Sep 4, 2006
Rate of Interest
Karnataka Bank Ltd has revised NRE deposits wef 01.09.2006
Deposits for one year to less than 2 years ---- 6.41%
Deposits for 2 years to less than 3 years ---- 6.24%
Deposits for 3 years to 5 years ---- 6.18%
News
The Tarapore Committee on Fuller Capital Account Convertibility has recommended allowing industrial houses to set up banks. The policy could also allow non-banking finance companies to convert into banks. The committee also suggested that the share of Government or RBI in public sector banks should be reduced to 33 percent.
News
Bank of Rajastan has tied up with State Bank of India for ATM sharing. Bank of Rajastan customers can now access over 5500 SBI ATM's.
News
United Bank of India has sought to bundle insurance with its tax saving term deposit scheme. The bank's new initiative to mobilise deposits comes with fre accident insurance for depositors who intend to make use of section 80 C of Income Tax Act.
News
The Andhra Bank board which met on 30.08.06 has ' in principle' decided to foray into life insurance business as a joint venture with the Japanese life insurance major Dai Ichi Mutual Life Insurance Company and Bank of India.
News
The board of directors of Corporation Bank, which met in chennai has decided to increase the Prime Lending Rate (PLR) by 0.25% points wef 01.09.2006. With this the bank's benchmark PLR will go up from 11.25 to 11.50%.
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