Friday, October 29, 2010

Central Bank of India to expand branch network overseas

Central Bank of India (CBI), a Mumbai based public sector lender is in a process to expand its presence overseas by opening branches in China, Bhutan, Tanzania and Mozambique.

Bank Executive Director Rajeev Kishor Dubey said more branches are being opened in order to increase its international business and provide banking facilities to the Indians settled abroad.

However he did not reveal the total number of branches to be opened overseas.

Dubey informed the bank has launched Internet-based remittance service, called ‘Cent Fast2 India', in association with Bank of New York Mellon, for Non-Residents Indian residing in the US

He said, "The bank will achieve 100 per cent CBS (core banking solution) coverage by December 21 next year coinciding with the birthday of Sorabji Pochkhanwala, who founded India's first swadeshi bank on December 21, 1911."

The public lender is offering services in 3,000 villages, having population of less than 2,000, by 2010 as part of the Government’s financial inclusion program using mobile telephone technology.

Dubey said, "The bank will develop software in Gujarati and other local languages so that villagers do not experience difficulty in accessing banking facility."

The bank for fiscal 2010-11, has set a target to achieve business turnover of Rs 3, 00,000 crore. He said, by end of March 31, 2009 bank turnover was Rs 2,46,000 crore.

Thursday, October 28, 2010

Kotak Mahindra Bank opens first branch in Chakan on Pune-Nasik Highway

Kotak Mahindra Bank (KMBL) has opened its first branch in Chakan. The branch is located at Shubhmangal Plaza, Gate No 1286, Talegaon Chowk, Pune-Nasik Highway. However this is the 7th branch in Pune and 62nd in the state.

Virat Diwanji, executive vice president, Kotak Mahindra Bank said, “Chakan is an important industrial hub with the presence of many manufacturers and IT majors. This presents immense opportunity for Kotak Mahindra Bank to expand its reach and increase customer engagement in the region. Pune is a prominent market in the overall growth strategy of the bank and we will continue expansions across the city.”

Monday, October 25, 2010

Dhanlaxmi Bank opens a flagship branch in Mumbai

Dhanlaxmi Bank has opened a flagship branch in Prabhadevi, Mumbai for its customers. The branch is located near new passport office on Veer Savarkar Marg at Prabhadevi, Mumbai

G N Bajpai, Chairman, Dhanlaxmi Bank inaugurated the branch it is located near new passport office on Veer Savarkar Marg at Prabhadevi, Mumbai.

The branch has been designed by Fitch, a leading international brand and retail design consultancy. The branch is designed on the new retail concept.

The branch has an innovative design, pleasant and relaxing banking environment for its customers, with modern external fa├žade which is supplemented with interiors to offer customers entirely new experience.

The flagship branch has a separate meeting and greeting area, full self-service zones, aesthetically designed meeting rooms, open customer service area with individual desks for investments and NRI function, and the flagship branch has been designed to facilitate greater customer convenience and experience. This branch integrates the Bank’s rich heritage and values with designs that keep on with the future, along with products and brand wall.

At the occasion, Amitabh Chaturvedi, Managing Director, Dhanlaxmi bank said, “The opening of our flagship branch marks yet another milestone for the Bank. We have always believed that banking should be a personal experience.”

Monday, October 4, 2010

SBoP has introduced 999 days tenor deposit, hiked term deposit rates by 25 bps to 50 bps

State Bank of Patiala (SBoP) has hiked its term deposit rates by 25 bps to 50 bps also launched a new product of 999 days offering 8%p.a. interest rate for its existing and new customers. The new rates will be applicable from 4 October, 2010.

SBoP spokesperson informed that interest rate for 555days have been raised to 7.75% from 7.50%. Interest rate for 91 to 180 days is 5.50% p.a., for 181 days to 269 days rate is 6.25% p.a. and 270 days to < 1year it is 6.50% p.a., while interest rate for 1 year to 554 days & 556 days to 2 years has been set at 7.50% p.a.

For deposit of more than 2 years to less than 8 years (except for 999days) bank is offering interest rate of 7.50% p.a. and for 8 years to 10 years 7.75% p.a. Additional interest rate for senior citizens have been set at @ 0.50% for a period of one year and above. The spokesperson said, for SBP Tax Saving Scheme interest has been set at 7.50% p.a.