Prime Bank was created and commencement of business started on 17th April 1995. The sponsors are reputed personalities in the field of trade and commerce and their stake ranges from shipping to textile and finance to energy etc. As a fully licensed commercial bank, Prime Bank is being managed by a highly professional and dedicated… Read More »
A recent press report said that the increase in cost of deposits and higher provisions have resulted in the fall in net profit for Bank of India in the April-June 2011 quarter. The net profit of the bank is at Rs. 517.50 crore in the quarter which is 29 per cent lower compared with Rs… Read More »
A recent press report said that the government is keen to bring down interest rate on bank loans to Self Help Groups (SHGs) and make it on par with that for crop loans. Mr.Jairam Ramesh , Rural Development Minister told the press that said that the government was also moving towards creating a dedicated bank… Read More »
A recent press report said that Allahabad Bank has planned to set up close to 2,000 point of sale (PoS) terminals by the end of this fiscal. Mr. J. P. Dua, Chairman and Managing Director of the bank said that the bank is in talks with 3-4 companies for entering into a technological tie-up. The… Read More »
A recent press report said that South Indian Bank has signed a service agreement with TimesofMoney, India’s leading e-payments service provider to offer remittance solutions to NRIs in selected countries. The tie up will help the NRIs to remit funds online to any bank in India under the NEFT/RTGS network. Dr. V.A. Joseph MD &… Read More »
A recent press report said that bankers are looking for a break in the rate hike as they are experiencing slowdown in loan demand. Banks are not experiencing the same speed of loan demand in sectors like power, road and telecom, as last year. Mr. MD Mallya, chairman of Indian Banks’ Association (IBA) told the… Read More »
A recent press report said that Bank managements have set aggressive goals for their branches to sell equity schemes with systematic investment plans (SIPs) that could restore the drooping riches of the mutual fund industry. Reports said that SBI, the country’s largest lender has planned to sell 25 lakh SIP units this financial year ending… Read More »
A recent press report said that the regional office of the Reserve Bank of India in the southern Indian city of Thrivanathpuram has notified that the last date for exchanging coins of denomination of 25 paise or less is June 29. Reports said that coins can be exchanged at currency chest or small coin depot-maintaining… Read More »
A recent press report said that the RBI has penalised 48 small banks in just six months, for lapses in implementing customer identification norms and various other violations. The RBI has imposed fine on 48 banks (mostly co-operative) in the first six months of 2011 where as only 15 such actions were taken during 2010.… Read More »
A recent press report said that the Reserve Bank of India has imposed a monetary penalty of Rs.5.00 lakh (Rupees five lakh only) on The Citizen Co-operative Bank Limited, Bangalore, in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for… Read More »