The Indian arm of Citibank, the top global financial services company has been won an award titled ‘Excellence in Internet Banking’ for the year 2009. The bank was given the award at The Asian Banker Excellence in Retail Financial Services Awards Program.
City Union Bank (CUB), has drawn up plans of raising capital valued at Rs. 1000 crore over the next 3 years in order to reach its business target of Rs. 50, 000 crore by the year 2013-14. The bank has stated its aims of using instruments such as rights issue, qualified institutional placements (QIP) or… Read More »
The 3rd biggest private sector bank in the country, Axis Bank has opened its 1000th branch in the country. The branch is located at Bandra Reclamation situated in the Western suburbs of Mumbai.
March has always been a hectic month for bankers with the end of financial year. But this year, it has been special as other than the normal activities, some additional actions also took place in the banking sector.
The board of the Catholic Syrian Bank will meet to authorize the sale of 14.5% equity by its main shareholder, Bangkok-based NRI businessman Sura Chansrichawla to a group of non-resident investors. But while the board gets ready for the stock transfer, there are whispers of a bigger deal in the pipeline. Another group of CSB… Read More »
Thomas Cook (India), the biggest incorporated travel and travel related financial services firm has entered into an agreement with Saraswat Co-operative Bank in order to offer its international money transfer services from all of Saraswat bank’s branches. With this association, all the clients of Saraswat bank can use the MoneyGram service of Thomas Cook. The… Read More »
Bad debts caused by non payment of loans by small borrowers have caused a hike in the volume of NPAs of Bank of Baroda. The fact was stated by Bank of Baroda Executive Director R.K. Bakshi. He said that most of NPAs occurred when small borrowers taking loans up to Rs. 50, 000 failed to… Read More »
The State Bank of India has been told to pay Rs. 11 lakh by the Delhi consumer commission for disregarding an order from an Italian company of dishonoring cheques from a lost chequebook. The charge was levied on SBI by Delhi State Consumer Disputes Redressal Commission president Barkat Ali Zaidi and member M.L. Sahni. The… Read More »
The timing came as a surprise to markets as it expected announcements on the rate front but only during its annual monetary policy announcement scheduled for April 20. RBI is of the opinion that monetary policy changes have a lag effect, so making announcements in a timely manner helps to avoid taking strong measures at… Read More »
Public sector bank, United Bank of India is negotiating with various asset reconstruction companies (ARCs) to sell a part of its bad loans in order to clean up its loan book, according to a leading bank official. The bank intends to sell bad loans valued at Rs. 100 crore by this month-end. It has already… Read More »