Canara Bank chairman-cum-managing director TS Sridharan called it a day on Monday. Sridharan is expected to join one of the benches of the Board for Industrial & Financial Reconstruction (BIFR) in Delhi. Meanwhile, the bank will remain headless as the Sridharan's successor has not yet been identified. The bank's executive director Ranajana Kumari will hold the fort for the time being.

Dena Bank launches Visa card

Dena Bank on Monday launched its Visa credit card targeted primarily at the growing middle class with an entry fee of Rs 400. "The bank is targeting a credit card base of one lakh by the year 2001, increasing it to three lakhs within three years," said Dena bank chairman and managing director, Ramesh Misra. In another front, to augment the Tier II capital, the bank closed its bond issue-series IV worth Rs 100 crore offering a coupon of 13% for a maturity period of 70 months.

Punjab and Sind Bank bond issue

The state-run Punjab and Sindbank will issue bonds of 82 months for Tier-II capital purposes, money market brokers said on Monday. The issue which is to open on June 3, will have a target amount of Rs 600 million and a greenshoe option of 400 million, brokers said. The instrument will carry a coupon of 13.25 per cent payable annually, they said.

New members on UTI board

Badrinarayan Ramulal Barwale and K Narasimha Murthy have joined the board of UTI Bank as directors. Barwale is the winner of the world food prize in 1998 and chairman of Maharashtra hybrid seeds. Murthy, a chartered accountant is a member of the working group on restructuring of public sector and co-operative enterprises constituted by government of Andhra Pradesh and former director of Andhra Pradesh Industrial Development Corporation.

SBI appoints Purwar as CGM

The State Bank of India has appointed A K Purwar as the chief general manager (CGM) of its Mumbai circle. He was earlier working as CGM, Insurance project at the cental office of the bank.He joined SBI as probationary officer in 1968. During the period, he worked as CEO of Tokyo branch, general manager operations of Calcutta circle, DGM credit, Lucknow.

BoI bags award

The Indira Gandhi Rajbhasha shield for the year 1996-97 and 1997-98 has been awarded to the Bank of India by the Vice-President of India Krishna Kant, an IBA release said.