Nabard celebrates foundation day

The regional office of the National Bank for Agriculture and Rural Development (Nabard) celebrated its 31st foundation day here on Thursday. Mr K. C. Joseph, Minister for Rural Development, inaugurated the function, which was presided over by Mr R. Amalorpavanathan, chief general manager, Nabard. NABARD FETED The minister appreciated the support extended by Nabard to the State’s developmental efforts over a period of three decades. He specifically mentioned the creation of infrastructure and empowerment of poor through joint liability...

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AxisDirect launches biz partner programme

AxisDirect, an online trading platform of Axis Securities and Sales, a 100 per cent subsidiary of Axis Bank, has launched AxisDirect - Business Partner Programme.This is a pan-India initiative aimed at partnering independent financial advisors, insurance agents and financial planners to expand its client base. The partner would refer clients to AxisDirect for opening a 3-in-1 investment account through which a client can invest in equities, derivatives, equity SIPs, IPOs, mutual funds, MF SIPs, bonds, and fixed deposits.The business partner...

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SIB in pact with Saudi bank

South Indian Bank has entered into SIB Express remittance arrangement with Arab National Bank for providing fast remittance services to NRI expatriates in Indian rupee.Arab National Bank has 93 centres across Saudi Arabia. SIB at present has remittance arrangement with Al Rajhi Bank and AJamoudi Exchange Company in Saudi Arabia.This is the second hank in Saudi Arabia with whom SIB has entered into remittance arrangement, a press release said....

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State Bank group opens financial literacy, counselling centre

The State Bank group has opened a financial literacy and credit counselling centre at Citizen Service Centre, Tank Bund, here.The centre, headed by an experienced/retired officer, would offer free counselling in person or over telephone/email on aspects such as calculation of interest on deposits, advances or loans, nomination facility, customer rights and fair practice codes, preparation of debt restructuring plans and service charges.State Bank of Hyderabad, State Bank of India and their sponsored regional rural banks in Andhra Pradesh...

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LIC Housing Finance opens property fair in Chennai

Mr V.K. Sharma, Director and Chief Executive of LIC Housing Finance, inaugurated the company’s annual property fair, “Ungal Illam 2012,” on Friday. The three-day fair will be open till Sunday and will have 55 builders showcase their residential projects in and around Chennai. New projects At the event, its 15th edition, new projects will be launched and most projects have been approved by LIC Housing. Customers can expect attractive deals, discounts and LIC Housing will provide ‘on the spot loan sanctions’ with special processing fee offer...

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Need to evolve strong farm loan recovery mechanism, says Andhra Bank CMD

The sharp increase in bad loans and poor availability of institutional credit in the agriculture sector are areas of concern, according to banking experts.Mr B. A. Prabhakar, Chairman and Managing Director of Andhra Bank, has said that NPAs in the agriculture sector stood at a high 47 per cent. This would impede recycling of funds. “We need to evolve a strong recovery mechanism in this sector and create awareness on the need to repay the loans,” he said.Addressing the 30th anniversary of National Bank for Agriculture and Rural Development (Nabard)...

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From Aug 1, bank charges for small value e-transfers will be reduced

Come August 1, transferring small value transactions up to Rs 10,000 from one bank account to another using national electronic funds transfer (NEFT) will become cheaper. The Reserve Bank of India, on Friday, said it has rationalised the charges that banks can levy on customers for transfer of funds through NEFT. This move is aimed at promoting greater use of the electronic payment system and providing the large number of people being covered under the financial inclusion programme with an efficient and affordable remittance mechanism. Banks...

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SKS Micro pegs Q1 operational loss at Rs 30-50 cr

SKS Microfinance Ltd has indicated that the operational loss during the first quarter of current financial year could be between Rs 30 crore and Rs 50 crore.In its guidance to the Bombay Stock Exchange on Friday, the Hyderabad-based company said the “adverse financial performance of the company may continue for the rest of fiscal 2013.”Explaining the reasons, it said an increase in the amount of loans assigned by it resulted in the enhanced levels of cash bank balance at Rs 689 crore as on March 31, 2012. This was not quickly redeployed,...

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IDBI Bank to hire 500 executives

IDBI Bank will recruit 500 executives to work in its branches across the country. According to a notification, the appointments will be made on contractual basis for one year and would be extendable for a further period of two years. On the successful completion of three years of contractual services, the executives may become eligible for appointment as assistant managers – Grade A through a separate selection basis. Graduates in any discipline are eligible to apply with the upper age limit of candidates being 25 years. Selection will be...

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HDFC net rises 19% in Q1 on robust lending

Strong growth in loans helped Housing Development Finance Corporation (HDFC) report a 19 per cent increase in net profit in the first quarter of 2012-13.In the April-June period, India’s biggest standalone mortgage lender posted a net profit of Rs 1,002 crore against Rs 845 crore in the year-ago period.The company’s loan book, inclusive of loans sold, grew 23 per cent in the first-quarter. Individual loans accounted for about 90 per cent (about Rs 6,600 crore) of the overall loan growth. Corporate loans grew by about Rs 750 crore.“Though there...

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SBI rolls out more schemes to boost deposits

State Bank of India, the country's largest commercial bank, is taking some more steps to retain its existing customers, attract new ones and beef up its deposit base.Recently, it had tweaked the ‘minimum balance’ policy and announced a waiver of that requirement. Now, the bank has introduced multi-city cheques with a limit of Rs 5 lakh for (personal banking) customers. MULTI-CITY CHEQUES A multi-city cheque is a facility wherein the customer can issue cheques that are drawn at the base branch in one city and payable at a branch of the bank...

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IDBI Federal Life unveils Suvidha Insurance scheme

IDBI Federal Life Insurance Company said it has launched “Suvidha Savings Insurance Plan,” with a maximum life cover of Rs 3 lakhs. The company said the scheme does not require any medical tests. Besides, the company will also add Rs 50 for every Rs 1000 of sum insured for the first 3 policy years. “This hassle-free plan is designed to provide a life cover of up to Rs. 3 lakhs till the age of 65 years with guaranteed additions, plus bonuses plan also insures customers against accidental death during the policy term,” Mr. Aneesh Khanna, Head...

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RBI launches website to explain detection of fake currency

Seeking to spread awareness among public about fake notes, the Reserve Bank has launched a website explaining ways to detect counterfeit notes.With a tagline 'Pehchano Paise Ki Boli, Kyunki Paisa Bolta Hai', the website -- www.paisaboltahai.rbi.org.in – gives visual presentation with pointers on currency notes of 10, 20, 50, 100, 500 and 1,000 rupee denominations.Consumers have the option to download posters of these currency notes, which can be used as reference to identify counterfeit notes. A documentary film on it can also be downloaded.The...

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Bankers agree rate cut by RBI can't lower inflation, but still want it

Bankers agreed that inflationary conditions offered little room for lowering interest rates, but stuck to their demand for a rate cut, saying it was the only tool available to revive the "animal spirits" in the economy in the absence of policy action.In their customary pre-monetary policy meeting with Reserve Bank of India (RBI) Deputy Governor Subir Gokarn, bank chiefs also acknowledged that rate cut was not a panacea for the nation's economic ills.Lenders demanded that RBI cut repo rate - the rate at which it lends to banks - by 25 bps to...

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RBI to launch plastic currency on pilot basis in 5 centres

Amid instances of counterfeiting of notes, the Reserve Bank said it is working on launching plastic currency and will soon launch a pilot project for the same."Counterfeiting of plastic notes is very difficult. So we are planning to launch some plastic money on pilot basis in 4-5 centres. Like Jaipur, Shimla, Bhubaneshwar and other centres. We are working on it," RBI Deputy Governor H R Khan told reporters here.Under the pilot project for issue of plastic currency notes, notes of Rs 10 denomination would be distributed through the central bank's...

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Dena Bank to rejig farm lending

Ms Nupur Mitra, Chairperson and Managing Director, Dena Bank, said that the delay in monsoons might affect the credit offtake in the agriculture sector.The bank, however, aims to grow its agriculture loan book by focusing on allied sectors by way of investment credit or term loans.Term loans are usually given for allied activities such as digging of wells, drip irrigation, and purchase of agricultural equipment and machinery. It also includes loans to agri-industries such as horticulture, sericulture, fisheries, dairy and poultry.“Monsoon has...

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SIDBI plumps for factoring

Small and medium enterprises will benefit from the Factoring Regulation Act, 2012, the Small Industries Development Bank of India has said.Factoring can help micro, small and medium enterprises to do business in new ways, said Mr N.K. Maini, deputy managing director, SIDBI. He was speaking at a factoring awareness seminar for MSME manufacturers.These units supply their products on credit terms to domestic purchasers. They can now get funds based on the strength of the transaction between the client and its debtor rather than on collaterals. Scope...

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IRDA slaps Rs 15 lakh penalty on Indusind Bank

Hyderabad,: The Insurance Regulatory and Development Authority has imposed a penalty of Rs 15 lakh on Indusind Bank Ltd for violating corporate agency norms. Indusind Bank is a corporate agent of Cholamandalam General Insurance Company and Aviva Life Insurance Company. On the basis of data submitted by Cholamandalam General Insurance, the regulator has found that Indusind had received higher payments than permissible from the insurer as a corporate agent. The payments were received in the form of database sharing/incentives to the employees...

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Union Bank to open three overseas branches this fiscal

Union Bank of India has said it plans to open three overseas branches in Sydney, Dubai and London before the fiscal end.“I am hopeful that at least three overseas branches are expected by March 2013,” bank Chairman and Managing Director Mr D Sarkar told PTI here.On the geographies which the bank is targeting, Mr Sarkar said Australia (Sydney), England (London) and UAE (Dubai) are the areas where the branches will be located.The city-headquartered Union Bank has already incorporated a subsidiary in England for its London branch, he said, adding...

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