1. Bank of Baroda plans to launch a `reverse mortgage' - a stream of loan payments against the homeowner's net equity stake in the property- product for customers based on the recent guidelines issued by the National Housing Bank (NHB). It will introduce a `reverse mortgage' product in the next three months' time based on the revised NHB guidelines.
2.HDFC Bank has opened 19 branches in a day in Delhi and the National Capital Region (NCR), outdoing its own record of 14 branches in a day in October 2005. With the launch of 19 branches on Saturday (June 2), the total number of branches in Delhi and NCR has gone up to 116 and to 270 in North India. As on March 31, 2007 the bank had a network of 684 branches and 1,605 ATMs in 316 towns and cities.
3. More than a million small borrowers, who are approaching micro-finance institutions (MFIs), to get their financial needs will be brought into an electronic portfolio, which makes it easy to keep track of their operations. Through the implementation of a software solution, it would soon be possible to capture data transactions from the various units of the MFIs, operating in the rural and semi-urban areas, where the small borrowers are. An Electronic Portfolio Tracker will be put in place. To make this possible, Spandana-Spoorthy Innovative Financial Services, an MFI and Satguru have signed a memorandum of understanding. They will together develop a management information system, to be called Spandana Information Management Systems (SIMS).
4. The five PSBs where CMD appointments have been made are Indian Overseas Bank (IOB), Punjab National Bank (PNB), Bank of India (BOI), Indian Bank and Oriental Bank of Commerce (OBC). After the due clearance from the Prime Minister's Office (PMO), the Finance Ministry today issued formal orders for the lateral movement of Mr T.S. Narayanasami, CMD of IOB, to BOI and Mr K.C. Chakrabarty from Indian Bank to PNB. The latest round of top-level appointments also saw a number of executive directors (EDs) getting elevated as CMDs.
The UCO Bank Executive Director, Mr S.A. Bhat, has been promoted as CMD of IOB. While Mr M.S. Sundara Rajan, currently Executive Director of Indian Bank, has been elevated as CMD of the same bank, Mr Alok Mishra, Executive Director at Canara Bank, has been promoted as CMD of OBC.
5. Dr A.K. Khandelwal, CMD of Bank of Baroda, has been appointed as Deputy Chairman of Indian Banks' Association (IBA). Dr Khandelwal succeeds Mr S.C. Gupta, Chairman and Managing Director of Punjab National Bank, who retired from services of the bank on attaining superannuation.
6. Private sector lender City Union Bank has received shareholders' approval to raise over Rs 125 crore by allotting equity stakes to a clutch of domestic and foreign investors.
7. IFCI is planning to carve out its bad loans amounting to nearly Rs 6,000 crore and transfer them to its asset reconstruction company in a bid to separate grain from the chaff. ARC is expected to buy out bad loans at a significant discount — less than 30% of the original outstanding amount. Initially, bad loans of IFCI, which are to the tune of Rs 6,000 crore, will be bought out by way of loans. This means that the ARC will buy out bad loans for Rs 2,000 crore and is expected to generate recoveries of at least Rs 4,000 crore over these assets.
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2.HDFC Bank has opened 19 branches in a day in Delhi and the National Capital Region (NCR), outdoing its own record of 14 branches in a day in October 2005. With the launch of 19 branches on Saturday (June 2), the total number of branches in Delhi and NCR has gone up to 116 and to 270 in North India. As on March 31, 2007 the bank had a network of 684 branches and 1,605 ATMs in 316 towns and cities.
3. More than a million small borrowers, who are approaching micro-finance institutions (MFIs), to get their financial needs will be brought into an electronic portfolio, which makes it easy to keep track of their operations. Through the implementation of a software solution, it would soon be possible to capture data transactions from the various units of the MFIs, operating in the rural and semi-urban areas, where the small borrowers are. An Electronic Portfolio Tracker will be put in place. To make this possible, Spandana-Spoorthy Innovative Financial Services, an MFI and Satguru have signed a memorandum of understanding. They will together develop a management information system, to be called Spandana Information Management Systems (SIMS).
4. The five PSBs where CMD appointments have been made are Indian Overseas Bank (IOB), Punjab National Bank (PNB), Bank of India (BOI), Indian Bank and Oriental Bank of Commerce (OBC). After the due clearance from the Prime Minister's Office (PMO), the Finance Ministry today issued formal orders for the lateral movement of Mr T.S. Narayanasami, CMD of IOB, to BOI and Mr K.C. Chakrabarty from Indian Bank to PNB. The latest round of top-level appointments also saw a number of executive directors (EDs) getting elevated as CMDs.
The UCO Bank Executive Director, Mr S.A. Bhat, has been promoted as CMD of IOB. While Mr M.S. Sundara Rajan, currently Executive Director of Indian Bank, has been elevated as CMD of the same bank, Mr Alok Mishra, Executive Director at Canara Bank, has been promoted as CMD of OBC.
5. Dr A.K. Khandelwal, CMD of Bank of Baroda, has been appointed as Deputy Chairman of Indian Banks' Association (IBA). Dr Khandelwal succeeds Mr S.C. Gupta, Chairman and Managing Director of Punjab National Bank, who retired from services of the bank on attaining superannuation.
6. Private sector lender City Union Bank has received shareholders' approval to raise over Rs 125 crore by allotting equity stakes to a clutch of domestic and foreign investors.
7. IFCI is planning to carve out its bad loans amounting to nearly Rs 6,000 crore and transfer them to its asset reconstruction company in a bid to separate grain from the chaff. ARC is expected to buy out bad loans at a significant discount — less than 30% of the original outstanding amount. Initially, bad loans of IFCI, which are to the tune of Rs 6,000 crore, will be bought out by way of loans. This means that the ARC will buy out bad loans for Rs 2,000 crore and is expected to generate recoveries of at least Rs 4,000 crore over these assets.
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