First time in the banking sector, a service is launched by finance secretary Ashok Chawla on Tuesday, where customers can pay there income tax through ATMs.

Corporation Bank has become the first bank in the industry to start this service.

The new service will accept income tax through its 1,035 plus ATMs all over the country. In the beginning, around 10-20 lakh people will take advantage of this service.

HDFC Bank has announced the esults for the first quarter ended June 30, 2009.

The country's second major private sector lender has posted a growth of 31% in its net profit, which stood at Rs 606 crore, assisted by a significant growth in non-interest income.

The bank had posted a net profit of Rs 464 crore in the same period of the last year.

The non-interest income increased 76% to Rs 1,044 crore from Rs 593 crore in the last year.

The Punjab National Bank, country’s second major public sector lender, recorded 86% surge in net profit for the three month period ended December 31, 2008 

The bank has posted a net profit at Rs 1,006 crore for the quarter ended December 31, 2008 against Rs 541 crore for the same quarter previous year.

According to sources, the bank has registered a 51% surge in total income at Rs 6,240 crore for the quarter as compared to Rs 4,119 crore in the corresponding quarter a year ago.

Chennai-based state-run lender Indian Overseas Bank (IOB) has announced that it has entered into a joint venture with Bank of Baroda and Andhra Bank with the aim to start operations in Malyasia.

The new joint venture is expected to start operations by end of fiscal 2009.
 
In the new joint venture IOB will own 30% stake while Bank of Baroda and Andhra Bank will acquire 40 and 30 per cent respectively.

IDBI Bank has announced that it has linked up with mobile commerce company, PayMate to introduce mobile payments facility for the bank's customers.

According to sources, the facility will allow clientele to make utility bill payments from their mobile phones.

Not all this, the customers can also use the facility to book movie and flight tickets, restaurant bills, mobile recharge, online purchases and retail shopping at over 13,000 merchant outlets.

Public sector lender Indian Overseas Bank announced that it has clinched a pact with Japan-based Universal Sompo General Insurance Company (USGICL) for distributing products of the non-life insurer.

While commenting on the pact, Mr. Omkar Nath Singh, Universal Sompo General Insurance Executive Chairman stated, "This venture is going to increase the penetration of insurance products among the bank's customers across the country."

With the aim to boost the union territory`s economy, State Bank of India (SBI) has announced that it intends to diversify operations in the Andaman & Nicobar (A&N) Islands.
According to the sources, SBI branches would be increased from 18 to 20 by the end of the current fiscal.

The sources further revealed that the number of ATMs would also be enhanced from 11 to 16 by December, adding that one would be installed at Car Nicobar Islands.

State Bank of India, a leading private sector lender has announced that it has clinched a pact with Insurance Australia Group (IAG) with the aim to form a new conglomerate which would cater to the general insurance business in the domestic market.

Under the terms of JV agreement, SBI will be the owner of 74 percent stake in the new entity, while the remaining 26 percent will be hold by IAG.

While commenting on the agreement, Mr. O P Bhatt said, "Insurance penetration in India is very low and the general insurance industry is expected to grow at a brisk rate of

State Bank of India has informed that it has got sanction from Reserve Bank for a joint venture with Societe Generale, a leading financial services group from Europe, for providing custodial and related services in the country.

According to the sources, SBI will own 65% equity in the new joint venture that will be build to undertake the business, while the remaining 35 per cent will be hold by Societe Generale Securities Services.

The source further revealed that the new conglomerate intends to start operations by the first quarter of fiscal 2009.

The State Bank of India (SBI) has posted an 11.5 per cent jump in its net profit during the August-September quarter of 2008-09.

The bank’s consolidated profits stood at Rs 2,458 crore for the quarter ended September 30 as compared to Rs 2,204.56 crore in the same period previous year.

The bank’s total income rose by 26.41 per cent in the period under review to Rs 27,083.47 crore as compared to Rs 21,424.26 crore in Q2 2008.

The net profit of the country’s largest bank rose by 40.23 per cent to Rs 2,259.72 crore as against Rs 1,611.42 crore in the same period last year.