Banking
Vijaya Bank opens 171 ultra small branches in a single day

Chairman and managing director HS Upendra Kamath inaugurated 100 branches in FI villages of Mandya district in Karnataka

 

Bangalore: Vijaya Bank has announced opening of 171 ultra small branches in a single day under the Financial Inclusion (FI) villages initiative in different parts of the country, reports PTI.

Chairman and managing director HS Upendra Kamath inaugurated 100 such branches in FI villages of Mandya district in Karnataka.

Other 71 branches were opened on the same day by the Pune, Udupi, Chandigarh, Mangalore, Shimoga, Vijayawada, Bangalore, Bhopal, Chennai, Coimbatore, Delhi, Hassan, Hubli, Hyderabad, Kolkata and Kozhikode regions of the Bank.

With this Vijaya Bank has opened a total of 191 ultra small branches in the country.

The bank has also set up three financial literacy and credit counselling centres in the lead districts of the bank—Mandya, Dharwad and Haveri. Financial inclusion resource centres were also set up in these districts to spread financial literacy.

It has provided four mobile vans to the lead districts of Mandya, Dharwad and Haveri as well as to Udupi district in Karnataka for conducting financial literacy campaigns in the villages.

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Lakshmi Vilas Bank ups deposit rates by 50 bps

Depositors parking money in the 271-364 days maturity will be paid interest of 8.75% per annum against the earlier rate of 8.25%

 

Mumbai: In a surprising move, the South-based private sector lender Lakshmi Vilas Bank announced a 0.50 percentage point increase in deposit rates in a single maturity, reports PTI.

Depositors parking money in the 271-364 days maturity will be paid interest of 8.75% per annum as against the earlier rate of 8.25%, the bank said in a statement.

The move is contrary to the growing feeling within bankers to somehow reduce the deposit rates in order to keep the cost of funds under check, which can be further passed on to the borrowers by lowering the rates.

The country’s largest lender State Bank of India had taken the lead a fortnight back and cut its deposit rates by 0.25%, a move which was appreciated by a majority of top-level bankers, even though all others have held on to rates.

Experts cite the lower deposit growth as a factor which is pulling back banks from cutting rates on deposits.

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Odisha issues advisory against fictitious offers

Fictitious offers are generally made through letters, e-mails, mobile phones and...

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