Bank of Baroda inks pact with CARE

Public sector lender Bank of Baroda has signed a memorandum of understanding with rating agency Credit Analysis and Research Ltd (CARE) for the rating of micro, small and medium enterprises (MSMEs) which are either prospective or existing customers of the bank.

“We believe that this MoU is an endorsement of our pursuit to retain and further gain the confidence of the financial services and MSME fraternity. We are committed to support all of Bank of Baroda’s efforts in the MSME sector and assist them through their journey of exponential growth,” CARE MSME head, Mr R. Suryanarayan, said in a statement today.

BoB to operationalise 15 mid-corporate branches this fiscal

Bank of Baroda is planning to operationalise 15 mid-corporate branches before the close of the current fiscal.

These branches would service clients whose annual turnover ranges between Rs 150 crore and Rs 500 crore. Mid-corporate, as the name suggests, is sandwiched between the SME (small and medium enterprises, with a turnover not exceeding Rs 150 crore) and the Corporateclients, with a turnover of more than Rs 500 crore.

More branches

The bank has already opened around eight branches across the country.

Of the four such mid-corporate branches proposed for the South zone, comprising Tamil Nadu, Andhra Pradesh, Kerala, Karnataka and Puducherry, three have already been opened, one each at Bangalore, Hyderabad and Coimbatore.

The last branch that is slated to be opened in the South zone is being inaugurated at Chennai on February 22, said BoB's General Manager (South Zone), Mr S. Kalyanaraman.

The branch would be able to guide customers in forex transactions and cash dealings too, he added.

Biz volume

The bank is targeting to achieve a business volume of Rs 7 lakh crore by the close of this fiscal.

lnr@thehindu.co.in

Bank of Baroda to hire 600 probationary officers

Bank of Baroda is recruiting probationary officers (in the junior management grade/Scale I) to fill up about 600 vacancies across the country.

The bank has specified that candidates with a total weighted standard score of 125 in the common written examination conducted by Institute of Banking Personnel Selection (IBPS) and fulfill other criteria will be eligible to apply. The bank will specify these criteria and other details on its Web site after February 21.

Bank of Baroda expects 24% growth by March 2012

State-owned Bank of Baroda (BoB) is expecting total business growth of about 24 percent over last year at the end of March 2012.

"We plan to achieve a total business of more than Rs 6,50,000 crore at the end of March (2012). We are expecting a total business growth of about 24 percent year-on-year basis," Bank of Baroda chairman M.D. Mallya told reporters on the sidelines of "SME(small marginal enterprise) Festival 2012" here Friday evening.

Mallya said the bank will gain a domestic credit growth of 20 percent at the end of the current financial year.

"As far as domestic credit is concerned, up to Dec (2011) on year-on-year (YoY) basis we have grown by about 19 percent. At the end of the current fiscal our credit growth would be about 19 percent to 20 percent," he said.

The PSU (public sector unit) bank's global credit growth has been 24 percent to 25 percent, said Mallya.

"We will be able to maintain the growth," he stated. BoB has posted a 21 percent increase in its net profit to Rs 12.89 billion for the third quarter in the fiscal year, 2012.

According to Mallya, the central government will infuse a capital of Rs 7.75 billion in the bank.

"The government in a letter has indicated that it will be infusing Rs 775 crore by March," he said.

With the capital infusion taking place, the state-run bank expects that its capital adequacy ratio, which currently stood at 13.45 percent, would go above 14 percent at the end of March.

Source: EconomicTimes

Bank of Baroda to expand overseas network

Public sector Bank of Baroda (BoB) will expand its overseas network by increasing up its presence in Africa, Middle East and entering New Zealand for the first time, a top company official said.

"We want to increase our presence in the overseas market. We are present in 87 countries, which will go up to 100 by June 2012," BoB's Chairman and Managing Director M D Mallya said.

The bank would increase its presence in Africa and the Middle East, while it would enter New Zealand for the first time.

Regarding African operations, he told reporters last night that "every subsidiary is doing good business in Africa. A large chunk of our incremental growth will be coming from Africa".

The bank is expecting to clock a business volume of more than Rs 6,50,000 crore by the end of current financial year, he said adding it is looking at a growth of 24 per cent year-on-year.

After the government infuses a capital of Rs 775 crore in the bank, Mallya said the bank expects the capital adequacy ratio to go above 14 percent by end of March.

Source: Business Standard

Bank of Baroda to hire 4,000 officers, clerks

Bank of Baroda will be hiring about 4,000 officers and clerks soon, according to its Chairman and Managing Director, Mr M. D. Mallya.

“This will cater to our major branch expansion plan during the next financial year and replacement of retired staff,” Mr Mallya told Business Line here.

The bank has plans to open over 500 branches in the next one year which would need manpower, he added.

The recruitment will be conducted on the basis on a common written exam being conducted by the Institute of Banking Personal Selection as part of an agreement it entered into with 19 banks.

On the credit off-take, Mr Mallya said the demand for loans is expected to go up once the interest rates begin to come down.

“As of now there is expectation that interest rates will come down. Further, higher liquidity with the banks is likely to make corporate loans cheaper,” he added.

FOCUS ON AFRICA

The bank, which has 87 branches/offices, is planning to step up its focus on the African region. “We see great business potential in countries such as Kenya,” he said. Bank of Baroda gets 25 per cent of its over Rs 6 lakh crore business from overseas. The number of overseas branches is likely to be ramped up to 100 in the next two quarters, he added.

ksridhu@thehindu.co.in

IndiaFirst launches insurance plan for vehicle-buyers

IndiaFirst Life Insurance has launched a life insurance cover for vehicle-buyers.

The company, a joint venture of Bank of Baroda, Andhra Bank and the UK's Legal and General, tied up with Varun Motors in this regard.

The product, called Autolife, will offer a life insurance cover up to Rs 20 lakh in four different options and a pure protection plan.

“We feel this will change the way in which life insurance is sold,” Dr P. Nandagopal, Chief Executive Officer, IndiaFirst Life Insurance told newspersons here on Friday.

The product was an extension of bancassurance model of distribution based on embedded sales model, he said.

IndiaFirst readied a new software platform which allows immediate issue of policy bond for the customers.

“We have made the premium rates affordable. They are approximately in the range of Rs 600 to Rs 4,000 a year for persons aged about 30 years.”

The product is available only in Andhra Pradesh through two-wheeler and four-wheeler dealer network of Varun Motors.

“This is like a pilot roll-out. We will extend it other parts based on the response,” he added.

Mr M. D. Mallya, Chairman of IndiaFirst Life and CMD of Bank of Baroda formally launched the product.

Mr B. A. Prabakar, Chairman and Managing Director of Andhra Bank said the product was both innovative and affordable.

Bank of Baroda Q3 profit jumps 21% on ‘other income' surge

A robust growth in other income and tight control on operating expenses helped Bank of Baroda report a 21 per cent increase in net profit at Rs 1,290 crore in the October-December 2011 period, against Rs 1,069 crore in the corresponding year ago period.

In the reporting three months period, its net interest income (difference between interest earned and interest expended) increased by 16 per cent to Rs 2,656 crore (Rs 2,292 crore in the corresponding year ago period).

Other income, which includes income from sale of investments and foreign exchange income, jumped 70 per cent to Rs 1,149 crore (Rs 676 crore).

Operating expenses, which includes employee cost and other operating expenses, nudged up by 7 per cent to Rs 1,197 crore (Rs 1,117 crore).

Liquidity amounting to Rs 1600 crore will get unlocked for the bank on account of the cash reserve ratio cut by the RBI. The resources will be channelled into productive sectors of the economy, said Mr M.D. Mallya, Chairman and Managing Director.

Though the RBI has scaled down the March-end 2012 non-food credit growth projection for the banking sector to 16 per cent from 18 per cent, Bank of Baroda expects to achieve a year-on-year credit growth of 18-19 per cent.

NPAs, provisions increase

During the quarter, non-performing assets (gross) increased by Rs 492 crore to Rs 3,895 crore.

In the nine-months ended December-end 2011, NPAs rose by Rs 1,125 crore.

Overall, provisions and contingencies made by the bank in the October-December 2011 period jumped by 175 per cent to Rs 837 crore (Rs 304 crore).

The rise in provisions and contingencies is on account of provisions of about Rs 500 crore towards NPAs.

This includes an additional provision of Rs 78 crore on a secured sub-standard advance.

Bank of Baroda's scrip closed 1.24 per cent down at Rs 789.90 a share on the BSE, against the previous close of Rs 799.85.

kram@thehindu.co.in

Andhra Bank CMD B Prabhakar will have to move fast to get noticed

On the face of it there does not appear to be anything out of the ordinary about B Prabhakar, the new chairman and managing director (CMD) of Andhra Bank. He would, in fact, give the impression of being a docile and easy-going person. A perpetual smile on his face may have misguided many to assume that that he has little or no worries.

But only a few who have worked closely with him know that he does not display emotions very easily. Also, practising yoga daily for over 25 years has helped him gain emotional stability and maintain calm. A chartered account by training and a graduate from Mysore University, Prabahakar started his career at Bank of Baroda where he worked extensively in the credit and treasury division.

He was posted twice overseas - Zambia in his younger days and later on at London. Interestingly, having joined as a specialist, he was exempted from rural posting. An ardent music lover, he spent three decades with the bank where he rose to the rank of general manager way back in 2003 to become the youngest GM those days. But luck did not favour him. First, it took him five years to rise to the post of executive director.

Thereafter, the appointments committee did not select him for the CMD post at PSU banks in 2009 even as most bankers felt that he was more suitable than other candidates in the list. "Fortunately, all his bosses have recognised his contribution to work which is a satisfying feeling at the end of the day," said a colleague of Prabhakar at Bank of Baroda. He considers himself to be lucky to have worked under RBI's deputy governor KC Chakrabarty in his former avatar as general manager-treasury. He would have learnt from him the art of putting across a point.

In fact, Chakrabarty and Prabhakar joined the bank together and were in the same induction programme, with Chakrabarty one scale senior to him. While having worked under TS Narayanasami former CMD of Bank of India, Prabhakar realised the importance of taking quick decisions - something which will be very useful for him to emerge as a successful bank chief.

Prabhakar was in Zambia between 1989 and 1993 at a time when the Zambian economy was opening up and making structural changes. He returned to be part of the treasury team at a time when the Indian economy too was moving from controlled environment towards liberalisation. His learning in Zambia helped him stay several steps ahead of his peers.

That phase also prepared him to function in a deregulated environment and also boosted confidence level. A few years later he was given charge of the Delhi zone where he dealt with the credit portfolio. The lending business in Delhi was a unique experience as it prepared him to deal with shrewd corporates and businessmen.

From Delhi, he was posted to London for three years to take over from Chakrabarty. Some of his colleagues say that as chief of the bank, Prabhakar, will have to shed his mild approach and become more tough and firm in all walks to business life.

Having worked closely with different kinds of CMDs - some aggressive and some-take-it-easy types - Prabhakar is well aware of the outcome in each case. With little less than two years at Andhra Bank, he will have to move fast to get noticed.

Source: EconomicTimes

BoB to open dozen branches overseas in 6 months

Bank of Baroda (BoB) plans to expand its international operations by opening more than a dozen branches and representative offices overseas in six months, Chairman and Managing Director MD Mallya said today.

At present, the bank has 87 branches and offices spread across 25 countries and this number is expected to touch 100 by June-July, Mallya told reporters here.

Overseas operations constitute 24-25% of the bank's total business. "Asset quality of international operations is very strong," he said.

BoB will open branches in Kuala Lampur [Malaysia], Surinam, Uganda, Tanzania and Botswana and couple more branches in New Zealand and the UAE, while its representative office in Australia will be converted into a branch, Mallya said.

He also said the government of India plans to infuse Rs 775 crore into the bank to raise its holding from 57% to 58% by March-end.

Asked if the rising non-performing assets of Indian banks are a matter of concern, Mallya -- who is also Chairman of the Indian Banks' Association -- said "stress and pain points" are anticipated, but the Indian banking system is strong and resilient enough to manage and absorb such bad loans.

He earlier opened the bank's Brigade Road premises, where its retail and SME loan factories, along with corporate financial services and MG Road branches, were moved.

The bank will soon set up a mid-corporate branch in the new premises to help existing and potential entrepreneurs. This branch would finance business entities with an annual sales turnover of Rs 150 crore to Rs 500 crore.

The bank has 71 branches in Karnataka and this number is expected to cross 100 in a year or so, Mallya added.

Source: Business Standard

SBI to get Rs 6,000 cr fresh capital via pref issue before fiscal-end

The government has agreed to infuse up to Rs 6,000 crore fresh capital into State Bank of India through a preferential issue before the fiscal-end, the bank Chairman, Mr Pratip Chaudhuri, said here today.

“We will be having a preferential issue and will be getting capital through it,” Mr Chaudhuri told PTI when asked about the progress on its proposed recapitalisation.

When asked what could be the quantum of infusion, he said: “The size will be Rs 5,000 to Rs 6,000 crore.”

He did not give any specific indication about the timing of the issue, though he said it will happen before March 31.

SBI’s total capital adequacy ratio stood at 11.4 per cent as of September quarter, of which core Tier-I capital stood at 7.7 per cent, below the 8 per cent-level desired by the government.

Rights issue

It had first announced its intention to raise up to Rs 20,000 crore through a rights issue over a year ago, but the government, which holds a 59.4 per cent stake in the lender, has delayed the proposal as it will have to subscribe to almost two-thirds of the money.

For the past three months, the SBI brass has been pegging the capital infusion size at around Rs 6,000 crore. Last month, Chief Financial Officer, Mr Diwakar Gupta, said an infusion may happen “any time”, while Mr Chaudhuri had last week said that he has received a letter from the Finance Ministry on recapitalisation.

The recapitalisation will take the bank’s Tier-I capital ratio to over 9 per cent, he had said.

Fund infusion

A slew of lenders, including Bank of Baroda, Bank of Maharashtra and Union Bank have made similar announcements in the recent past. Bank of Baroda would be getting Rs 775 crore this fiscal, while Bank of Maharashtra is ready for an Rs 860-crore preferential issue.

“As part of increasing its stake to the mandated 58 per cent, the government has agreed to pump in Rs 775 crore into the bank. The fund infusion will happen before the end of the fiscal,” Bank of Baroda Chairman and Managing Director, Mr Mallya, told PTI last month-end, adding that this would be done by way of a preferential issue.

In March last year, the Government pumped Rs 2,675 crore into BoB, increasing its stake to 57.3 per cent from 53 per cent earlier. With the infusion of Rs 775 crore, government ownership in the bank will touch the mandatory 58 per cent level, Mr Mallya added.

Union Bank also said that it would be recapitalised by the government this fiscal. UBI said it would receive a capital infusion of Rs 280 crore from the government.

Last week, a Finance Ministry official said the government would be pumping Rs 17,000 crore into various state-run banks this fiscal. This makes the additional requirement Rs 11,000 crore, which the official said would be met through a supplementary demand.

The FY’12 Budget had earmarked only Rs 6,000 crore for the recapitalisation of state-run banks in the current fiscal. The other banks that are likely to get a fresh capital infusion are IDBI Bank and Syndicate Bank, among others.

In 2010-11, the government had provided capital support worth Rs 20,157 crore to various public sector banks.

A committee headed by Finance Secretary, Mr R.S. Gujral, is working out a strategy for the capitalisation of public sector banks over a period of next 10 years to meet Basel III requirements, under which the 26 state-run lenders would need Rs 3.6 lakh crore in fresh capital.

Banks may cut rates if funding costs fall: IBA

India's lenders may lower interest rates if their funding costs come down, but banks have not suggested any specific steps at a meeting with Reserve Bank of India officials, Bank of Baroda Chairman and Managing Director M.D. Mallya said on Tuesday.

"One has to see the funding cost coming down before any change in interest rates happen. We have not seen a change in funding cost in recent past," Mallya, who is also the chairman of Indian Banks' Association (IBA), told reporters.

He was speaking after the customary meeting of bankers with the central bank ahead of the monetary policy review on January 24.

The RBI is widely expected to begin easing monetary policy after 13 rate increases affected since March 2010 to rein in a stubbornly high inflation.

"We haven't suggested anything specific to the RBI, but nevertheless we have discussed about the present situation," Mallya said.

He did not comment on whether banks have specifically asked for a cut in cash reserve ratio -- the proportion of deposits banks keep in cash with RBI -- to boost liquidity. At present, banks' CRR is 6%.

The stress in asset quality is a major concern for banks, Mallya said.

Banks' non-performing assets, or bad loans, are expected to rise to about 2.6% of their total assets in the fiscal year ending March, from 2.3% a year ago, ratings agency Crisil said earlier this year.

Source: Business Standard

7 PSU banks, LIC, IICL to partner to boost infrastructure projects

India's top seven public sector banks, Life Insurance Corporation of India, and India Infrastructure Company Ltd are planning to join forces to give a fillip to large infrastructure projects.

State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Bank of India, Union Bank of India and IDBI Bank, the country's largest life insurance company (LIC) and the Government-owned non-banking finance company (IIFCL) are working out the modalities of undertaking joint appraisal and co-financing of infrastructure projects.

This consortium of nine State-owned financial intermediaries will constitute a committee of senior officials to consider the viability of large infrastructure projects (entailing a capital expenditure of Rs 1,000 crore or more).

Pact for financing modalities

A memorandum of understanding to formalise the joint infrastructure project financing arrangement is in the works.

The move to stitch together a grand alliance to put big infrastructure project proposals on the fast track comes at a time when inadequate infrastructure in segments such as roads, ports, airports, railways, power, oil and gas pipelines, irrigation, and water supply and sanitation is proving to be a constraint on growth, say bankers.

“Currently, a project developer or his debt arranger has to go to each bank and financial institution to get his project vetted and get loan sanctioned.

Hence, it takes a long time to achieve financial closure.

This delays commencement of the project.

Single point of contact

“Once this consortium of banks, LIC and IIFCL begins joint operations, project developers can look forward to a single point of contact for loan appraisal and sanction. So, projects can be quick off the blocks,” said a senior executive with a State-owned bank.

The combined balance-sheet strength of the above mentioned entities will ensure that large viable infrastructure projects will be fast-tracked.

Besides interest income, they can also earn a decent fee income.

Currently, the project developer pays fee to debt arrangers for helping tie up funds.

According to the Planning Commission's Draft Approach Paper for the 12th Plan (2012-2017), special attention needs to be paid to the financing needs of private sector investment in infrastructure.

The Paper has assessed that infrastructure investment will need to increase from about eight per cent of gross domestic product in the base year (2011-12) of the Plan to about 10 per cent of GDP in 2016-17.

Investment in infrastructure

The total investment in infrastructure would have to be over $1 trillion (Rs 53 lakh crore at the current exchange rate) during the 12th Plan.

A significant part of the supportive framework to enable manufacturing to expand rapidly in line with both domestic and overseas demand is the rolling out of adequate physical infrastructure support including electric power, railways, roads and ports, the Paper said.

According to the latest Reserve Bank of India data, infrastructure credit accounted for 14.11 per cent (or Rs 5,79,968 crore) of the non-food credit of Rs 41,10,331 crore as on November 18, 2011.

kram@thehindu.co.in

IOB gets new ED

Mr A. D. M. Chavali, 57, has joined the Indian Overseas Bank as its Executive Director. He assumed office on Wednesday. Prior to his appointment, he was working as General Manager in Bank of Baroda, in charge of Treasury & Resource Management. During his 34 years of service in Bank of Baroda, he has served in various parts of India in various capacities, heading the corporate finance branch in Mumbai, as regional head of Kolkata and Deputy General Manager in Risk Management, says a press release from IOB.

Meanwhile, IOB has also announced that it has signed a MoU with Mahindra & Mahindra under which the bank would be a “preferred financier' for the Indian automotive major. The MoU will enable M&M customers to avail themselves of vehicle finance services from any of the over 2,000 branches of IOB.

The MOU was signed by Shri M.S. Raghavan, General Manager, Shri K. Subrahmanyam, General Manager of Indian Overseas Bank and Mr Arun Malhotra, Senior Vice-President, Sales & Customer Care, Mahindra & Mahindra Ltd.

mramesh@thehindu.co.in

Govt to interview 10 EDs for banks CMD post on January 4

MUMBAI: The appointments committee will interview executive directors of ten public sector banks on January 4, 2012 for CMD post in six banks.

The ten candidates called for the interview include S.S. Mundra from Union Bank of India, R V Iyer and Rajiv Dubey from Central Bank of India, Ashwini Kumar of Corporation Bank, Archana Bhargava from Canara Bank, V Kannan from Oriental bank of Commerce, Ravi Chatterjee from Syndicate Bank, Rajeev Rishi from Indian Bank, Ashwani Kumar from Corporation Bank and Rakesh Sethi from Punjab National Bank.

The candidates are being selected to fill vacancies in fiscal year 2012-13 in Bank of Baroda, Bank of India, Canara Bank, Dena Bank, Allahabad Bank and United bank of India.

Meanwhile, the government has yet to issue notification for the post of executive director in bank like Indian Overseas Bank and Andhra Bank, Even as the candidates names have been cleared.

Source: EconomicTimes

Govt to infuse Rs 775 cr into Bank of Baroda: Mallya

The government has agreed to infuse Rs 775 crore into the third largest state-run lender Bank of Baroda, a top official of the bank said on Monday.

“As part of increasing its stake to the mandated 58 percent, the government has agreed to pump in Rs 775 crore into our bank. The fund infusion will happen before the end of the fiscal,” Bank of Baroda chairman and managing director Mr M D Mallya told PTI. This could be done by a preferential allotment, he added.

In March this year, the government had pumped in Rs 2,675 crore, thereby increasing its stake to 57.3 percent from 53 percent earlier, Mr Mallya said, adding with the infusion of Rs 775 crore, the government ownership in the bank will touch the mandated 58 percent.

The development comes even as there is no commitment to the over-a-year-old demand from the nation’s largest lender State Bank of India for capital infusion to meet the mandatory core capital requirement and also fund expansion.

The latest on this request, according SBI chairman, Mr Pratip Chaudhuri, is that government may infuse Rs 3,000-4,000 crore by the end of the year.

SBI has been seeking the government nod to go in for a Rs 20,000 crore rights issue since the beginning of fourth quarter of the past fiscal, but a cash—strapped government has not given its permission as it would have to buy nearly two— thirds of the issue.

The BoB counter closed 0.43 percent up today on the BSE at Rs 678.75, while the main index Sensex rallied 1.47 percent or 230 points.

Bank of Baroda opens branch in Lalbaug

Bank of Baroda opened branch in Lalbaug in Central Mumbai, taking the total number of branches to 171 under greater Mumbai zone. 

The branch has latest technology under Baroda Next architecture. It was inaugurated by Mr M.D. Mallya, Chairman and Managing Director, BoB.

Government clears creation of new ED slot in public sector banks

KOLKATA: Large state-run lenders like Bank of Baroda and Punjab National Bank will get a third executive director (ED) on their board from next April, while smaller banks like Dena or United Bank will get their second ED.

The government has just cleared the Khandelwal Committee's recommendation to this end, two chief executives at state-run banks said. Banks with more than Rs 3 lakh crore business are considered as large entities.

The government has created the new slot in six large banks and said the third executive directors will be responsible for human resource development and technology.

Bank of India, Canara Bank, Central Bank of India and Union Bank of India are dubbed as large banks and will benefit from this move. This is in step with the director-HR position that exists in public sector undertakings like ONGC, Indian Oil, HPCL or BPCL.

"Creation of the ED position for HRD is an important step in the banking industry as this will help in bringing human resource development under board's direct attention," said AK Khandelwal, who headed the HR reform panel and submitted a series of recommendations in June 2010.

The government has also created a second executive director's position in five small banks having a business of less than Rs 1.5 lakh crore. Bank of Maharashtra, Dena Bank, Punjab & Sind Bank, United Bank of India and Vijaya Bank fall in this category and their second ED will also be responsible for HRD and technology. All these banks have one ED at their top deck at present.

Source: EconomicTimes

Bank of Baroda selected as best public sector bank in India: Report

Bank of Baroda and Karur Vysya Bank have been selected as the best banks in the public and private sectors, respectively, at the national level for this year by a jury appointed by the State Forum of Bankers Clubs in Kerala.

The awards in the various categories would be presented at a function here on December 17, the State Forum of Bankers Club President L R R Warrier and General Secretary K U Balakrishnan told reporters here.

Minister of State for Consumer Affairs, Food and Public Distribution K V Thomas will present the forum's 'Businessman of the Year' award to NRI businessman B Ravi Pillai, the Managing Director of the Dubai-headquartered RP Group of companies.

Kerala Finance Minister K M Mani will present the best bank award in the public sector category to Bank of Baroda Managing Director and CEO M D Mallaya, while State Excise Minister K Babu will present the best bank award in the private sector of K Venkitaraman, the CEO and Managing Director of Karur Vysya Bank.

Justice V R Krishna Iyer will present the best bank award in the rural development category to V K Saigal, the Chairman of North Malabar Gramin bank, and the best bank award in the new generation banks category to IndusInd Bank Ltd Managing Director and CEO Romesh Sobti.

Corporation Bank and Indian Overseas Bank were adjudged the second and third best banks in the public sector and Lakshmi Vilas and City Union Bank in the private sector, respectively.

Among the new generation private banks, YES Bank and Axis Bank have been selected for the second and third slots.

About 27 parameters, including the banks' deposits, advances and NAP level were taken into consideration while selecting the best banks, Balakrishnan said.

Source: EconomicTimes

IBA Chairman visits Corp Bank

Mr M.D. Mallya, Chairman and Managing Director of Bank of Baroda, and Chairman of Indian Banks' Association (IBA), visited the corporate office of the Corporation Bank on Friday.

A bank release said here on Saturday that Mr Mallya interacted with top executives of the bank, and told them that Information Technology, coupled with human resources management, was the key to the performance of the bank.

He said there are opportunities galore for banks, even in the present condition, to cherry pick business to ensure qualitative growth.

Mr Ajai Kumar, Chairman and Managing Director of Corporation Bank, complimented Mr Mallya for adopting a consistent and sustainable growth model for the Bank of Baroda. Mr Narendra Singh and Mr Ashwani Kumar, Executive Directors of Corporation Bank, were present on the occasion.

vinayakaj@thehindu.co.in