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New
passenger cars may be allowed for import
New Delhi: According to a report in the
Economic Times, the commerce ministry is reviewing
the import policy so as to permit imports of new passenger
cars. The idea was mooted by Honda, which put forth a
proposal to import new cars. The foreign investment promotion
board has been asked by the commerce ministry to keep
the Honda proposal pending till the time it takes to give
its final decision.
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Citibank
widens customer access to accounts
Mumbai: All Citibank customers who have
ATM cards will now be able to access their accounts in
more than 100 countries, up to a maximum of $3,000 per
annum. There are around 4,63,000 ATMs, that includes one
in Antartica. The bank’s tie-up with MasterCard International
enables its customers to access the MasterCard Cirrus
network globally.
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Government
may recapitalise Indian Bank
Mumbai: An amount of Rs.1,400 crore is
expected to be infused by the government to strengthen
the balance sheet of Indian bank. The recapitalisation
is expected to be completed by the end of the financial
year 1999-2000.
The beleaguered
bank is saddled with losses of Rs.778 crore.
T
S Raghavan, chairman and managing director of Indian Bank
has said that the bank has set itself a growth target
of Rs.3,000 crore for deposits, Rs.1,300 crore for advances,
Rs.640 crore for recovery of non-performing assets.
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Exim
Bank to finance R&D
Mumbai: The Export and Import Bank of
India will start financing Indian companies for their
research and development activities at marginal rates
of interest. Though the main focus will be on pharmaceuticals,
information technology, electronics and engineering sectors,
the bank is not averse to funding other sectors as well.
Term
loans up to a maximum of Rs.15 crore at an interest rate
of around 7 per cent are the features of the proposed
scheme.
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JV
for gold assaying
Calcutta: According to a report in the
Business Standard, State Bank of India, Canara
Bank, Corporation Bank and Allahabad Bank have entered
into a joint venture for assaying of gold. The foreign
bank that will be partnering these banks in the joint
venture is Credit Suisse First Boston.
These banks
will start off by targeting temples with huge gold reserves.
The gold deposit scheme will contain a one-year lock-in
period and certificates that contain maturities of five,
seven and ten years.
These
banks feel that the temples and trusts would benefit as
they will get returns on the gold that has so far been
lying idle with them, coupled with the safety that the
banks provide by keeping them in their safe custody.
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Corporation Bank to study customer satifsfaction
Mumbai: Gallup MBA will undertake a study
of the customer satisfaction levels on behalf of Corporation
bank. The study will span 25 branches of the bank spread
across 12 cities and target 1500 customers as samples.
A mix of customers will be taken up for the survey.
The bank will also be spending
a huge amount on promotional activities during the financial
year 1999-2000.
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