Weekend News

Neelam Monga

PNB aiming at raising deposits by 20%

Buoyed by 28.4% jump in net profit,Punjab National Bank, aims at raising deposits by 20% during 2010-2011 besides launching micro insurance products in six months.

Their plans is to increase deposits by 20% and credit by 22% during the current fiscal.

Deposits rose to Rs 2.55 lakh crore in 2009-10,registering a 16.6% jump over previous year.

PNB executive director MV tank sale said that, the net profit PNB mounted to Rs 1,068 crore,an increase of 28.4% over the previous year.

During the first quarter net profit amounted to Rs 1,068.29 Crore,compared with Rs 832.05 crore in the corresponding quarter last year.

Nita Ambani may board EIH for RIL

Reliance industries may nominate its chairman Mukesh Ambani’s wife Nita Ambani to the board of East INDIA Hotels as and when the luxury chain decides to offer directorship to INDIA’s largest sector company .

RIL bought 14.12% stake in EIH,which runs the oberoi and Trident chains, for Rs.1,021crore on Monday.

EIH board has eight directors,including its chairman PRS oberoi and his own son Vikram.

Mrs Ambani has joined the board of RIL’s sports joint venture company with American major IMG.

Mrs Ambani had started handling IPL team Mumbai INDIANS in 2008.

Her presence on the board will results in fostering and cementing relationship with the oberoi family.

Pension products may make exemption cut

Pension products offered by insurers and mutual funds could be included in long term saving schemes eligible for tax concession available to individual under new direct tax code provided they meet the new norms of government.

This guidelines will specify details such as how much money can be withdrawn one time & when to discourage premature withdrawal & ensure that they encourage long term retirement saving.

The new DTC, introduced in the parliament, purposes Rs.100000 exemption for individual tax payer for contribution to retirement saving includes provident fund, gratuity fund, new pension schemes.

Investment in this instrument will not be taxed at any stage.

Panasonic to invest Rs. 1400 Crore on India

Electronics consumer durables major Panasonic India plans to invest Rs 1400 crore over next 3 years to establish itself as home appliance leader in the country.

The company will spend this amount in setting up a techno park in north India.

Panasonic has always been associated with TVs & digital camera.

Panasonic is launching its “camera to couch” 3D solution.

Panasonic have 48% share of the 3.8 million flat TV market.

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