Public sector lender Indian Overseas Bank (IOB) on Tuesday announced 0.50% hike in benchmark lending rate to 14% with effect from August 16, following tight monetary measures taken by the Reserve Bank to tame inflation, which has crossed 12%.

However, the existing housing loans and education loans, which are linked to BPLR, are exempted from the present revision. Further, fresh housing loans up to Rs 30 lakhs and fresh education loans are also exempted from the present revision.

Zurich  - Shares in Swiss banking giant UBS AG fell Tuesday after the embattled financial house announced plans for a shakeout in its top management in the wake of another quarterly loss.

Zurich-based UBS, which has emerged as one of the prominent victims of the US mortgage meltdown, said it chalked up a loss of 358 million Swiss francs (330 million dollars) in the three months to the end of June.

The second-quarter loss was the group's fourth consecutive quarterly loss and compared to a 11.5-billion-franc loss in the first quarter this year. UBS reported a
5.5-billion-franc profit in the second quarter last year.

Stock market analysts have maintained ‘buy’ rating on Yes Bank stock with an intraday target of Rs 145.

According to them, interested traders can purchase the stock above Rs 143 with a strict stop loss of Rs 140. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 150.
 
Shares of the company, on Monday (Aug 11), closed at Rs 142.50 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 3350978. The share price has seen a 52-week high of Rs 277.80 and a low of Rs 102 on BSE.

Bogota  - As employees of a bank in Colombia ended their Friday shift and headed out for a welcome weekend break, they forgot to lock the main door.

On Sunday, a homeless person inadvertently nudged the door open as he leaned against it in an effort to make himself more comfortable, witnesses told police.

This immediately set off the alarm at Banco Agrario, located in a busy area full of restaurants and bars, in the city of Cartagena de Indias.

Public-sector lender United Bank of India (UBI) has entered into a tie-up with SBI Funds Management to offer mutual funds investment products to its customers, especially in the eastern and north-eastern regions.

According to UBI, the latest move will benefit its customers as they will have more opportunities to diversify their portfolio in accordance with their financial needs. Further it would also give a boost to the non-interest income of the bank.

State-run Corporation Bank has informed that the members at the annual general meeting held at Mangalore have approved the final accounts and have also approved 60% final dividend (Rs 6 per share) dividend on the shares of the face value of Rs 10 each.

In the latest announcement, the bank has raised its benchmark prime lending rate by 50 basis points to 14 percent with effect from August 11.

The scrip of the PSU bank closed on Friday at Rs 276 on BSE. It touched an intraday high and low of Rs 277 and Rs 272 respectively.