Nobel Peace Prize for Bangla Banker

The Nobel Peace Prize was awarded on Friday to Muhammad Yunus of Bangladesh and the Grameen Bank that offers loans to poor people without any financial security. "Lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty. Micro-credit is one such means" said Ole Danbolt Mjoes, the chairman of the Norwegian Nobel Committee. Yunus, dubbed "Banker to the Poor," began fighting poverty during a 1974 famine in Bangladesh with a loan of $27 to some villagers to save them from the clutches of the moneylenders. The economist professor is now seen as one of the main developers of the concept of "micro-credit", which gives entrepreneurs who are too poor to qualify for traditional bank loans. very small sums to start up their own enterprise. Borrowers used the loans to buy their own tools and equipment, cutting out the middlemen and transforming their lives through self-employment. The Grameen Bank has 6.5 million borrowers of which 96% are women.

Result Update : Jammu & Kashmir Bank

Jammu & Kashmir Bank has reported a 53% growth in its net profit for the quarter ended 30th September 2006 on the back of 51% rise in its fee based income. The net profit for reporting quarter stood at 84.02 Crore up from 54.90 crore. Net interest income grew 18% from 163.5 crore to 193.3 crore. Deposit grew 4% to Rs.20,392 crore and Advances grew 18% to Rs.14,020 crore.

Result Update : UTI Bank

UTI Bank has reported a 30% growth in net profit to Rs.141.98 crore for the second quarter ended 30th September 2006. Treasury income has fallen by 66% to 23.33 crore. The corporate advances has grown by 55% to Rs.20,607 crore and retail loan has grown by 66% to Rs.8,514 crore. Q2 performance Net Profit Total Income Deposits Advances Net NPA 2005 109.01 865.73 34,055 18,404 1.03% 2006 141.98 1254.86 48,986 29,121 0.74%

Mandvi Co-op bank to merge with Saraswat Bank

Mandvi Co-operative Bank Ltd. with a large Gujarathi clientele, is to merge with India"s largest co-operative bank, Saraswat Co-operative Bank Ltd. Following the merger Saraswat Co-op bank will have total business of around Rs.12,567 crore, branch network of 105. It is to be noted that Mandvi Co-operative bank is also making profits.