Financial Daily from THE HINDU group of publications
Wednesday, May 03, 2006
Financial Daily from THE HINDU group of publications Wednesday, May 03, 2006 |
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Money & Banking
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Public Sector Banks OBC wants 10-year cap on deposits lifted K.R.Srivats
MR K.N.PRITHVIRAJ
New Delhi , May 2 The Oriental Bank of Commerce (OBC) has requested the RBI to remove a regulatory lid that forbids it from accepting deposits with a term of more than 10 years. For a bank that is mainly dependent on the Indian market for attracting deposits, OBC is of the view that removal of the restriction would help attract more deposits. On a deposit base of Rs 50,197.46 crore as on March 31, 2006, the share of NRI deposits is estimated at about $ 94 million. Faced with liquidity pressures, banks have in the recent past been making a case for both tax as well as non-tax measures to woo deposits into the banking system. "We have requested RBI to remove the 10-year restriction on deposits. We are also stepping up our marketing activities to attract more deposits from the Indian market. Our focus would be on the domestic market and not much on NRIs ", Mr K. N. Prithviraj, Chairman and Managing Director, OBC, said here.
More Stories on : Public Sector Banks | Fixed Deposits | Oriental Bank of Commerce
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