CONSUMER FINANCE

CREDIT RATING
ICRA reaffirms `A1' for Vardhman Polytex CP
ICRA has reaffirmed the `A1' rating assigned to the Rs 10-crore CP programme of Vardhman Polytex Ltd (VPL), indicating the highest safety in the short-term. The reaffirmation factors in low gearing level, comfortable liquidity position and the ... More

RBI & OTHER CENTRAL BANKS
Provisioning norms for co-op banks, RRBs tightened
THE Reserve Bank of India (RBI) has tightened provisioning norms for State and Central co-operative banks and regional rural banks pertaining to inter-branch accounts. The new norms would apply for net debit balances outstanding in the ... More

Penal action if notes are stapled
THE Reserve Bank of India today said it would take penal action against banks or bank branches found issuing or accepting stapled currency notes. The penal action would be taken under the existing provisions of the Banking Regulation Act, 1949, ... More

PRIVATE BANKS
UTI Bank appoints 100 staff for expansion
NOTWITHSTANDING the uncertainty in the air over UTI Bank turning into a foreign bank in the distant future, the private bank continues its recruitment drive. UTI Bank has recruited close to 100 people after HSBC's announcement to buy 20 per ... More

Centurion Bank gets mandate for managing Bhutan's PF money
CENTURION Bank has been mandated to manage Bhutan's provident fund money, the first instance of the bank branching out to investment advisory services of this nature. The bank, now led by a new set of investors, is expected to become ... More

Kotak Mahindra Bank sees take-outs to spur growth
KOTAK Mahindra Bank sees regular portfolio take-outs mostly in the auto-loan segment boosting its asset book size, Executive Director, Mr Dipak Gupta, has said. "We have been doing such deals almost once a month... but the deal sizes are very ... More

PUBLIC SECTOR BANKS
Bankers' panel formed to review drought situation in Maharashtra
The committee will become operational from January 10 and submit its interim report within 15 days after the members visit the drought-affected areas. More

FOREIGN BANKS
HSBC opens branch in Kochi
HONGKONG and Shanghai Banking Corporation (HSBC) opened its 35th branch in India and second in Kerala at Kochi today. Speaking after the inauguration of the branch, Mr Niall S.K. Booker, Chief Executive Officer, India, said that the branch ... More

GOVT BONDS
States await nod for high-coupon bonds' buyback
STATE governments are expected to be permitted to buy back some of their high-coupon bonds, especially the State Development Loans (SDLs). Sources said that these measures were being worked as part of a fiscal restructuring at the State level. ... More

RBI bonds auction for Rs 8,300 crore
THE Reserve Bank of India on Thursday announced a market borrowing of about Rs 8,300 crore in the coming fortnight. The exact amount of the loan, coupon rate and other details are to be notified later. The Rs 8,000 crore borrowing will ... More

CREDIT MARKET
Karnataka: Banks' priority sector advances at Rs 21,162 cr
BANKS have invested at least Rs 8,500 crore directly with the Karnataka Government as part of their social and statutory obligations. Speaking at the State-level bankers' committee meeting here today, Mr Michael Bastian, Chairman and Managing ... More

CO-OPERATIVES
Eluru-based Dhana Bank liquidated
DHANA Urban Co-operative Bank at Eluru, the headquarters of West Godavari district, was liquidated on Thursday by a team of officials from the Co-operative Department and most of the depositors could get back their deposits. The bank got into ... More

TRENDS
Floating account
State Bank of India has set up an ATM counter, probably the first of its kind in the country, in a jhankar (ferry) that operates between the High Court jetty in Ernakulam and the neigbouring Vypeen Island. The ATM, networked with SBI's ... More