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Tuesday, September 23, 2014

Syndicate Bank CMD dismissed from service

Sudhir Kumar Jain, who was suspended from the post of Syndicate Bank CMD from August 2, after CBI registered a case against him for bribery, has been dismissed from service with immediate effect.

In a communication to the stock exchanges today, the bank said that the Central Government in its letter dated September 22 has "terminated the term of office'' of Sudhir Kumar Jain as Chairman-cum-Managing Director of the bank with immediate effect.

He had been placed "under deemed suspension'' with effect from August 2, 2014 in the wake of his arrest by CBI for allegedly accepting bribe to hike the credit limit of some private companies bypassing rules.

The two companies named in the case were Prakash Industries and Bhushan Steel, some of whose senior executives, apart from others, have been charged.

Source : The Hindu
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Gujarat covers 8 lakh households under Jan Dhan Yojana

After the announcement of ambitious financial inclusion programme, Pradhan Mantri Jan Dhan Yojana (PMJY) by the Prime Minister Narendra Modi on August 15, banks in Gujarat have so far opened about 14 lakh new accounts, covering nearly 8 lakh households in the State, a report claimed.

After the State Level Bankers’ Committee meeting held on Tuesday here, bankers informed that while 14 lakh accounts were opened so far under the PMJY, a strategy was chalked out to open 28 lakh more accounts by January 26 to achieve the target.

“There has been remarkable headway in the PMJY scheme in Gujarat. Banks have successfully achieved household coverage of as high as 93 per cent in Mehsana district,” said Ashwani Kumar, CMD, Dena Bank - SLBC convener in the State.

Notably, among the public sector banks, Bank of Baroda and Dena Bank topped by opening over 3 lakh accounts each since the announcement of the scheme, while the distant third was Central Bank of India with 1.01 lakh new account opening.

As per the SLBC data, till July 31 public sector banks had outperformed their private sector counterparts in the State with higher coverage against the allotted target for financial inclusion.

According to the data most of the public sector banks had achieved over 60 per cent household coverage, while private sector majors including HDFC Bank, ICICI Bank, Federal Bank and Yes Bank among several others could not even reach halfway mark. While State Bank of India, Dena Bank and Bank of Baroda among the public sector players had maximum coverage of 77 per cent and 75 per cent respectively, HDFC and ICICI Bank could achieve 48 per cent each, while YES Bank and Federal Bank among the private players had 43 per cent coverage as on July 31, 2014.

“Banks have been aggressive in financing. We have seen 43 per cent year-on-year growth in MSME advances. These are the symptoms that economy is reviving and we are hopeful to see credit growth taking place in areas like housing and education loan,” Kumar told mediapersons.

According to Kumar, banks in the State performed well during the first quarter ended June 2014 by achieving about 33 per cent of their targeted service area plan for the year 2014-15.

Source : The Hindu
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ICICI Bank unveils new product for NRIs

ICICI Bank today launched a new product to serve the Indian diaspora and cater to their non— financial needs.

The top private lender said ‘NRI Advantage’ entitles customers to avail of exclusive discounts/special offers. It is targeted at NRI Premia, NRI Pro and NRI savings account holders.

Commenting on the offering, ICICI Bank Executive Director Rajiv Sabharwal said, “the bank serves 1.5 million NRIs spanning 150 countries and processes over 5 million inbound transactions annually. With NRI Advantage we are confident that we will be providing our customers with a better value in the market.”

The product delivers a host of discounts for healthcare requirements, gifting family & friends, assistance for service needs and India—based shopping wants of NRIs, among others.

Source : The Hindu
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Exim Bank receives Rs. 650 cr capital infusion from Govt

Export and Import Bank of India received Rs. 650 crore capital and is due to receive further Rs. 650 crore this year as part of the worth capital infusion from the Government of India.

"Last year we got Rs. 700 crore from the government… (it) will give us Rs. 1,300 crore this year. Out of that, we have already received Rs. 650 crore of capital about ten days ago. Rest we will receive in the second half of this fiscal," Yaduvendra Mathur, Chairman and Managing Director, Exim bank said on the sidelines of a round table to sign Memorandum of Intent with US dignitaries to encourage collaboration to promote investment into Indian companies in the US.

Following the infusion, the paid-up capital base of the Government-owned bank will be increased to Rs. 5,000 crore.

The bank has also asked for additional Rs. 2,500 crore for next financial year in addition to room for further leverage. “The leverage ratio should be enhanced from 11 to 15. The other request is additional Rs. 2,500 crore in the next financial year and another Rs. 2,500 crore after that,” the CMD had said last month.

According to him, net asset growth for Exim bank will be at least in the range of 10-12 per cent this year. “We will be looking at more off-take from industry in the next two quarters. Last year, net asset growth was about 15 per cent. We are not too bullish on net asset growth. We are looking at more project export this year,” Mathur added.

Source : The Hindu
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No second account needed for Jan Dhan benefits: Govt

The Finance Ministry on Monday said that micro-credit (overdraft) limit of Rs5,000, proposed under the Pradhan Mantri Jan Dhan Yojana (PMJDY), can also be extended to existing savings bank accounts.

This facility will be available to all existing savings bank accounts on application and depending on the satisfactory conduct of the account, the Finance Ministry said in a statement here.

It has also issued instructions to the effect that people who already hold bank accounts need not open a Jan Dhan account just to get insurance benefits under the PMJDY.

The insurance benefits are available through RuPay card and existing bank account holders keen to avail themselves of the insurance benefits (promised under Jan Dhan accounts) can submit an application to the bank branch concerned to get a RuPay debit card.

Once a RuPay debit card is available to an account holder, the insurance benefits of accident cover of Rs1 lakh and life cover of Rs30,000 will be provided to them too.

As on date, 4.18 crore accounts have been opened under the PMJDY.

The Finance Ministry has also said that people who do not have officially valid documents or Aadhaar numbers can still get bank accounts opened by submitting two copies of signed photographs at the bank branch.

However, these accounts will be called “small accounts” and would be normally valid for 12 months. Such accounts shall be continued subject to showing of proof that he/she has applied for any of the officially valid documents within 12 months of opening of the small account.

Source : The Hindu
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