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Journalism of Courage
AIBOC moots banks merger
NEW DELHI: The All-India bank officers confederation AIBOC has called for setting up a banking corporation of India BCI which will act as the country8217;s largest bank. quot;The banking corporation will act as the largest bank with zonal and regional representatives on the board of the corporation from various banks,quot; AIBOC8217;s president, M Balakrishnan said. Balakrishnan called for a merger of seven associate banks of SBI together to form the second largest bank in the country. He said AIBOC will soon meet the Narasimham commitee to present their views before the committee make further recommendations on banking sector reforms.
CMC to invest 1.5 m in subsidiary
NEW DELHI: The public sector CMC Ltd has sought the government8217;s approval for a 15-fold increase in investment in its US-based wholly owned subsidiary, Baton Rouge International Inc BRI.
The proposal has been cleared by the DoE and the RBI. CMC plans to strengthen BRI8217;s equity base with an additionalinvestment of 1.5 million. The subsidiary8217;s present paid-up capital is 100,000. The proposal is expected to be cleared within the next two months.
Federal Bank opens new branch
MUMBAI: Federal Bank, a private bank from Kerala, has opened its 391st branch at Borivali West in Mumbai. The branch, inaugrated by Federal Bank Executive Director K P Padmakumar, is its tenth in the city. The bank is planning to open three more branches in Mumbai.
