1.Tamilnad Mercantile Bank (TMB) has signed up with UAE Exchange Centre LLC, Abu Dhabi, for money transfer services. The arrangement, which comes into effect immediately, enables NRIs in the Gulf to remit funds to India by sending rupee drafts drawn on the UAE Exchange Centre to any of the 182 branches of the bank. This includes both the traditional draft drawing arrangement and the speed remittance arrangement that provides Web-enabled money transfer in minutes.
2.Madhu, serving a life imprisonment, is a member of one of the three self-help groups (SHG) formed by the SBI in the female prison of Yerawada Jail, on the outskirts of Pune.The bank has formed three groups — Savitri, Jijau and Mahalakshmi — with about 12 members in each group."As the prisoners in jail cannot carry the banking functions on their own, SBI has included two women jail guards and a member of an NGO called Janeev Samajik Sanstha in each of the group for operating accounts on behalf of the prisoners. The inmates of the jail feel that the group concept has created a bond and a spirit of healthy competition among them. "We now sit together and discuss our ideas freely.
3. The repayment of housing loans should be flexible enough to take into account the income flows of individuals, said Dr Rakesh Mohan, Deputy Governor, RBI."There is a need for standardisation of procedures and documents in the area of housing finance. There should also be flexibility in collection systems," he said, speaking at a seminar on `National Conference on Affordable Housing' .Dr Mohan's observation comes on the heels of an RBI notification issued in May advising banks to consider having a ceiling on the interest rate besides processing and other charges on housing loans.
4. SC VTB Bank (VTB), Russia's second biggest bank, hopes to start operations in India by opening a corporate branch in the Capital by the year-end. The bank aims to address problems of Russian companies operating in India on issues that arise in their foreign economic activities.
5. The National Housing Bank is working on several new initiatives in the area of housing finance including the introduction of Certified Independent Mortgage Counsellors."These counsellors will represent the borrower," said Mr S. Sridhar, Chairman and Managing Director, National Housing Bank. Globally, such independent advisors help clients obtain mortgage finance at the most competitive rates from lenders.
6.The country's foreign exchange reserves rose by around $952 million to $204.934 billion for the week ended May 25, due to the RBI's intervention in the forex market.In the week ended May 18, the reserves had fallen by $9 million to $203.98 billion.
7. Punjab & Sind Bank saw a sharp rise in profitability and a steep decline in its NPAs for 2006-07.The bank's net profit more than doubled in 2006-07 to Rs 218.53 crore from Rs 108.32 crore (102 per cent) in the previous year. Its gross profit went up by 76.55 % to Rs 472.44 crore (Rs 267.60 crore). The return on assets stood at 1.01 %.
8. UTI Bank plans to raise fresh capital by way of an overseas issue and a preferential allotment to promoters.In a notice to the Bombay Stock Exchange, the bank said it would raise its Tier-I capital (core capital) by issuing up to 4.23 crore equity shares. Overseas issue would be equity linked securities or depository receipts.The bank would be raising around Rs 2,442 crore through the fresh issue.The bank will also offer 3.19 crore shares to the promoters on a preferential allotment basis. This is to help maintain the promoters' stake after the overseas issue.
9. Indian Bank has launched biometric-enabled smart cards to bring about financial inclusion in the unbanked areas. The card was launched at a function held at Dharavi, Mumbai.
10. Married couples where one of the partners is below 60 years can now avail themselves of reverse mortgage loan (RML) facility. Earlier, the National Housing Banks (NHB) norms required both the partners to be above 60 for availing themselves of the scheme.In a release issued today, NHB said that it has relaxed the age restriction for availing loan facility by senior citizens under the RML scheme.
11. ICICI Lombard General Insurance Corporation Ltd has raced ahead and grabbed the second spot in the insurance sweepstakes, displacing three public sector companies in the process.ICICI has earned a premium of Rs 448.65 crore for April, a 35 % growth over the corresponding period of the last financial year. Public sector New India Assurance, however, remains on top with a gross premium of Rs 650.82 crore for the same period. New India has grown by only 8.2% over the corresponding period of the last financial year.
12. Canara Bank, Thiruvananthapuram Circle, has entered into a memorandum of understanding with the Southern Railway division here for installation of 11 ATMs-cum-e-ticketing kiosks at the railway stations in the State.The ATMs will be installed at Thiruvananthapuram, Ernakulam, Kollam, Thrissur, Kayamkulam, Kottayam, Thrissur, Guruvayur, Changanassery and Wadakkancherry.
13. YES Bank has launched a $100-million (approximately Rs 400 crore) private equity fund called the Food and Agribusiness India Fund. The objective of the fund is to invest in around 10-15 companies in the food and agribusiness sector.
2.Madhu, serving a life imprisonment, is a member of one of the three self-help groups (SHG) formed by the SBI in the female prison of Yerawada Jail, on the outskirts of Pune.The bank has formed three groups — Savitri, Jijau and Mahalakshmi — with about 12 members in each group."As the prisoners in jail cannot carry the banking functions on their own, SBI has included two women jail guards and a member of an NGO called Janeev Samajik Sanstha in each of the group for operating accounts on behalf of the prisoners. The inmates of the jail feel that the group concept has created a bond and a spirit of healthy competition among them. "We now sit together and discuss our ideas freely.
3. The repayment of housing loans should be flexible enough to take into account the income flows of individuals, said Dr Rakesh Mohan, Deputy Governor, RBI."There is a need for standardisation of procedures and documents in the area of housing finance. There should also be flexibility in collection systems," he said, speaking at a seminar on `National Conference on Affordable Housing' .Dr Mohan's observation comes on the heels of an RBI notification issued in May advising banks to consider having a ceiling on the interest rate besides processing and other charges on housing loans.
4. SC VTB Bank (VTB), Russia's second biggest bank, hopes to start operations in India by opening a corporate branch in the Capital by the year-end. The bank aims to address problems of Russian companies operating in India on issues that arise in their foreign economic activities.
5. The National Housing Bank is working on several new initiatives in the area of housing finance including the introduction of Certified Independent Mortgage Counsellors."These counsellors will represent the borrower," said Mr S. Sridhar, Chairman and Managing Director, National Housing Bank. Globally, such independent advisors help clients obtain mortgage finance at the most competitive rates from lenders.
6.The country's foreign exchange reserves rose by around $952 million to $204.934 billion for the week ended May 25, due to the RBI's intervention in the forex market.In the week ended May 18, the reserves had fallen by $9 million to $203.98 billion.
7. Punjab & Sind Bank saw a sharp rise in profitability and a steep decline in its NPAs for 2006-07.The bank's net profit more than doubled in 2006-07 to Rs 218.53 crore from Rs 108.32 crore (102 per cent) in the previous year. Its gross profit went up by 76.55 % to Rs 472.44 crore (Rs 267.60 crore). The return on assets stood at 1.01 %.
8. UTI Bank plans to raise fresh capital by way of an overseas issue and a preferential allotment to promoters.In a notice to the Bombay Stock Exchange, the bank said it would raise its Tier-I capital (core capital) by issuing up to 4.23 crore equity shares. Overseas issue would be equity linked securities or depository receipts.The bank would be raising around Rs 2,442 crore through the fresh issue.The bank will also offer 3.19 crore shares to the promoters on a preferential allotment basis. This is to help maintain the promoters' stake after the overseas issue.
9. Indian Bank has launched biometric-enabled smart cards to bring about financial inclusion in the unbanked areas. The card was launched at a function held at Dharavi, Mumbai.
10. Married couples where one of the partners is below 60 years can now avail themselves of reverse mortgage loan (RML) facility. Earlier, the National Housing Banks (NHB) norms required both the partners to be above 60 for availing themselves of the scheme.In a release issued today, NHB said that it has relaxed the age restriction for availing loan facility by senior citizens under the RML scheme.
11. ICICI Lombard General Insurance Corporation Ltd has raced ahead and grabbed the second spot in the insurance sweepstakes, displacing three public sector companies in the process.ICICI has earned a premium of Rs 448.65 crore for April, a 35 % growth over the corresponding period of the last financial year. Public sector New India Assurance, however, remains on top with a gross premium of Rs 650.82 crore for the same period. New India has grown by only 8.2% over the corresponding period of the last financial year.
12. Canara Bank, Thiruvananthapuram Circle, has entered into a memorandum of understanding with the Southern Railway division here for installation of 11 ATMs-cum-e-ticketing kiosks at the railway stations in the State.The ATMs will be installed at Thiruvananthapuram, Ernakulam, Kollam, Thrissur, Kayamkulam, Kottayam, Thrissur, Guruvayur, Changanassery and Wadakkancherry.
13. YES Bank has launched a $100-million (approximately Rs 400 crore) private equity fund called the Food and Agribusiness India Fund. The objective of the fund is to invest in around 10-15 companies in the food and agribusiness sector.
