IT bill introduced
New Delhi: The government introduced the information technology bill in the Parliament to provide a basic legal framework for e-commerce and electronic governance. The Information Technology Bill 1999 seeks to make amendments in the Indian Penal Code and the Indian Evidence Act of 1872 and give equal legal treatment to users of e-communication with other conventional forms. It will also legalise electronic signatures on the Internet, enabling online credit card transactions.

The bill also proposes to amend the Banking Act, the Telegraphic Act and company law. Information technology minister Pramod Mahajan introduced the bill.
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SBI collects 500 kg of gold
Calcutta: The State Bank of India has collected nearly 500 kilos of gold through its gold deposit scheme within two months. The bank’s chief general manager P.K. Sarkar said the bank now expects to target temples rather than individuals.

SBI has plans to launch the scheme soon in Chennai, Hyderabad, Ahmedabad, Bangalore, Bhubaneswar, Bhopal, Chandigarh, Lucknow and Patna. The bank will set up a subsidiary, SBI Gold & Precious Metals, in order to handle the scheme more effectively, says Mr Sarkar.

The subsidiary will be a joint venture between the SBI, three other Indian banks -- Allahabad Bank, Canara Bank and Corporation Bank -- and Credit Suisse Financial Products of London. The SBI will hold 51 per cent of the equity of the company, which will also provide world class gold assaying facilities in India.
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Canbank will open 36 depository centres
Mumbai: Canara Bank has been permitted to open depository service branches in 36 cities in the country. The bank has already opened two depository service centres, and is planning one in Delhi shortly. Once the bank’s operations software is upgraded, it will open more such centres in Chennai, Ahmedabad, Baroda, Pune and Ludhiana, where it is expecting higher business volumes in this sector.
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ANZ Grindlays plans restructuring
Mumbai: ANZ Grindlays Bank is embarking on a restructuring plan authored by McKinsey & Company. The plan involves funding of Rs 150 crore by the Melbourne-based parent for rationalising its Indian operations in the next three years.

The bank will also sell its residential properties, which are expected to fetch nearly Rs 20 crore. The plan includes technology upgradation and business expansion, the latter mainly a foray into personal financial services.
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