Mottos for Success-273
“The root of happiness is Justice; the root of justice is wealth; The root of wealth is sovereignty; the root of sovereignty is mastering of the faculties.”
1. ICICI Bank will borrow $1 bn yen equivalent in three tranches under its loan syndication agreement in Geneva. Twenty-six banks participated in the syndication facility, which is the widest participation for any Indian bank syndication in international markets. ICICI Bank concluded this transaction in one month from the date the mandate was awarded.
2. BoI, UBI and Dai-Ichi Mutual Life Insurance Co have forged an alliance to form a new life insurance joint venture company. While BOI would hold 51% stake in the three-way life insurance venture, Dai-Ichi Mutual Life Insurance of Japan and UBI would hold 26% and 23%, respectively, in the company, which is yet to be named.
3. Tata Mutual Fund has signed a marketing agreement with Central Bank of India for distributing its mutual funds. Initially, CBI will distribute various schemes of Tata Mutual Fund through 300 branches across the country, mostly in the metros and few urban areas.
4. HDFC Bank has hiked its benchmark prime lending rate by 1.5%to 13.5% effective December 20. It had last raised its PLR in June. It has also raised deposit rates by 50-75 bps across various maturities over the last month. Only a small proportion of HDFC Bank's loans are linked to the PLR.
5. The rise in demand for credit from the infrastructure sector has led to several banks joining up for infrastructure financing with the latest being IDBI Ltd, which today signed an agreement with LIC for joint and take-out financing. IDBI Ltd has received enquires for infrastructure projects worth Rs 55,000 crs. Of this, about Rs 15,000 crs was sanctioned. The average duration of these projects is between 10 and 20 years and is spread over power, ports and airports and non-infrastructure segments such as textile industries.
6. Shriram Transport Finance Company Ltd has announced the launch of a co-branded credit card in association with UTI Bank. Shriram expects to issue one lakh credit cards in one year.
7. Kotak Mahindra Bank has launched "Twin win term deposit offer", under which a customer can avail an interest rate of 8.5% for deposits with a maturity of 1001 days (3 years and one week) and 8% for 299 days.
8. RBI has come out with guidelines on resident individuals remitting up to $ 50,000 against the earlier $ 25,000, a measure announced in the mid-term review of annual policy statement, 2006-07. Resident individuals can now remit up to $ 50,000 per financial year (April-March) for any current or capital account transactions or a combination of both. The amount would include remittances towards gift and donations by a resident individual. Investment by resident individuals in overseas companies would come under this limit.
9. RBI will convene a special meeting of the State Level Bankers' Committee under the chairmanship of the Deputy Governor of RBI to discuss issues pertaining to credit for SMEs, small-scale projects, the agriculture sector and self-help groups in West Bengal.
10. The 460th branch of South Indian Bank was inaugurated at Lucknow. 100% of the bank's business would have migrated to core banking solution before the end of the fiscal. The year would also see expansion to a network of 475 branches, with new branches at Ranchi, Guwahati and Kalyan (Mumbai), and presence in a total of 23 States and Union Territories.
“The root of happiness is Justice; the root of justice is wealth; The root of wealth is sovereignty; the root of sovereignty is mastering of the faculties.”
1. ICICI Bank will borrow $1 bn yen equivalent in three tranches under its loan syndication agreement in Geneva. Twenty-six banks participated in the syndication facility, which is the widest participation for any Indian bank syndication in international markets. ICICI Bank concluded this transaction in one month from the date the mandate was awarded.
2. BoI, UBI and Dai-Ichi Mutual Life Insurance Co have forged an alliance to form a new life insurance joint venture company. While BOI would hold 51% stake in the three-way life insurance venture, Dai-Ichi Mutual Life Insurance of Japan and UBI would hold 26% and 23%, respectively, in the company, which is yet to be named.
3. Tata Mutual Fund has signed a marketing agreement with Central Bank of India for distributing its mutual funds. Initially, CBI will distribute various schemes of Tata Mutual Fund through 300 branches across the country, mostly in the metros and few urban areas.
4. HDFC Bank has hiked its benchmark prime lending rate by 1.5%to 13.5% effective December 20. It had last raised its PLR in June. It has also raised deposit rates by 50-75 bps across various maturities over the last month. Only a small proportion of HDFC Bank's loans are linked to the PLR.
5. The rise in demand for credit from the infrastructure sector has led to several banks joining up for infrastructure financing with the latest being IDBI Ltd, which today signed an agreement with LIC for joint and take-out financing. IDBI Ltd has received enquires for infrastructure projects worth Rs 55,000 crs. Of this, about Rs 15,000 crs was sanctioned. The average duration of these projects is between 10 and 20 years and is spread over power, ports and airports and non-infrastructure segments such as textile industries.
6. Shriram Transport Finance Company Ltd has announced the launch of a co-branded credit card in association with UTI Bank. Shriram expects to issue one lakh credit cards in one year.
7. Kotak Mahindra Bank has launched "Twin win term deposit offer", under which a customer can avail an interest rate of 8.5% for deposits with a maturity of 1001 days (3 years and one week) and 8% for 299 days.
8. RBI has come out with guidelines on resident individuals remitting up to $ 50,000 against the earlier $ 25,000, a measure announced in the mid-term review of annual policy statement, 2006-07. Resident individuals can now remit up to $ 50,000 per financial year (April-March) for any current or capital account transactions or a combination of both. The amount would include remittances towards gift and donations by a resident individual. Investment by resident individuals in overseas companies would come under this limit.
9. RBI will convene a special meeting of the State Level Bankers' Committee under the chairmanship of the Deputy Governor of RBI to discuss issues pertaining to credit for SMEs, small-scale projects, the agriculture sector and self-help groups in West Bengal.
10. The 460th branch of South Indian Bank was inaugurated at Lucknow. 100% of the bank's business would have migrated to core banking solution before the end of the fiscal. The year would also see expansion to a network of 475 branches, with new branches at Ranchi, Guwahati and Kalyan (Mumbai), and presence in a total of 23 States and Union Territories.
