Bank of Baroda has decided to form two joint ventures (JVs) with Italy and UK based companies for undertaking the business of mutual fund and life insurance.

BoB asset management, arm of Bank of Baroda has formed joint venture with Italy based pioneer company.

The new company is registered as BoB Pioneer Asset Management Company, in which BOB holds 51% equity shares and rest are owned by the Italy based company.

London - Britain's Lloyds TSB bank Wednesday

Kochi, July 28 : The Scheme, which is named as REMOT Scheme (Rejuvenation, Modenisation and Technology Upgradation Scheme) is being implemented by Coir Board with the cooperation of Banks. 

The State Bank of India (SBI) has expressed its willingness to cooperate with Coir Board for the implementation REMOT Scheme and to consider/disbursal of term loan in Kerala as contemplated in the Scheme. 

The benefit of the Scheme accrues to two categories viz -spinning category and household category. 

Any individual, self-help group or a group of persons who want to engage themselves in the coir spinning activity or already in the coir spinning activity are eligible for the benefit under the Scheme.

India’s largest banking institution State Bank of India (SBI) registered a steady growth in its standalone net profit for the three month period ended June 30, 2008.

The performance of the bank got a fillip on write-back of bad loans and from strong interest income.
 
During the quarter, the bank has posted an increase of 15.08% in its profit, which stood at Rs 16,407.90 million, as against Rs 14,258.10 million during the corresponding period quarter of the previous year.

A poll of analysts had estimated earnings of Rs 15,961.50 million in June 2008 quarter.

The Union Cabinet today gave its approval to the merger of State Bank of Saurashtra with its parent State Bank of India, India's largest lender controlling more than one-fourth of banking assets.