Hackers attack RBI website, crash it for a day

The Reserve Bank said there was an attempt to hack its website yesterday rendering it inaccessible for almost the entire day. "It was a DNS (Domain Name System) attack where the hacker tried entering the website from a single Internet protocol address multiple times, jamming its bandwidth," an RBI spokesperson said. Due to multiple requests received from the hacker's IP address, genuine entrants were unable to access the RBI website--www.rbi.org.in. "We found the IP address and blocked it and got the website on its feet again," the spokesperson...

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Union Bank customer service plan

Union Bank of India has rolled out its value-added customer service – Union Experience – in two branches in Ernakulam district. The new service was inaugurated at Thevara and Palarivattam branches by bank's general manager for Kerala and Tamil Nadu, Mr S.K. Bhargava, in the presence of Mr Mayank Mehta, deputy general manager. Mr Bhargava said the bank had successfully rolled out the Union Experience model in 20 branches in Delhi and Mumbai. By incorporating Union Experience in the branch operations, he said, the bank is aiming at positioning right...

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KVB Q4 net up 27%; to pay 140%

Despite the economic slowdown and a marginal rise in its NPA (non-performing asset) level, Karur Vysya Bank managed to grow its top line in 2011-12. The bank's total income in the fourth quarter ended March 2012 increased to Rs 1,059.27 crore compared with Rs 695.37 crore in the corresponding quarter of the earlier fiscal. Its net profit increased by 27.3 per cent to Rs 146.79 crore (Rs 115.29 crore) and operating profit by 46 per cent to Rs 213.05 crore (Rs 145.89 crore). The board has recommended a dividend of Rs 14 per share (140 per cent) for...

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SBI to launch ‘signature' card for high net worth individuals

SBI Card is planning to launch a signature card early next week as it is bullish on the credit card market. The new card will be targeted at high net-worth individuals (HNIs) and the very affluent segment. “The average income limit will be higher than that of all other SBI credit cards,” Mr Kadambi Narahari, CEO, SBI Card, said. SBI Cards will grow its business by 25-30 per cent in 2013, Mr Narahari added SBI Cards is a joint venture between State Bank of India and GE Capital. The foreign company handles the technology and processing needs of SBI...

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Magma HDI gets IRDA nod for insurance biz

The Insurance Regulatory and Development Authority has issued certificate of registration to Magma HDI General Insurance Company Ltd. It was promoted by Magma Fincorp Ltd., Celica Developers Pvt. Ltd., Jaguar Advisory Services Pvt. Ltd., and HDI Gerling Industrie Versicherung AG. With this registration, the total number of general insurers registered with the Authority had gone up to 26, the IRDA said in a release....

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RBI will do whatever needed to check rupee fall: Subbarao

Amid a steep decline in the value of the rupee, the Reserve Bank said on Thursday that it is monitoring the situation and will do whatever is necessary to check the currency's fall. “RBI will do whatever is necessary. Some structural changes are necessary for improvement in the current account. Meanwhile, the RBI is monitoring the situation and we will do whatever is necessary, consistent with our policy,” the RBI Governor, Dr D. Subbarao, said while addressing a press conference after a meeting of the central bank board here. Pointing out that...

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HDFC gets RBI nod to raise FII limit to 100%

The Reserve Bank of India has notified that HDFC's board has passed resolutions to increase the FII investment limit from 74 per cent to 100 per cent. The increase in Foreign Institutional Investors (FIIs) investment limit is for the purchase of Housing Finance Development Corporation's (HDFC) equity shares and convertible debentures under the portfolio investment scheme. This move follows the Citigroup selling its entire stake of 9.85 per cent held in HDFC under the Foreign Direct Investment route to investors, primarily FIIs, in February. Consequently,...

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Syndicate Bank to hire 1,000 clerks

Syndicate Bank is recruiting 1,000 probationary clerks. Candidates who have a valid score in the common written examination for clerical cadre conducted by IBPS in November/December 2011 and fulfill other prescribed criteria are eligible to apply. For details regarding vacancies and cut-off marks State/UT-wise, category-wise, eligibility criteria, fees/intimation charges, application procedure, selection procedure, reservation/relaxation etc., the bank has asked applicants to visit its Web site www.syndicatebank.in between June 1 and June 15. The...

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Poor response forces Dhanlaxmi Bank to extend last date for Rs 200 cr bond issue

Thrissur, Kerala-based Dhanlaxmi Bank has extended the last date for subscribing to its Rs 200-crore tier-II bond offering to June 1 from May 21 as the bank is struggling to find investors. The bond issue, which has coupon of 11.9% for 71 months and 11.95% for 84 months, opened on April 27. "We had launched the bond on April 27. However, we started the marketing only on May 1. Based on the subscription, we have the liberty to extend the subscription date," said PG Jayakumar, managing director and chief executive officer, Dhanlaxmi Bank. AK Capital...

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Canara Bank net profit declines 17%

State-run Canara Bank today posted 17 per cent dip in its consolidated net profit at Rs 3,341.69 crore for 2011-12 fiscal. For the year ended March 31, 2011, the bank had a net profit of Rs 4,034.19 crore, it said in a filing to the BSE. During 2011-12, Canara Bank's total income rose by 31 per cent to Rs 33,920.15 crore from Rs 25,834.14 crore in the previous fiscal. The banks's net interest income fell by one per cent to Rs 7,656.17 crore year-on-year, while non-interest income showed a rise of 10 per cent at Rs 3,104.51 crore. In the reported...

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IndusInd Bank appoints new addl director

IndusInd Bank has announced the appointment of Mr R.S. Sharma as ‘Additional Director’ in the board of the bank. He was the former Chairman and Managing Director of Oil and Natural Gas Corporation Ltd (ONGC). Mr Sharma is a Fellow Member of the Institute of Cost & Works Accountants of India and an Associate Member of the Indian Institute of Bankers....

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Bank unions forum wants 9th bipartite issues to be resolved

The United Forum of Bank Unions (UFBU) wants pending residual issues of 9th bipartite to be resolved before the commencement to the 10th bipartite negotiations. The issues are compassionate appointment scheme, improvements to staff loans, regulated working hours and five-day week. “We oppose unilateral imposition of Khandelwal Committee recommendations, aiming at deunionisation in the banking industry,’’ said a note signed by Mr G.D. Nadaf, the Convenor of UFBU. He said that the UFBU opposed the move to close rural branches and said that if this...

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Vijaya Bank in money transfer pact with Western Union

Customers of Vijaya Bank can now receive international money transfers through Western Union. The bank has tied up with the global payment services company enabling its eight million customers to receive international money transfers. Vijaya Bank now offers Western Union Money Transfer services at 1,300 branches across the country. Mr H. S. Upendra Kamath, Chairman and Managing Director, Vijaya Bank, said in a press release that with this partnership the bank is not only expanding its product portfolio, but also providing more choices for consumers...

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Muthoot Finance's new branch

Muthoot Finance Limited has inaugurated a new branch in Ponnurunni, Ernakulam as part of the company's expansion plans. Mr Tonny Chammany, Mayor, Kochi Corporation, inaugurated the branch. Mr George Alexander Muthoot, Managing Director, Muthoot Finance, said that the opening of the new branch office is a part of our geographic expansion strategy which will boost our business in the region enabling us to get closer with the customers. It would also strengthen our relationships with customers by offering a wide range of products and services. Mr...

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Citibank ends card pact with Jet Airways

Citibank announced the exit of its 12-year-old co-branded card partnership with Jet Airways on Tuesday even as it launched an airline agnostic credit card. The foreign bank cited changing consumer preferences for ending the partnership with Jet. The bank's co-branded partnerships with Shoppers Stop and Indian Oil Corp, however, stay intact. Jet Airways and Citibank will continue to support all Jet Airways Citibank credit card features until July 15. The new Citibank PremierMiles Credit Card will earn and redeem miles across seven domestic and over...

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IRDA finds ‘massive problems' in SKS Micro's insurance operations

Troubles continue to pile up for SKS Microfinance Ltd. The insurance regulator has found irregularities in the micro-finance institution's handling of insurance of its clients. “We have found massive problems in insurance operations of SKS Microfinance,'' Mr J. Hari Narayan, Chairman, Insurance Regulatory and Development Authority, told Business Line here on Tuesday. IRDA teams conducted field enquires and inspections for a long time, he said. The irregularities included receiving the cheques of death claims from its insurers on its name, which...

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Get savings a/c at click of a mouse

Now, get a new savings account at the click of a mouse. ICICI Bank, the largest private sector lender in the country, is offering an ‘instant account number’ if you apply for a savings deposit account through its website. While the account will be created instantly and a number allotted to the depositor, the bank will activate the account only on completion of the know-your-customer (KYC) process. The customer has to provide his e-mail address and mobile number at the time of opening the account. The offer is available across seven types of savings...

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LIC’s 10-year, single premium plan

Life Insurance Corporation of India has launched a non-unit linked single premium insurance plan. The plan, ‘Jeevan Vaibhav', has a ten-year term with a minimum sum assured of Rs 2 lakh and there is no upper limit on the sum assured. For a Rs 2-lakh sum assured, minimum single premium would be Rs 95,210 without service tax. “There will be a loyalty bonus and a facility to take 65 per cent of premium paid as loan,” Mr AK Sahoo, Zonal Manager, South Central Zone, told newspersons here on Monday. The policy, which has a guaranteed return, is being...

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Manappuram Fin profit jumps 109% in FY12

The net profit of Manappuram Finance Ltd has surged by 109 per cent to Rs 591.46 crore compared to Rs 282.66 crore for FY 2010-11. The board of directors has proposed a final dividend of Re 1 per share of face value of Rs 2. This is in addition to the interim dividend of Re 0.50 per share declared earlier in February this year. The increase in profits was driven by growth in the assets under management (AUM) which stood at Rs 11,630 crore, a 54 per cent increase over the previous year’s level of Rs 7,549 crore. The total gold loan disbursements...

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IDBI Federal launches insurance plan for ‘seniors’

IDBI Federal Life Insurance today launched its maiden online product IDBI Federal Termsurance for senior citizens. The plan, with no medical tests, is targeted at people in the age group of 50-85 years. Announcing the launch, Mr G.V. Nageswara Rao, Managing Director and Chief Executive Officer said, “Almost 10 million users search for life insurance plans on the Internet. The interactive online platform enables them to research the plan, calculate premium amounts and make online payments directly to the company to receive the insurance policy in...

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Axis Bank picks up IBM solution for customer care services

Axis Bank has selected IBM to provide customer care services to its customers. IBM will consolidate and manage the contact centre operations from the bank’s existing 58 regional asset centres to a single mortgage contact centre. The contact centre will cater to inbound voice and email communications from the bank's customers. Axis Bank expects to benefit from additional potential revenue generated as a result of cross-selling or up-selling services or applications at the consolidated mortgage customer care centre. Mr Jairam Sridharan, Senior Vice-President,...

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Banks see healthy Q4 but bad loans may throw a spanner

Indian banks have managed to perform reasonably well in the fourth quarter despite worries about rising bad loans and shortage of liquidity. They have steered their asset liability management well despite upward pressure on deposit cost but the amount of restructured loans can throw a spanner for many quarters especially for the government banks if suspended projects do not take off soon. "Up to the operating profit level, we are the most efficient among all banks including private sector ones. But we lose out after the operating profit when the...

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Canara Bank likely to open 600 ultra small branches this fiscal

To drive more business from its business correspondents, Canara Bank plans to open 600 ultra small branches this fiscal. Of these, 300 would be under the parent bank and 300 under the Canara Bank-sponsored regional rural banks, Ms Archana Bhargava, Executive Director, Canara Bank, told Business Line. The bank has opened 41 ultra small branches so far. “These branches will instil a much wanted confidence in dealing with business correspondents who will now have an identity as the bank's agents,” she said, pointing out that with the setting up of...

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SBI's limited usage cheques upset account holders

The facility aimed at minimising frauds is causing problems to customers who use them for paying large sums for buying mutual funds & other financial products. State Bank of India's new multi-city cheque books with a 'usage limit' have not gone down well with many well-heeled account holders. While the new cheque books, issued a few months ago, are aimed at minimising frauds, customers investing large sums in mutual funds and other financial products are finding it inconvenient. The bank initially introduced cheques with Rs 2 lakh usage limit...

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Despite rising prices, homes most affordable in 30 yrs: HDFC

Housing may be perceived to have gotten very expensive at the current sky-high levels, but data compiled by mortgage giant HDFC Ltd shows that home prices are near their most affordable level in over three decades. The home prices have indeed been rising for more than 10 years, except for a temporary slump in 2009, but the ’affordability’ of purchasing a house has been mostly on a declining trend for almost two decades now, as per HDFC data. Affordability ratioThis affordability ratio, which takes into account the annual income of the home buyer...

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