3. But as the reverse repo rate was hiked by 50 bps, the industry watchers are of a view that it was 25bps more than what was initially expected by the markets.
4.
5. ADB will lend Bihar and Maharashtra for their projects The Asian Development Bank(ADB) has announced that it will fund the ongoing projects of Bihar and Maharashtra. It has declared that it will lend$300 million to the government of Bihar. A $170 million money has been approved by the board to provide Maharashtra government. It will be utilized in modernizing the horticulture industry in these states. the bank has said in a statement that, the amount will be used in upgrading the highways into two-lane roads in Bihar. It comes under the Bihar State Highways II project. Technical assistance of $1 million will be provide to the State Road Development Corporation for the operation and maintenance of improvement of roads and designing of the upcoming road projects.
6. SBI opens branch for HNIs Staying true to its tag-line, 'Banker to every Indian', State Bank of India has undertaken the target to attract High Networth Individuals (HNIs). A new facility of the bank that was inaugurated recently aims at opening savings account with a minimum balance of Rs. one crore. Moreover, an individual can open such an account on invitation only. While the customers of the particular facility can access their lockers 24/7, the most interesting aspect associated to the lockers is dressing room facility. As per the bank, this will help their customers, who keep their jewelleries in the lockers, by relieving them from taking the same to home before going to any function and then bringing it back to deposit.
7. SBI net profit to cross Rs 10,000 crorein current fiscal State Bank of India is all set to register a significant financial result in the fiscal year of 2010-11. SBI Chairman O P Bhatt has said that, in this year the net profit of the firm is expected to reach these magic figures. This is going to be another landmark to be achieved by the firm in the banking industry of the country. According to the statement released by the company, it may surpass the figure of Rs 10,000 crore as its net profit for the ongoing financial year. The bank had registered a 0.4% rise in its net profit in the previous financial year.
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