1.Punjab National Bank has paid 40% interim dividend amounting to Rs 72.90 crs for the financial year 2006-07 to the Central Government.
2. Birla Sun Life Insurance hopes to grab a fair share of the growing insurance market and be among the top three in two years. The accent would now be on aggressive growth. The life insurance industry is growing at 100%. We plan to introduce innovative products and expand our channel reach. The company has registered 40% growth in new business premium to Rs 579 crs in the first 10 months of the fiscal, against Rs 414 crs in the previous year.
3. City Union Bank, which recently got Rs 45 crs by giving a 9.99% stake to L&T, may go in for another round of funding, about Rs 400 crs in the second half of next yea. The bank was comfortably placed as regards capital adequacy. The funding would be to meet the long term targets the bank has set for itself, rather than to meeting any regulatory requirement. The bank aims to reach a total business of Rs 25,000 crs by 2010-11 (Rs 7,500 crs now), comprising Rs 15,000 crs of deposits and Rs 10,000 crs of advances. It wants its net worth to reach Rs 1,000 crs by that year (Rs 320 crs, now) and see its market capitalisation go up to Rs 2,500 crs (about Rs 350 crs).
4. The Chief Minister of Andhra Pradesh has assured the Deutsche Bank that the State would provide all the necessary infrastructure and manpower for their requirement, should they decide to set up their centre in
5. Faced with sustained high credit demand, banks have now begun to slug it out for mobilising funds through bulk deposits. Some of the banks were offering rates of over 11% for raising large bulk deposits from corporates, insurance companies and public utilities for maturities of up to a year. In January, these rates were hovering around 9%. The high rates were offered mostly by some large private sector banks, in a bid to garner deposits. These rates are very close to the benchmark prime lending rates (BPLR) that currently ranges between 11.50% and 14%.
6. City Union Bank has introduced `CUB 399', a deposit scheme that would yield interest at 9.25% pa for the general category and an additional 50 bps (9.75%) for senior citizens. The duration would be for 399 days.
7. Canara Bank, HSBC Insurance (Asia Pacific) Holdings and Oriental Bank of Commerce have entered into a memorandum of understanding for jointly establishing a life insurance company in the country. While Canara Bank would hold a 51% stake in the proposed venture, HSBC Insurance (Asia Pacific) Holdings and Oriental Bank of Commerce would take 26% and 23% stake respectively in the joint venture. The joint venture would be the 13th company, apart from LIC, in the industry.
8. Allahabad Bank has opened its first overseas branch in
