Banking and Finance
Andhra Bank IPO by Feb next year
THE Hyderabad-based Andhra Bank has finally decided to go ahead with plans for a Rs 150-crore initial public offer (IPO). The offer is expected to hit the market in about six weeks from now.

Allahabad Bank to expand depository services
ALLAHABAD Bank has proposed to expand its depository services in Calcutta by opening collection centres at five strategic locations in the city.

New products from Lord Krishna Bank
THE Kodungalloor-based Lord Krishna Bank is launching a slew of products on its Diamond Jubilee this year.

It's time RBI sent out revival signals
PAUL A. Samuelson in an essay `Reflections on Central Banking', writes, ``It has often been said that monetary policy is more effective in contracting an economy than in getting to expand. There is an important grain of truth in this observation. Thus, w hen the bank rate or the discount rate is 6 or 7 per cent, and the commercial banks' excess reserves are at a minimum and the business community is heavily dependent upon bank borrowings for its current investments in inventories and other items, then fu rther restrictive action by the central bank can, by a variety of channels, cut deeply into the aggregate of investment and total spending.''

Corporation Bank says `no' to VRS
WHILE the employees of various nationalised banks and SBI are falling over themselves to accept a VRS, Corporation Bank will not be offering one to its 10,000 employees.

`Stock Direct' launched in Mangalore
MANGALORE: Stock Holding Corporation of India Ltd (SHCIL), in association with Syndicate Bank, has launched `Stock Direct' facilities in Mangalore. The facility is a `one-stop shop' which is expected to benefit the investors of the region.

`PSBs at least 5 years away from Net banking'
INTERNET banking - anytime, anywhere banking? Not yet. It will take at least five years for large public sector banks (PSBs) to get wired up and provide a gamut of services such as e-banking, telebanking and WAP banking....efficiently!

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