1. Union Bank of India has launched biometric cards to facilitate `door step banking' in rural areas. The bank has tied up with Financial Information Network and Operations Ltd (FINO) and Cashpor Micro Credit to launch a pilot project in Chahania Block in Chandauli district, Uttar Pradesh. So far, 1,000 smart cards have been issued in four villages and the aim is to issue 5,000 such cards initially. FINO will provide technical support, which will enable the bank to leverage on technology to serve its customers. Union Bank of India also has financial stake in FINO.
2. Catholic Syrian Bank has posted a 210% increase in the net profit to Rs 19.07 crs for 2006-07, compared with Rs 6.14 crs the previous year. It has recommended a dividend of 15%.Operating profit grew to Rs 62.64 crs (Rs 36.99 crs). Net interest income grew to Rs 164 crs (Rs 147 crs). Net NPAs were reduced to 1.98% (2.78%). The bank also recorded capital adequacy ratio of 9.58% against the RBI-stipulated norm of 9%.
3. Centurion Bank of Punjab recorded a 7.6% rise in its net profit to Rs 28.01 crs in the fourth quarter ended March 31, 2007 against Rs 26.04 crs in the corresponding quarter previous year due to a strong growth in advances. It achieved this increase after a one-time reduction of Rs 13.2 crs due to the revised standard asset provisioning norms as prescribed by the RBI. The bank plans to raise about Rs 700-crs Tier-II capital this fiscal. Capital adequacy ratio is at 11.05% (12.5%).
4. Tavant Technologies, provider of IT solutions to the mortgage industry, and Overture Technologies, mortgage industry's developer of automated underwriting systems, have announced the launch of an end-to-end lending solution for Conduits and Correspondents. This solution, which can be customised, will allow users to foster relationships with correspondent partners and improve the efficiency of loan transactions and securitisation operations, a company release said. Tavant and Overture using Overture's Mozart Product Suite, offer solutions for loan acquisition, loan execution, securitisation and portfolio management specifically for Conduits and Correspondents.
5. Punjab National Bank has received the licence for opening a full-fledged branch in Hong Kong. It will be opening its Hong Kong branch before July 31. PNB had recently operationalised its London subsidiary. It also plans to open an offshore banking unit in Singapore this fiscal.
6. Now, you do not even have to drive to your nearest ATM to withdraw cash. Instead, you can call up your bank branch or make an online request and have the cash delivered right at your doorstep. Taking the doorstep banking service one step forward, the RBI has allowed banks to deliver cash at the doorstep of individual customers. The RBI decision follows the suggestions made by the Indian Banks' Association to extend this facility to individual customers. Earlier this facility was restricted to corporate customers.
7. State Bank of Travancore hopes to achieve total business of Rs 1 lakh crs over the next three years. The optimism of the management stems from the fact that the bank's business crossed the Rs 50,000-crs mark and reached Rs 56,065 crs in 2006-07. For the current year, SBT is aiming at a total business of Rs 69,150 crs, representing an increase of 23% over last year.
2. Catholic Syrian Bank has posted a 210% increase in the net profit to Rs 19.07 crs for 2006-07, compared with Rs 6.14 crs the previous year. It has recommended a dividend of 15%.Operating profit grew to Rs 62.64 crs (Rs 36.99 crs). Net interest income grew to Rs 164 crs (Rs 147 crs). Net NPAs were reduced to 1.98% (2.78%). The bank also recorded capital adequacy ratio of 9.58% against the RBI-stipulated norm of 9%.
3. Centurion Bank of Punjab recorded a 7.6% rise in its net profit to Rs 28.01 crs in the fourth quarter ended March 31, 2007 against Rs 26.04 crs in the corresponding quarter previous year due to a strong growth in advances. It achieved this increase after a one-time reduction of Rs 13.2 crs due to the revised standard asset provisioning norms as prescribed by the RBI. The bank plans to raise about Rs 700-crs Tier-II capital this fiscal. Capital adequacy ratio is at 11.05% (12.5%).
4. Tavant Technologies, provider of IT solutions to the mortgage industry, and Overture Technologies, mortgage industry's developer of automated underwriting systems, have announced the launch of an end-to-end lending solution for Conduits and Correspondents. This solution, which can be customised, will allow users to foster relationships with correspondent partners and improve the efficiency of loan transactions and securitisation operations, a company release said. Tavant and Overture using Overture's Mozart Product Suite, offer solutions for loan acquisition, loan execution, securitisation and portfolio management specifically for Conduits and Correspondents.
5. Punjab National Bank has received the licence for opening a full-fledged branch in Hong Kong. It will be opening its Hong Kong branch before July 31. PNB had recently operationalised its London subsidiary. It also plans to open an offshore banking unit in Singapore this fiscal.
6. Now, you do not even have to drive to your nearest ATM to withdraw cash. Instead, you can call up your bank branch or make an online request and have the cash delivered right at your doorstep. Taking the doorstep banking service one step forward, the RBI has allowed banks to deliver cash at the doorstep of individual customers. The RBI decision follows the suggestions made by the Indian Banks' Association to extend this facility to individual customers. Earlier this facility was restricted to corporate customers.
7. State Bank of Travancore hopes to achieve total business of Rs 1 lakh crs over the next three years. The optimism of the management stems from the fact that the bank's business crossed the Rs 50,000-crs mark and reached Rs 56,065 crs in 2006-07. For the current year, SBT is aiming at a total business of Rs 69,150 crs, representing an increase of 23% over last year.
