1. Though nationalised banks are institutions under Union Government, they did not cease to be establishments for purpose of definition of term "industrial establishment" under the TN Industrial Establishment (Conferment of Permanent Status to Workmen) Act, 1981, the Madras High Court has ruled. Hearing writ appeals by temporary sub-staff of State Bank of India challenging order of single judge holding that nationalised banks were exempted from operation of TN Shops & Establishments Act and hence they were not governed by Permanent Status Act, the First Bench, comprising Chief Justice Mr A.P. Shah and Mr Justice K. Chandru, held that the Permanent Status Act would apply to banks, including nationalised ones.
2. For the first time in eight weeks, India's forex reserves dipped $224 mn to $194.410 bn for the week ended March 9. In the last two months, the reserves had surged $17.7 bn primarily on RBI's intervention in the forex market. In the previous week, reserves rose $1.5 bn to touch $194.6 bn. Foreign currency assets dropped $224 mn to $187.058 bn during the week under consideration, said the RBI's Weekly Statistical Supplement.
3. The Lok Sabha has passed the Banking Regulation (Amendment) Bill 2007 through a voice vote to provide more operational flexibility to the RBI in the conduct of monetary policy. This Bill seeks to replace the Ordinance that was promulgated on January 23 to empower the RBI to specify the statutory liquidity ratio (SLR) without any floor.
4. ICICI Bank and supermarket chain Subhiksha have launched a pre-paid food card to be used as an alternative to the cash and meal vouchers. It is a solution that helps cut down the hassle of carrying cash. The pre-paid card, which is re-loadable on a monthly basis, will be accepted at all Subhiksha outlets in India and select restaurants. The card is first being launched in Delhi and would soon be available in Mumbai, Hyderabad, Bangalore and Gujarat.
5. Kotak Mahindra Bank Ltd has been authorised by RBI to undertake primary dealer (PD) business, effective March 20.
6. Syndicate Bank has launched a new scheme called Pigmy Plus 2007, a `no frills' savings deposit with a minimum contribution of Rs 5 per occasion and a deposit period of 72 months. The deposits can be converted into a term deposit at the customer's option after 12 months of opening the account, provided the balance outstanding in the account is Rs 5,000 or more.
7. Financial inclusion scheme, in which banking services are delivered at an affordable cost to the vast sections of the disadvantaged and low-income groups, has turned out to be a resounding success in Kodagu district of Karnataka. It was launched in Kodagu on August 14 last year. The scheme aims to bring the underprivileged, particularly in the rural segments, into the ambit of banking with the goal of helping them prosper by taking up various economic activities.
Andhra Bank has informed the BSE that the board of directors of the bank, at its meeting held on Thursday, has declared an interim dividend of 20%.
2. For the first time in eight weeks, India's forex reserves dipped $224 mn to $194.410 bn for the week ended March 9. In the last two months, the reserves had surged $17.7 bn primarily on RBI's intervention in the forex market. In the previous week, reserves rose $1.5 bn to touch $194.6 bn. Foreign currency assets dropped $224 mn to $187.058 bn during the week under consideration, said the RBI's Weekly Statistical Supplement.
3. The Lok Sabha has passed the Banking Regulation (Amendment) Bill 2007 through a voice vote to provide more operational flexibility to the RBI in the conduct of monetary policy. This Bill seeks to replace the Ordinance that was promulgated on January 23 to empower the RBI to specify the statutory liquidity ratio (SLR) without any floor.
4. ICICI Bank and supermarket chain Subhiksha have launched a pre-paid food card to be used as an alternative to the cash and meal vouchers. It is a solution that helps cut down the hassle of carrying cash. The pre-paid card, which is re-loadable on a monthly basis, will be accepted at all Subhiksha outlets in India and select restaurants. The card is first being launched in Delhi and would soon be available in Mumbai, Hyderabad, Bangalore and Gujarat.
5. Kotak Mahindra Bank Ltd has been authorised by RBI to undertake primary dealer (PD) business, effective March 20.
6. Syndicate Bank has launched a new scheme called Pigmy Plus 2007, a `no frills' savings deposit with a minimum contribution of Rs 5 per occasion and a deposit period of 72 months. The deposits can be converted into a term deposit at the customer's option after 12 months of opening the account, provided the balance outstanding in the account is Rs 5,000 or more.
7. Financial inclusion scheme, in which banking services are delivered at an affordable cost to the vast sections of the disadvantaged and low-income groups, has turned out to be a resounding success in Kodagu district of Karnataka. It was launched in Kodagu on August 14 last year. The scheme aims to bring the underprivileged, particularly in the rural segments, into the ambit of banking with the goal of helping them prosper by taking up various economic activities.
Andhra Bank has informed the BSE that the board of directors of the bank, at its meeting held on Thursday, has declared an interim dividend of 20%.
