FINANCIAL PERFORMANCE
Provisioning dents City Union net
City Union Bank's net profit has risen by Rs 1.43 crore to Rs 13.86 crore during the third quarter. Bank sources told Business Line that the bank had incurred a one-time expenditure of Rs 4 crore towards provisioning for gratuity. "This provision ... More

SOFTWARE
Finacle, Flexcube in Magic Quadrant
Gartner has positioned Infosys' core banking solution Finacle and i-flex solutions' Flexcube universal banking solution and Flexcube for core banking for large retail operations in the leaders quadrant in the recently released ... More

LIFE INSURANCE
ICICI Pru `priority' branch in Kochi
ICICI Prudential Life Insurance has opened its first Priority Circle branch in Kochi meant exclusively for clients who seek an overall financial planning approach for their wealth management needs. The branch is staffed with ... More

GENERAL INSURANCE
`Labour welfare schemes must be enforced'
The Tamil Nadu unit of the INTUC has suggested that the Employees State Insurance Corporation (ESIC) be entrusted with the task of enforcing some of the labour welfare schemes. The INTUC State body said the implementation of some of the schemes ... More

PUBLIC SECTOR BANKS
Cabinet okays Govt buying SBI stake
The Union Cabinet on Thursday gave its nod for the transfer of ownership of Reserve Bank of India's (RBI) shareholding in State Bank of India (SBI) to the Government by June. The Parliamentary Affairs Minister, Mr Priya Ranjan Dasmunsi, said ... More

SBH opens centralised process centre
The State Bank of Hyderabad (SBH), as part of its business process re-engineering, on Wednesday launched the fully computerised retail asset central processing centre (RACPC) in Abids in Hyderabad. The RACPC intends to increase customer ... More

IOB powered by performance
Analysts, who refer to the steady performance put up by most banks, point out that growth for some sections of the banking industry has lately become somewhat costlier, adding that Indian Overseas Bank has not stayed away from the trend. The ... More

FOREIGN BANKS
Corus is a good buy for the Tatas: StanChart CEO
Sees scope for M&As with robust SME growth More

INTEREST RATES
Hardening rates are here to stay
Bankers see slowdown in credit growth amid tightening liquidity More

FIXED DEPOSITS
Karnataka Bank lowers NRE, FCNR rates
Karnataka Bank Ltd has lowered interest rates on its NRE and FCNR(B) deposit schemes with effect from February 1. The interest rate on NRE deposits is now 5.93 per cent (6.33 per cent) for the tenure of one year to less than two years, 5.85 per ... More

PEOPLE
SBI Life gets new CEO
Mr Uday Sankar Roy has been appointed the Managing Director and CEO of SBI Life Insurance Co Ltd. He takes over from Mr S. Krishnamurthy, who retired at the end of January 2007. Mr Roy had been with State Bank of India since ... More