Indian Bank on Monday launched its "Visa Global Credit Card", targeting the young and upwardly mobile. Speaking at the launch, Indian Bank executive director B Sambamurthy said the bank was entering the credit card business at the "tipping point".
"The card business is growing at 40 per cent against a normal credit off take of 22 per cent. Even a two per cent share in the advance and deposit market of two million cards is a modest target," he said.
South Asia deputy country manager Uttam Nayak said, "The small but developing market offered enormous opportunities and credit cards translated into one per cent of revenue from the issuer’s perspective."
Mr Sambamurthy said that the Indian Bank had already implemented the core banking solution in over 300 branches with at least two branches getting networked daily
Indian Bank launches ‘Visa Global Credit Card’
January 31, 2006, 10:30 amRadio Mirchi, Indigo, Adlabs win bids for FM in Goa
January 31, 2006, 10:29 am
The Times Group’s Radio Mirchi, BPL’s Indigo and Reliance’s Adlabs have bagged the bids for the 24-hour private stereo FM channels that were up for grabs in the Goa region, during the second phase of FM licensing.
With a strong listnership and a growing entertainment industry, the FM market in Goa is considered prestigious. The three new channels are expected to go on air by the end of this year, and is expected to expand the fledgling advertisement market here.
ENIL (Times group, Radio Mirchi) bid Rs 1.71 crores, while Indigo (BPL) bid Rs 1.29 crores and Adlabs (Reliance) offered Rs 1.21 crores for the channels. Minimum annual guarantee fees are working out to just Rs 42,000 in addition to the one-time license fee bids made and payable over ten years, keeping the costs low for operators. Costs have worked out considerably lower than the Phase I bids in 2000. The first phase of licensing in 2000 has pitched payments higher and all the bidders backed off. The highest bids then were Rs 4.15 crores in 2000, and with a 15 per cent escalation each year would have cost Rs 14.60 crores by the tenth year, with the bidder paying a total of Rs 84.25 crores.
While the industry is upbeat about the new channels — seeing employment and revenue flows coming from it — the transmitting technology will exclude a swathe of Goa’s southern regions, also its strongest audience base, according to former radio jockey Cajetan Vaz.
With a strong listnership and a growing entertainment industry, the FM market in Goa is considered prestigious. The three new channels are expected to go on air by the end of this year, and is expected to expand the fledgling advertisement market here.
ENIL (Times group, Radio Mirchi) bid Rs 1.71 crores, while Indigo (BPL) bid Rs 1.29 crores and Adlabs (Reliance) offered Rs 1.21 crores for the channels. Minimum annual guarantee fees are working out to just Rs 42,000 in addition to the one-time license fee bids made and payable over ten years, keeping the costs low for operators. Costs have worked out considerably lower than the Phase I bids in 2000. The first phase of licensing in 2000 has pitched payments higher and all the bidders backed off. The highest bids then were Rs 4.15 crores in 2000, and with a 15 per cent escalation each year would have cost Rs 14.60 crores by the tenth year, with the bidder paying a total of Rs 84.25 crores.
While the industry is upbeat about the new channels — seeing employment and revenue flows coming from it — the transmitting technology will exclude a swathe of Goa’s southern regions, also its strongest audience base, according to former radio jockey Cajetan Vaz.
Chennai touted as gold hub of India
January 31, 2006, 10:26 am
With India consuming more than 900 tonnes of gold per annum, of which the southern India contributes the most, an association of jewellers in the city on Monday said Chennai could become the gold hub of Asia.
"Our aim is to make Chennai the hub of Asia because it consumes a much as 45 per cent of the total gold consumed in India," said L.K.S. Syed Ahmed, president of the Madras Jewellers Association, while announcing the Chennai as the venue for the Gol Jewellery India International Exhibition to be held here from February 17-20.
Mr Ahmed said the finance minister P. Chidamabaram had already promised SEZ status to the jewellery industry in Tamil Nadu. He said business-to-business trade will provide an opportunity for national and international participants to exchange the business know-hows, besides providing business and outsourcing deals.
On the issue of fluctuating gold prices, he said including gold in MCX index has created "unrealistic price trends" resulting large-scale loss to the jewellers as "unscrupulous element" traded with gold like a commodity. "Retail business has been affected by nearly 40-50 per cent and we are in the process of seeking a legal recourse," he said.
"Our aim is to make Chennai the hub of Asia because it consumes a much as 45 per cent of the total gold consumed in India," said L.K.S. Syed Ahmed, president of the Madras Jewellers Association, while announcing the Chennai as the venue for the Gol Jewellery India International Exhibition to be held here from February 17-20.
Mr Ahmed said the finance minister P. Chidamabaram had already promised SEZ status to the jewellery industry in Tamil Nadu. He said business-to-business trade will provide an opportunity for national and international participants to exchange the business know-hows, besides providing business and outsourcing deals.
On the issue of fluctuating gold prices, he said including gold in MCX index has created "unrealistic price trends" resulting large-scale loss to the jewellers as "unscrupulous element" traded with gold like a commodity. "Retail business has been affected by nearly 40-50 per cent and we are in the process of seeking a legal recourse," he said.