Financial Daily from THE HINDU group of publications
Thursday, Jun 10, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 10, 2004 |
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Money & Banking
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Public Sector Banks IOB to pay 8 pc final Our Bureau
Chennai , June 9 THE Reserve Bank of India has cleared a proposal of the Indian Overseas Bank for a final dividend of Rs 0.8 per share. This takes the total dividend for the year 2003-04 to Rs 2 per share, or 20 per cent. Disclosing this at a press conference here today, the bank's Chairman and Managing Director Mr S.C. Gupta said that the RBI had also cleared a proposal of the bank to open a representative office in China. Now the bank would have to get approvals from the Chinese authorities. Mr Gupta said he expected the rep office by December. It also proposes to begin operations in West Asia, Malaysia and Canada, he said. Mr Gupta expressed confidence that the bank would be able to achieve the projected growth of 18 per cent this year.
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