Bizbits

SBI credit card JVs by July

MUMBAI: State Bank of India SBI will begin its credit card operations on July 1 by floating two joint ventures with GE Capital. The largest financial intermediary in the country will sign a joint venture agreement with GE Caps in the last week of January. quot;We will float two subsidiaries with GE Caps. One will focus on marketing and distribution of cards, while the second will concentrate on processing and credit appraisal of clients,quot; a State Bank official said.

Syndicate Bank hikes deposit rates

MUMBAI: Syndicate Bank has hiked its deposit rates with effect from January 15, 1998. The bank had earlier announced a revision in deposit rates with effect from December 22, 1997. While the interest rate on deposits of over one year to three years remains unchanged, term-deposits of over three years will now fetch 11.5 per cent against 11 per cent earlier. The interest rate on deposits of 46-90 days, 91-179 and 180 days to one year has also been raised by 0.5.