Central Bank of India celebrated its 99th Foundation Day at Tata Theatre, NCPA, Mumbai on 21.12.2009. Shri S. Sridhar, Chairman and Managing Director, Central Bank of India, lighted the lamp to inaugurate a Fusion of Music Concert, accompanied by dance. Shri Anand Sinha, Executive Director, Reserve Bank of India was present on the occasion along with Shri Ramnath Pradeep, Executive Director, Central Bank of India and Shri Arun Kaul, Executive Director, Central Bank of India,
TOP PUBLIC SECTOR BANKS SEE ROBUST GROWTH IN PROFITS
Large Public Sector Banks expect a quantum jump in bottomline growth, going by their advance tax payouts. The state-owned public sector banks have bucked the economic slowdown on the back of credit expansion and treasury gains.
Source: http://www.thehindubusinessline.com/2009/12/23/stories/2009122351900600.htm
STAR UNION DAI-ICHI OFFERS ANNUITY COVER WITH REVERSE MORTGAGE IN TIE UP WITH CENTRAL BANK OF INDIA
Star Union Dai-ichi Life Insurce launched the country's first reverse mortgage loan annuity plan for those above 60 years, in tie up with Central Bank of India.
As per the scheme, when a person approaches the bank for a reverse mortgage loan on house property, the bank, after assessing the value of the property and sanctioning the loan, will approach the insurer and buy an annuity plan for the borrower. The annuity will be passed on to the borrower's account on a monthly, quarterly or annual basis. The instalments will depend on the purchase price, age and whether the insured person opts for a lower or higher lifetime annuity. The borrower will, however, have to pay tax on the annuity received from insurer.
Source: http://www.business-standard.com/india/news/star-union-dai-ichi-offers-annuity-coverreverse-mortgage/380410/
CO.s TAPPING BANKS ONLY FOR SUPPLEMENTARY FUNDING: KAMATH
Mr. K.V. Kamath, Chairman, ICICI Bank has said at a summit organised by the Indus Entrepreneurs (TIE) that barring companies in the infrastructure space, the others were tapping banks only for supplementary funding.
Indian companies, especially those from the manufacturing sector, are borrowing only at the fringes from banks to manage and grow their operations due to robust internal accruals and revival in capital markets.
Source: http://www.thehindubusinessline.com/2009/12/23/stories/2009122351910600.htm
COMMITMENT CHARGES ARE BACK AS SANCTION - DISBURSEMENT GAP RISES
With the gap between loan sanctions and disbursal on the rise, public sector banks are back to levying commitment charges. PSBs are now levying a commitment fee of up to 100 basis points of the sanctioned amount in case a company failed to avail the credit facility. The move is aimed at stopping companies for going shopping for the best bargain by using a sanction letter.
Commitment Charges are being levied to avoid asset-liability mismatch possibilities as banks raise deposits in line with the loans they have sanctioned and also on the future loan flow expectation.
Source: http://www.business-standard.com/india/news/commitment-chargesback-as-sanction-disbursement-gap-rises/380291/
LIC, CENTRAL BANK TO BOOST TRADE IN INTEREST FUTURES
The Interest Rate Futures (IRFs) trading in the country will get a boost in coming days, as Life Insurance Corporation (LIC) and Central Bank of India have agreed to provide support to the exchange-traded product. LIC and Central Bank of India will ensure adequate liquidity on the National Stock Exchange (NSE) , where IRFs are traded.
LIC will purchase the Government of India (GOI) securities from those who want to liquidate the securities received against their IRF obligations at a small yield spread over the Fixed Income Money Market and Derivative Association (FIMMDA) valuation rates. On the other hand, Central Bank of India would offer securities from its book to members who want to meet their IRF obligations.
Source: http://www.business-standard.com/india/news/lic-central-bank-to-boost-trade-in-interest-futures/380271/
PRIORITY LENDING MAY TURN MORE FOCUSSED
As per the report appearing in Economic Times, the Finance Ministry may ask public sector banks to set sub-targets within the overall priority sector lending to ensure a more equitable flow of funds to segments such as agriculture, small industries and the marginalised sections of the society. The proposal by the Finance Ministry seeks to make sure that banks meet specific targets in terms of lending to each of the listed property segments,
The current RBI guidelines require banks to lend 40% of their adjusted net bank credit to priority sectors. Of the 40%, banks are required to lend a minimum of 18% of their net bank credit to agriculture sector and the balance to other specified sectors. Banks are also required to lend 10% of adjusted net bank credit to weaker sections.
Source: http://economictimes.indiatimes.com/news/economy/finance/Priority-lending-may-turn-more-focussed/articleshow/5360069.cms
NOTIFICATION OF RESULTS BY CENTRAL BANK OF INDIA FOR RECRUITMENT OF AFOs
Central Bank of India has notified the results for recruitment of Agriculture Finance Officers (AFOs) JMG Scale-I. In all, 108 candidates are found provisionally eligible for appointment as AFOs subject to their being found medically fit and verification/submission of various certificates/documents.
We are providing here the link for the results.
Link: https://www.centralbankofindia.co.in/upload/Final%20Selection%20list.doc
HOME LOAN RATES UNLIKELY TO MOVE UP
According to Mr. Keki Mistry, Vice-Chairman and CEO, HDFC, Home Loan interest rates are unlikely to move up even if the RBI hikes the CRR due to surplus liquidity in the system.
Source: http://www.thehindubusinessline.com/2009/12/19/stories/2009121953530100.htm
MOODY'S UPGRADES FC DEPOSIT CEILINGS OF 14 INDIAN BANKS
After upgrading India's Foreign Currency Deposit ceiling, Global Rating Agency, Moody's upgraded the long-term foreign currency deposit ratings of 14 Indian Lenders, including CENTRAL BANK OF INDIA, State Bank of India, ICICI Bank.
The rating has been upgraded to Ba1 from Ba2 and has taken into account the fact that all Indian Banks have a Global Local Currency (GLC) deposit rating higher than Ba1.
Source: http://economictimes.indiatimes.com/news/economy/finance/Moodys-upgrades-FC-deposit-ceilings-of-14-Indian-Banks/articleshow/5348164.cms
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