1. UTI Bank plans to raise Rs 200 crs with an option to retain over-subscription, through upper tier II unsecured redeemable subordinated debentures. The face value and issue price of one debenture is about Rs 10 lakh. The bonds have been rated "LAA'' by ICRA and "AA (ind)'' by Fitch. The coupon rate is 9.35 % payable annually. Issue is open from Nov13-22.
2. SBI Card, a joint venture between SBI and GE Money, has crossed the three-mn cardholders mark. It has added one mn cardholders in just 10 months. SBI Card is planning to increase its sales force from 5,000 to 7,000 by December 2006 and expand in Tier II cities.
3.Canara Bank has launched a deposit scheme for children up to 12 years, called `SB Canchamp Deposit Scheme'.It allows children to start a deposit with a min amount of Rs 100. On opening the account, the depositor will get a savings box and a personal photo folder-cum-memoir. The child will also get an education loan eligibility card. Using the card, the child can avail education loan once he or she completes HSC or plus two.
4. ICICI Bank has introduced a new product `NRI SmartSave Deposits', a fixed deposit scheme for NRIs. Under this scheme, a customer who has a fixed deposit in any bank's overseas branch can get the amount transferred to ICICI Bank in India on maturity. The bank will settle all the paper work. Even after the amount is transferred to India, the deposit will continue to remain on NRE/NRO savings account, said the release. The bank is also offering free international credit card insurance and free personal accident insurance with the scheme.
5. Godrej Aadhaar, the agri services and rural retail initiative of Godrej Agrovet, has tied up with Western Union Money Transfer to provide money transfer facilities at the rural hubs.
6. Rabo India Finance Pvt Ltd, a wholly-owned subsidiary of Rabobank International, has become a public limited company. The name of Rabo India has been changed to Rabo India Finance Ltd. The conversion from private to public will enable Rabo to list its debt securities (non-convertible debentures) on the wholesale debt market segment of the NSE. It provides customised solutions in food and agri business, telecom, media and information technology, life sciences, corporate finance, renewable energy and carbon credits. It offers fund and fee-based products and services in India drawing on its local resources as well as on Rabobank's global network.
7. Tata Industries Ltd, one of the two holding companies of the Tata Group, is in informal talks with the RBI to let the group into `banking infrastructure'. The infrastructure provision the Tatas had in mind, was `money-boxes'. These boxes could be (owned by the Tatas) put up at, say, shopping malls. The shopkeepers could deposit the day's cash collection into the box. The machine would count the money, just as an ATM does, and the amount would be instantaneously credited to their accounts. Tatas were looking to collaborate with the IIT Madras, for developing low-cost ATMs and to produce the money-boxes at a price of about Rs 3 lakh a piece.
8. HDFC has announced the launch of its operations in London. The London office will provide advisory services on housing finance and property acquisition in India.
9. Retail loans have surged by 40.9% in fiscal 2005-06, which was higher than the overall credit growth of 31%, according to the RBI's report on Trend and Progress of Banking in India.
10. The off-balance sheet exposures of the banking system is concentrated in just 15 banks, most of which are foreign banks. These banks are particularly active in the derivatives segment.
2. SBI Card, a joint venture between SBI and GE Money, has crossed the three-mn cardholders mark. It has added one mn cardholders in just 10 months. SBI Card is planning to increase its sales force from 5,000 to 7,000 by December 2006 and expand in Tier II cities.
3.Canara Bank has launched a deposit scheme for children up to 12 years, called `SB Canchamp Deposit Scheme'.It allows children to start a deposit with a min amount of Rs 100. On opening the account, the depositor will get a savings box and a personal photo folder-cum-memoir. The child will also get an education loan eligibility card. Using the card, the child can avail education loan once he or she completes HSC or plus two.
4. ICICI Bank has introduced a new product `NRI SmartSave Deposits', a fixed deposit scheme for NRIs. Under this scheme, a customer who has a fixed deposit in any bank's overseas branch can get the amount transferred to ICICI Bank in India on maturity. The bank will settle all the paper work. Even after the amount is transferred to India, the deposit will continue to remain on NRE/NRO savings account, said the release. The bank is also offering free international credit card insurance and free personal accident insurance with the scheme.
5. Godrej Aadhaar, the agri services and rural retail initiative of Godrej Agrovet, has tied up with Western Union Money Transfer to provide money transfer facilities at the rural hubs.
6. Rabo India Finance Pvt Ltd, a wholly-owned subsidiary of Rabobank International, has become a public limited company. The name of Rabo India has been changed to Rabo India Finance Ltd. The conversion from private to public will enable Rabo to list its debt securities (non-convertible debentures) on the wholesale debt market segment of the NSE. It provides customised solutions in food and agri business, telecom, media and information technology, life sciences, corporate finance, renewable energy and carbon credits. It offers fund and fee-based products and services in India drawing on its local resources as well as on Rabobank's global network.
7. Tata Industries Ltd, one of the two holding companies of the Tata Group, is in informal talks with the RBI to let the group into `banking infrastructure'. The infrastructure provision the Tatas had in mind, was `money-boxes'. These boxes could be (owned by the Tatas) put up at, say, shopping malls. The shopkeepers could deposit the day's cash collection into the box. The machine would count the money, just as an ATM does, and the amount would be instantaneously credited to their accounts. Tatas were looking to collaborate with the IIT Madras, for developing low-cost ATMs and to produce the money-boxes at a price of about Rs 3 lakh a piece.
8. HDFC has announced the launch of its operations in London. The London office will provide advisory services on housing finance and property acquisition in India.
9. Retail loans have surged by 40.9% in fiscal 2005-06, which was higher than the overall credit growth of 31%, according to the RBI's report on Trend and Progress of Banking in India.
10. The off-balance sheet exposures of the banking system is concentrated in just 15 banks, most of which are foreign banks. These banks are particularly active in the derivatives segment.
