Economic Times- WeeklEconomic Times- Weeklyy Presentaton Presentaton( 29( 29thth Aug, 2010 to 5 Aug, 2010 to 5thth Sept, 2010) Sept, 2010)

BBy: Arpit Guptay: Arpit Gupta

RBI Governor earns less than 5% of top-paid RBI Governor earns less than 5% of top-paid bankersbankers

Mr. D Subbarao got a gross salary to an annual package of Mr. D Subbarao got a gross salary to an annual package of little over Rs 15 lakh for RBI Governor, who is a signatorlittle over Rs 15 lakh for RBI Governor, who is a signator to to all the currency notes in the country. all the currency notes in the country. Subbarao is the top-paid executive at RBI, followed by the Subbarao is the top-paid executive at RBI, followed by the four Deputy Governors, who got a annual gross salary of four Deputy Governors, who got a annual gross salary of about Rs 13.4 lakh.about Rs 13.4 lakh. In comparison, at least 14 top executives at various private In comparison, at least 14 top executives at various private sector banks got an annual remuneration of more than Rs one sector banks got an annual remuneration of more than Rs one crore in the last fiscal ended March 31, 2010. crore in the last fiscal ended March 31, 2010. Among the public sector banks also, at least ten top Among the public sector banks also, at least ten top executives of various banks including the State Bank of India executives of various banks including the State Bank of India Chairman OP Bhatt's salary is higher than that of Chairman OP Bhatt's salary is higher than that of Subbarao. Bhatt's total remuneration in the fiscal 2009-10 Subbarao. Bhatt's total remuneration in the fiscal 2009-10 stood at nearly Rs 26.5 lakh stood at nearly Rs 26.5 lakh

Axis Bank plans to open branch in Axis Bank plans to open branch in LondonLondon

Axis Bank has sought approval from Bank of England to Axis Bank has sought approval from Bank of England to open a branch in London.open a branch in London.

Reserve Bank of India has already given its nod to open a Reserve Bank of India has already given its nod to open a branch in London. branch in London.

Bank has presence in: Singapore, Hong Kong and Dubai Bank has presence in: Singapore, Hong Kong and Dubai and plans to expand its presence further by opening its and plans to expand its presence further by opening its branch in Abu Dhabi.branch in Abu Dhabi.

The bank intends to open 15 to 20 branches in Saurashtra The bank intends to open 15 to 20 branches in Saurashtra region and provide banking facilities to the villages having region and provide banking facilities to the villages having population of 2,000 in Gujarat as per the guidelines of the population of 2,000 in Gujarat as per the guidelines of the Reserve Bank of India.Reserve Bank of India.

Also concentrating on golden corridor between Vapi and Also concentrating on golden corridor between Vapi and Ahmedabad for expanding our bank network.Ahmedabad for expanding our bank network.

Allahabad Bank to open 60 more Allahabad Bank to open 60 more branches in two monthsbranches in two months

AB will be opening 60 branches across the country taking AB will be opening 60 branches across the country taking the total network to about 2,380 by October," Allahabad the total network to about 2,380 by October," Allahabad Bank Chairman and Managing Director J P Dua said.Bank Chairman and Managing Director J P Dua said.

At the same time the bank also plans to set up 180 ATMs in At the same time the bank also plans to set up 180 ATMs in the next six months, he said.the next six months, he said.

The bank has also reduced the interest rate on car loans for The bank has also reduced the interest rate on car loans for new vehicles by 1 per cent, he said.new vehicles by 1 per cent, he said.

The saral loan scheme, personal loans for doctors and The saral loan scheme, personal loans for doctors and pensioners and housing loans for furnishing will also get a pensioners and housing loans for furnishing will also get a rebate of 1 per cent, he said.rebate of 1 per cent, he said.

SBI's Israeli branch breaks even in 2nd SBI's Israeli branch breaks even in 2nd year of operationyear of operation

Defying speculations, State Bank of India's branch has Defying speculations, State Bank of India's branch has broken even in just second year of its operations.broken even in just second year of its operations.

SBI became the first bank to open a branch in the Israeli SBI became the first bank to open a branch in the Israeli diamond exchange in June 2007 to encash on the diamond exchange in June 2007 to encash on the burgeoning Indo-Israel trade.burgeoning Indo-Israel trade.

After fulfilling all obligations and paying desirable taxes to After fulfilling all obligations and paying desirable taxes to the authorities concerned, the Indian bank still seems to the authorities concerned, the Indian bank still seems to have made an incredible progress by registering some have made an incredible progress by registering some profits during its early years of operations.profits during its early years of operations.

None of the sectors can claim a share of more than 20 per None of the sectors can claim a share of more than 20 per cent in portfolio.cent in portfolio.

DOCOMO rolls out 1 paisa per second ISD DOCOMO rolls out 1 paisa per second ISD tariff plan in Gujarat tariff plan in Gujarat

The revolutionary new ISD packs are available at Rs 60 The revolutionary new ISD packs are available at Rs 60 with a validity of 30 days, adding to this new ISD plan was with a validity of 30 days, adding to this new ISD plan was first launched in Punjab.first launched in Punjab.

Out of the total 5.5 million NRI population in US, UK and Out of the total 5.5 million NRI population in US, UK and Canada, 32 per cent are Non-resident Gujaratis (NRGs).Canada, 32 per cent are Non-resident Gujaratis (NRGs).

"Over 50 per cent of the ISD calling in Gujarat is to the UK, "Over 50 per cent of the ISD calling in Gujarat is to the UK, US and Canada and for every seven incoming calls there is US and Canada and for every seven incoming calls there is one outgoing," Sharma said.one outgoing," Sharma said.

Tata Teleservices Limited has got licences to operate GSM Tata Teleservices Limited has got licences to operate GSM services in 19 telecom circles across the country and has services in 19 telecom circles across the country and has also been allotted spectrum in 18 of these circles. also been allotted spectrum in 18 of these circles.

Shop for trucks at Shriram auto malls soonShop for trucks at Shriram auto malls soon Come October 2010, a 3-4 acre auto mall, with a gallery to Come October 2010, a 3-4 acre auto mall, with a gallery to

accommodate 250 bidders and a yard to house hundreds of accommodate 250 bidders and a yard to house hundreds of refurbished trucks, will spring up on the outskirts of refurbished trucks, will spring up on the outskirts of Chennai. Sixty such malls will come up by 2013, drawing Chennai. Sixty such malls will come up by 2013, drawing 1.5 lakh customers to the auctions, the company hopes.1.5 lakh customers to the auctions, the company hopes.

Of the 5 million trucks on India’s roads, 1.5-2 million are Of the 5 million trucks on India’s roads, 1.5-2 million are traded every year. But the price discovery process is traded every year. But the price discovery process is haphazard. Most small truck buyers have neither bank haphazard. Most small truck buyers have neither bank accounts nor loans from financial institutions. These malls accounts nor loans from financial institutions. These malls will help create an efficient and transparent market for pre-will help create an efficient and transparent market for pre-owned trucks.owned trucks.

Shriram Automall India, the subsidiary that will set up these Shriram Automall India, the subsidiary that will set up these malls, will earn 0.5-1% from every transaction. Shriram malls, will earn 0.5-1% from every transaction. Shriram Transport Finance, the parent, will grow its business by Transport Finance, the parent, will grow its business by funding these purchases.funding these purchases.

Tata Motors plans 'deluxe' Nano by 2012Tata Motors plans 'deluxe' Nano by 2012

The deluxe Nano would not only have a more powerful The deluxe Nano would not only have a more powerful engine at its heart, but would also sport comfort and safety engine at its heart, but would also sport comfort and safety features like power steering, air bags and ABS.features like power steering, air bags and ABS.

Tata Motors works on an advanced version of its budget car Tata Motors works on an advanced version of its budget car for the European markets, called 'Nano Europa‘.for the European markets, called 'Nano Europa‘.

The Europa is being developed keeping in mind the The Europa is being developed keeping in mind the requirements of international markets and thus will be a step requirements of international markets and thus will be a step above the existing Nano retailed in India.above the existing Nano retailed in India.

Tata Motors has said that the Europa will have a wheelbase Tata Motors has said that the Europa will have a wheelbase longer than the existing Nano and will have redesigned longer than the existing Nano and will have redesigned interiors. Also, the car will be powered by a 3-cylinder interiors. Also, the car will be powered by a 3-cylinder sporty all-aluminium MPFI engine with a 5-speed automatic sporty all-aluminium MPFI engine with a 5-speed automatic transmission. The company has targeted that the petrol transmission. The company has targeted that the petrol engine will be highly fuel efficient and will have low CO2 engine will be highly fuel efficient and will have low CO2 emission of less than 100 emission of less than 100

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