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Our Bureau

Launches Net banking facility

INTERNET BANKING: Mr Vinod Rai (right), Special Secretary, Banking and Insurance, and Mr Anil K. Khandelwal, CMD, Bank of Baroda, at the launch of Internet banking facility in the Capital on Thursday. — Kamal Narang

New Delhi , Sept. 14

Bank of Baroda will open an offshore banking unit in Singapore on September 19. The Finance Minister, Mr P. Chidambaram, would inaugurate the unit at Singapore, the BoB Chairman and Managing Director, Mr Anil K. Khandelwal, told reporters here today.

A presence in that country would also enable BoB to act as a platform for tapping the existing potential for financial and banking services with African region. Singapore is emerging as an important international financial centre. As an offshore banking unit, BoB will however not be permitted to do retail banking in Singapore.

BoB is also at an "advanced stage" of striking a deal in the areas of asset management, insurance and credit cards. Mr Khandelwal said that foreign partners are likely to be roped in all these three areas within the next three months.

On the existing asset management and credit card (BoB card) subsidiaries, Mr Khandelwal said that BoB was open to giving 51 per cent majority stake to the strategic partner, who is likely to be from abroad.

As regards the life insurance venture, he said that talks are on with an industrial house and also a foreign investor. Mr Vinod Rai, Special Secretary (financial sector) and member on the board of BoB, launched the Internet-banking initiative here today.

Internet banking facility would be initially available for customers in 480 core banking solution (CBS) branches of the bank.

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