News da Banca

Mr. K. V. Kamath is the new CII President
Mr K. Vaman Kamath, Managing Director and CEO, ICICI Bank, has been elected as Confederation of Indian Industries (CII) as President for 2008-09. He succeeds Mr Sunil Bharti Mittal. Mr Venu Srinivasan, Managing Director, Sundaram-Clayton Ltd, is the Vice-President.

NEFT Services started for Nepal
RBI operationalized a one-way funds transfer mechanism between India & Nepal. This service can be offered by more then 44,000 bank branches across the country that participate in National Electronic Fund Transfer (NEFT) in India. The transferable amount has been capped at Rs 50,000.

ICICI Bank FY'08 net up 34 pc
India's largest private sector lender ICICI Bank posted a 34 per cent rise in net profits in FY'08 at Rs 4,158 crore against Rs 3,110 crore last year. A healthy growth of 27 per cent in net interest income and 32 per cent in fee income has contributed to net profit growth. The board has recommended a dividend of 110 per cent or Rs 11 per equity share.

CCIL to guarantee forward contracts, rate futures
Clearing Corporation of India Ltd.(CCIL) has developed two new products which will guarantee forward contracts and over the counter(OTC) interest rate future. This move will boost trading in interest rate derivatives. Banks are major participant in this trading.

Nod for realty Mfs
Securities and Exchange Board of India (SEBI) has given the go-ahead to Real Estate Mutual Funds(REMFs). In its guideline for REFMs SEBI has mandated that at least 35% of the corpus should be invested directly in real estate assets and rest in Mortgage Based securities (MBS) of real estate companies. All the schemes will be close ended.
- Krishna Kumar (A)