Banking Notes

HDFC subscribes equity shares worth Rs 3,600 cr

HDFC Bank on Monday said one of its promoter HDFC Ltd has subscribed to equity shares worth Rs 3,600 crore pursuant to conversion of warrants. In a filing to the Bombay Stock Exchange (^BSESN : 16026.02 -16.16), HDFC said the Corporation has exercised its right to convert over 2.62 crore warrants into equal number of equity shares of HDFC Bank. Accordingly, HDFC has subscribed to more than 2.62 crore shares upon conversion of equal number of warrants for Rs 3,608.06 crore, which amounts to 90% of the subscription amount, the filing added.

BoI cuts deposit rates

Bank of India on Monday said it has reduced deposit rates by 0.25% on select tenures. For deposits less than Rs 15 lakh with a maturity of 180 days to 269 days, the rate has been reduced to 5.75% from 6% while for 270 days to 364 days, it stands reduced to 6% from 6.25%, a bank statement to the Bombay Stock Exchange (BSE) said. For deposits of Rs 15 lakh and above but less than Rs 1 crore and for a maturity of 180 days to 269 days, the rate has been cut from to 5.75% from 6%. For a maturity of 270 days to 364 days, the rate has been cut to 6% from 6.25%.

Axis Bank branch in Srinagar

Axis Bank on Monday entered Srinagar by opening its branch at Exhibition crossing in the heart of the city. With the opening of the branch, the number of branches of of Axis Bank in the state rose to three with 16 ATMs. Senior vice-president and compliance head Rajesh Wadhwa, who inaugurated the branch, said it was yet another step towards extensive consumer banking focus which the bank is providing across the country and reinforces commitment to bring superior banking services, marked by convenience. The bank has a network of 936 branches, eight extension counters and 3,951 ATMs across the country.

Dhanalakshmi Bank to up limit

Dhanalakshmi Bank Ltd has informed Bombay Stock Exchange that the Reserve Bank of India has conveyed it's 'no objection' in raising FIIs and NRIs percentage holding in the bank from 24% and 10% currently to 49 % and 24%, respectively. This move has also got the shareholders approval.

Catholic Syrian Bank new MD

Catholic Syrian Bank on Monday said VP Iswardas has assumed charge as its managing director and chief executive officer. Iswardas, who succeeds R Venkataraman, has been appointed for a three-year tenure, according to a company statement. Iswardas has more than 33-year experience in banking. Prior to this, he was the chief general manager of CSB since April 2007. He was instrumental in initiating several new practices in general banking, marketing and technological areas, it added.

Chola MS receives certification

Cholamandalam MS General Insurance Company Ltd has become the first insurance company to receive the ISO 9001:2008 certification in Motor "Own Damage" claims from TUV India. The certification authenticates Cholamandalam MS compliance with internationally-recognised standard for quality systems and quality assurance in design, development and servicing of motor insurance claims.