Public sector lender State Bank of India (SBI) will set up a branch in Doha during the first quarter of 2011, said a senior bank official.
“The new office should start functioning by March 2011,” chief executive officer-designate for the SBI branch, Satyajit Pratap told Qatar Tribune on Monday.
As per the report, the bank had sought authorisation from the Qatar Financial Centre Regulatory Authority (QFCRA) to open a whole sale banking unit in Qatar in May 2010.
The opening of a business office in Doha was an important part of the SBI’s aggressive global expansion programme, he added.
The bank, which has set up an overseas banking unit at its headquarters in Mumbai to assess and explore its expansion activities abroad, is keen on increasing the bank's footprint globally.
On Tuesday, SBI ended 3.09% down at Rs2,733.60 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.30% to 20,498.72 points.
IDBI Bank Ltd said it has revised its interest rates on retail term deposits by 25-75 basis points (bps) in different maturity buckets. The revised interest rates are effective from 4 January 2011.
With this revision, the highest interest on retail term deposits would be 9.25%.
Moreover, there will not be any premature penalty for new or renewed FDs booked from 1 January 2011. Senior citizens will get 50–75 bps over and above these rates, thereby offering them a maximum of 10% per annum for deposits of 1,100 days.
On Tuesday, IDBI Bank ended 1.93% down at Rs162.80 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.30% to 20,498.72 points.
New Delhi: Environment issues have once again delayed the invitation of bids for the 4,000MW ultra mega power project (UMPP) at Sarguja in Chhattisgarh, reports PTI.
“The preliminary bidding process for the project has been delayed by two months...now the last date of submission of bids is on 8th March,” a power ministry official said.
This is the fourth time the process has been delayed. Power Finance Corporation (PFC), the nodal body for the execution of UMPPs in the country had invited initial bids for the Chhattisgarh project in March 2010.
The bidding process got delayed four times till date as the ministry of environment and forests (MOEF) is yet to approve mining from the coal blocks allotted for the project.
MOEF is yet to come clear on the subject of “go” and “no-go” areas for coal mining. The ministry has classified no-go areas as the zones where mining activity could not take place as it would have adverse impact on the environment.
The coal ministry had allotted the Hasdeo coal block in Chhattisgarh for the Sarguja UMPP.
Another such project at Orissa is likely to get MOEF clearance for its coal blocks.
Of the four UMPPs allotted by the government so far, three have been bagged by Reliance Power—Sasan (Madhya Pradesh), Krishnapatnam (Andhra Pradesh), Tilaiya (Jharkhand). Tata Power bagged the Mundra UMPP in Gujarat.
These projects are part of government’s ambitious plan to mitigate electricity shortages, and add to India's capacity addition initiative.
The government plans to add about 1,00,000MW of power, of which major chunk would be contributed by such projects.