Kamath: Top job

Calcutta, Aug. 2: K.R. Kamath has taken over as the chairman and managing director of Allahabad Bank.

Kamath was previously working as executive director of Bank of India.

He will be replacing A. C. Mahajan who took over as the chief of Canara Bank last month.

An experienced banker of three decades, Kamath is a certified associate of the Indian Institute of Bankers.

Before joining Bank of India, Kamath was with Corporation Bank and worked in different capacities.

Meanwhile, Union Bank of India executive director R. S. Reddy has been named as chairman and managing director of Andhra Bank, while Central Bank of India executive director Albert Tauro will take over as chairman of Vijaya Bank.

BoR bonus

The Bank of Rajasthan (BoR) today said it had received shareholders’ approval for issuing bonus shares in the ratio of 1:5 (one share for every five shares held).

The bank has also received shareholders’ nod for the payment of 5 per cent dividend for the year ended March 31, 2008.

The approvals were received at the bank’s 65th annual general meeting held today at Udaipur.

The bank’s shareholders have also approved the re-appointment of P.N. Bhandari, Magh Raj Calla, K.N. Bhandari and Sunil Behari Mathur as directors of the bank.

BoI deposit rates

The Bank of India (BoI) today hiked its deposit rates in certain maturities by up to 0.35 per cent with effect from August 4.

Deposits having a maturity of one year to less than two years will now attract an interest rate of 9.5 per cent against 9.25 per cent earlier.

For deposits having a tenor of two years to less than three years, the rate has been revised to 9.6 per cent compared with the existing rate of 9.25 per cent.

Senior citizens will receive 0.5 per cent more than the card rates on their deposits of six months and above on all schemes.