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Allahabad Bank to spread wings

        At the recently held board meeting, Allahabad Bank has decided to focus on extending its reach to more customers in the south. It has planned to open 20 branches in the next financial year to increase its presence. A C Mahajan, chairman and managing director, Allahabad Bank presided over the directors meet. Others who were present included S K Goel, executive director, K P Krishnan, G Padmanabhan, Surinder P S Pruthi, D K Kapila, B Bhattarcharya, V Gurumurthy, Ram Niwas Jain, S B Kunwar and Asutosh.

        In an expansion exercise, Univercell has opened its latest outlet at Aynavaram. The company established in 1997 has grown from strength to strength to have a total staff strength of 300. During the last fiscal, the company recorded an annual turnover of Rs 70 crore. The company has earmarked a turnover of Rs 150 crore this financial year. Univercell has chartered an ambitious growth plan and is looking at a pan Indian presence over the next three years. At a function held recently S Durai, father of Sathish Babu, the founder, inaugurated the showroom. The company has plans to spread their presence across all over Tamilnadu by next year and across the country by 2009.

        Indian Overseas Bank has with effect from 15 December, 2006 made upward revision of interest rates on term deposits ranging from 0.25 per cent to 1 per cent for various maturities. The revised rates are 7 days to 14 days for a minimum deposit of Rs 1 lakh is 3.50 per cent, the rate is 4 per cent for 15 to 29 days, 4.75 per cent for 30 to 45 days, 5.25 per cent for 46 to 90 days, 6 per cent for 91 days to 180 days, 6.75 per cent for 181 days to 270 days, 7 per cent for 271 days to less than 12 months, 7.50 per cent for 12 to less than 24 months, 7.60 per cent for 24 to less than 30 months, 7.70 per cent for 30 less than 36 months and 7.75 per cent for 36 months and above. Senior citizens will get 1 per cent higher for deposits upto Rs 15 lakh.

        JK Paper Limited was awarded 'Good corporate citizen award' by PHD Chamber of Commerce and Industry during their annual general meeting held recently. The award which includes a citation and trophy was presented by Union Minister for Commerce and Industry Kamal Nath to Harsh Pati Singhania, managing director, JK Paper Ltd. A high level jury comprising of distinguished persons from various fields adjudged JK Paper as the winner for the award. This award recognises JK Paper's contribution to society. Notably, JK Paper has always been a responsible corporate citizen.