Result Update : South Indian Bank Ltd.

Net profit of SIB for the quarter ended September 30, 2006 has grown by 383% to Rs.41.65 crore compared to Rs.8.63 crore over the same period last year. The gross NPA has come down to 5% and net NPA has come down to 1.69%. The Capital Adequacy Ratio has gone up to 11.50%. The total business grew 28 % to Rs.18,224 crore.

Result Update : HDFC Bank

Net profit of HDFC Bank rose 31.7 % to Rs.262.94 crore for the second quarter ended September 30,2006 against Rs.199.64 crore over the same period last year. Total deposits stood at Rs.63,447 crore (39.6% growth) and Total advances stood at Rs.49,326 crore (34.2% growth) for Q2. The Net Interest Margin was maintained at 4% which is highest in the industry. The Capital Adequacy Ratio was at 12.1%. The share of low cost deposit stood at 52% of total deposit base

Union Bank of India to sell gold coins:

Joining the bandwagon of banks selling gold coins and bars, Union Bank of India has also launched sale of gold coins of 5gm, 8gm and 10gm weight having 99.99 purity at select branches all over India.

Bank of Rajasthan hikes deposit rates:

With effect from October 6, 2006 the bank has hiked the rate of interest on deposits for the following periods; Deposit for 61 to 90 days - 5.75% , Deposit for 1 year to less than 2 years -8.25%, Deposit for 5 years and above - 8.50%, Interest on its tax savings deposits will be 8.50%.

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.

BoM to raise Rs 300 cr through bonds

Public sector lender Bank of Maharashtra will raise up to Rs 300 crore through a bonds issue during October 12-13 to meet the capital adequacy requirement. The Upper Tier II bonds with a maturity period of 15 years will be issued at a coupon rate of 9.10 per cent per annum, the bank informed Bombay Stock Exchange. The bank will pay 9.6 per cent interest per annum from 10th year onward if the call option is not exercised

PNB biz hits Rs 2,13,000 cr

The country's second largest public sector lender Punjab National Bank has achieved a business of Rs 2,13,000 in the first half of this fiscal. "The total business (deposits and advances) is around Rs 2,13,000 crore and we expect to surpass the goal of deposits and advances set for the year end-March 2007," a senior PNB official said. Deposits of the bank stood at Rs 1,29,000 crore while advances were at Rs 84,000 crore till September this year. The bank had set a business target of Rs 2,25,000 crore for 2006-07.

Union Bank to raise Rs 1,400 cr in 5 mths

Union Bank of India plans to mobilise Rs 1,400 crore capital funds through issuance of bonds over the next five months. This week, the mid-sized public sector bank also raised Rs 300 crore of perpetual debt. The bank raised the Rs 300 crore through its maiden perpetual debt issue at a coupon rate of 9.45 per cent for the first 10 years and 9.95 per cent for all subsequent years. Union Bank has drawn up a massive capital-raising plan to maintain its capital adequacy ratio (CAR) substantially above the mandatory 9 per cent even after implementing the Basel-II capital adequacy norms. The bank requires capital funds not only to support credit growth but also to provide nearly Rs 500 crore for operational risks under the new capital adequacy norms

HSBC money transfer scheme

Global bank HSBC has launched a new money transfer service for Indians living in the Gulf in a bid to boost its share of the multi-billion dollar India remittance pie. The 'One World' money transfer scheme will allow Indians to open bank accounts in the UAE even before they arrive here, to transfer their credit history from India as well as help with their credit card and mortgages, Mr Manasije Mishra, head of NRI services for HSBC India said on Tuesday. Indians living in the UAE can also transfer money to their HSBC accounts in India free of charge using cheques or the Internet.

Yogesh Agarwal, new SBI MD

The State Bank of India has a new Managing Director in Mr Yogesh Agarwal. He has been appointed as Managing Director of the board of State Bank of India with effect from October 10. Prior to this appointment, Mr Agarwal was the Managing Director of the State Bank of Patiala.

SBI commercial branch in Bahrain soon

The State Bank of India is set for a major expansion in Bahrain with the opening of its first commercial branch in the country next month. The bank had set up its first office in Bahrain 30 years ago and earlier upgraded its status to the headquarters of its West Asia and North Africa operations

CIBIL plans products to spot good customers

Mr S. Santhanakrishnan, Chairman, Credit Information Bureau of India Ltd (CIBIL) said, till now the focus with regard to using the CIBIL database had been more on spotting the defaulters and avoiding the possibility of refunding such delinquents. CIBIL is coming out with a couple of new products that will enable banks to spot their good customers and reward them. Another product, 'Macro analysis of the bureau data', sliced product-wise, geography-wise, is to be launched in December. With this, banks can thus compare their own profile vis-à-vis the industry profile as thrown up by the bureau data and take suitable corrective measures to shore up the risk profile of their books. CIBIL would also be launching "Bureau Credit Scores" for individual borrowers by February 2007. This is a product that is getting introduced in India for the first time.

PNB plans to tap HNIs, may offer portfolio services

For a country witnessing 19% growth in its number of high net worth individuals (HNIs), this sure is opportunity for banks like Punjab National Bank, which is planning a foray into offering portfolio management services (PMS). It is currently waiting for regulatory approvals. “We are looking to enter the portfolio management space. But as public sector banks, we are not allowed to offer advisory services. We are sorting some regulatory issues with the RBI,” a top official at the bank said. The RBI rules say a bank must firewall its PMS portfolio from its other business, to ensure that the bank’s exposure in capital markets does not affect its balance sheet. Also banks have to obtain a dual licence from RBI and Sebi, before they can offer discretionary PMS - i.e., manage the funds actively on behalf of their clients. At present, public sector banks are losing out to foreign and private banks in offering such services.

IBA concern over home loan frauds

The Indian Banks Association is concerned about the proliferating cases of housing loan frauds. It has undertaken a survey of member banks to collect data on housing loan frauds and evolve a concrete action plan to tackle the problem. IBA has asked member banks to provide information on frauds they have encountered by fabrication of income documents (such as IT return, salary slip etc), encashment of loan cheques by third parties, frauds caused by forged title documents (through use of colour photocopies and fake stamp paper), overvaluation of property to secure higher loan amounts and instances of multiple financing by different agencies. Housing loans grew from a level of Rs 16,000 crore in 2001 to a level of Rs 1,86,000 crore in 2006.

South Indian Bank plans to change logo

Within a week of notifying the stock exchange about its intention to look for takeover of a mid-sized or smaller bank, the Kerala-based South Indian Bank informed the exchange about its proposed decision to change the 'logo'. The bank's Chairman, Mr V.A.Joseph, told that the image makeover was intended to give it a 'national or global image'. The bank is also in the process of finalising its Brand Ambassador. The bank has also initiated steps to renovate the interiors of some of its age-old branches to give it a 'look-alike wherever you go' feel.

HDFC Bank in pact with India Post

HDFC Bank has tied with up with India Post, Karnataka Circle, to offer loans to investors in small savings schemes. The loans would be in the nature of overdraft facilities against National Savings Certificates and Kisan Vikas Patras, according to Mr Biju Pillai, Vice-President and Business Head, HDFC Bank. The loans would be extended up to 90 per cent of the value of the savings scheme certificates and interest would be charged on the amount drawn.

Bank strike on Oct 27

Bank unions across India have called a strike on October 27 to demand certain benefits and protest against bank mergers and outsourcing of banking activities, a union leader said. The demands related to pension benefits and appointment privileges, said Mr Prafulla Patnaik, Chief Convenor of the United Forum of Bank Unions.

Union Bank bonds sale

Union Bank of India has raised an additional capital of Rs 300 crore through an offering of Hybrid Tier I Capital. The issue opened on October 9 and closed the same day fully subscribed. The perpetual bond, having a call option to redeem after the tenth year, carries a coupon rate of 9.45 per cent payable annually, with a step-up option of 50 basis points at the end of the tenth year if the call option is not exercised.

SBI - Savings plus account

This is a varient of Auto sweep facility being provided by various private and public sector banks for long. Different banks call it by different names this bank calls it ' Savings plus account ' This is a savings bank account which automatically sweeps surplus funds from savings account and deploys it is Term Deposits. The Minimum balance to be maintained in Savings account is Rs.5000/- Auto sweep at weekly or monthly intervals. Minimum Auto sweep is Rs.10000/- and in multiples of Rs.1000/- thereafter. Choice of deposit tenure from 1 to 5 years. Free ATM cum Debit card. Free internet banking

Corporation Bank's Corp Classic Account

Compared with above Corporation Banks' Corp Classic account gives some more advantage; Minimum deposit in SB account is Rs.10000/- which is the disadvantage for Corp Bank. Auto sweep will be on daily basis. Minimum auto sweep is for Rs.5000/- and in multiples of Rs.1000/- thereafter. Choice of tenure will be 14 days to 10 years. these are the advantages. Normal features will be Free ATM cum debit card Free internet banking

NPAs Written off by PSU banks

• Bank 2003-04 2004-05

Bank of Baroda -------------------------836------------ 609

Punjab National Bank-------------------483------------ 704

Canara Bank ---------------------------452------------- 973

Bank of India -------------------------- 588------------- 329

UCO Bank------------------------------ 278------------- 334

Union Bank of India---------------------278------------- 308

Dena Bank----------------------------- 319-------------- 317

Allahabad Bank------------------------ 622-------------- 275

Indian Overseas Bank----------------- 469-------------- 244

Central Bank of India------------------ 569-------------- 583

Oriental Bank of Commerce------------- 85-------------- 117

Bank of Maharashtra------------------- 92---------------- 79

United Bank of India------------------ 250--------------- 111

Syndicate Bank -------------------------33-------------- 220

Indian Bank--------------------------- 416-------------- 482

Andhra Bank-------------------------- 184-------------- 170

Vijaya Bank --------------------------240 ---------------125

Corporation Bank----------------------49-----------------91

Punjab & Sind Bank------------------ -85-----------------37

(Rs. in Crore)

Bancon at Hyderabad:

Hyderabad will be hosting Bancon 2006, the two day Indian Banking Conclave, at the Hyderabad international convention centre here from November 3-4. Andhra Bank will be hosting the banker's conference this year with organisational support from the Indian Banks Association ( IBA ). The theme will be ' Inclusive Growth - A New Challenge '

SBI is Income Tax refund bank:

Income tax department has roped in State Bank of India for its ' refund bank ' project. This facility would allow a tax payer to get his returns directly from the bank. The refund banker would credit refund to assessees either in paper form or paperless form through electronic clearing system on an advice by the income tax department. The department will initially roll out the facility on a pilot basis from January 1, 2007 for three months.

Central Bank of India to raise Rs.700 crore tier-II capital

The bank is raising Rs.700 crore through issue of bonds that would qualify as tier-II capital. CRISIL has assigned the bond issue a rating of AA and said the bank's weak asset quality, modest capitalisation levels and average earnings profile temper these rating strengths. Banks NPA level is 6.85% as on March 31, 2006 Tier-I capital adequacy is 7.19% as on March 31, 2006

Central Bank of India to raise Rs.700 crore tier-II capital

The bank is raising Rs.700 crore through issue of bonds that would qualify as tier-II capital. CRISIL has assigned the bond issue a rating of AA and said the bank's weak asset quality, modest capitalisation levels and average earnings profile temper these rating strengths. Banks NPA level is 6.85% as on March 31, 2006 Tier-I capital adequacy is 7.19% as on March 31, 2006

BoE rates steady at 4.75%

The Bank of England kept interest rates steady at 4.75% for the second month running, but most economists predict a hike next month. " We expect a 25 basis points November rate hike, but then a period on hold as the problem in the US intensify and become more obvious. Untimately, this will lead to UK rate cuts from mid-2007" said Mr. Dominic Bryant, at BNP Paribas.

NABARD scheme for SHGs

The National Bank for Agricultural and Rural Development ( NABARD ) will launch a programme enabling Self-Help Groups ( SHG) to avail themselves of credit from post offices according to a press release from NABARD. Through an agreement between the bank and the Dept. of Posts, Tamil Nadu Circle, the SHGs will be able to invest their savings in the post office schemes and avail themselves of loans through the post offices, the release said. The pilot project will be launched on October 7 in Kancheepuram and Pudukotti districts, Tamil Nadu, and will be extended to Sivaganga shortly. NABARD has earmarked Rs.34 lakhs for lending to the post offices to support the scheme.

Corporation Bank gets HC nod for merger

Corporation Bank has received approval from the Karnataka High Court for the merger of CorpBank Homes Ltd with itself. In a filing on the Bombay Stock Exchange, Mangalore based Corporation Bank said the scheme of amalgamation of Corpbank Homes with the bank had been approved by High Court vide its order dated August 11, 2006. The order had been filed with the registrar of companies at Bangalore on October 4 and the amalgamation is also effected from the same date

Passbook facility must for SB account-holders

The Reserve Bank of India has mandated all banks to offer savings bank account holders the option of the passbook facility. The cost of the facility will have to be borne by the bank. If a customer chooses to get the statement of account then banks must issue monthly statements and not quarterly statements. Currently many private banks are not offering Pass book facility and additionally customers have to pay a fee to get their statements.

SBH raises Tier-II capital

State Bank of Hyderabad has issued bonds of Rs.550 crore with a green shoe option of Rs.50 crore through private placement. The tenure of the redeemable, unsecured , non-convertible subordinated bonds without any call option is for 115 months and carry a coupon rate of 8.8% per anum. Following this the CAR of the bank will be above 11 per cent.

Morgan Stanley buys a bank in China

US investment bank Morgan Stanley said it had gained access to the key Chinese market by buying a small local lender. The acquisition of Nan Tung Bank, based in the south Chinese city of Zhuhai, seemed to open the door to the potentially lucrative business of providing products denominated in the local yuan currency to corporate customers. Foreign banks would normally have to operate for at least five years in China.

How valuable are our banks ?

The Industrial and Commercial Bank of China (ICBC), China's largest lender is coming out with IPO. After the IPO, its valuation will roughly be about $87 billion. This is almost one and half times of the collective market capitalisation of all the listed Indian banks. The market cap of 37 listed Indian banks is roughly $62.76 billion. But ICBC is still for behind Citigroup which has market cap of $140 billion.

UTI Bank hybrid issue mops up Rs.214 crore

UTI Bank has raised Rs.214 crore through a hybrid Tier-I issuance in the domestic market. It has offered a coupon of 10.05% on its Tier-I bond issue, with a size of Rs.214 crore. So far, UTI Bank has raised $150m through upper Tier-II issuances in the over- seas market. In the next couple of months, it may look at raising another Rs.200 crore through the upper Tier-I route from overseas markets. Post issue, the capital adequacy ratio of the bank is likely to raise to over 11%.

UTI Bank hybrid issue mops up Rs.214 crore

UTI Bank has raised Rs.214 crore through a hybrid Tier-I issuance in the domestic market. It has offered a coupon of 10.05% on its Tier-I bond issue, with a size of Rs.214 crore. So far, UTI Bank has raised $150m through upper Tier-II issuances in the over- seas market. In the next couple of months, it may look at raising another Rs.200 crore through the upper Tier-I route from overseas markets. Post issue, the capital adequacy ratio of the bank is likely to raise to over 11%.

Jammu & Kashmir bank for FII stake hike

Jammu & Kashmir bank has applied to Reserve Bank of India to increase the limit of foreign institutional investors in the bank to 40% from 33%. This follows the board's approval to increase the FII limit in the bank.

Allahabad Bank raises Rs.561 crore

The Bank has raised Rs.561.90 crore through private placement of redeemable subordinated debt instrument or lower tier-II bonds to strengthen its capital base. While the face value of each bond was Rs.10 lakh, they had a coupon rate of 8.85 % per anum payable for a tenure of 120 months. The bank's capital adequacy ratio is already at 12.24%.

Happy Dussera for UWB customers

It was a Happy Dussera for United Western Bank customers as RBI approved the merger of UWB with IDBI Bank and lifted the moratorium wef 03.10.2006. The shareholders will also be happy because they get Rs.28 per share they own. But this merger raises many questions: 1. What is the rationale for setting price of Rs.28 per share, we have seen some merger cases where the shareholders were totally ignored, so what makes UWB special case where RBI fixed share price above privailing market price. 2. When many of better banks were eyeing for the merger what made RBI to select IDBI bank the suitable candidate? 3. When nationalised banks are serving better for the betterment of the country than the private banks and there were many nationalised banks also in the race, why RBI sold UWB to profit motived IDBI Bank?

Corporation Bank's home loan utsav

Corporation Bank will conduct "Home Loan Utsav" from October 3 to November 2. As part of this, the bank has slashed interest rate on home loans by 0.5% for tenure above 5 years upto and including 25 years. The offer is applicable for floating and fixed rate loans and available at all branches of the bank.

C.I.B.I.L

Credit Information Bureau of India Limited this compiles the database of all borrowers of all banks in the country. The banks can use this information while sactioning new loan by serching the Cibil database online for the credit history of the borrower.

Development Credit Bank - IPO

(Hindu Business Line 01.10.2006) Rating - Avoid Small Size Bank: DCB is a small bank with operations in Gujarat, Maharashtra and Andhra Pradesh. With a business volume of about Rs.5,500 core, it has a nework of about 70 branches. Capital constraints over the past few years have placed a check on its growth. Historically, the bank has had a high level of NPA (non-performing assets). Higher provisioning has resulted in the shortage of capital to fund its balance-sheet growth. Over the last two years, DCB recorded a negetive growth in its advances. From Rs.2,510 crore in 2004, advances fell to Rs.1,867 crore in 2006. As a result, the net interest income has been declining and the bank has been making losses since 2004. On the other hand, DCS's cost of funds, at about 5.5 percent has been on the high side owing to greater proportion of term deposits. This, perhaps, explains its low net interest margins at 0.2 percent. Revitalisation Plan: The public offer is part of the management's revitalisation plan to address issues of asset quality, and operating costs as also to foucs on core business. As on March 31, 2006, DCB had a net NPA level of 4.5 percent on its books. This is far higher than industry average of about one per cent. Bringing the NPA level to industry standards is likely to be an uphill task. DCB expects to expand its branch network grow to 100 by 2008 to garner low-cost deposits and step up its exposure to cosumer assets. Low-cost deposits make for 32 per cent of its total deposit mix. That the savings bank deposits have been growing at a CAGR of about 20 % over the last three years is an encouraging sign. Its loan book is also undergoing a change. Traditionally, DCB has been active in commercial and corporate lending. Exposure to this segment constituted 89 per cent of its outstanding loans in 2003. However, since than, this proportion has fallen gradually to 57 percent as on March 31, 2006. The bank has made up for the fall by increasing its exposure to the retail sector. From a low three per cent in 2003, the share of housing and retail loans has risen to 37 per cent in 2006. The last three years have seen the retail assets clock a CAGR of over 90 percent, It is unlikely that the bank will sustain this pace of growth. Further, for most new private sector banks, retail loans still account for 30-35 % of the total portfolio, though they have added assets at a scorching pace over the last few years. Given its already high pro- portion of retail loans, DCB is likely to see some stagnation in the segment. Liquidity and interest rate risk: The liquidity position of the bank also does not offer a great degree of comfort. Maturing liabilities of the Bank (short term) far exceed the assets. This means if the bank is not able to find new deposits or is unable to roll over existing deposits, the liquidity position may be affected. This has to be viewed particularly in the context of the bank's deposits falling 19 % in the last one year. The Bank has about 30 % of its investments under available for sale category. Although the larger view is that interest rates are likely to stabilise, any hardening in the cycle is likely to expose bond book to mark-to-market losses. Other Risks: According to the offer document, there is a contingent liability of Rs.1,953 crore towards forward exchange contracts. If this materialises, it is likely to have an adverse impact on its profitability. Though the management intends retaining the individual identity, the possibility of a merger with a larger bank cannot be ruled out in the long term. Although DCB has made a profit of Rs.4 crore in the June quarter, it remains to be seen whether this will be sustained. But for its branch network, which carries a scarcity premium, there may not be much value for the acquirer in the event of a merger\takeover. As such, the risk of an unremunerative deal for the shareholders also remains high. Richly Valued: DCB is offering 7.1 crore shares in the price band of Rs.22-26. At the upper end, the stock is valued at 1.4 times its book value. Although DCB is categorised as a new private sector bank, considering its size and business mix, we think it would be appropriate to compare it with old private sector bank. Karnataka Bank, City Union Bank and Federal Bank are quoting at a P/BV of about 1.3. DCB's valuation, thus appears steep, The risks are likely to outweigh the opportunities, thus limiting the upside. Offer Details: DCB proposes to mop up about Rs.157-186 crore through this issue and use the same to fund capital requirements. Post-issue, the promoters' stake would come down to 30% from 58% now. JM Morgan Stanley and Enam Financial Consultants are the lead managers to the issue, which opened on September 29 and closes on October 6.

SBI associates business

Bank, Deposits, Advances, Total Business SBH- 36,061 23,043 59,104 SBP- 32,718 23,951 56,669 SBT- 27,050 20,376 47,426 SBBJ- 22,735 17,107 39,842 SBM- 17,898 13,281 31,179 SBS- 14,375 9,090 23,465 (Rs.in crore by August-2006) (Business Line 30.09.2006)

Failure of Private Banks in recent years:

1. Bank of Cochin Ltd., merged with State Bank of India 2. Lakshmi Commercial Bank Ltd., merged with Canara Bank 3. Bank of Bihar Ltd., merged with State Bank of India 4. Hindustan Commercial Bank Ltd., merged with Punjab National Bank 5. Miraj State Bank Ltd., merged with Union Bank of India 6. Traders Bank Ltd., merged with Bank of Baroda 7. Bank of Credit & Commerce International merged with State Bank of India 8.Bank of Tamilnadu Ltd., merged with Indian Overseas Bank 9. Bank of Thanjavur Ltd., merged with Indian Overseas Bank 10. Parur Central Bank Ltd., merged with Bank of Inda 11. United Industrial Bank ltd., merged with Allahabad Bank 12. Purbanchal Bank Ltd., merged with Central Bank of India 13. Bank of Karad Ltd., merged with Bank of India 14. Bareilly Banking Corporation Ltd., merged with Bankof Baroda 15. Sikkim Bank Ltd., merged with Union Bank of India 16. Benares State Bank Ltd., merged with Bank of Baroda 17.Nedungadi Bank Ltd., merged with Punjab National Bank 18. Global Trust Bank merged with Oriental Bank of Commerce 19. Ganesh Bank merged with Federal Bank 20. United Western Bank Ltd., now proposed to be merged with IDBI Bank

CANARA BANK TIES WITH AGRI. BANK OF CHINA

Canara Bank has tied up with Agricultural Bank of China . Both banks have agreed to extend cooperation in areas like transformation of rural poor, credit linking of SHG, credit administration, NPA management and Agricultural lending.

KOTAK MAHINDRA BANK SELLS GOLD BARS

24 Carat Swiss gold bars under brand name "Gold Eternity" will be sold. Gold bars will be available in lots of 50 and 100 grams. Availabe in 42 branches of the bank.

INDIAN OVERSEAS BANK-LIABILITY INSURANCE

IOB OFFERS 'LIABILITY INSURANCE' COVER, AS A VALUE ADDITION ON HOME LOANS AND OTHER RETAIL LOANS AS WELL. THE EFFORT IS AIMED AT INSULATING THE DEPENDENTS FROM ANY UNEXPECTED CONTINGENCY. THE BORROWER HAS THE FLEXIBILITY OF OPTING TO LOAD THE PREMIUM ON TO THE LOAN AMOUNT, WHICH IS RECOVERED BY THE BANK OVER THE LOAN DURATION AS PART OF EMI OR PAY IT SEPARATELY. TAX BENEFIT CAN ALSO BE AVAILED ON PREMIUM PAID.

Recruitment

UCO Bank calls for Clerks in ST category: LAST DATE FOR RECEIPT OF APPLICATION 16.10.2006 DATE OF EXAMINATION 17.12.2006 Total Vacancies -10 (ST category only) State wise break up Punjab -6 Haryana -4 FOR MORE INFORMATION EMPLOYMENT NEWS DATED 23-29 SEPTEMBER-2006

Recruitment

State Bank of India calls for Probationery Officers for its Associate Banks: LAST DATE FOR RECEIPT OF APPLICATION 24.10.2006 DATE OF WRITTEN EXAMINATION 07.01.2007 Total vacancies -846 Bank wise break up SBBJ-200, SBH-30, SBIn-72, SBM-121, SBP-269, SBS-57, SBT-97 Categorywise break up SC-131, ST-86, OBC-212, GEN-417 FOR MORE INFORMATION EMPLOYMENT NEWS DATED 23-29 SEPTEMBER-2006 www.sbi.co.in

Recruitment

State Bank of India calls for contractual appointments for various categories: 1. Marketing & Recovery Officer-Farm Sector (for SBI) Vacancies-650 Break up- Gen-353, SC-118, ST-66, OBC-113 2. Marketing & Recovery Officer-Farm Sector(for associate banks) Vacancies-224 Break up- SBBJ 25 vacancies - SC-4, ST-2, OBC-2, GEN-17 SBH 20 SC-3,ST-1,OBC-5,GEN-11 SBIn 12 SC-3,OBC-3,GEN-6 SBM 8 SC-2,OBC-2,GEN-4 SBP 141 SC-23,ST-11,OBC-41,GEN-66 SBS 16 SC-1,ST-2,OBC-4,GEN-9 SBT 2 ST-2 3. Technical Officer-Farm Sector(for associate banks) Vacancies-18 Break up- SBIn 9 vacancies -SC-2,ST-1,OBC-2,GEN-4 SBM 5 OBC-1,GEN-4 SBS -4 SC-1,ST-1,OBC-2 LAST DATE FOR RECEIPT OF APPLICATION 14.10.2006 FOR MORE INFORMATION EMPLOYMENT NEWS DATED 23-29 SEPTEMBER 2006 www.sbi.co.in

News

Banking Statistics: Bank Rate 6% (wef 29.04.2003) IDBI Medium Term Lending Rate 10.25% (wef 30.01.2004) Saving Bank Interest 3.5% (wef 01.03.2003) Cash Reserve Ratio 5% (wef 02.10.2004) Statutory Liquidity Ratio 25% (wef 22.10.1997)

News

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News

Dasara Diwali Loan Utsav from State Bank of Mysore Special rate of interest Housing Loan (floating) up to 5 years --- 8% 5 to 15 years --- 8.75% above 15 years --- 9.25% Housing Loan (fixed) up to 5 years --- 8.50% 5 to 15 years --- 9.25% Car Loan (new car) 8.50% to 9.50% Car Loan (used car) 10.00% to 10.50% Personal Loans 12.50 to 13.00% for details contact 080-22353467

News

Foreign Bank's profits: (B.L.23.09.2006) Standard Chartered Bank 782 crore Citi Bank 706 crore HSBC 602 crore ABN Amro 252 crore Bank of America 146 crore Deutsche Bank 126 crore American Express Bank 53 crore BNP Paribas 19 crore (figures for 2006)

News

UBI, Tata AIG launch scheme for education loan borrowers United Bank of India and Tata AIG Life Insurance Co Ltd have announced the launch of 'United Shiksha Suraksha Scheme", a group insurance plan for the education-loan borrowers of the bank. The scheme, to be available at all branches of UBI, will offer insurance cover at a low cost to students above 18. The premium can be a part of the education loan. It will be available to the existing education loan accounts (nearly 12,000) totalling Rs176 crore as also to new education loans. In case of death of the co-borrower during the study period, the entire sum insured will be paid to the student.

News

JBIC signs pact with SBI (BL 22.09.06) Japan Bank for International Cooperation (JBIC) have signed an agreement with State Bank of India for setting up a credit line of up to Rs 325 crore. As per the agreement, the credit line to SBI would be used to finance Indian corporates to import machinery and equipment from Japanese exporters.

News

Syndicate Bank online facility (BL 21.09.06) Syndicate Bank has introduced the facility of electronic payment of central excise and service taxes for its customers to facilitate faster and more secure mode of payment. The facility would be available to its customers who have registered with the Commissionerates in Bangalore, Belgaum, Chennai, Delhi, Mangalore and Mysore. Assesses could use any of the CBS branches of Syndicate Bank. The facility would be available on 24X7 basis. There was no ceiling on the amount of payment and no charge would be levied on the services rendered by the bank.

News

Dena Bank to sell Rs 600 crore NPAs (BS, FE 21.09.06) Mid-sized public sector bank Dena Bank is taking steps to clean its balance sheet of non-performing assets (NPAs). It is in the process of selling a large chunk of its NPAs. The Mumbai-based bank, having a larger presence in the western region, plans to sell Rs 600 crore of NPAs in two phases - in the third and fourth quarters of 2006-07. Dena Bank recently appointed consulting firm PricewaterhouseCoopers to advise it on the proposed sale of Rs 600 crore NPAs. It expects to bring down its gross NPAs to below 4 per cent from 6.4 per cent at the end of June 2006 and net NPAs to 1.5 per cent from 3.24 per cent.

New Product

Tax Saver Term Deposit: 1. In terms of central government notification No.203/2006 dtd 28.07.2006 bank term deposits are kept at par with NSC, PPF and assessee can invest the amount in bank term deposits and avail tax benefits under section 80C of income tax act 1961. 2. Many banks have already started to issuing the above. 3. PAN number is compulsory for opening the deposit. 4. The minimum amount varies from bank to bank. 5. The maximum amount is capped at Rs.100000/- per year. 6. The deposit certificate to bear PAN number and Signature of assessee in addition to normal features. 7. The maturity period is fixed at 5 years. 8. No loan can be availed by assessee. 9. Most banks are offering 8% interest on the deposit. 10. Premature withdrawal of deposit is not allowed. (for other information kindly contact any branch of nearby bank)

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Corporation Bank selling gold coins: . 24 carat fine gold of 999.9 purity . available in 2gm/5gm/8gm gold coins and 50gm/100gm minted bars . high quality product of PAMP S.A. Switzerland . in case of bulk purchases, the shape and emblem/symbol can be customized as per customers request

News

Union Bank of India has entered into an agreement with Director General of Foreign Trade (DGFT) and electronic payment facility has been made available by DGFT for payment of application fees for licensing schemes. Union Bank is one of the few banks offering e-payment facility for licence fees.

News

Karnataka Bank Ltd has launched a new fixed deposit scheme for 365 days, with effect from September15. The scheme offers a highly competitive simple interest rate of 8.25 percent. The period of deposit is fixed as 365 days and interest is payable on maturity date. Nomination facility is available to the depositor under the scheme. The scheme is open for limited period only.

News

Oriental Bank of Commerce, Indian Bank and Corporation Bank signed an allieace to share business. The Memorandum of Intent will cover e-payment system, sharing of IT infrastructure, training, ATMs, treasury resources, loan syndication, capital market and international forays.

News

A unique union (BS 14.09.06) In more ways than one, the IDBI-United Western Bank deal is unique. First, the Reserve Bank of India (RBI) took 10 days to decide on who would be the right suitor for the troubled Satara-based old private sector bank. In the mergers of Global Trust Bank and Ganesh Bank of Kurundwad the suitor was chosen within 48 hours of the imposition of moratorium. Second, for the first time, the interest of shareholders has been taken care of by the prospective acquirer. Finally, the winner itself - IDBI- was a big surprise. The RBI conducted an informal bidding process for the troubled bank which has a positive net worth of around Rs 70 crore. The prospective acquirers were expected to meet certain key conditions. First among them was the protection of all depositors without any help from DICGC. Second, the regulator wanted an expeditious resolution to restore the confidence of the depositors and the lenders of United Western Bank. On this count, two foreign banks - Citi and Standard Chartered - failed as they cannot go ahead with an acquisition without conducting due diligence. Third, the RBI preferred to choose those who would not seek any forbearance in terms of statutory requirement like CRR and SLR. Fourth, the central bank also wanted an assurance on the fate of the 3,000-odd employees of the bank. Finally, it gauged the prospective acquirer’s commitment to protect the interest of United Western Bank’s shareholders. IDBI scored over others on this count by offering Rs 28 per share against a book value of around Rs 13. To this extent, United Western Bank has been awarded to the highest bidder in a well laid-out, transparent process.

News

Three state-owned banks to hunt in pack (BS 14.09.06) Three public sector banks are set to form an unprecedented strategic alliance. The three banks are Corporation Bank, Indian Bank and Oriental Bank of Commerce. The alliance will allow the banks to collectively build loan assets as well as fee-based businesses. They will leverage the combined strengths of their balance sheets, though the pact does not envisage any equity participation. The combined asset base of the three banks is Rs 1,47,079 crore, higher than that of Punjab National Bank, the country’s largest nationalised bank. The plan includes sharing branches, automated teller machines (ATMs) and even employees. One bank's employee can work in another bank on deputation. Similarly, all three banks will discuss expansion plans for branches and ATMs before setting them up to exploit geographical and locational synergy, a source in Delhi said. The boards of Corporation Bank and Indian Bank have already cleared the proposal. The Oriental Bank board will take up the issue on Friday. Next, the banks will sign a memorandum of understanding on the strategic alliance covering business, infrastructure and people. Corporation Bank Chairman B Shambamurthy and Indian Bank CMD KC Chakrabarty declined to comment on the development. However, they did not deny it.

News

IOB takes BhOB reins (ET, BL 12.09.06) The Chennai-based government bank, Indian Overseas Bank (IOB) has finally taken control of Bharat Overseas Bank (BhOB), an unlisted private bank. This is the first instance of a public sector bank taking over a strong private sector bank without resorting to the moratorium route. IOB has virtually bought out other BhOB shareholders who now have a token stake left in the bank. BhOB was promoted by seven banks, with IOB being the largest shareholder with a 30% stake, while other shareholders were Bank of Rajasthan (16%), ING Vysya Bank (14.66%), Federal Bank (10.67%) Karur Vysya Bank (KVB) and South Indian Bank (10%) and Karnataka Bank (8.67%). All these banks, however, still hold a token of one share of BhOB.BhOB has a branch network of 102 branches while IOB has over 1,500 branches.

News

Suvarna may merge with Cosmos Co-operative (BS 12.09.06) In what appears to be a move to pre-empt moratorium and other restrictions from the Reserve Bank of India (RBI), the city-based Shree Suvarna Sahakari Bank (Shree Suvarna) has proposed a merger with Cosmos Co-operative Bank, another Pune-based bank, which is on an aggressive takeover spree over the last couple of years in its attempt to increase its branch network. Currently, Shree Suvarna has 12 branches with a deposit base of Rs 810 crore and advances of Rs 650 crore. Its NPAs total Rs 125 crore, 13 per cent as against seven per cent maximum allowable under the RBI norms.

News

Federal takes over 32 branches of Ganesh bank (BS 12.09.06) It is good times again for the beleaguered depositors of the erstwhile Ganesh Bank of Kurundawad (GBK), thanks to the bank’’s merger with Federal Bank. Over one-and-a-half lakh depositors can now enjoy a number of customer-centric products of the Kerala-based Federal Bank. Federal Bank recently took over over 32 branches of the 85-year-old GBK spread across Maharashtra and Karnataka with deposits of Rs 250 crore and loans of Rs 105 crore. GBK’s loss of Rs 7.5 crore triggered the merger process and even after RBI’s order for the merger, the matter was pending in the Supreme Court. The depositors were agitating for a quick merger and had even sent pleas to the apex court to expedite the merger.

News

SIB gets award for excellence in banking tech (BS 11.09.06) The South Indian Bank (SIB) has won a special award for excellence in banking technology from the Institute of Development and Research in Banking Technology (IDRBT). The institute, which is the technical arm of the Reserve Bank of India (RBI), has presented the award to the bank in recognition of the excellent contribution made in the area of information systems policies and practices. SIB was the only old generation private sector bank to receive this prestigious award.

News

SyndBank adds 1 mn customers in 2 months (BS 11.09.06) The Manipal-headquartered public sector Syndicate Bank added one million new customers over the last two months - from July 10 to September 9. Bank’s Chairman and Managing Director C P Swarnkar had launched a door-to-door campaign two months ago as part of the bank’s programme to bring banking within the reach of the underprivileged sections of the society. During the campaign, all 2,100 branches of the bank, spread over 35 regions in the country added at least 500 new account holders. Swarnkar had led the field staff from the front in bringing the customers who were so far not able to open account in banks. The bank introduced a new ‘No Frills Account’ called “SyndSamanya” to enable the underprivileged persons to reap the benefits of banking by accepting their accounts even with a zero balance.

News

`Payroll' card to draw salary from ATMs of SBI (BL 09.09.06) `The trend is just catching up. You can see such people draw cash from the ATM in the early hours of the day, when you probably come out to buy paper from the stall opposite or take a morning walk. They use the card with ease,' a Karur Vysya Bank official told. With banks targeting the un-banked (particularly in the rural pockets) under the financial inclusion project and the extension of the banking service to all sections of the populace, the proliferation of such services is no surprise. To minimise cash handling, State Bank of India has come up with a novel idea of the `payroll' card. The employer, who incidentally is also a customer of SBI, prepares the wage-sheet (with staff details) and hands the soft-copy to the bank. The bank uploads the details and within minutes, the system enables the said employee to draw cash from any of the ATMs of SBI. The customer's account is automatically debited. The customer (who is the employer in this case) has to bear the `upload charge,' which is said to be minimal. SBI sources said the concept was well-received in Chennai.

News

Shamrao Vithal acquires Mahavir Co-op Bank (BL 08.09.06) Shamrao Vithal Co-operative Bank (SVC) has acquired Kolhapur-based Mahavir Co-operative Bank for Rs 13 crore. The process was complete on September 3, said Mr S. Hemmady, Chairman, SVC. "The acquisition of Mahavir will give us entry into the agricultural sector where we have no exposure and no experience, at present," he said. Mahavir has four branches in Kolhapur and one each in Sangli and Jaisinghpur. It also has five rural branches in Maharashtra's sugar belt. Though the staff strength of Mahavir is only 86, SVC has decided to offer a voluntary retirement scheme at the insistence of Mahavir's employees. About 55-60 employees are likely to accept the VRS, Mr Hemmady said.

News

SBH eyes Rs 1,000 cr additional deposits (BS 08.09.06) State Bank of Hyderabad (SBH) is conducting a deposit mobilisation fortnight from September 11 to September 26, at all of its 946 branches spread over the country. During the fortnight, the bank would offer 0.50 per cent extra interest on all-time deposits invested for a period of one year and above. As a value-added service, the bank would also offer personal accident insurance cover to the depositors of Rs 1 lakh and above, free of cost. The bank is confident of mobilising one lakh new accounts contributing to Rs 1,000 crore additional deposits during the deposit mobilisation fortnight.

News

United Western Bank: A failure well flagged (BL 07.09.06) The failure of United Western Bank (UWB) does not come as a surprise to those in the know of the affairs of the bank, because, at least since 1998 the Reserve Bank of India has been regularly flagging failure symptoms, warning and penalising the bank for various irregularities. On May 30, 1998, the RBI imposed penalty of Rs 10 lakh in respect of irregular transactions in respect of Makharia Group of companies. In 1999, the RBI again asked the bank to pay a fine of Rs 5 lakh because it had allowed Gujarat Telephone Cables Ltd, to use cash credit facility for subscribing to the capital issue of GTCL Mobilecom. In 2001, the RBI again had reasons to fine United Western Bank. The bank had obtained the RBI's permission to give an interest-free loan of Rs 6 crore to the UWB Employees Equity Trust, but actually gave the Trust a loan of Rs 20 crore. The SEBI has also warned the bank and the employees' unions for various irregularities.

News

PNB to launch credit cards (BL 07.09.06) Pinjab National Bank(PNB) said, it will launch its own credit cards within six months and would soon float gobal tenders for this purpose. The bank has appointed Ernst and Young as consultant for the credit card business and would float global tenders soon

News

SBBJ offers reduced rentals for lockers (BL 07.09.06) State Bank of Bikaner and Jaipur (SBBJ) has launched a special festival bonanza offer that provides safe deposit lockers at reduced rentals. This offer is open for four months from September 1. The reduced rentals would be applicable for the current year only for those persons hiring the new locker during the festival bonanza period. In metros/urban area, the small-size lockers rent has been reduced from Rs 1,000 to Rs 750. In semi-urban areas, the rent has been reduced from Rs 750 to Rs 650. For rural areas, the rate has been reduced from Rs 750 to Rs 600.

News

Pandyan Grama Bank deposit scheme (BL 07.09.06) Pandyan Grama Bank (PGB) has introduced a new deposit scheme `PGB Double" that doubles in 102 months with a special offer of quarterly compounding interest rate of 8.25 per cent. Senior citizens are offered 0.50 per cent more with the deposits doubling in 96 months. The bank which is observing September as Deposit Mobilisation Month, offers an interest rate of 8 per cent per annum for new term deposits of one year period and above. While senior citizens are offered 0.50 per cent more, higher rates are offered for deposits of Rs 15 lakhs and above depending upon the period

News

LKB on strike against merger with Centurion (BS, FE 07.09.06) The employees of Lord Krishna Bank (LKB) began an indefinite strike demanding the intervention of the Reserve Bank of India (RBI) and the ministry of finance to block the merger of the Kerala-based bank with Mumbai-based Centurion Bank of Punjab (CboP).

News

Federal Bank comes up with VRS package (FE 07.09.06) The Federal Bank has for the first time announced a voluntary retirement scheme (VRS) package for its staff. A top bank official said the offer, open up to September 30, was likely to get good response. The VRS package with a limit of Rs 10 lakh was for those above 50 years of age. As the bank had never undertaken such a scheme earlier like other public and private sector banks, there were a good number of employees in the over-50> category. At the officer-level, there would over 50% of the around 2,500> staff falling in the above-50 category.

Know this

PMRY is Prime Minister's Rojgar Yojana

Know this

DD = Demand Draft TT = Telegraphic Transfer MT = Mail Transfer

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.

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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.

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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.

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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%.

News

BoB gets nod for full-fledged branch in Hong Kong (BL 29.08.06) Bank of Baroda has received licence from the Hong Kong Monetary Authority for conversion of its existing operations into full-fledged banking operations. As a branch, the new entity is permitted to accept retail deposits and grant loans to retail and small and medium enterprises segments, besides foreign currency term loans, syndicated loans, foreign currency convertible bonds and trade finance to corporates. Bank of Baroda now has a presence across 20 countries. The bank will roll out its Singapore operations through an offshore banking unit in Singapore in September 2006.

News

Karnataka Bank new ATM (BL 29.08.06) Karnataka Bank Ltd has opened an ATM at Bangalore City Civil Court. A bank release said that with this, the total number of the bank's own ATMs went up to 77.

News

No takers yet for troubled Rupee Co-op Bank (ET 29.08.06) The troubled Rupee Co-operative Bank, which will complete five years under an administrator in February ’07, has not found any takers. The fate of the bank’’s customers hangs in the balance as the RBI has now made it clear that elections cannot be held till inquiries are completed on its former directors. The RBI missive has put the state government in a bind because a cooperative bank - whose board has been superseded - can be managed by an administrator for a maximum period of five years. The board of directors of Rupee Co-operative Bank was superseded in February ’02, after they were charged of financial irregularities.

News

No takers yet for troubled Rupee Co-op Bank (ET 29.08.06) The troubled Rupee Co-operative Bank, which will complete five years under an administrator in February ’07, has not found any takers. The fate of the bank’’s customers hangs in the balance as the RBI has now made it clear that elections cannot be held till inquiries are completed on its former directors. The RBI missive has put the state government in a bind because a cooperative bank - whose board has been superseded - can be managed by an administrator for a maximum period of five years. The board of directors of Rupee Co-operative Bank was superseded in February ’02, after they were charged of financial irregularities.

News

Borrowed for 20 years? Pay for 38 (FE 29.08.06) Welcome back to the pocket-pinching era of high interest rates. You may not have realised it by now, but in the last 18 months, your home-loan rate has gone up 2 to 2.5%, depending upon your housing finance company. And if home loans statements are difficult to decipher, do take a closer look at your current statement, comparing it with the one 18 months ago. Chances are, you will shudder in horror. Your 15-year loan, at current EMI, has already got extended to 20 years. That is, if the interest rate is up only 2% from 7% to 9%. If the rate is up 2.5%, you will have to pay for 22 years and 6 months. If you took the loan at a little higher rate of 7.5% and it’s now 9.5%, your tenure is now 23 years. There’s worse news for those who have 20-year loans. If you borrowed at 7.5% for 20 years, your latest tenure at 9.5% is 43, yes, 43 years. Hypothetically, if you are okay paying the same EMI amount despite the rate hike, and your finance company does not mind risking the loan amount beyond your working life, you could pay that loan for perpetuity. Such a situation is called ‘negative amortisation’.

News

Report on fair bank charges soon (FE 29.08.06) A Reserve Bank working group, set up to formulate reasonable bank charges, is likely to submit its report in next 10 days. "The report is nearing completion and is likely to be submitted in the next 10 days", said member secretary of the working group Kaza Sudhakar, Concerned over the unreasonable levy of service charges by banks, RBI constituted a five- member working group in May

News

Unclaimed bank deposit of scheduled commercial banks stood at 930 crores in 2005 as against 880 crores in 2004 and 742 crores in 2003. (F.E. 28.08.06)

News

Employees of Lord Krishna Bank will observe September 12 as "protest day" to intensify their agitation against proposed merger of their bank with Centurion Bank of Punjab.

Rate of Interest on Deposits

State Bank of Mysore has revised interest on Deposits w.e.f 28.08.2006

1. 7 days to 14 days 4.25%
2. 15 days to 45 days 4.50%
3. 46 days to 90 days 5.00%
4. 91 days to 179 days 5.25%
5. 180 days to less than 1 year 6.25%
6. 1 year to less than 2 years 7.00%
7. 2 years to less than 3 years 7.00%
8. 3 years to less than 5 years 7.25%
9. 5 years and above 8.00%

Senior Citizens are offered 0.75% over the above rates

Do you know this !

ATM is abbreviation of Automated Teller Machine

Strike

The United Forum of Bank Unions (UFBU) has called for an all India bank strike on October 27. The strike is being called to press their demands for a new pension scheme, implementation of the campassionate appointment scheme, stopping of outsourcing and commencing recruitment to fill shortage of employees and officers, opposition to merger and acquisition of public sector banks and protest the dilution in the ceiling of voting rights in the Banking Regulation Act. (B.L. 26.08.06)

Recruitment

City Union Bank is recruiting clerical staff. Last date for sending application 02.09.2006. For more information visit www.cityunionbank.com.