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Indian Banking Industry Updates - February 28, 2011

February 28, 2011‐ New Delhi, India

  • Indian Union Budget 2011-12 highlights:
    • Government to recapitalize Public Sector Banks by infusing Rs 6000cr to enable public sector banks to maintain a minimum of Tier I CRAR of 8 per cent
    • Rs. 500 crore to be provided to enable Regional Rural Banks to maintain a CRAR of at least 9 per cent as on March 31, 2012
    • Public sector banks to achieve a target of 15 per cent as outstanding loans to minority communities under priority sector lending at the earliest
    • Target of providing banking facilities to all 73,000 habitations having a population of over 2,000 to be completed during 2011-2012
    • Amendments proposed to the Banking Regulation Act in the context of additional banking licences to private sector players.
  • Bank Of Baroda has informed the Exchange that the Bank has decided to revise rates of interest payable on Domestic Term Deposits of the Bank w.e.f. March 01, 2011.
  • Punjab National Bank has informed the Exchange that Shri M.A. Antulay and Shri G.P. Khandelwal, Directors on the Board of the Bank appointed under Clause (3)(h) of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 read with sub-clause (1) of Clause 3 of the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970 ceased to be Directors on the Board of the Bank w.e.f. February 27, 2011 on completion of tenure of three years.

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