Banking and Finance
SBI Chennai circle deposits up 23%, advances 19%
THE Chennai circle of State Bank of India has recorded 23 per cent growth in deposits and 19 per cent growth in advances during the year 1999-2000. Total deposits rose Rs. 2,542 crores to Rs. 13,727 crores while advances rose Rs. 1,533 crores to touch Rs . 9,720 crores, Mr. Y. Vijayanand, General Manager (Commercial), SBI, said.

Dena's total business crosses Rs 20,000 cr
THE Mumbai-based Dena Bank plans to add 50 ATMs to its existing network of 26 ATMs. The bank also proposes to open seven more gold trading centres, in addition to the existing three, Dena Bank's new Chairman & Managing Director, Mr. A.G. Joshi, said here on Tuesday.

GTB plans insurance foray -- Life product distribution for starters
GLOBAL Trust Bank (GTB) is proposing to make a foray into the insurance business.

Indian Bank a rudderless ship, says union
WITH the appointment of Indian Bank's Executive Director, Mr. A.G. Joshi, as the CMD of Dena Bank, the former now has neither a chairman nor an executive director. The Federation of Indian Bank Employees' Unions, decrying the situation, said that because of the ``poverty of decision making'' in the Government, Indian Bank has become a ``rudderless ship''.

Insurance entry -- RBI norm shocks NBFCs in Chennai
THE draft guidelines announced by the Reserve Bank of India for the entry of non-banking financial companies (NBFC) into the insurance sector has come as a jolt to many NBFCs here.

United Western looking for foreign equity partner -- KPMG given the mandate
UNITED Western Bank Ltd, the Satara-based old private sector bank, has given the mandate to KPMG to identify a foreign equity partner, preferably from Europe. ``The plan is to allot 20 per cent of the equity to the identified bank at a negotiable price,' ' said Mr. P.N. Joshi, Chairman and Chief Executive Officer, United Western Bank.

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