Banking and Finance
Jockying for position
SOME chairmen and managing directors (CMDs) of banks will step out of their offices for the last time today. New Delhi should be naming the new incumbents though none knows when as the selection process is dense with `influence' overtaking merit. Private
ly bankers concede CMD appointments are mostly deals with ruling party politicians and the corporates backing them. The chosen few CMDs generally have to be easy with advancing some Rs. 50 to Rs. 100 crores loans to particular groups or companies after t
he appointment orders are signed. Never mind, the companies are on the sick list or on flight to BIFR.
AIBOC calls strike on April 20
THE All India Bank Officers' Confederation (AIBOC) has given a call for industry-level strike on April 20 protesting against the violation of the agreement concluded between the Indian Banks' Association (IBA) and four bank officers' unions, particularly
the non-implementation of the agreement in three banks _ Indian Bank, UCO Bank and United Bank of India.
New Federal Bank service in Kerala
FEDERAL Bank's Any Branch Banking service, launched in Bangalore already, will be operational in three Kerala cities by mid-April, the bank Chairman, Mr. K.P Padmakumar, said here today.
ICICI to hive off real estate site
ICICI Ltd is proposing to float its recently launched Web site on real estate _ www.indiahomeseek.com _ into an independent company by mid-2000.
The March-end syndrome
IT'S that time of the year when bankers burn the midnight oil processing hundreds of proposals for bank credit. End-March is the period when their clients seem to pursue business with a frenzy that was absent during the rest of the year. All with the int
ention of either beating or reaching the targets fixed for the year before the March 31 deadline.
Bank of India cuts some deposit rates
BANK of India has decided to revise the interest rate on domestic term deposits as well as non-resident (rupee) term deposits for maturities of three years with effect from April 1, 2000.
