1. Indian IT services firms are expected to post a robust growth for the second quarter (Q2), despite currency volatility. The earnings momentum as a result is likely to be sustained, after a slip in Q1 this year. Industry analysts expect Tier I companies to outperform their own projections to post 7-10 per cent quarter-on-quarter revenue growth driven by strong volumes for the seasonally strongest quarter. Profits are expected to grow 3-6 per cent sequentially.
2. Birla Sun Life Insurance has received capital infusion of Rs 100 crore from its promoters taking it to a total of Rs 877 crore.
3. Worried about forgetting the due date of your life insurance premium or having to waste time standing in line to renew it? Life insurers are addressing this issue by introducing alternative modes of payment. According to industry estimates, around 25 per cent of the policies each year lapse due to non-payment of premiums on time.While most of the companies in the life insurance business offer online payment service or electronic clearance services, ING Vysya Life Insurance and Max New York Life (MNYL) have gone a step ahead. Both companies have launched premium pay service through SMS, and the latter has also tied up with two banks to offer premium pay services through ATMs.
4. A consortium of five banks, the Andhra Pradesh Government and the National Bank for Agriculture and Rural Development (Nabard), has set up the Andhra Pradesh Bankers’ Institute of Rural and Entrepreneurial Development.
The Institute, a first of its kind in the country, will provide support to rural youth in equipping themselves with skills, especially in sustainable technologies and employment generating sectors. The consortium members are Andhra Bank, Canara Bank, Indian Bank, Indian Overseas Bank and State Bank of Hyderabad. The State Government will provide 17 acres land on the outskirts of the city to set up the facility. Till the permanent facilities come up, the Institute will function out of the Andhra Pradesh Academy for Rural Development.
The Institute, a first of its kind in the country, will provide support to rural youth in equipping themselves with skills, especially in sustainable technologies and employment generating sectors. The consortium members are Andhra Bank, Canara Bank, Indian Bank, Indian Overseas Bank and State Bank of Hyderabad. The State Government will provide 17 acres land on the outskirts of the city to set up the facility. Till the permanent facilities come up, the Institute will function out of the Andhra Pradesh Academy for Rural Development.
5. The Government has given an in-principle nod for State Bank of India (SBI) to raise about Rs 10,000 crore of capital.
6. State Bank of Patiala (SBP) has started offering online education loans facility under the SBP-Gyan Jyoti Scheme. The applicant (student, parent/guardian) can now apply online for education loans on a link provided in bank’s Web site.
7. The Finance Minister, Mr P. Chidambaram, on Tuesday asserted that the Government would implement the recommendations of the Rangarajan to achieve the goal of financial inclusion among the economically disadvantaged. The final report of the committee is yet to be submitted to the Government.
8. State Bank of India has set a target for increasing its Current Account and Savings Account (CASA) deposit base by 300 basis points this year. The bank is also focusing on small and medium enterprises (SMEs) segment.
9. Tamilnad Mercantile Bank has introduced a new deposit scheme,‘TMB 222 Days Deposit’. The scheme offers higher interest rate for this particular tenor and senior citizens would earn interest rate of 9.25 per cent.
10. Having got the Reserve Bank’s approval and the shareholders’ nod for raising capital through issue of 68 lakh equity shares of Rs 10 each at a premium on preferential basis, the Kumbakonam-headquartered City Union Bank today went ahead with the allotment.The bank has allotted 3 lakh shares to L&T and 15 lakh shares to LIC at Rs 169.15/share, while fixing the rate at Rs 190 each for the 15 lakh shares allotted to FMO, Netherlands, 12.5 lakh shares each to Ares Investments LLC and Argonaut Ventures and 10 lakh shares to Yatish Trading Company.
