RBI rejects allotment of shares to IFC

RBI (Reserve bank of India) has rejected the proposed preferential allotment of shares to IFC by Karnataka Bank. In a communique to the BSE, the bank said that Reserve Bank of India (RBI) vide its letter dated April 16, 2008 has communicated to the Bank, its inability to accede to the Bank's proposal for allotment of 63,73,000 equity shares of Rs 10 each at a price of Rs 225 per share including the premium of Rs 215 per share on preferential basis to International Finance Corporation (IFC), Washington.

Barclays in tie-up with Metlife

Barclays, the global giant in financial services, and Metlife India Insurance Company on Wednesday announced their bancassurance tie-up in the country that will enable the insurance company to sell its products through the banking channel of the Barclays.

Speaking about the partnership, Metlife Managing Director Rajesh Relan said," Considering a combined experience of both groups in financial services, we are confident on making a difference in the hugely promising market."

He said through other partnerships with Jammu and Kashmir Bank, UTI Bank, Karnataka Bank and Dhanalakshmi Bank, Metlife's products are currently available at over 500 bank branches in the country.

Barclays, which has been in India for nearly 30 years, more recently through Barclays Capital, has retail and commercial banking set up in Mumbai, Kanchipuram and Neelamangala near Bangalore.