Banking and Finance
Bank of Punjab to expand network in South, East
BANK of Punjab Ltd is planning to expand its network in the South and the East by opening around a dozen branches in these regions shortly.

IOB prices IPO at par
THE current market conditions have nothing to do with Indian Overseas Bank (IOB) deciding to price its IPO at par, according to Mr S. V. Shastri, Chairman and Managing Director.

Dual control to what end?
THE Reserve Bank of India is keen that nationalised banks take up a limited review of their accounts beginning the half-year ending September 30, 2000, irrespective of the SEBI rules.

Sundaram Fin to reopen FD window -- Reduces deposit rates
SUNDARAM Finance, a leading player in the hire purchase and leasing industry, will accept fixed deposits once again with effect from October 4 after a gap of more than a year-and-a-half. The company has also revised downwards its interest rate on deposit s. The new rates are 10 per cent for deposits of one-year tenure; 10.5 per cent for a two-year deposit, and 11.5 per cent for three-year deposits. Public deposits at the end of March 2000 were of the order of Rs 697 crore.

IDBI Bank launches smart card
IDBI Bank has launched MoneySmart, a smart card for small commercial transactions. At a function here on Wednesday, the Commissioner of Police, Mumbai, Mr M. N. Singh, handed over the first set of cards to customers.

HSBC.com to debut in Nov
HSBC plans to kick-off its Internet banking campaign in the country in November. The bank has decided to introduce its Net initiative through HSBC.com.

`NBFCs to number less than 1000'
THE RBI is close to finalising the list of registered NBFCs and the list of companies whose registration is approved should be out in a couple of months, according to Mr. R. Sadanandan, Chief General Manager in charge of non-banking finance companies (NB FCs), Reserve Bank of India.

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