ICICI allots shares to BOR shareholders

ICICI Bank on thursday said it had allotted its shares to the shareholders of Bank of Rajasthan (BOR) following the amalgation of the two private lenders.As much as 25 shares of ICICI Bank were allotted for 118 shares of BOR, ICICI informed the Bombay Stock Exchange. ICICI's shares have been allotted to those shareholders of the erstwhile BOR whose names appeared in the register of depositories as on the record date of Aug 25,it said.(BS 27082010)

Open no-frills a/cs for minorities but adhere to KYC norms

The Reserve Bank of India (RBI) has asked banks that while they should ensure opening of no-frill accounts by members of the minority communities,know-your-customer (KYC) norms should also be properly followed.The RBI has advised the banks to ensure opening of no-frills accounts or other accounts for students from minority communities or other disadvantaged groups.However, while opening such accounts, KYC norms, as appropriate may be followed,RBI said.(BS27082010)

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)