FDI inflows rise sharply in first quarter:The net direct investment into India increased significantly by $7.2 billion during the April to June 2011 period, against $2.9 billion in the corresponding quarter last year, according to the Reserve Bank of India’s balance of payments data, released on Friday. Direct investment into India during the first quarter was to the tune of $12.9 billion ($6.1 billion in the corresponding quarter last year). This included investment in equities, which increased to $9.4 billion from $3.7 billion last year. Direct investment by India increased by $5.7 billion in the reporting period, against $3.2 billion in the year-ago period. However, portfolio investment in India was lower at $2.5 billion against $3.5 billion. (BL dt. 01.10.2011 p. 6)
Catholic Syrian Bank gets shareholder nod to hike share capital:The 90th annual general meeting of the Catholic Syrian Bank has unanimously passed special resolutions seeking shareholders’ approvals for increasing the bank’s share capital by way of issue of equity shares on preferential basis and/or through private placement mode. The AGM also passed a resolution for increasing the FII limit up to 49 per cent of the bank’s paid-up capital and also for establishing subsidiary or associate companies, firms, trusts, etc. (BL dt. 01.10.2011 p. 6)
Pilot study on mobile-enabled Kisan Credit Card launched:Pallavan Grama Bank, Region Rural bank sponsored by Indian Bank, has launched a pilot project on mobile-enabled Kissan Credit Card aimed at the farming community. This pilot project is funded by Nabard (National Bank for Agriculture and Rural Development). This project with a Rs 44.66 lakh grant assistance from Nabard taken up in Villupuram district, Tamil Nadu, aims at facilitating a paperless, doorstep banking transactions by farmers, who can use their mobile phones for various services such as purchase of farm inputs, cash withdrawal and deposit, said Mr T M Bhasin, Chairman and Managing Director of Indian Bank. (BL dt. 03.10.2011 p. 4)
SBM unveils new initiatives to make customers 'happy':Aggrieved customers of State Bank of Mysore now need to just send an "unhappy" SMS to an exclusive number. Within seconds, an auto-generated message acknowledges the message receipt with a complaint number, the sender's mobile number, date and time of receipt of complaint etc. "The 'SMS unhappy' project is one of our measures to ensure a customer-friendly grievance redressal mechanism. It envisage a simple, paperless means to facilitate our customers to represent their complaints for an early and economical resolution," Mr Dilip Mavinkurve, Managing Director, State Bank of Mysore told news-persons while launching the green banking initiatives of the bank. The 'unhappy' message should be sent to 9900020002. (BL dt. 03.10.2011 p. 3)
State-run banks may be allowed to revamp wages:State-run banks, which lag behind private sector and foreign rivals when it comes to staff compensation and HR policies, may soon get the freedom to raise their standards with the government set to speed up the revamp of personnel management at lenders controlled by it. The government has accepted most of the recommendations made by a panel headed by former Bank of Baroda chief Mr A.K. Khandelwal on HR policies at public-sector banks (PSBs) last year, according to two persons familiar with the development. They asked not to be named as the information is yet to be made public. “Once implemented, this will pave way to significant changes in the way employees are treated,” said one of the persons. State-run banks will be allowed to decide their own wage structure based on individual efficiency and the lender’s overall performance, besides officers getting variable pay and performance-based perks. (Mint dt 04.10.2011 p.9)
Union Bank arm to allow mutual fund deals on ATMs:Union KBC Asset Management Company Pvt Ltd (Union KBC), a subsidiary of Union Bank of India, is to introduce mutual fund-related transactions through ATMs. Initially, the facility christened as ATMfunds@Union Bank will be available to all the customers of Union Bank, who have a debit card. The facility will be launched nationwide this month, Mr G. Pradeepkumar, CEO of Union KBC, said here on Monday. It will also be launching on-line facilities for mutual fund-related transactions shortly. Union Bank KBC has also introduced UB KBC Prabodh, a series of investor awareness programs for mutual fund investors. (BL dt 04.10.2011 p.9)
Mr. Kumar is CMD of Corporation Bank:Mr. Ajai Kumar has been appointed the new Chairman & managing Director of Corporation Bank,a Mangalore-based public sector unit. Mr Kumar, formerly an executive director of UCO bank took charge on October 1st. (FE dt 04.10.2011 p.18)
IRDA slaps Rs 5 lakh fine on HDFC Standard Life:The Insurance Regulatory and Development Authority (IRDA) has imposed a penalty of Rs 5 lakh on HDFC Standard Life Insurance Company for violating norms on claim settlements. The fine was imposed based on an enquiry conducted by the regulator with regard to a complaint filed by a policy holder on nonreceipt of death claims in 2009. “It is noticed that the claim was repudiated after a gap of around 12 months from the date of receipt of claim intimation. (BL 07.10.2011 p.8)
BoI opens branch in NewZealand: Public Sector lender Bank of India on Thursday said it had opened a branch in New Zealand. The bank will offer its full range of retail banking products, including savings and current accounts, cards, term and call deposits, mortgages and international funds transfers to its New Zealand customers, the bank said. (BS dt 07.10.2011 p.4)
Another round of test to be held for bank Officer's posts:It is good news for about two lakh job aspirants who missed the first Common Written Examination for recruitment of Probationary Officers and Management Trainees in 19 Public Sector banks held in September. The Institute of Banking Personnel Selection will conduct a supplementary examination on November 13. Those who could not take the earlier examination can do so now. Despite clear instructions, some candidates came to the venues on September 18 with call letters but without photographs affixed, original fee receipts and identity proof. They were not allowed to write the exam, said Mr. M Balachandran, Institute Director. (BL dt 05.10.2011 p.6)
Allow housing finance cos to levy prepayment charges: Deepak Parekh:HDFC Chairman, Mr Deepak Parekh, disagrees with the present regulatory thinking on allowing complete waivers of prepayment charges. The Reserve Bank of India (RBI), which is the banking regulator, had recently floated a proposal that seeks to place a ban on levy of prepayment charges on floating rate loans. Banks have sought time to respond to this RBI proposal prohibiting recovery of prepayment charges on floating rate loans. The National Housing Bank (NHB), which is the housing finance regulator, has already stipulated that no prepayment penalty should be levied on a home-loan borrower when the prepayments are made from a customer’s own resources. Serious problems may arise if there is complete waiver of all prepayment charges, Mr Parekh said at a CAFRAL-NHB roundtable on housing finance on Friday. (BL dt 08.10.2011 p.6)
You can be jailed for default in fund transfer via ECS:If you pay your loans through the electronic clearing service, you better ensure there is sufficient fund in your account. Else, you can land up in jail, according to a latest circular from the Reserve Bank of India.Increasingly, people are opting to repay loans or other financial commitments electronically by giving a mandate to banks for monthly deduction from their accounts on a specified date instead of giving post-dated cheques. But many of these commitments are apparently not being honoured as there is no clarity on the punishment. However, in a circular sent to banks a couple of weeks ago, the apex bank communicated that the same set of rules against dishonour of cheques, according to Section 138 of the Negotiable Instruments Act, 1881, would apply for dishonour of electronic fund transfer instruction. “Section 25 of the Payment and Settlement Systems Act, 2007 accords the same rights and remedies to the payee (beneficiary) against the dishonour of electronic funds transfer instruction as are available to the payee under the Negotiable Instruments Act,'' the RBI said. (BL dt. 09.10.11 p 1)
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