Stan Chart's facility

Standard Chartered Bank has launched 'Preferred Banking' facility for the emerging affluent segment.The facility offers a combination of savings, borrowing protection and investments with a rewards programme.(BL27082010)

SBI to discuss merger of 5 associate banks with govt.,says Bhatt

After completing the amalgamation of State Bank of Saurashtra and State Bank of Indore with itself, State Bank of India (SBI) plans to discuss the issue of merging the remaining 5 associate banks with the government .SBI Chairman O.P.Bhatt said the Bank would discuss with the govt. whether it should go ahead with the consolidation of some more associates. There would be consultation with the 5 associate banks as well to make the process relatively faster and easier.(BS 26082010)

SBI not to hike rates for now

State Bank of India is not planning to raise lending or deposit rates before the end of the current quarter, said Mr. O.P.Bhatt,its Chairman. The Bank raised deposit rates by 25-50 basis points and its benchmark prime lending rate by 50 basis points last week. But it is not looking to raise its Base Rate for now, Mr. Bhatt said.He further said although liquidity is not as much as it used to be,funds are avilable. But after September,there could be pressure on liquidity due to advance tax payments.(BL 26082010)

Govt tells 4 banks to increase Casa Deposits

IDBI,UCO Bank,OBC & VIJAYA Bank get the directive from the Govt. to increase their low-cost deposits,commonly known as the current account savings account , or Casa.The directive is to lift their Casa to more than 30% of the total deposits as it has a direct bearing on their profitability and net interest margins.The share of low cost deposits of these banks was below 25% as at the end of March 2010.IDBI Bank with 14.59%, OBC with 24.97%, UCO Bank with 23.56% & VIJAYA Bank with 24.6% were below the government's comfort level.(BS 25082010)

Dena Bank to foray into syndication

State-run Dena Bank plans to enter the syndication business.For this ,the bank has set up a team in Mumbai and fixed a revenue target of Rs 25 crore for 2010-2011.Besides,the bank has appointed an agency to identify the potential countries and business model for its overseas foray. The Bank is expected to start its operations from Mumbai by December 2010 and will expand it to other parts of the country in a phased manner.(BS 25082010)

State Bank of Indore branches to operate as SBI's

All branches of State Bank of Indore will function as branches of State Bank of India from friday,said the Reserve Bank of India,in a press release issued on Tuesday.Customers ,including depositors of State Bank of Indore will be able to operate their accounts as customers of State Bank of India with effect from the said date.(BL25082010)

Credit bureaus rush in sensing growing opportunity

Banks will soon have greater choice in selecting their source of information as more credit bureaus seek a share of the growing number of financial product users in India, the world's second -fastest growing major economy,after China.While new bureaus would get an opportunity to tap the large economy,some analysts say the competition could force some of the bureaus to focus on niche,besides constantly improving products and operating on thinner margins.The first and currently the most dominant ,Credit Information Bureau(India)Ltd. or Cibil,may soon be jostled by at least three others entering the Indian market,including ExperianPic.,Equifax Inc.and High Mark Credit Information Services.(BS23082010)