Project Report on Internet, E-Banking, Online Banking in Corporation Bank
Case Study on Corporation Bank in Online Banking
Dissertation on Internet Banking and E-Banking in India
• Board approves revision of Tier-I / Tier-II Bonds
The board of directors of the Corporation Bank has approved the revision of issue of Tier-I / Tier-II Bonds. Further the balance amount of Rs 13,515 million out of the upper limit of Rs 48,515 million may be raised alternatively as upper or lower Tier-II or in combination thereof in one or more tranches.
• Bank to raise Rs 5 billion via upper tier II bonds
Corporation Bank would raise Rs 5 billion from bonds to increase its capital adequacy ratio. The fund would be raised from unsecured non-convertible subordinated upper tier II bonds to be issued on May 28. The bond will carry a coupon rate of 8.37% per annum for the first 10 years and step up coupon rate of 8.87% annually for last 5 years.
• Signs MoU with TVS Motor
\Corporation Bank has signed a memorandum of understanding (MoU) with TVS Motor Company for financing `TVS King` (passenger auto-rickshaw). Under the agreement, customers will have to pay 15% of the on-road price to avail themselves of the loan with low interest rate options. The rate of interest
for a three-year loan period would be 11% on a diminishing balance, and 11.25% for a five-year loan period. The processing fee will be 0.5% on the loan amount.
• Bank raises Rs 5 billion via bond issue
Corporation Bank has raised Rs 5 billion by issuing lower tier-II bonds [Series (III) (2)]. The same has been credited to the respective applicant to their client ID in demat mode, the bank disclosed. The bank on Mar. 30, 2009 had opened the issue of unsecured redeemable non-convertible subordinate lower Tier-II bonds for Rs 4 billion on private placement basis. The one day issue also had a green-shoe option of Rs 1 billion. With a face value of Rs 1 million for each bond, the bonds have a tenor of 10 years and 2 months and an annual interest rate of 8.85%.
• Slashes COBAR by 50 basis pts
Corporation Bank has slashed its Corporation Bank Benchmark Advance Rate (COBAR) by 50 basis points to 12 % from 12.5 % p.a. and it shall be effective from Apr. 1, 2009.
• Raising of Rs 4 billion via lower Tier-II bonds
Corporation Bank has decided to issue unsecured redeemable non convertible subordinate lower Tier-II bonds for Rs 4 billion on private placement basis. The issue which commences also has a green-shoe option
of Rs 1 billion. With a face value of Rs 1 million for each bond, these bonds would be issued for tenor of 10 years and 2 months at an annual interest rate of 8.85%. While rating agency CARE has assigned CARE AAA to the bond issue, CRISIL has assigned AAA/Negative to the same.
• Issue of Upper tier II bonds
Corporation Bank has raised the upper tier-II bonds [series (I) (2)] for Rs 7 billion and these bonds were allotted on Feb. 24, 2009 to the respective applicants in demat mode and credited to their respective client IDs.
The face value of the unsecured redeemable non-convertible 15-year upper tier II bonds would be Rs 1 million per bond. The coupon rate is 9.15% per annum for first 10 year and a step up coupon rate of 9.65% per annum for the last 5 years, if call option is not exercised by the bank at the end of tenth year and the bonds will be listed on NSE WDM segment.
• Opens the representative office in Hong Kong
Corporation Bank opened its local representative office in Hong Kong and this is the second international office of the bank, including the first local representative office in Dubai opened in last calendar year.
• Signs MOU with Tata Motors
Corporation Bank has signed an agreement with Tata Motors for financing the purchases made from the Tata Motors and the bank has decreased their car loan rates and now offers loan up to 85% on road price, for tenure ranging up to seven years at 11.75% interest per annum. The car loan facility will be available at all bra nches of the bank across the country and subject to adherence of bank`s norms, the loans will be sanctioned within seven days.
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