Mottos for Success-260
“You must be the change you wish to see in the world.”
1. Export Import Bank of India has tied up $230 mn from the Japanese market as part of its strategy of raising funds from advanced overseas markets.
2.SIB will be launching co-branded Citi Bank credit card next month. This is part of the bank's endeavour to increase its non-fund based revenue. SIB has already signed MoUs with five mutual funds to distribute their products.
3. A clutch of foreign banks and ICICI Bank have made a killing as India Inc goes on an overseas acquisition spree. Almost all overseas deals undertaken by Indian companies between April and November this year have been funded, by ICICI Bank and foreign banks, including Citibank, ABN Amro and Standard Chartered Bank. In what is clearly bad news for the likes of SBI, the country's largest bank with a sizeable overseas presence, PSBs have virtually got no share of this lucrative and fast-growing business.
4. US-based Citigroup which is making large investments in various sectors expects its India business to contribute a substantial amount of total revenue to its global balance sheet.
5. The India Fund, Inc, a closed-end fund managed by the Blaskstone Group of the US, has increased its stake in the South Indian Bank to over 5%.
6. K.V. Kamath, MD & CEO of ICICI Bank, has been chosen Business Standard’s Banker of the Year for 2005-06. The choice is based on his track record, a perception audit in the industry, and a poll involving senior editors of the newspaper.
7. Setting what is likely to be a trend in inclusive banking, Citibank has launched two biometric ATMs for micro-finance customers. Biometric ATMs authorise transactions by scanning customers' thumbprints instead of a PIN code. While ICICI Bank has introduced biometric cards, PSU banks are on the verge of launching bio-metric ATMs. Citibank plans to establish a network of 25 to 35 such ATMs within a year, specifically targeted at its Citibank `Pragati' savings account holders. Citibank `Pragati' is a no-frills savings account with nil minimum balance and is offered directly or through a micro-finance institution.
8. RBI has asked Margadarsi Financiers, a Hyderabad-based HUF, not to accept fresh deposits or renew matured deposits. The unincorporated body has also been advised to put in place a mechanism to monitor the assets of the HUF so that they are not eroded and thereby compromising its capacity to discharge obligations to the depositors. Moreover, the HUF has been asked to pay deposits as and when they mature and that any violation could attract attention under the provisions of the Andhra Pradesh Protection of Depositors of Financial Establishments Act 1999.
9. City Union Bank perceives that the 9.99% stake by L&T in the bank would create an image for the bank and help improve the bank's business. They may use the bank for placing deposits and other business dealings. It would be advantageous for both. This investment is expected to enhance the bank's net worth by Rs 45 crs.
10. Syndicate Bank has implemented the core banking solution in the 1001 branches with Flexcube from i-flex Solutions Ltd.
“You must be the change you wish to see in the world.”
1. Export Import Bank of India has tied up $230 mn from the Japanese market as part of its strategy of raising funds from advanced overseas markets.
2.SIB will be launching co-branded Citi Bank credit card next month. This is part of the bank's endeavour to increase its non-fund based revenue. SIB has already signed MoUs with five mutual funds to distribute their products.
3. A clutch of foreign banks and ICICI Bank have made a killing as India Inc goes on an overseas acquisition spree. Almost all overseas deals undertaken by Indian companies between April and November this year have been funded, by ICICI Bank and foreign banks, including Citibank, ABN Amro and Standard Chartered Bank. In what is clearly bad news for the likes of SBI, the country's largest bank with a sizeable overseas presence, PSBs have virtually got no share of this lucrative and fast-growing business.
4. US-based Citigroup which is making large investments in various sectors expects its India business to contribute a substantial amount of total revenue to its global balance sheet.
5. The India Fund, Inc, a closed-end fund managed by the Blaskstone Group of the US, has increased its stake in the South Indian Bank to over 5%.
6. K.V. Kamath, MD & CEO of ICICI Bank, has been chosen Business Standard’s Banker of the Year for 2005-06. The choice is based on his track record, a perception audit in the industry, and a poll involving senior editors of the newspaper.
7. Setting what is likely to be a trend in inclusive banking, Citibank has launched two biometric ATMs for micro-finance customers. Biometric ATMs authorise transactions by scanning customers' thumbprints instead of a PIN code. While ICICI Bank has introduced biometric cards, PSU banks are on the verge of launching bio-metric ATMs. Citibank plans to establish a network of 25 to 35 such ATMs within a year, specifically targeted at its Citibank `Pragati' savings account holders. Citibank `Pragati' is a no-frills savings account with nil minimum balance and is offered directly or through a micro-finance institution.
8. RBI has asked Margadarsi Financiers, a Hyderabad-based HUF, not to accept fresh deposits or renew matured deposits. The unincorporated body has also been advised to put in place a mechanism to monitor the assets of the HUF so that they are not eroded and thereby compromising its capacity to discharge obligations to the depositors. Moreover, the HUF has been asked to pay deposits as and when they mature and that any violation could attract attention under the provisions of the Andhra Pradesh Protection of Depositors of Financial Establishments Act 1999.
9. City Union Bank perceives that the 9.99% stake by L&T in the bank would create an image for the bank and help improve the bank's business. They may use the bank for placing deposits and other business dealings. It would be advantageous for both. This investment is expected to enhance the bank's net worth by Rs 45 crs.
10. Syndicate Bank has implemented the core banking solution in the 1001 branches with Flexcube from i-flex Solutions Ltd.
