Infosys to start work in West Bengal in 6 months

Executive co-chairman S Gopalakrishnan said that in the first phase, 5,000 jobs would be created and the approximate investment would be Rs100 crore.

IT major Infosys Technologies will start construction work on its first software development centre in West Bengal, at Rajarhat near here, in three to six months, a top company official said today.

"We have paid the money and got possession of the land. We hope to start construction work in three to six months," Infosys Technologies executive co-chairman S Gopalakrishnan said on the sidelines of a CII event.

He said in the first phase, 5,000 jobs would be created and the approximate investment would be Rs100 crore.

He said while 35,000 professionals had been already hired so far this fiscal, another 10,000 would be hired by the end of March, 2012. The present headcount of the company is 1.40 lakh.

When asked whether Infosys would shift its focus outside the US and Europe due to the slowdown in these economies, he said, "Any shift will take time."

"We are looking at the markets of China, South Africa, Malaysia and Indonesia," he added. Gopalakrishnan said despite the global turmoil, the IT sector has shown resilience and there have been no lay-offs.

"There would, however, be consolidation in IT sector and those who have the niche capability will survive," he said.

In the late afternoon, Infosys Technologies was trading at around Rs2725.10 per share on the Bombay Stock Exchange, 0.05% up from the previous close.

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Federal Bank introduces Utsav Rewards

Customers will get one Utsav point for every Rs100 spent through their Federal Bank debit cards at point-of-sale terminals and e-commerce mode

Federal Bank has launched Utsav Rewards, an exclusive loyalty programme for its debit card holders. The scheme will provide the customers with points accumulated over transactions, and will assist them in redeeming the same for a wide range of consumer products.

According to the Bank, customers will get one Utsav point for every Rs100 spent through their Federal Bank debit cards at point-of-sale terminals and e-commerce mode. Over 33 lakh customers will benefit from this scheme.

These points can be redeemed against two million merchandise items, which include electronic, entertainment, music, sports and family products, discount and gift vouchers as well as air/bus/movie tickets.

Customers are also likely to benefit by getting higher points or discounts for purchases made from certain brands as decided by the bank periodically.

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Tamilnad Mercantile Bank to offer express money transfer service

Tamilnad Mercantile Bank also has a tie-up with Western Union Financial Services Inc of the USA to offer money transfer service

Tamilnad Mercantile Bank (TMB) has entered into a memorandum of understanding with UAE Exchange and Financial Services to offer express money transfer services in India.

The MoU will enable instant transfer of money from NRIs to Indian customers and the general public at all the lender’s branches using ‘Xpress Money’ services.

UK-based Xpress Money is an instant money transfer service present in more than 100 countries across five continents with one lakh agents worldwide.

The MoU was exchanged between TMB Ltd Managing Director & CEO, Mr A.K. Jagannathan, and UAE Exchange & Financial Services Ltd Country Head – India, Mr V. George Antony, TMB’s headoffice here said in a press release.

The bank also has a tie-up with Western Union Financial Services Inc of the USA to offer money transfer service since May 2005. TMB also has rupee drawing arrangement with UAE Exchange Centre LLC since May 2007, the release said.

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