Kotak Bank sets aside Rs 86 crore for MTM losses

Kotak Mahindra Bank, on Friday, said it has made a provision of Rs 86 crore to cover the Mark-to-Market (MTM) losses of its clients on account of forex derivative transactions. “We carry a provision of Rs 86 crore toward stressed assets. In this regard, the bank has no exposure to SME clients,” said Kotak Mahindra Bank Vice Chairman & Managing Director Uday Kotak.

The bank has around 45 clients having taken exposure to forex derivatives, who have incurred MTM losses of Rs 612 crore on account of forex transactions as on May 8, 2008. Meanwhile, the bank reported 85.77 per cent rise in net profit at Rs 69.20 crore for the fourth quarter ended March 31. The total income rose 54 per cent to Rs 803.02 crore from Rs 521.06 crore in the year-ago quarter. 

Pay LIC premium through mobiles

LIC and Corporation Bank, on Friday, jointly launched Payment of LIC Premium through mobile phones for the debit card holders of Corporation Bank. The bank has evolved this payment facility in tie-up with existing mobile payment service provider PayMate. To avail this facility, Corporation Bank customers need to register their mobile number through the Bank’s ATMs. The customer can get premium payment certificate from LIC Branch or an e-receipt  from LIC’s Customer Portal.

Tata Indicom’s new walky talky

Tata Indicom, on Friday, launched a new walky talky. The cordless phone comes with various features including caller line identification, speaker phone, caller ID, large phone book et al. Priced at Rs 1,299, it comes with activation kits that will be available in pre-paid and post-paid at Rs 200 and Rs 100 respectively.