Vijaya Bank launches on-line trading services

June 30, 2010 11:24 pm | Updated 11:24 pm IST - BANGALORE:

CONVENIO: Vijya Bank Chairman and MD Albert Tauro launching online trading services of the bank in Bangalore on Wednesday. IDBI Capital Market Services MD and CEO Nagendra Bhatnagar looks on.  Photo: G.R.N. Somashekar

CONVENIO: Vijya Bank Chairman and MD Albert Tauro launching online trading services of the bank in Bangalore on Wednesday. IDBI Capital Market Services MD and CEO Nagendra Bhatnagar looks on. Photo: G.R.N. Somashekar

The new base rate regime for interest rates that is to become effective from Thursday is unlikely to impact the customers immediately, Vijaya Bank Chairman and Managing Director Albert Tauro said on Wednesday.

“The Reserve Bank of India (RBI) has given banks a window of six months to rework interest rates,” Mr. Tauro told presspersons after launching online trading services of the bank. The base rate of Vijaya Bank would be between 8 per cent and 8.5 per cent, he said.

Mr. Tauro said that only the lending rates for priority sectors such as agriculture and exports would be lower than the base rate. Asked whether the bank would be adversely impacted, especially by big banks offering competitive rates, he admitted that the bank would be affected marginally. “Though we will be affected, big banks also cannot entertain everyone, as prudential norms have to be followed. We are also hoping the ‘relationship' banking to attract our customers,” Mr. Tauro added.

The new online trading services launched by Vijaya Bank, in association with IDBI Capital Market Services, will enable customers to trade in equity, IPOs, mutual funds and other assets. While the bank will offer savings and demat facilities, IDBI Capital will facilitate trading.

Meanwhile, State Bank of Mysore has set its base rate at 7.75 per cent while Canara Bank has set its base rate at 8 per cent.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.