Banking Notes

Indian Bank revises rates

Indian Bank has revised interest rates on FCNR (B) and NRE deposits with effect from January 1, 2010. For FCNR (B) deposits, in US dollar the revised interest rate has been fixed at 1.98% for deposits of one year and above but less than two years (2.02% existing); 2.39% of two and above but less than three years (2.01%); 3.04% for three and above but less than four years (2.56%); 3.54% four and above but less than five years (3%) and at 3.94% for deposits of five years only (3.36%).

Lakshmi Vilas Bank issue

The rights issue of Lakshmi Vilas Bank, which opened on November 16, 2009, and closed on December 15, 2009, was subscribed 1.17 times. The bank issued 4,91,64,453 equity shares of Rs 10 each for cash at a premium of Rs 44 per equity share to its existing shareholders, aggregating to Rs 265.49 crore. The issue was in the ratio of one equity share for every one held as on the record date. The issue price was 5.4 times of the face value of the equity shares of the bank.

Indian Bank, Hyundai MoU

Indian Bank has entered into a memorandum of understanding (MoU) with Hyundai Motors India Ltd (HMIL) for a preferred financial arrangement to operate under the brand name of 'Indian Bank - Hyundai Finance' towards generation of car loan business through HMIL dealers in the country. The MoU, signed on Monday and valid for two years, provides for collaboration in generating car loan business in the country among the clients of the two organisations.

While the primary point of sales would be HMIL dealers in the country, Indian Bank would extend as a preferred financier, car loans on attractive terms.

Max Life launches 4 Ulips

Max New York Life Insurance on Monday said it has restructured its Ulip portfolio by launching four new products. The new products launched are Max New York Life Fortune Builder, Max New York Life Unit Builder Plus, Smart Invest Pension Super and Smart Xpress. All the four products are compliant to Irda's regulation of capping of charge to reduce the reduction in net yield, the company said in a statement.

ICICI Bank (ICICIBANK.NS : 956.55 -7.1), UKTI tie up

ICICI Bank and UK Trade & Investment (UKTI) have signed an MoU to help Indian firms capitalise on opportunities in the UK. The joint initiative is aimed at providing training events and additional inward investment assistance for Indian businesses looking to enhance their ability to grow in the UK.

BoM, SBIFM pact

State-owned lender Bank of Maharashtra has tied up with State Bank of India (SBIN.NS : 2058.45 +28.8) Funds Management, one of the largest mutual fund houses of India, to distribute mutual funds of the latter through the bank's branches across the country.

Certification for Bharti AXA

Private sector non-life insurer Bharti AXA General Insurance has received the dual certification of ISO 9001:2008 & ISO 27001:2005. The company has received both certifications across all its functions and departments as well as branch offices. The company is the first general insurer in the Indian market to receive dual certifications in the first full year of operation.

Venture Infotek bags award

Venture Infotek, India's premier transaction management company, was honoured with the coveted Confederation of Indian Industry-Export Import Bank of India (CII-Exim) Bank Award 2009 for their strong commitment to Excel, at the 17th CII quality summit held in New Delhi.