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Dhanalakshmi Bank's net rises 6 per cent: The net profit of the Thrissur-based Dhanalakshmi Bank has grown by 6.19 per cent to Rs 8.40 crore in 1997-98, against Rs 7.91 crore during the previous year. The bank has proposed a 25 per cent dividend subject to the approval of the RBI. The bank's total deposit base grew by 9 per cent to Rs 916.24 crore, against Rs 840.58 crore in 1996-97. The total advances of Dhanalakshmi Bank grew by 2.4 per cent to Rs 576.06 crore during 1997-98, according to the audited financial results of the bank. The bank expects deposits to grow by 50 per cent to Rs 1,400 crore during the current year and has set a target of Rs 700 crore in advances.
Crisil reaffirms Tata Yodogawa's ratings: Crisil has reaffirmed the AA-, FAA and P1+ ratings assigned to the Rs 13- crore non-convertible debenture (NCD), fixed deposit (FD) and the Rs 3- crore commercial paper (CP) programmes respectively of Tata Yodogawa. The ratings reflect the expected sustenance of the company's marketposition and operating margins in the rolls industry and its above average operating efficiency. The ratings also continue to factor in the company's strong association with the Tata Iron & Steel Company.
SBI official to get fellowship: S Sasikala, deputy manager at State Bank of India, will receive the IIB Diamond Jubilee Overseas Banking Research Fellowship for the year 1998 from the Reserve Bank governor Bimal Jalan on September 21, 1998. The awardee will visit the United States for a period of ten weeks to study the subject, `Bank Capital Requirements for Market Risk' under the fellowship.
Rural bank staff to strike: Over 70,000 workers and officers of regional rural banks (RRBs) will observe a nationwide strike on September 22 to press their demand for the formation of a national rural bank by amalgamating 196 RRBs. The call for the strike has been given by the All India Gramin Bank Workers Organisation and the All India Gramin Bank Officers Organisation. The formation of a nationalrural bank is part of the sixth bipartite settlement in RRBs. A press release said that finance minister Yashwant Sinha had assured a delegation of bank employees earlier this month that their demand would be settled within 15 days after discussing the issue with the concerned secretaries.
UTI Bank, Citibank tie up: UTI Bank and Citibank have signed an agreement to launch a co-branded card called the UTI Bank Citibank co-branded credit card. UTI Bank is the third Indian bank to sign a co-branded partnership with Citibank. Targeted at customers of UTI Bank and its promoters, the new card will be marketed by UTI Bank and will be available at all of its branches. UTI Bank currently has 29 branches in 12 cities. The new card will feature the logos of both UTI Bank and Citibank. The card is available in photocard and non-photocard options.
RBI rejects Nova Powder's applications: The RBI, in exercise of the powers conferred on it under section 45 IA of the Reserve Bank of India Act, has rejectedthe applications for certificate of registration submitted by Nova Power Pvt Ltd and Swadeshi Industrial Development Corporation, both New Delhi-based companies. It has also rejected the application of Krishi Export Commercial Corporation, a Varanasi-based company. As such, these companies cannot transact the business of non-banking financial institutions.
Canbank Factors posts Rs 5.5cr net: Canbank Factors has reported a turnover of Rs 476 crore and a net profit of Rs 5.5 crore for the financial year 1997-98. The cumulative turnover of the factoring company amounted to Rs 2,500 crore since 1991. The company is looking at expanding its base and is planning to open branches in the northern and southern region.
Corporation Bank to expand branch network: Corporation Bank is expanding its branch network in the northern states of Uttar Pradesh, Punjab, Haryana, Himachal Pradesh, Madhya Pradesh and Rajasthan. The number of branches in these states will increase from 79 currently, to 120 by the endof the current financial year. The bank will open 28 branches in Delhi, Punjab and Haryana alone in the next six months. Corporation Bank has also received a license from the Reserve Bank of India for opening a branch in Jammu.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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