Tata Indicom’s ‘Fastest Kaun’ contest

Tata Teleservices, on Monday, announced ‘Fastest Kaun’ experience campaign. Under this campaign, the company has extended invitation to wireless internet device users to walk in to the Tata Indicom branded stores and compare their wireless internet device with Tata Indicom ‘Plug 2 Surf Whiz’ to experience the difference. Now the product will be available at Rs 2,850 with 2850 minutes of usage absolutely free.

Speaking on the occasion, Sanjay Vohra, Regional Head - South and Chief Operating Officer - Karnataka Circle, Tata Teleservices Ltd said, “We are confident that our products offer better experience when compared to other similar products in the same category and through this experience campaign we are inviting all wireless Internet device users to experience the difference.”

Centurion Bank, India Post ink forex pact

Centurion Bank of Punjab and India Post, on Monday, signed an agreement to provide foreign exchange services in India. This is for the first time that Post Office is entering the foreign exchange services market through this partnership. 

Centurion Bank of Punjab Ltd is a new generation private sector bank with over 400 branches across India and has been offering travel related foreign exchange services through its dedicated Foreign Exchange Services (FES) division with a focus to bring awareness on Forex services. Centurion Bank and India Post has decided to launch a pilot project to offer forex services from the India Post’s divisions. India Post has a Full Fledged Money Changing (FFMC) licence, which authorises the post offices to undertake money-changing business. These services will be available in 31 head post offices of 11 states. This pilot project will be reviewed after a period of six months. The scope of collaboration will be extended to encompass the rural areas post the renewal of the agreement. 

Kamath wins Asian Banker Award

ICICI Bank Managing Director & CEO K V Kamath has been chosen as the winner of ‘The Asian Banker Leadership Achievement Award 2007’ for the Asia Pacific and Gulf Region.

The award, instituted by ‘The Asian Banker’, a publication and research services company in the financial services sector, recognises Kamath as the top banker in the region, a release here stated.

The honour is the highest award available for achievement in the banking industry in the Asia Pacific and Gulf Region, it added. The award ceremony, held in Hanoi, Vietnam, coincided with ‘The Asian Banker Summit’, an annual rendezvous of financial services professionals.

Wilbur Ross will pay $1.1 b for H&R block 

Wilbur Ross’s WL Ross & Co LLC plans to pay about $1.1 billion to buy the mortgage servicing unit of H&R Block Inc, the biggest US tax preparer, reports Bloomberg from New York.

The purchase of H&R Block’s unit will create the second- largest US subprime servicing portfolio after Countrywide Financial Corp, New York-based WL Ross said in a statement on Monday. H&R Block’s unit does billing and collections for about $53 billion of subprime mortgages, Ross said.

The sale will cut H&R Block’s debt by approximately $700 million, and provide about $270 million in cash, the Kansas City, Missouri-based company said in a separate statement.

National Investment Fund in QIBs definition

The Securities and Exchange Board of India (Sebi), on Monday, announced that National Investment Fund (NIF), a fund set up by the Centre, has been included in the definition of QIB, in the Sebi (DIP) Guidelines.

Accordingly, Sebi has issued necessary instructions to all registered Merchant Bankers in this regard. NIF is a fund consisting of the proceeds from disinvestment of Central Public Sector Undertakings, which would invest in equity in accordance with broad investment guidelines provided by the Government of India.