cash shortage pushed up rates in the interbank call money market. The rates touched an intra-day high of 7.20%. In order to cope with such a huge cash outflow, banks have braced up the cash-holding limits of their ATMs and raised the cash supplies towards agencies undertaking cash management at ATM outlets.
3. With PNB rolling out its online trading business in November and BOB firming its plans for a foray into the space, the neighbourhood banker will soon become the de facto broker. In fact, major MNC banks including Citibank, ABN Amro and HSBC recently started their operations in the segment. This is expected to give retail investors the confidence to participate in the capital markets in a big way since they have a long-standing association with their banks.
4. IndusInd Bank, has launched its Indus Gift Card which can be used for purchase from any point-of-sale terminal in India and abroad. The gift card, launched in association with Visa, is a pre-paid card available in any denomination, including odd amounts and ranges from Rs 250 to a maximum of Rs 20,000. The gift card can be used for online purchases, on Visa BillPay and at any point-of-sale outlet, both in India and abroad.
5. PNB has plans to sell Rs 100 crs worth of gold coins in the next 12 months. Already a long list of banks, including ICICI Bank, HDFC Bank, Corporation Bank, SBI and Indian Bank has been betting on bullion for their retail customers. Denominations in gold ranging from 5 gm to 100 gm are on offer.
6.PNB is planning to offer a medical insurance cover from November to depositors for a lower price than market rate. The bank has tied up with private insurer Reliance General Insurance for the purpose.
7. Kotak Life Insurance (KLI) has now joined the Ratnakar Bank Ltd . KLI would now be able to tap the strong customer base of RBL, which also would gain by the new non-banking.
