Karnataka Bank unveils `Vision 2000': Karnataka Bank has unveiled a business strategy for the expansion of operations to be achieved by the turn of the century. Named `Vision 2000', the objective of the strategy is to have a business turnover of Rs 10,000 crore, a net profit of Rs 100 crore and net-owned funds of Rs 375 crore and per employee turnover of Rs 200 lakh per year by 2000. To achieve the objective, the banks plan to open branches all over the country. The bank has paid 40 per cent dividend to its shareholders during the last two years and has a capital adequacy of 12 per cent and its NPA is at a very low 3.11 per cent.UTI Bank PLR revised to 16.5%: UTI Bank Ltd has revised its prime lending rate to 16.5 per cent with effect from January 31, 1998. The interest rates on deposits were also raised across the board. Deposits of 30 days to 90 days will carry an interest rate of 12.5 per cent, while that of 91 days to one year will carry 11.00 per cent. Deposits of maturity of one tothree years is at 11.5 per cent and over three at 12.00 per cent.
Development Credit Bank to be listed soon: The Mumbai-based Development Credit Bank would soon be listed on the country's leading stock exchanges, according to its chairman Naushad I Padamsee. However, the listing would not be accompanied by a hike in equity. "The company enjoys a capital adequacy ratio of 23.47 per cent which is more than sufficient", he said. Padamsee said business has grown by 35 per cent this year and the bank would post a profit of Rs 30 crore, after tax this fiscal, up by 50 per cent.
Nabard's fresh loan to MP: Nabard has sanctioned a fresh loan of Rs 53.16 crore to the Madhya Pradesh government under its Rural Infrastructure Development Fund (RIDF III). The present sanction covers 32 irrigation projects including 10 new irrigation projects and 22 ongoing irrigation projects which were left incomplete for want of resources, according to a Nabard release. The projects were spread over 24 districts(mostly tribal and backward districts) and involve an assistance of Rs 35.20 crore from Nabard.
Bank of Maharashtra bags Rs 500cr deposits: Bank of Maharashtra, was one of the few banks which made money in the liquidity scarce call market during the last week. The bank's kitty was augmented by deposits to the tune of Rs 500 crore from the Maharashtra government. The bank was recently appointed the `exclusive bank' to the Maharashtra government. According to TS Raghavan, CMD of the bank, the bank is flush with cash at present when the banking sector is gripped with a liquidity crisis.
Government to form four working groups: The government has decided to form four working groups to comprehensively address the major areas of concern in attracting investment in the infrastructure sector. The four groups will address areas of concern such as rising input costs, infrastructure issues, marketing aspects and financial sector reforms. Each group will consist of representatives from industry,financial institutions, and the concerned government departments.
BII to open shop in Chennai: Bank International Indonesia (BII), the second largest private sector bank in Indonesia, will soon open its branch in Chennai. The bank, which has received the Reserve Bank of India's permission, will open its branch in August. The networth of the Indian branch will be augmented by bringing in $10 million.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
