Canara Bank revises deposit rates

For 555 days tenor, the bank is offering 9.25% to the general public and 9.75% for senior citizens. For a one-year period, it is offering 9.1% for the general public and 9.6% for senior citizens

Canara Bank has revised interest rates on deposits with effect from 16th May.

For 555 days tenor, the bank is offering 9.25% to the general public and 9.75% for senior citizens. For a one-year period, it is offering 9.1% for the general public and 9.6% for senior citizens.

The bank has also changed its rates for various periods up to 10 years, it said in a release to the media.

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IDBI Bank rolls out mobile banking from Nagpur

The mobile banking bus is equipped with BSNL telephones and has a GPS system to keep a track of the bus on its movement, IDBI Bank chairman cum managing director Mr R M Malla told media persons

IDBI Bank has rolled out its mobile banking facility in Nagpur. The bank’s mobile banking bus had commenced its ‘vikas yatra’ from IDBI Tower in Mumbai.

The mobile banking bus is equipped with BSNL telephones and has a GPS system to keep a track of the bus on its movement, IDBI Bank chairman cum managing director Mr R M Malla told media persons.

He said a bus has been converted into a mobile ATM and as part of the initiative the bank has commenced ‘vikas yatra’ to promote developmental activities in the country.

Mr Malla said the bus would reach every nook and corner of the rural area adding India has six lakh villages and we (banks) have not reached even one lakh villages so far.

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IndiaFirst Life to infuse Rs 120 crore to fund expansion

The focus of the 17-month-old company in FY10-12 will mainly be on maintaining cost and increase productivity that will help it to reach the break even target within five years of operations

Private insurer IndiaFirst Life Insurance, which has a paid up capital of Rs430 crore, is planning to infuse another Rs120 crore to fund its expansion plans and to maintain solvency margin.

“We are planning to infuse Rs 120 crore in the first quarter (April-June) taking the total capital to Rs 550 crore to fund our expansion plans, including setting up of Financial Planning Centres, and solvency capital requirements,” IndiaFirst Life Insurance managing director and CEO P Nandagopal said.

Further capital infusion depends on the growth of business, he added.

The focus of the 17-month-old company in FY10-12 will mainly be on maintaining cost and increase productivity that will help it to reach the break even target within five years of operations.

“We are one of the most cost efficient insurance firms in the country with an operating expense ratio of 19%. We are planning to bring it down further to around 15% in the current fiscal,” he said.

The private insurance firm collected Rs704 crore premium from new business and is planning to double this in the current financial year, Mr Nandagopal said.

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