Bank Stock News

Central Bank of India has filed the draft red herring prospectus with SEBI for its proposed public issue. The bank is offering through the issue 80,000,000 equity shares of Rs 10 each through the book building route. This includes 4,000,000 shares reserved for the eligible employees. Central Bank said that it needed funds to augment its capital base to meet the future capital requirements arising out of the implementation of the Basel II standards and the growth in its assets, essentially its loan and investment portfolio, due to the growth of the country's economy and for other general corporate purposes

News

Union Bank of India has launched biometric cards to facilitate `door step banking' in rural areas. The bank has tied up with Financial Information Network and Operations Ltd (FINO) and Cashpor Micro Credit to launch a pilot project in Chahania Block in Chandauli district, Uttar Pradesh. So far, 1,000 smart cards have been issued in four villages and the aim is to issue 5,000 such cards initially. FINO will provide technical support, which will enable the bank to leverage on technology to serve its customers. Union Bank of India also has financial stake in FINO. A biometric card is embedded with an electronic chip and is the same size as a credit or debit card. It uses the customer's fingerprint as a bio-password card and also serves as an e-passbook to store data of all transactions. Financial services provider Financial Information Network and Operations Ltd (FINO) has announced its partnership with Indian Bank to offer smart card solutions to its rural customers. FINO will be providing the public sector bank 'no frill accounts' (zero balance saving accounts) for carrying out transactions on FINO Smart-Cards and POT Devices.

Statistics

Bank Rate 6% wef 29.04.2003 Cash Reserve Ratio (CRR) 6.5% wef 28.04.2007 Statutory Liquidity Ratio (SLR) 25% wef 22.10.1997