1.IDBI Bank auctioned off its 1,04,381 sq ft property on Boat Club Road, an up-market residential locality in Chennai, for Rs 175 crs. The property was bought through an electronic auction by a `high net worth individual' whose name was not disclosed.
2. Allahabad Bank proposes to open more branches in the southern region. Right now, the bank has only 82 branches in Tamil Nadu, Kerala, Andhra Pradesh and Karnataka out of a total branch network of 2,046 all over the country. It has only five branches under CBS but the plan is to cover as many as 400 by 2007-08 and a total of 900 by March 2009.
3. TMB has introduced a new deposit product called "TMB 555 Deposit Scheme" and increased interest rates on various deposit periods with effect from February 2. Under the scheme, the bank accepts deposits for 555 days only and offers the higher rate of interest (up to 9.75%) for a shorter term. It also offers 9.25% to general public and 9.75% to senior citizens. The effective annualised yield works out to 9.96% to general public and 10.53% to senior citizens. The minimum deposit amount is Rs 10,000 and in multiples of Rs 1,000 thereafter. There is no ceiling for maximum amount of investment. The scheme will be in force up to March 31.
4. The representatives of Reserve Bank Employees Union and Reserve Bank Workers' Union, in a deputation to the Regional Director of RBI, expressed their anguish over the management's decision to effect substantial hike in the allowances of officers ranging from Rs 500 to Rs 5,000 pm, without implementing any hike in the allowances of class III and class IV employees, who together comprised 75% of the bank's workforce.
5. NCR Corporation-India has received the contract to set up 3,000 ATMs for SBI and its associate banks. "This is probably the largest project of its kind. It will be providing the hardware, setting up the kiosks as well as managing the ATMs.
6. ICICI Bank hiked interest rates on all advances including home loans by 1%.This comes just a day after the FM Mr P. Chidambaram, asking public sector banks to keep interest rates on home loans untouched. The revised benchmark advance rate of ICICI Bank will be 14.75%pa, effective from February 9.
7.The Finance Ministry expects the PSBs’ overall credit exposure to small and medium enterprises (SMEs) to exceed the targeted growth of 20% this year. SME credit of these banks stood at Rs 1,73,460 crs as on Dec 31, 2006, which is a 28.30% increase over the credit level of Rs 1,35,200 crs as on Dec 31, 2005.
8. To get over tight liquidity, banks are increasingly opting for cheaper refinance from Nabard and SIDBI to fund the farm sector and small-scale enterprises. Refinance portfolio of SIDBI has shown an increase of about 7-8% as on Jan 31 over the previous year as banks feel refinance rates are attractive. There has been a good demand from major PSBs.
9. To check any possible interference of depositories in the management of banks, issuing American Depository Receipts or Global Depository Receipts, the RBI has advised banks to furnish a copy of each of the depository agreements entered into.
10. South Indian Bank unveiled its new corporate logo, the symbol of two hands strongly clasping on to the pillar that is the South Indian Bank. The hands depicted in the logo represented the loyal customers on top and the bank employees below. The new logo will project the significance of the transformation to the public around the world. It is a positive sign of change that has re-energised our staff members and caught the attention of our customers who understand that South Indian Bank is dedicated to relationships built on trust. The visual identity of the bank consists of cardinal red and white colours.
11. SBI plans to raise up to $700 mn of Tier-II capital before the end of the current fiscal. It will be a mix including long term debt.
12. Agriculture credit flow during 2005-06 has surged to Rs 1,80,486 crs, reflecting 128% of the target of Rs 1,41,000 crs that was set for that year. Agriculture credit flow target for 2006-07 has been pegged at Rs 1,75,000 crs.
2. Allahabad Bank proposes to open more branches in the southern region. Right now, the bank has only 82 branches in Tamil Nadu, Kerala, Andhra Pradesh and Karnataka out of a total branch network of 2,046 all over the country. It has only five branches under CBS but the plan is to cover as many as 400 by 2007-08 and a total of 900 by March 2009.
3. TMB has introduced a new deposit product called "TMB 555 Deposit Scheme" and increased interest rates on various deposit periods with effect from February 2. Under the scheme, the bank accepts deposits for 555 days only and offers the higher rate of interest (up to 9.75%) for a shorter term. It also offers 9.25% to general public and 9.75% to senior citizens. The effective annualised yield works out to 9.96% to general public and 10.53% to senior citizens. The minimum deposit amount is Rs 10,000 and in multiples of Rs 1,000 thereafter. There is no ceiling for maximum amount of investment. The scheme will be in force up to March 31.
4. The representatives of Reserve Bank Employees Union and Reserve Bank Workers' Union, in a deputation to the Regional Director of RBI, expressed their anguish over the management's decision to effect substantial hike in the allowances of officers ranging from Rs 500 to Rs 5,000 pm, without implementing any hike in the allowances of class III and class IV employees, who together comprised 75% of the bank's workforce.
5. NCR Corporation-India has received the contract to set up 3,000 ATMs for SBI and its associate banks. "This is probably the largest project of its kind. It will be providing the hardware, setting up the kiosks as well as managing the ATMs.
6. ICICI Bank hiked interest rates on all advances including home loans by 1%.This comes just a day after the FM Mr P. Chidambaram, asking public sector banks to keep interest rates on home loans untouched. The revised benchmark advance rate of ICICI Bank will be 14.75%pa, effective from February 9.
7.The Finance Ministry expects the PSBs’ overall credit exposure to small and medium enterprises (SMEs) to exceed the targeted growth of 20% this year. SME credit of these banks stood at Rs 1,73,460 crs as on Dec 31, 2006, which is a 28.30% increase over the credit level of Rs 1,35,200 crs as on Dec 31, 2005.
8. To get over tight liquidity, banks are increasingly opting for cheaper refinance from Nabard and SIDBI to fund the farm sector and small-scale enterprises. Refinance portfolio of SIDBI has shown an increase of about 7-8% as on Jan 31 over the previous year as banks feel refinance rates are attractive. There has been a good demand from major PSBs.
9. To check any possible interference of depositories in the management of banks, issuing American Depository Receipts or Global Depository Receipts, the RBI has advised banks to furnish a copy of each of the depository agreements entered into.
10. South Indian Bank unveiled its new corporate logo, the symbol of two hands strongly clasping on to the pillar that is the South Indian Bank. The hands depicted in the logo represented the loyal customers on top and the bank employees below. The new logo will project the significance of the transformation to the public around the world. It is a positive sign of change that has re-energised our staff members and caught the attention of our customers who understand that South Indian Bank is dedicated to relationships built on trust. The visual identity of the bank consists of cardinal red and white colours.
11. SBI plans to raise up to $700 mn of Tier-II capital before the end of the current fiscal. It will be a mix including long term debt.
12. Agriculture credit flow during 2005-06 has surged to Rs 1,80,486 crs, reflecting 128% of the target of Rs 1,41,000 crs that was set for that year. Agriculture credit flow target for 2006-07 has been pegged at Rs 1,75,000 crs.
