PANJIM: Bank of Maharashtra, a premier public sector bank has decided to observe an intensive CASA Deposit Mobilization Campaign from August 1, 2012 to September 30, 2012 in order to gear up CASA growth. During the campaign special arrangement is made for opening new Accounts.
In Goa Zone, the campaign was launched at the hands of Laxminarayan V S Dempo along with well known businessmen and customers of Panjim. During the launching of the campaign; he highlighted
the excellent service of Panjim branch and highlighted his banking relations with the branch since inception.
Santosh Bhate, Dy manager, Panjim highlighted the schemes of the bank and appealed to all the customers to avail more services from the branch.
A V Shahapurkar, chief manager, Panjim branch thanked all the dignitaries for sparing their valuable time to launch the campaign and assured the people of Panjim full cooperation from their end. He appealed that the branch would be conducting door-to-door visit to institutions, shops and business establishment for mobilizing current account deposits and door-to-door visit to institutions, HNIs and households for mobilizing savings bank deposits.
The meeting was also attended by R R Brahmankar, Dy zonal manager, Goa Zone, G S Meena, chief manager (RPC), Suraj Raj (manager – marketing), Hitesh Chugh (manager – credit) and other officials of the branch.
The campaign was successfully launched at other centers of Goa State during the day.
Several Goa-based biz entities bag awards
PANJIM: BIG Research organized Business and Service Excellence Awards Ceremony to felicitate west India’s leading service organizations and professionals. The awards were conducted in association with Brands Academy and were based on a comprehensive market research study and opinion surveys conducted by BIG Research.
Actor Anupam Kher was the chief guest at the ceremony. He gave away the award certificates to the winners, which included prominent doctors, professionals, products and service companies. Also in the list were Goa-based Tito's Night Club (Night Club), The Crown Goa (Most Affordable Luxury Hotel), Neo Majestic (Casino Hotel), La Calypso (North Indian Restaurant), Sun City Resort (Luxury Resort) and The Sea Horse Resort (Most Affordable Resort).
The BIG Research Business and Service Excellence Awards are given away to diverse organizations and professionals from various states annually on the basis of their product and service quality, pricing and marketing strategies and initiatives, leadership position in the industry/market segment/geography, dedication to customer satisfaction, entrepreneurial initiatives, exemplary business practices, feedback from the end customers and the industry and business growth.
For the awards, BIG Research conducted the research study and opinion surveys in many key cities in western India over a period of 4 months with more than 60 field executives collecting the data from across different states.
Shriram Transport NCDs issue oversubscribed
PANJIM: Public issue by Shriram Transport Finance Company Limited of Secured Non-Convertible Debentures of face value of Rs1000 each, aggregating upto Rs 300 crore with an option to retain oversubscription of upto Rs 300 crore aggregating to a total of upto Rs 600 crore has been oversubscribed and STFC has decided to retain total subscription of upto Rs 600 crore.
The issue had opened for subscription on July 26, 2012 and closed on July 31, 2012. The NCDs will be allotted on first-come-first-served basis.
This issue has been rated ‘Crisil AA/Stable’ by Crisil for an amount of upto Rs 600 crore’ and ‘CARE AA+' by CARE for an amount of upto ‘Rs 600 crore’. The rating of the NCDs by Crisil and CARE indicates high degree of safety regarding timely servicing of financial obligations and carrying very low credit risk. The NCDs will be listed on the NSE and the BSE.
The funds raised through this issue, after meeting the expenditures of and related to the issue, will be used for STFC’s various financing activities including lending and investments, for repaying the existing loans and for the business operations including capital expenditure and working capital requirements.
JM Financial Institutional Securities Private Limited, A K Capital Services Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited are the lead managers to the issue.
Suzuki two-wheelers July sales up 48.76%
PANJIM: Suzuki Motorcycle India Pvt Ltd registered a 48.76% increase in their July 2012 sales figures as compared to July 2011. Suzuki Motorcycle sold 40,295 units in July 2012 as opposed to 27,088 units in July 2011, recording a strong growth in its overall sales. Suzuki Motorcycles has maintained a consistent growth path over the last couple of years.
Speaking on this growth pattern, Atul Gupta, VP, sales and marketing, SMIPL, said “We have received a good response from the market for all our products. The newly launched Hayate, a mass segment motorcycle, has also received a tremendous response. The growing customer satisfaction has led to positive word-of-mouth in the market.”
HDFC Bank net up 30%
PANJIM: The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) accounts for the quarter ended June 30, 2012, at their meeting held in Mumbai on Friday, July 13, 2012.
The bank’s total income for the quarter ended June 30, 2012, was Rs 9,536.9 cr as against Rs 7,098 cr for the quarter ended June 30, 2011. Net revenues (net interest income plus other income) were at Rs 5,013.5 cr for the quarter ended June 30, 2012, an increase of 26.3% over Rs 3,968 cr for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended June 30, 2012, grew by 22.3% to Rs 3,484.1 cr. This was driven by loan growth of 21.5% and a net interest margin for the quarter of 4.3%.
Other income (non-interest revenue) for the quarter ended June 30, 2012, was Rs 1,529.5 cr, up 36.6% over that in the corresponding quarter ended June 30, 2011. The main contributor to other income for the quarter was fees and commissions of Rs 1,143.3 cr, up by 23.9% over Rs 922.7 cr in the corresponding quarter ended June 30, 2011.
Operating expenses for the quarter ended June 30, 2012, were Rs 2,432.6 cr, an increase of 25.7% over Rs 1,934.6 cr during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was, therefore, at 49.2% as against 48.3% for the corresponding quarter ended June 30, 2011. Provisions and contingencies were Rs 487.3 cr (including specific, general and floating provisions of Rs 474.8 cr) for the quarter ended June 30, 2012, as against Rs 443.7 cr for the corresponding quarter ended June 30, 2011. After providing Rs 676.2 cr for taxation, the bank earned a net profit of Rs 1,417.4 cr, an increase of 30.6% over the quarter ended June 30, 2011.
Axis Bank launches Swipeon
PANJIM: Axis Bank announced the launch of Swipeon - a mobile phone based card acceptance service in association with Prizm Payments and Mswipe Technologies. The service will convert any mobile phone into a card acceptance device by simply attaching the Mswipe card reader to the phone.
Mobile based card acceptance is expected to benefit merchants with home delivery services, cash-on-delivery agents, taxi drivers and others as they can easily accept card payments on the go, with very small investments on their part. Swipeon will eliminate all costs associated with cash handling like loss, theft, accounting delay etc. Swipeon includes a card reader attached to a mobile phone which works as a POS terminal, and the customer is sent a receipt of the transaction via SMS or Email. Swipeon servicecan be delivered through any mobile phone - be it a feature phone or smart phone (android IOS) platform.