1. BSLI, belonging to the Aditya Birla group, has drawn up a marketing strategy to leverage the dealer network of another ABG company, Indo-Gulf Fertilisers, to reach out to rich farmers in Uttar Pradesh, Bihar, Jharkhand and West Bengal. It will be promoting its flexi-line of products to this group of customers. It has targeted 20% of its rural sales through its savings-linked policies.
2. The government will soon open up stock exchanges to foreign direct investment and foreign institutional investment, with the finance ministry finalising an outline of the policy for this purpose. Broad contours of the policy are ready. A decision has now to be taken on whether it has to go to Cabinet for approval or through a notification under the provisions of FEMA. The ministry was awaiting response from market regulator SEBI and banking watchdog RBI in this regard, the official said, indicating there could be a decision in the near future.
3. The Dharwad-based Karnataka Vikas Grameena Bank has signed a MOU with Sonalika Tractor Company of Punjab, under which the bank will finance for the purchase of Sonalika tractors. It is committed to introducing latest farm technology to the farmers. During this fiscal, the bank has given loans to the extent of Rs 38 crs for the purchase of 843 tractors. It aims to finance 2,000 tractors till the end of March.
4. SEBI has lifted the ban on HDFC Bank, a depository participant, allowing it to open fresh demat accounts. SEBI had prohibited the bank to issue further demat accounts, as it had failed to adhere to the `know your client' norms.
5. SBI has launched an online trading facility, eZ@sbi account, with Motilal Oswal Securities Ltd. It is a three-in-one account. The demat account and the savings or current account will be opened with SBI and the trading account will be with MOSL. To start with, it will be offered in 10 branches in Mumbai. By March 31, 2007, it will be extended to 350 branches across the country, which offer demat facility. In the third phase, the bank will offer additional services like selling IPOs, mutual funds and postal products.
6. International banking major HSBC has drawn the attention of the West Bengal Government to the need to institute a modern system of property registration in the State. The bank made a strong case for an online registry mechanism. The State would gain considerably if it set the ball rolling on this front. An online system would help in rooting out cases of fraud.
7. SBI may overshoot its 30% loan growth target for this fiscal. Currently, it is running at 35% y-on-y. The target may have to be revised upwards. SBI's deposit growth is placed at 20% and there is pressure on margins because of a rise in bulk deposits.
2. The government will soon open up stock exchanges to foreign direct investment and foreign institutional investment, with the finance ministry finalising an outline of the policy for this purpose. Broad contours of the policy are ready. A decision has now to be taken on whether it has to go to Cabinet for approval or through a notification under the provisions of FEMA. The ministry was awaiting response from market regulator SEBI and banking watchdog RBI in this regard, the official said, indicating there could be a decision in the near future.
3. The Dharwad-based Karnataka Vikas Grameena Bank has signed a MOU with Sonalika Tractor Company of Punjab, under which the bank will finance for the purchase of Sonalika tractors. It is committed to introducing latest farm technology to the farmers. During this fiscal, the bank has given loans to the extent of Rs 38 crs for the purchase of 843 tractors. It aims to finance 2,000 tractors till the end of March.
4. SEBI has lifted the ban on HDFC Bank, a depository participant, allowing it to open fresh demat accounts. SEBI had prohibited the bank to issue further demat accounts, as it had failed to adhere to the `know your client' norms.
5. SBI has launched an online trading facility, eZ@sbi account, with Motilal Oswal Securities Ltd. It is a three-in-one account. The demat account and the savings or current account will be opened with SBI and the trading account will be with MOSL. To start with, it will be offered in 10 branches in Mumbai. By March 31, 2007, it will be extended to 350 branches across the country, which offer demat facility. In the third phase, the bank will offer additional services like selling IPOs, mutual funds and postal products.
6. International banking major HSBC has drawn the attention of the West Bengal Government to the need to institute a modern system of property registration in the State. The bank made a strong case for an online registry mechanism. The State would gain considerably if it set the ball rolling on this front. An online system would help in rooting out cases of fraud.
7. SBI may overshoot its 30% loan growth target for this fiscal. Currently, it is running at 35% y-on-y. The target may have to be revised upwards. SBI's deposit growth is placed at 20% and there is pressure on margins because of a rise in bulk deposits.
