IndusInd unveils 3-in-1 account

IndusInd Bank has launched its freedom 3-in-1-account which enables buying and selling of stocks and shares and making payments at the click of a mouse. The account offers customers a whole new way of trading by helping them integrate their bank and demat accounts with their trading accounts, thereby ensuring seamless transactions.

City Union offers anywhere access

The Kumbakonam-headquartered City Union Bank has interconnected its entire network of 175 branches across the country, providing anywhere access to its customers. The bank has also introduced ‘CUB Classic Plus’ - a new current account with special features and freebies such as free cash remittances and deposits (unlimited), demand draft up to Rs 1 lakh/month at no extra cost, and inter-branch funds transfer for free up to Rs 5 lakh/day. These facilities would be available for customers maintaining a minimum quarterly average of Rs 1 lakh in their current account.

Pump more into PSBs or trim stake, Govt told

The Government should either bring down its equity stake in public sector banks below 51 per cent or infuse more capital into them. These banks will require more capital for the adoption of Basel II norms and to meet the growth of the real sectors of the economy, said Dr C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister. “As the growth is at a rapid pace, there is need for injecting equity or enlarging the shareholding of public sector banks. According to analysts, it is difficult to get an exact estimate of the capital requirement of the entire banking industry post-Basel II. Stressing the need for consolidation in the banking sector, which has so far been largely confined to a few private sector banks, Dr Rangarajan said, “As the bottomlines of domestic banks come under increasing pressure and the options for organic growth exhaust themselves, banks in India will need to explore ways of inorganic expansion.”