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Inflation rate crosses 3 per cent
New Delhi: The rate of inflation has crossed the 3 per cent mark,
reaching a 22-week high of 3.01 per cent for the week ended 6 November. Analysts
attributed the rise to spurt in food prices. The annual rate of inflation based on the
wholesale price index recorded a 0.23 per cent increase over it s previous figure of 2.78
per cent.. The rate of inflation in the corresponding week last year was 8.61 per cent.
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UTI
Bank plans to have equity partners
Mumbai: UTI Bank is planning to rope in strategic partners who will have
equity participation in the bank. The Unit Trust of India, the bank's promoter, is also
likely to consider taking over other banks to expand the activities of UTI Bank.
UTI chairman P.S. Subramanyam said preliminary talks had
been held with interested parties in this regard and UTI Bank’s newly appointed
chairman and managing director P.J. Nayak will prepare a shortlist of these parties as
soon as he takes over the post.
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SBI plans 10-year deposits
Mumbai: The State Bank of India will introduce a 10-year deposit scheme
offering a higher interest rate. The bank expects the scheme to bring in long-term funds.
SBI officials said the bank is still working out details. The scheme is expected to be
available soon. Interest on the deposits will get accumulated and increase each successive
year. Customers may be given the option to withdraw
parts of the deposits at the end of each year.
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Bank of Baroda plans net
subsidiary
Calcutta: Bank of Baroda is planning to set up a subsidiary exclusively
for Internet banking. The bank’s chairman and managing director K. Kannan said the
bank is holding talks with entrepreneurs, including those from abroad, who can provide the
technological back-up for the venture.
The bank will limit its stake in the subsidiary to 26 per
cent. It is seeking the Reserve Bank of India’s permission for the purpose.
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Chase bid for Hambrecht
& Quist
New York: Chase Manhattan Corporation, the No 2 US bank, is extending its
offer for west coast investment bank Hambrecht & Quist as it awaited regulatory
approval for the $1.35 billion deal. Chase has extended the offer to buy Hambrecht &
Quist shares for $50 a share until 29 November.
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