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Sep 8, 2007

Gold Selling Rates (09.09.2007)

2 Gram 2205 5 Gram 5245 8 Gram 8295 20 Gram 20570 50 Gram 49900 100 Gram bar 95100

HDFC, Fidelity pick Corp Bank stake in NSE

Corporation Bank has offloaded its stake in the National Stock Exchange by 0.27 per cent. Fidelity Trustee Corporation and HDFC Ltd have together picked up the stake sold by the bank for Rs 35 crore on September 7. Earlier this year a host of institutional investors such as Industrial Development Bank of India, State Bank of India, SBI Capital Markets Ltd, Corporation Bank, Union Bank of India, Bank of Baroda, Canara Bank and Oriental Bank of Commerce had sold part of their stakes in the NSE.

Foreign banks looking beyond metros

The Reserve Bank of India would like foreign banks to get a flavour of semi-urban India and the rural hinterland. The branches of foreign banks that have been approved between July 2006 and June 2007 are mostly in smaller towns and tier-2 and tier-3 cities. Of the 13 branches for which permission was given, only one branch belonging to Shinhan Bank has been allowed in New Delhi. Most foreign banks follow a strategy of first setting up base in metros – Mumbai, New Delhi, Kolkata and Chennai. Then, in the next stage, they move to the mini-metros such as Bangalore, Hyderabad, Pune and Ahmedabad. Foreign banks in India have got approval from the Reserve Bank of India to open 10 branches and seven representative offices during the July 2006- June 2007 period. There are currently 29 foreign banks operating in India with 268 branches. There are also 34 other foreign banks that have representative offices. The share of foreign banks in the business done in the country (deposits and advances) has been hovering between 5 - 7% during the past decade.

ICICI Bank ties up with City Union Bank

ICICI Bank has tied up with City Union Bank (CUB) to provide its Money2India (M2I) online platform services to CUB customers. Under the tie-up, the non-resident Indian (NRI) customers of CUB will be able to transfer funds to their beneficiaries (CUB customers) in India. Besides online transfer of funds to CUB accounts, the remitter can also request for issuance of demand draft payable at over 2,300 locations across the country

Andhra Bank to hire in a big way

Andhra Bank will be hiring about 2,000 personnel in different categories over the next three years to strike a balance between retirements and new business needs. “The human resource needs of banks are now varied. In line with the business growth, we will be hiring clerks, probationary officers, market/finance executives, legal officers, rural development/agricultural officers, IT professionals and analysts,” Mr Kalyan Mukherjee, ED, said. The bank, which has indicated its likely foray into insurance, would also be needing domain experts in insurance. “We are not looking at big institutes like IITs and IIMs for campus recruitment. We are focusing on mid-sized institutes to bring in rural people, as we believe in employment inclusion,” Mr Mukherjee said.