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IOB signs MoU with SMERA

        Indian Overseas Bank has signed an agreement with SME Rating Agency of India (SMERA). The pact was signed by IOB general manager T Venkat Reddy and SMERA chief executive officer Rajesh Dubey.

        The MoU extends to the services regarding comprehensive rating services being provided by SMERA, a specialised rating agency for rating of small and medium enterprises. It would work towards creating awareness for the rating among the present and prospective clients of the bank. Besides, it would also strive to popularise each other's products through workshops/ seminars. Moreover, it provides both the institutions for exchange of informations for the benefit of SSIs and SMEs.

        UTI Mutual Fund has declared a dividend resulting in a gross payout of 21 per cent (Rs 2.10 per unit on a face value of Rs 10). This payout includes the applicable income distribution tax. Pursuant to the payment of dividend, the NAV of the dividend optin of the scheme would fall to the extent of payout and statutory levy if any. All unitholders registered under the dividend option of UTI Balanced Fund on the record date 22 March, 2007 will be eligible to receive this dividend. UTI Balanced Fund was launched in 1995 as an open-ended balanced scheme. The scheme aims to invest in a portfolio of equity related securities and fixed income securities with a view to generate regular income together with capital appreciation.

        The Union government has approved a new productivity linked reward scheme for the employees of major Port Trusts and Dock Labour Boards replacing the earlier productive linked reward scheme. This comes in the wake of Union Shipping Minister T R Baalu's initiatives. The PLR shall be paid annually on the basis of the productivity and performance of the major Ports on three parameters viz average turn around time of ships, average ship berth day output and unit cost of handling. The new scheme will be applicable from 2002-03 onwards and will remain operative upto 2009-10. The scheme also envisages the payment of the difference between the PLR payable and the adhoc PLR paid for the years 2002 to 2006. The Minister has approved the release of PLR arrears benefiting 66000 Port and Dock employees and workers,. The expenditure to be incurred for this payment of arrears is likely to be to the tune of Rs 31 crore.

        Toyota Kirloskar Motor announced setting up of Toyota Technical Training Institute for training of students and improving their employability. The purpose of this technical training institute is to offer an opportunity to acquire special skills of 'Monozukuri' (skilled manufacturing) for those students who have the talent but cannot go for higher education due to economic reasons. Announcing the setting up of the new institute, Atsushi Toyoshima, managing director, Toyota Kirloskar Motor said, 'this institute will not only provide a high standard of education and training in automotive technology but will also provide students employment opportunities.'

        Vijaya Bank has revised the interest rates on domestic term deposits with effect from 23 March, 2007. The rate for term deposit of 180 days to less than one year has been increased from 7.50 per cent to 8.50 per cent while one year and less than two years has been increased to 9.50 per cent from 8.60 per cent. The revised rates is applicable for fresh deposits as well as for renewal of matured deposits.