Mottos for Success-278
“Cross selling has been acknowledged as a logical marketing approach to expand retail segments.”
1. BOB has hiked its benchmark prime lending rate by 50 bps to 12% with effect from January 1. Canara Bank has hiked to 11.75%.
2. More than 6,000 employees of the five Regional Rural Banks (RRBs) in the State will strike work on January 5. Consequently, work at all 1,200 branches will be affected.
3. United Bank of India has increased its PLR from 11.75% to 12%. It has also revised its domestic term deposit rates by 25 to 75 bps with the highest being 10.46%(annualised yield) for senior citizens.
4. The shareholders of City Union Bank Ltd have approved the proposal to make a preferential issue of 26,65,000 equity shares of Rs 10 each at Rs 169 a share to L&T,subject to RBI approval.
5.UTI Bank Ltd plans to raise Rs 100 crs through Upper Tier II unsecured redeemable subordinated debentures, with an option to retain over-subscription. The debenture carries a coupon rate of 9.50%pa. The face value and issue price is at Rs 10 lakh per debenture. The issue has been rated "LAA" by ICRA and "AA (ind)" by FITCH.
6. SBI is hoping to regain its lost market share by improving its balance sheet size, instead of focusing merely on physical size. With a network of around 9,000 branches and 6,000 ATMs, what SBI does often becomes the benchmark for other banks. The bank is trying to strike a balance between its role as a commercial bank that will earn higher returns for its investors and its role as a nation's bank by lending to sectors such as agriculture and infrastructure.
7. Karnataka Bank has raised interest rates for term deposits of 181 to 364 days with effect from Jan 1. The rate hike is applicable for all fresh deposits and renewals of maturing deposits. Deposits of below Rs. 15 lakh for the said period will fetch an interest of 7%. For deposits below Rs. 15 lakh for 365 days the rate is 8.25%. The rate for deposits of Rs. 15 lakh but below Rs. 50 lakh for 365 days is 8.25%. The rates for other maturities have also been raised. Senior citizens will get higher interest rates than the rest of the customers.
8. Cox & Kings, a travel company, has expanded the scope of FE services offered by it after the RBI granted the company a category II foreign exchange licence. Earlier, it could only provide foreign exchange services to leisure and business travellers. Now it will be able to look after the needs of a wide variety of travellers, including students going abroad for further studies, patients requiring FE for medical treatment and also provide FE for overseas film shootings.
9. Gross bank credit increased by Rs 24,181 crs to Rs 17,33,679 crs as on December 22, 2006.
10. The country's foreign exchange reserves rose $1.018 bn to touch $177.251 bn for the week ended December 29, 2006 mainly on foreign currency revaluation. In the previous week, forex reserves had increased by $714 mn to touch $176.233 bn.
11. Noble laureate Professor Joseph Stiglitz has cautioned against capital account convertibility and allowing short-term capital into Indian economy, terming it a force that can "create instability". Research has shown that capital market liberalisation is fraught with risk without rewards. "Some people say there would be no FDI without capital market liberalisation, which is obviously wrong," he said, noting that China received copious foreign investment without having capital account convertibility.
“Cross selling has been acknowledged as a logical marketing approach to expand retail segments.”
1. BOB has hiked its benchmark prime lending rate by 50 bps to 12% with effect from January 1. Canara Bank has hiked to 11.75%.
2. More than 6,000 employees of the five Regional Rural Banks (RRBs) in the State will strike work on January 5. Consequently, work at all 1,200 branches will be affected.
3. United Bank of India has increased its PLR from 11.75% to 12%. It has also revised its domestic term deposit rates by 25 to 75 bps with the highest being 10.46%(annualised yield) for senior citizens.
4. The shareholders of City Union Bank Ltd have approved the proposal to make a preferential issue of 26,65,000 equity shares of Rs 10 each at Rs 169 a share to L&T,subject to RBI approval.
5.UTI Bank Ltd plans to raise Rs 100 crs through Upper Tier II unsecured redeemable subordinated debentures, with an option to retain over-subscription. The debenture carries a coupon rate of 9.50%pa. The face value and issue price is at Rs 10 lakh per debenture. The issue has been rated "LAA" by ICRA and "AA (ind)" by FITCH.
6. SBI is hoping to regain its lost market share by improving its balance sheet size, instead of focusing merely on physical size. With a network of around 9,000 branches and 6,000 ATMs, what SBI does often becomes the benchmark for other banks. The bank is trying to strike a balance between its role as a commercial bank that will earn higher returns for its investors and its role as a nation's bank by lending to sectors such as agriculture and infrastructure.
7. Karnataka Bank has raised interest rates for term deposits of 181 to 364 days with effect from Jan 1. The rate hike is applicable for all fresh deposits and renewals of maturing deposits. Deposits of below Rs. 15 lakh for the said period will fetch an interest of 7%. For deposits below Rs. 15 lakh for 365 days the rate is 8.25%. The rate for deposits of Rs. 15 lakh but below Rs. 50 lakh for 365 days is 8.25%. The rates for other maturities have also been raised. Senior citizens will get higher interest rates than the rest of the customers.
8. Cox & Kings, a travel company, has expanded the scope of FE services offered by it after the RBI granted the company a category II foreign exchange licence. Earlier, it could only provide foreign exchange services to leisure and business travellers. Now it will be able to look after the needs of a wide variety of travellers, including students going abroad for further studies, patients requiring FE for medical treatment and also provide FE for overseas film shootings.
9. Gross bank credit increased by Rs 24,181 crs to Rs 17,33,679 crs as on December 22, 2006.
10. The country's foreign exchange reserves rose $1.018 bn to touch $177.251 bn for the week ended December 29, 2006 mainly on foreign currency revaluation. In the previous week, forex reserves had increased by $714 mn to touch $176.233 bn.
11. Noble laureate Professor Joseph Stiglitz has cautioned against capital account convertibility and allowing short-term capital into Indian economy, terming it a force that can "create instability". Research has shown that capital market liberalisation is fraught with risk without rewards. "Some people say there would be no FDI without capital market liberalisation, which is obviously wrong," he said, noting that China received copious foreign investment without having capital account convertibility.
