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SBI cash deposit machine

 

Krishna Mohan Trivedi, General Manager, SBI, Bangalore, who inaugurated the facility, said that customers are now no longer required to wait in the long queue at branches for depositing cash.

RBI to issue inflation-indexed bonds to wean investors off gold

To wean investors away from buying gold, Reserve Bank of India has decided to introduce inflation-indexed bonds (IIBs) in a new avatar.

Gold imports have been a cause of concern for both the Reserve Bank of India as well as the Finance Ministry. Last week, in a bid to restrict gold imports, the Government hiked the import duty on gold to six per cent from four per cent.

“The central bank had introduced IIBs some years ago but it did not take off due to some design flaws,” RBI Governor D. Subbarao said while addressing media persons during the monetary policy conference.

“We have tried to re-design it,” he added.

The most important change is that both principal as well as the coupon rate on the bond will be indexed to inflation.

However, according to bankers, some issues need to be sorted out before the government can go to the market with the IIB.

“Questions like which inflation index to be followed — wholesale price index-based inflation (WPI) or consumer price index-based inflation (CPI) — will have to be addressed,” the governor quoted bankers, who brought up the issue during the policy meeting. While WPI-based inflation was 7.18 per cent in December, CPI-based inflation was 10.56 per cent in the same month. Then there were questions about timing of introduction of IIB. “Can it be introduced when inflation rate is high?” bankers asked.

The RBI has cut its key repo rate by 25 bps today to 7.75 per cent.

The RBI has cut its key repo rate by 25 bps today to 7.75 per cent.

This comes nine months after its last cut in April 2012, a period during which it staved off continuous pressure to cut rates.

In a surprise move, the RBI has also reduced the cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.25 per cent to 4.0 per cent of their net demand and time liabilities effective the fortnight beginning February 9, 2013. As a result of this reduction in the CRR, around Rs 18,000 crore of liquidity will be injected into the banking system.

The repo rate cut was in line with market expectations. The case for a cut was strengthened by a slight easing in inflation numbers (still high) during the past few months as well as the measures taken by the Government on the fiscal side.

The RBI had indicated even in its October half yearly policy review that it would look at cutting rates provided inflation came down. It had also said during its mid-quarter review in December that the focus of the monetary policy would now shift to growth.

The RBI said that its policy stance in this review was shaped by two major considerations.

India Ratings expects 25 bps cut

India Ratings expects a 25 bps cut in the repo rate by the RBI at its quarterly credit policy review tomorrow, Dr Devendra Pant, Chief Economist and Senior Director at the rating agency said today.

"The impact of fiscal measures by the Government taken in the last three months will take some more time to take effect. In this backdrop, I expect a 25 bps cut. This will not lead to any increase in

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State Bank of India’s second branch in China

State Bank of India’s second branch in China is set to open at the port city of Tianjin, close to Beijing.

The new branch, with capital of about 300 million yuan (about $50 million), would open towards the end of February, Dinesh Sharma, Chief Executive Officer of SBI, Shanghai branch, told the media here today.

SBI, which opened its first branch in Shanghai in 2006, has a representative office in Tianjin, a well developed port city located about 140 km from Beijing, from where the bulk of trade from China to the rest of the world is handled.

SBI ties up with Shriram Automall

tate Bank of India (SBI) has entered into a pan-India tie-up with Shriram Automall India Ltd, a subsidiary of Shriram Transport Finance Company, for assisting in post-seizure, warehousing and sale of seized tractors through organised public sale.

SBI, in a statement said, the tie-up would help the company in better price recovery of impaired assets in the form of tractor loans, as Shriram Automall will offer end-to-end solution through more than 65 auto malls.

Indian Bank offers CA topper manager’s post

In one of the rare direct appointment offers made by public sector banks, all-India chartered accountancy exam topper Prema Jayakumar has been offered a manager’s position in Indian Bank.

RARE CASE

Prema’s achievement is creditable as she comes from a family with modest means. Her father, who migrated from Tamil Nadu to Mumbai about two decades ago, is an autorickshaw driver earning a monthly income of about Rs 15,000 to support a family of four.

Vipon Malhotra, General Manager (Mumbai Zone), Indian Bank, handed over the appointment letter to Prema on Thursday.

The Chennai-headquartered Indian Bank has offered her posting at a place of her choice after training.

At a time when companies, Indian and multinational, are willing to pay top dollar to get the young woman to join their ranks, it remains to be seen if Prema will want to make a career with a public sector bank. A manager’s position fetches a salary of around Rs 28,000 a month.

Banking terms

Know Some Banking Terms:
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Cheque Book - A small, bound booklet of cheques. A cheque is a piece of paper produced by your bank with your account number, sort-code and cheque number printed on it. The account number distinguishes your account from other accounts; the sort-code is your bank's special code which distinguishes it from any other bank.
----------------------------------------
Cheque Clearing - This is the process of getting the money from the cheque-writer's account into the cheque receiver's account.

SIDBI ties up with banks, rating agencies for loan syndication

Small Industries Development Bank of India (SIDBI) has launched loan syndication services to facilitate adequate and timely credit to the micro, small and medium enterprises (MSME) sector.

SIDBI, the principal financial institution for the financing and development of the MSMEs, has partnered banks, rating agencies and accredited consultants.

A Memorandum of Understanding was signed with six public sectors lenders — Bank of India, IDBI, Central Bank of India, Indian Overseas Bank, State Bank of Bikaner and Jaipur and Dena Bank — and six credit rating agencies — SMERA, CARE, ICRA, CRISIL, FITCH and BrickWork Ratings.

Banks to remain closed for 3 days this week

You better plan your bank-related works this week.

Banks and other financial institutions will remain closed for three successive days on January 25, 26 and 27 on account of Milad-Ud-Nabi, Republic Day and Sunday.

SBI to hire 1,500 probationary officers

In what can be good news to millions of graduates, banking behemoth State Bank of India has lowered the minimum qualification required to apply for the post of probationary officers.

In a notification for recruiting 1,500 probationary officers issued on Wednesday, SBI prescribed graduation in any discipline as the minimum qualification without mentioning any percentage of marks.

“Till last year, candidates were required to have a minimum of 55 per cent to be eligible to apply for probationary officers. This notification does not mention this,” C. S. Vepa, Director, National School of Banking, a training institute for bank exams, said.

Mundra is new CMD of Bank of Baroda

The Centre has appointed S. S. Mundra as Chairman and Managing Director of Bank of Baroda.

The appointment came nearly two months after M. D. Mallya, erstwhile Chairman and Managing Director had superannuated.

Prior to this, Mundra was Executive Director at Union Bank of India. His tenure as Chairman and Managing Director of BOB is till July 31, 2014.

UNION BANK ED

Twenty five RRBs merged in first nine months

As part of consolidation in the Regional Rural Banks (RRBs) segment, 25 such entities have been merged into 10 during the first nine months of the current fiscal.

“Restructuring of RRBs by amalgamating geographically contiguous RRBs sponsored by different banks within a state is in progress,” an official said.

Up to January 7, 25 RRBs have been amalgamated into 10 RRBs in seven states. As a result, the number of RRBs has reduced from 82 as on April 2012 to 67 in the first week of January, the official said.

The consolidation is aimed at improving efficiencies and helping RRBs achieve scale. The amalgamation will also help in optimising the use of modern technology.

SBI clocks 17% credit growth in Q3

The country’s largest lender, State Bank of India ( SBI), has posted about 17 per cent year-on-year (y-o-y) growth in credit till December 2012, with substantial business coming from the retail segment.

While the retail category — home and automobile — loans have shown good growth, corporate credit is also showing sign of revival, Chairman Pratip Chaudhuri said.

The bank has shown 17.8 per cent y-o-y growth in credit till September 2012. The total loan book was Rs 9,56,000 crore at the end of September. The retail segment showed 13.6 per cent growth, with loan dues of Rs 1,91,760 crore at the end of September.

The bank has cleared fresh term loans to some companies in the steel and oil sectors, Chaudhuri said. SBI’s large corporate loans grew y-o-y by 27 per cent to Rs 1,45,770 crore till the end of September.

SBI plans 'by-invitation-only' branches in 20 cities

(SBI), the country’s largest lender, and its associates plan to set up ‘by-invitation-only’ branches under the ‘Kohinoor’ brand in 20 cities to serve uber-rich clients and non-resident Indians ( NRIs).

These branches will remain open 24X7 and have facilities like lounges, conference rooms, personal business centres and cafeterias. The branches will offer all the banking products and services of SBI and its subsidiaries.

In 2010, SBI had opened the first by-invitation-only branch — Kohinoor Banjara — in Hyderabad. Its subsidiary, State Bank of Bikaner and Jaipur has recently opened a similar branch — Kohinoor Royale — in Jaipur. Shiva Kumar, managing director of State Bank of Bikaner and Jaipur, said his bank was looking to open more such branches, but declined to comment

Provide banking facilities in each town: RBI

RBI Governor D Subbarao on Wednesday asked banks to meet the target of providing banking facilities to small towns soon. 

"It is unfortunate that 90 per cent towns of the country did not have banking facilities. The target of RBI is to ensure that every family have a bank account," Subbarao said while addressing a programme here. 

He said that there are six lakh towns in the country, of them one lakh are in Uttar Pradesh. 

Relax capital adequacy norms, FinMin tells RBI

The Finance Ministry has requested the Reserve Bank to relax capital adequacy norms for banks in line with the recommendations made earlier this month by the Basel Committee on Banking Supervision.

“RBI is fully seized of the matter and we have also requested them to look into the issue. We are in conversation with them,” said an official source.

The RBI deferred the implementation of Basel III, the global capital norms for banks, by three months to April 1.

Banks in Dakshina Kannada achieve 19% biz growth in Q2

Banks in Dakshina Kannada district have achieved 19.12 per cent growth in total business during the second quarter of the current fiscal.

J.S. Shenoy, Deputy General Manager of Syndicate Bank (lead bank of the district), informed this at the district-level meeting held here on Thursday to review the performance of banks in Dakshina Kannada district.

He said that the banks registered a business of Rs 34,219.63 crore in the second quarter of 2012-13 against Rs 28,727.19 crore in the corresponding period of the previous fiscal. Deposits stood at Rs 22,992.67 crore (Rs 18,782.29 crore) and advances at Rs 11,226.96 crore (Rs 9,944.90 crore).

50 bps rate cut likely in RBI policy review Credit Suisse

The Reserve Bank is likely to cut key interest rates by 0.50 per cent, to 7.5 per cent, in the forthcoming monetary policy review on easing inflationary pressures, says a Credit Suisse research report.

Positive surprises in the recent WPI inflation data -- both headline and core -- and likely ebbing of inflationary pressures may prompt the central bank to cut key interest rate in its next policy meet, it said.

“Following a break of nine months, we expect the Reserve Bank to cut the repo rate at its January 29 meeting, probably by 50 basis (0.5 per cent) points to 7.5 per cent,” it said.

According to the report: “The move would be best described as a belated pat on the government’s back following its September reform announcements.

Simon Taufel The First Umpire to deliver the MCC Spirit

Simon Taufel – The First Umpire to deliver the MCC Spirit of Cricket Cowdrey Lecture 2013:
i. Simon Taufel, the umpire who has been the five-time ICC Umpire of the Year from 2004 to 2008 would be the first umpire to deliver the prestigious MCC Spirit of Cricket Cowdrey Lecture that would take place on 24 July 2013. 
ii. This announcement was made by the England and Wales Cricket Board (ECB) on 11 January 2013.
iii. The lecture of 2013 would be the 13th lecture, ever since its inception and Taufel would be the third Australian after Adam Gilchrist (2009) and Richie Benaud (2001 – the first lecture) to deliver this lecture.

Money Laundering and Banking Bills 2012

Money Laundering and Banking Bills 2012 turned into Law:
The President of India Pranab Mukherjee gave his assent to the Prevention of Money Laundering (Amendment) Bill, the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012 and Banking Laws (Amendment) Bill, 2012 to make it a law of the land.
i. To strengthen the provisions of bad debts by the financial institutions and banks the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill 2012 was passed.
ii. Banking Laws (Amendment) Bill, 2012 would be shaping the way ahead to corporate houses to enter the field of Banking this is one of the key reform legislation. 

Sidbi ties up with Franchising Association

mall Industries Development Bank of India (SIDBI) today announced it has tied up with the Franchising Association of India to work together for entrepreneurship growth and development of Micro, Small and Medium Enterprises (MSME).

SIDBI, the financial institution for promotion, financing and development of MSME sector, would provide financial assistance under its Direct Credit Schemes, after initial screening to the Franchising Association of India, an industry association representing franchisees, franchisors and service providers to the sector, SIDBI said in a statement.

R.K. Dubey is Canara Bank CMD

 

R.K. Dubey, 59, has been appointed the Chairman and Managing Director of Canara Bank. He assumed charge on Friday.

A press statement from the bank said Dubey’s was areas of expertise include planning and budgeting, resource mobilisation, credit, risk management, human resources (HR), IT and marketing. A post-graduate in English, Dubey also has a degree in law and management in HR practices. He is also a certified associate of the Indian Institute of Bankers. Dubey joined Punjab National Bank in 1977 as a

Raj Kumar Goyal takes over as ED Central Bank of India

Raj Kumar Goyal has taken charge as Executive Director of Central Bank of India. His appointment is effective from January 11.

Goyal comes in place of Rajeev Kishore Dubey, who has taken over the reigns of Canara Bank as its Chairman & Managing Director.

Federal Bank launches online puja offering services

 

Federal Bank has launched ‘online religious offering services bouquet’ in association with the Sree Padmanabhaswami Temple. This enables the devotee to make offerings/pujas without visiting the place. Any credit or debit card or the Federal Bank net banking service (FedNet) may be used for the purpose.

insurance policies in electronic form

You will soon be able to hold your insurance policies electronically. At its board meeting here on Wednesday, the Insurance Regulatory Development Authority (IRDA) board licensed the National Securities Depository Limited (NSDL), Central Depository Services Limited (CDSL), Stock Holding Corporation of India, Karvy Group and Computer Age Management (CAMS) Repository Services to act

IRDA’s softening brings back pension products to life

The unit-linked pension market is slowly coming back to life for life-insurance companies following regulatory changes.

Private life-insurance companies have not launched any unit-linked pension plan in the last one year, as the regulator had mandated a minimum annual guarantee of 4.5 per cent. Public-sector insurance behemoth Life Insurance Corporation of India (LIC) was the only insurer offering pension products during the period.

CHANGE IN REGULATIONS

However, with an amendment allowing assured benefit and the regulator showing some urgency in disposing product approvals, the insurers are now encouraged to launch products. In the last couple of months, LIC and ICICI Prudential Life Insurance have launched pension products during the crucial tax-saving period, when insurers log almost a third of the sales during the year.

RBI cancels registration of two NBFCs

The Reserve Bank of India (RBI) today said it has cancelled registration of two non-banking financial companies — Emcorp Finance Ltd and Care Credit and Investments Company Pvt Ltd.

“Following cancellation of the registration certificate the companies cannot transact the business of a non-banking financial institution,” the RBI said.

RBI allows Kerala Fin Corp to raise deposits

Kerala Financial Corporation (KFC) has received RBI permission to raise domestic rupee deposits.

There are strict norms that apply to financial institutions raising deposits from public, said Yogesh Gupta, Chairman and Managing Director, KFC.

The Reserve Bank grants such permission based on their financial performance, compliance of specific norms and level of non-performing assets (NPAs).

KFC has had high level of NPAs until two years ago but has since managed to reduce them to 1.3 per cent in the last financial year.

Reliance General Insurance launches payment via mobile

Reliance General Insurance, part of Reliance Capital, on Monday launched a new facility allowing customers to pay premium using mobile phones, a move likely to increase productivity by 25 per cent and sales by 20 per cent.

The company today launched point of sales service using mobile phones — Mobile Point of Sales (MPOS) — which allows customers to pay premium using a mobile phone and eliminates payment—related delays, errors and frauds, a statement said.

UCO Bank seeks Rs 800-cr capital from Centre

Kolkata-based UCO Bank has sought Rs 800-crore capital from the Union Government to fund its growth needs and boost its capital adequacy ratio.

According to S. Chandrasekharan, Executive Director, the bank has already garnered Rs 1,000-crore worth capital by way of Tier-II bonds so far during this fiscal.

Govt. launches CCTNS pilot project

Govt. launches CCTNS pilot project:

The CCTNS would be a comprehensive database for crimes and criminals.

NOTE: Union Home Minister Sushil Kumar Shinde has launched the pilot phase of Crime and Criminal Tracking Network and System in New Delhi on Friday.

An ambitious project to create a comprehensive and integrated system for effective policing and sharing data of crimes and criminals among 14,000 police stations across the country was formally launched in New Delhi today. The Crime and Criminal Tracking Network and Systems (CCTNS) aims at creation of a nation-wide

First Hindu American Congresswoman takes oath on Bhagavad Gita

First Hindu American Congresswoman takes oath on Bhagavad Gita:

Tulsi, 31, was administered the oath of office by the John Boehner, Speaker of the House of Representatives…

Tulsi Gabbard from Hawaii has created history by not only becoming the first Hindu ever to be sworn in as a member of the US House of Representatives, but also being the first ever US lawmaker to have taken oath of office on the sacred Bhagavad Gita. "I chose to take the oath of office with my personal copy of the Bhagavad-Gita because its teachings have inspired me to strive to be a servant-leader, dedicating my life in the service of others and to my country," Gabbard said after the swearing in ceremony on Thursday.

Proud of her Hindu religion, she is not Indian or of Indian heritage. Her father Mike Gabbard, is currently Hawaii State Senator and mother Carol Porter Gabbard is an educator and business owner.

NEFT

1. The National Electronic Funds Transfer enables electronic transfer of funds between two NEFT-enabled bank branches. It can also be used to transfer funds from or to NRE/NRO accounts in India. Remittance is not allowed to a foreign country, except Nepal.

2. The transactions are bunched up and settled in batches at specified times. There are 12 settlements from 8 am to 7 pm on weekdays, and six from 8 am to 1 pm on Saturdays. If a transaction is initiated after a batch settlement time, it's deferred to the next batch.

RBI cancels licence of Swami Samarth Sahakari Bank

The Reserve Bank of India (RBI) has cancelled the licence of the Maharashtra-based Swami Samarth Sahakari Bank Ltd as the bank turned insolvent and failed to comply with the minimum requirement of capital for a bank.

The RBI delivered the order cancelling its licence to the co-operative bank, effective from the close of business as on December 28, 2012. The bank ceased to be solvent as all efforts to revive it in close consultation with the Government of Maharashtra had failed, the RBI said in a statement.

Intermediaries in e-payment space need tobe monitored better

The Reserve Bank of India is planning to review the surveillance mechanism for intermediaries in the e-commerce arena due to their growing importance.

The intermediaries provide a platform for acceptance and processing of payments across multiple electronic payment channels. They offer payment aggregation services to a large number of businesses (small to large), governments, utilities, banks, insurance companies, etc.

The intermediaries act as payment aggregators by obviating the need for a merchant/organisation to set-up and manage a multiplicity of relationships with different financial institutions — banks, networks, wallets, prepaid issuers, and so on, for accepting payments.

ICC Cricket Hall of Fame Glenn McGrath

Australian pace legend Glenn McGrath will be inducted into the ICC Cricket Hall of Fame during the third Test between Australia and Sri Lanka starting January 4 in Sydney.

McGrath will join Enid Bakewell and Brian Lara to become third inductee of 2012-13, the ICC said in a statement.

“McGrath becomes the 68th male member of the Hall of Fame and joins fellow 2012-13 inductees West Indian Brian Lara and England’s Enid Bakewell in being recognized by the ICC and the living members of the Hall of Fame.”

Mukesh Ambani is the 18th richest person in the world

Mukesh Ambani is the 18th richest person in the world with a personal wealth of $24.7 billion in 2012, according to the Bloomberg Billionaires Index, a daily ranking of the world’s 100 wealthiest individuals.

Mexican telecommunications magnate Carlos Slim remained the world’s richest person last year holding a personal fortune of more than $70 billion.

Ambani, 55, Chairman & MD of Reliance Industries, has also retained his position as the world’s richest Indian for the sixth year in a row and increased his ranking from 19th to 18th position and personal wealth from $21 billion to $24.7 billion in the world, the Index showed.

The world’s top 100 billionaires got even richer in 2012, with their total wealth rising by around 15

Karnataka Bank Ltd small branch at Byadanur village

 

Karnataka Bank Ltd has opened its first ultra small branch at Byadanur village in Tumkur district. A press release said here that ultra small branch will facilitate direct cash transfer of benefits under various government schemes.

Initially, one officer of the bank will visit at least once a week the ultra small branch to meet the banking requirements of the people in the village. Based on the requirements, such branches can also be upgraded to a higher level, it said.

Know Your Customer

The Reserve Bank of India (RBI) today eased the ’Know Your Customer’ (KYC) norms for money changing activities.

“If the address on the document submitted for identity proof by the prospective customer is same as that declared by him/her, the document may be accepted as a valid proof of both identity and address,” the RBI said.

Current account deficit to be at last years level Rangarajan

The current account deficit in 2012-13 is likely to remain at the same level like previous year, which was 4.2 per cent of the gross domestic product (GDP), said C Rangarajan, Chairman of Economic Advisory Council to the Prime Minister.

The current account deficit has widened to 5.4 per cent of GDP in the second quarter of current financial year.

“It is a very high level of current account deficit. So far, we have had no problems in financing the current account deficit. The capital inflows are either though FDI or FII or ECB or NRI deposits have been adequate to cover the current account deficit,” Rangarajan told media persons.

Urjit Patel new Deputy Governor of rbi

Renowned economist Urjit Patel’s name has been cleared for appointment as the new Deputy Governor of the Reserve Bank of India (RBI), said a senior Finance Ministry official.

“Urjit Patel’s name has been finalised,” Department of Financial Services Secretary D K Mittal said here.

Patel is at present a non-resident senior fellow at the Brookings Institution, a US-based think-tank. He is also a consultant to the Boston Consulting Group.

Patel has also been an executive director at IDFC, a private finance company.

He will take the place of Subir Gokarn, who was in-charge of the monetary policy department, has retired.

State Bank of India has launched 'Mobicash Easy'

State Bank of India has launched 'Mobicash Easy'
State Bank of India has launched 'Mobicash Easy', a mobile wallet in Mumbai and Delhi with service offerings like funds transfer and bill payment among others. The service, which was launched yesterday, will offer services like balance enquiry, mini statement, funds transfer, mobile top-ups, DTH recharge, bill payment among others. 
NOTE:- SBI will soon launch a KYC or Know Your  Customer enabled mobile wallet service with higher transaction limits. The bank said, it will target migrant labourers and youth to use the wallet service.