Banking News Update

FRIDAY MAY 18TH 2012: CITY UNION BANK TARGETS 20-30% GROWTH

Privately-owned City Union Bank hopes to log a growth of 20-30 per cent this fiscal despite the economic outlook not being encouraging.

"We hope to maintain a growth rate between 20-30 per cent this year. At the beginning of last fiscal we thought the economic condition would improve during the first two quarters of the current fiscal (2012-13). But going by the current trend we think the economy would hit the growth path during the beginning of the next financial year," N.  Kamakodi, the bank's managing director, told reporters.

THURSDAY MAY 15TH 2012: ICICI VENTURE MAY PICK STAKE IN MAJA HEALTH CARE, THE OWNER OF VI-JOHN BRAND

 Private equity firm ICICI Venture is in talks to pick up a stake in New Delhi-based Maja   Health Care, which makes Vi-John brand of shaving cream and other personal care products.

Maja Healthcare, which clocked 175 crore in sales for 2011-12, plans to aggressively expand its product portfolio and distribution to almost triple its turnover to 500 crore by 2015, its CEO Vimal Pande said.

WEDNESDAY MAY 16 TH 2012: AIRTEL, AXIS TIE-UP FOR MOBILE BANKING SERVICES

Country's largest private mobile operator Bharti Airtel and Axis Bank today announced a partnership to provide banking services through Airtel Money platform, a move that will help further the goal of reaching un-banked areas.

"Following the recent pan-India launch of airtel money, we are today excited to collaborate with Axis Bank to further strengthen our mCommerce proposition for customers," Bharti Airtel CEO - India and South Asia - Sanjay Kapoor said.

To begin with, savings and remittance solutions will be provided in Delhi and Mumbai on the sending side, and Bihar and East UP on the receiving side.

Thereafter, these services may be extended to other remittance corridors in the country, the company said.

TUESDAY MAY 15TH 2012: MOODY’S DOWNGRADES ICICI BANK, HDFC BANK & AXIS BANK; LITTLE EFFECT SEEN ON THE BANKS

Moody's Investors Service downgraded the ratings of top three private sector lenders - ICICI Bank, HDFC Bank and Axis Bank – and Life Insurance Corp, reflecting the alignment of their fortunes with the government's deteriorating finances.

The downgrades will bring the ratings of these financial institutions on a par with the State, whose credit outlook is deteriorating with fiscal deficit forecast at 5.1% of GDP in 2012-13.

MONDAY MAY 14TH 2012: CENTRUM GROUP REACHES OUT TO MORE SOUTHERN CITIES TO PROVIDE FIN SERVICES

Financial services and Forex provider Centrum Group is expanding its network in most cities in South India intending to provide various travel and Forex related products through its 100 plus branches and implant offices in major IT companies.

Centrum Direct is approved by the Reserve Bank and is an authorized dealer catering to Forex needs of high net worth individuals, retail investors and corporate through its branches spread across India.