Biz Bits

SBI Funds ties up with OBC

MUMBAI: Oriental Bank of Commerce,with its wide-spread network of 1,533 branches and very strong base of one crore current and savings customers,has formalised its tie-up with SBI Funds Management Pvt Ltd – investment managers for SBI Mutual Fund,one of the largest mutual funds in the country. The customers of Oriental Bank of Commerce would now be offered mutual fund investment products from SBI Mutual Fund.

SIB,UAE Exchange in tie-up

MUMBAI: South Indian Bank (SIB) has tied up with UAE Exchange to launch “SIB Flash”,a real-time remittance facility that enables a remitter to send remittances to SIB’s 580 branches. SIB is the first Bank in India to offer an instantaneous remittance facility with an exchange house. According to SIB’s Managing Director Dr V A Joseph,this service will enable NRIs to remit funds instantaneously into the beneficiary’s account with SIB through UAE Exchange’s online banking service. The beneficiary’s account will be credited within seconds from the completion of remittance,without manual intervention.

PNB launches three new services

MUMBAI: KR Kamath,Chairman & Managing Director of Punjab National Bank,launched ‘PNB NRI REMIT-INDIA’ and RET AD technosavy products in Mumbai. PNB NRI REMIT-INDIA is an online cross boarder remittance solution to send money from the US to India. This is in association with the Bank of New York Mellon,New York. RETAD is an online reporting system meant for bank branches authorized to deal in foreign exchange. Kamath also relaunched the PNB World Travel Card in association with MasterCard.

Varun Ind ties up with Australian co

MUMBAI: Varun Industries Limited has entered into an MOU with Cluff Resources Pacific NL,an Australian company to set up a JV for exploration and development of gold,platinum and gem stone projects in Southern Madagascar for which Varun Group holds a mining licence. It has already acquired uranium,oil & natural gas and iron ore reserves in Madagascar,said Kiran Mehta,CMD Varun Industries.