2% interest subvention on rupee export credit extended:
The Government, on Tuesday, announced the extension of 2 per cent interest subvention on rupee export credit for a year with effect from April 1, 2011. In a notification the Reserve Bank of India said banks should reduce the interest rate chargeable to exporters eligible for subvention subject to a minimum of 7 per cent. Banks may pass on the benefit of 2 per cent interest subvention completely to the eligible exporters, Reserve Bank of India said. The four sectors which have been given the subvention are handicrafts, handlooms, carpet and small and medium enterprises.
(BL dt. 12.10.2011 p. 6)
Value of credit card transactions rises 29% in August:
Transactions carried out using credit cards in August were worth Rs 8,078.98 crore, 29.1 per cent more than that in the same month last year. Credit card transactions in August, 2010, amounted to Rs 6,259.42 crore. The number of credit cards in circulation has, however, declined by over 6.7 per cent to 1.75 crore as of August 31, 2011, from 1.88 crore at the end of the same period last year. According to the Reserve Bank of India data, transactions using credit card during the April-August period of this fiscal stood at Rs 37,678.25 crore, against Rs 29,024.75 crore in the same period of 2010-11.
(BL dt 11.10.2011 p.6)
Now, get a car loan online:
If you have a clean financial record, it is now possible to get a car loan instantly with a click of the mouse. State Bank of Bikaner and Jaipur has on Wednesday rolled out instant online car loan in which one can obtain a sanction letter if he/she is eligible for the loan. All one has to do is apply for the loan on bank’s Website - http://www.sbbjbank.com/ - and fill a one-page form. After checking the eligibility of the applicant, a sanction letter will be issued within seconds. “Such a service of instant sanction is not available with any Bank in India, in public or private sector,’’ Mr Shiv Kumar, Managing Director, State Bank of Bikaner and Jaipur, said in a release. (BL dt. 13.10.2011 p. 6)
Bajaj Finance ropes in Standard Chartered Bank for credit cards:
Bajaj Finance Limited, a non-banking financial company (NBFC), is set enter the credit card business by launching a co-branded credit card with Standard Chartered Bank. To start with, the NBFC would focus only on captive clients. It aims to issue 150,000-200,000 cards within 12 months of starting operations. Initially, the company would offer only premium segments cards, Platinum and World, powered by Mastercard, and the risk would be managed by the bank. The company is expected to announce its foray in the credit card business in a week. (BS dt. 13.10.2011 p. 7)
N Shakar is new ECGC chief:
The Government has appointed Mr N Shankar as the Chairman and Managing Director of the Export Credit Guarantee Corporation of India. The appointment is for three years Mr Shankar is currently an Executive Director at the Export-Import Bank of India. (BL dt 13.10.2011 p.6)
Govt Plans Holding Co for public sector banks:
The government is planning to change the way it controls state run banks, so that these institutions can raise lots of additional capital without the government losing control of the banks. The finance ministry thinks that one common holding company to unite 21 state run banks could eliminate the ad-hoc last minute infusion of resources that has been the practice so far. To retain control over banks, it is thinking of innovations like golden shares or shares with differential voting rights. A holding company structure allow for innovation in capital infusion, the reason why nearly 85% of banks in the US have such a structure. The holding structure will allow the parent company to raise debt from abroad and from domestic markets, the government’s share is bound to go down. (ET dt 14.10.2011 p.11)
Allahabad Bank ties up with Aditya Birla Money for online services:
Allahabad Bank has tied up with Aditya Birla Money to provide its customers the convenience of investing in financial products online. Aditya Birla Money is the broking, wealth management and retail distribution arm of Aditya Birla Financial Services Group. With online trading gaining momentum, the tie-up will enable Aditya Birla to tap the 27 million customer base of Allahabad Bank and provide them with online trading facilities, said a press statement issued by the bank. The bank’s accountholders will be able to benefit from the company’s single window interface to invest in equities, derivatives, commodities and IPOs. (BL dt. 18.10.2011 p. 6)
Focus on core business, centre tells banks:
The government has asked public sector banks to concentrate on “core banking activities” and delay their plans of floating insurance or other businesses, which are capital-intensive, at least till the end of the current financial year. The move comes at a time when the government is facing a cash crunch, and has increased its market borrowing plan by Rs 53,000 crore in the second half of the current financial year. The move would impact banks like Syndicate Bank, Indian Bank, Central Bank of India and Indian Overseas Bank (IOB), which had expressed interest to float either insurance or asset management businesses, since these would now have to put their plans on hold. "In view of the current market conditions, banks are asked to conserve their capital and use the resources efficiently. Hence, banks are advised to stay away from any new business initiatives which would require substantial capital," said a source, on the condition of anonymity. (BS dt. 19.10.2011 p. 6)
The Government, on Tuesday, announced the extension of 2 per cent interest subvention on rupee export credit for a year with effect from April 1, 2011. In a notification the Reserve Bank of India said banks should reduce the interest rate chargeable to exporters eligible for subvention subject to a minimum of 7 per cent. Banks may pass on the benefit of 2 per cent interest subvention completely to the eligible exporters, Reserve Bank of India said. The four sectors which have been given the subvention are handicrafts, handlooms, carpet and small and medium enterprises.
(BL dt. 12.10.2011 p. 6)
Value of credit card transactions rises 29% in August:
Transactions carried out using credit cards in August were worth Rs 8,078.98 crore, 29.1 per cent more than that in the same month last year. Credit card transactions in August, 2010, amounted to Rs 6,259.42 crore. The number of credit cards in circulation has, however, declined by over 6.7 per cent to 1.75 crore as of August 31, 2011, from 1.88 crore at the end of the same period last year. According to the Reserve Bank of India data, transactions using credit card during the April-August period of this fiscal stood at Rs 37,678.25 crore, against Rs 29,024.75 crore in the same period of 2010-11.
(BL dt 11.10.2011 p.6)
Now, get a car loan online:
If you have a clean financial record, it is now possible to get a car loan instantly with a click of the mouse. State Bank of Bikaner and Jaipur has on Wednesday rolled out instant online car loan in which one can obtain a sanction letter if he/she is eligible for the loan. All one has to do is apply for the loan on bank’s Website - http://www.sbbjbank.com/ - and fill a one-page form. After checking the eligibility of the applicant, a sanction letter will be issued within seconds. “Such a service of instant sanction is not available with any Bank in India, in public or private sector,’’ Mr Shiv Kumar, Managing Director, State Bank of Bikaner and Jaipur, said in a release. (BL dt. 13.10.2011 p. 6)
Bajaj Finance ropes in Standard Chartered Bank for credit cards:
Bajaj Finance Limited, a non-banking financial company (NBFC), is set enter the credit card business by launching a co-branded credit card with Standard Chartered Bank. To start with, the NBFC would focus only on captive clients. It aims to issue 150,000-200,000 cards within 12 months of starting operations. Initially, the company would offer only premium segments cards, Platinum and World, powered by Mastercard, and the risk would be managed by the bank. The company is expected to announce its foray in the credit card business in a week. (BS dt. 13.10.2011 p. 7)
N Shakar is new ECGC chief:
The Government has appointed Mr N Shankar as the Chairman and Managing Director of the Export Credit Guarantee Corporation of India. The appointment is for three years Mr Shankar is currently an Executive Director at the Export-Import Bank of India. (BL dt 13.10.2011 p.6)
Govt Plans Holding Co for public sector banks:
The government is planning to change the way it controls state run banks, so that these institutions can raise lots of additional capital without the government losing control of the banks. The finance ministry thinks that one common holding company to unite 21 state run banks could eliminate the ad-hoc last minute infusion of resources that has been the practice so far. To retain control over banks, it is thinking of innovations like golden shares or shares with differential voting rights. A holding company structure allow for innovation in capital infusion, the reason why nearly 85% of banks in the US have such a structure. The holding structure will allow the parent company to raise debt from abroad and from domestic markets, the government’s share is bound to go down. (ET dt 14.10.2011 p.11)
Allahabad Bank ties up with Aditya Birla Money for online services:
Allahabad Bank has tied up with Aditya Birla Money to provide its customers the convenience of investing in financial products online. Aditya Birla Money is the broking, wealth management and retail distribution arm of Aditya Birla Financial Services Group. With online trading gaining momentum, the tie-up will enable Aditya Birla to tap the 27 million customer base of Allahabad Bank and provide them with online trading facilities, said a press statement issued by the bank. The bank’s accountholders will be able to benefit from the company’s single window interface to invest in equities, derivatives, commodities and IPOs. (BL dt. 18.10.2011 p. 6)
Focus on core business, centre tells banks:
The government has asked public sector banks to concentrate on “core banking activities” and delay their plans of floating insurance or other businesses, which are capital-intensive, at least till the end of the current financial year. The move comes at a time when the government is facing a cash crunch, and has increased its market borrowing plan by Rs 53,000 crore in the second half of the current financial year. The move would impact banks like Syndicate Bank, Indian Bank, Central Bank of India and Indian Overseas Bank (IOB), which had expressed interest to float either insurance or asset management businesses, since these would now have to put their plans on hold. "In view of the current market conditions, banks are asked to conserve their capital and use the resources efficiently. Hence, banks are advised to stay away from any new business initiatives which would require substantial capital," said a source, on the condition of anonymity. (BS dt. 19.10.2011 p. 6)
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