UBI engages Accenture for transformation programme

United Bank of India (UBI) has entered into an agreement with management consultancy firm Accenture to support the bank’s strategic transformation programme.CMD of UBI Bhaskar Sen said the bank was embarking upon a transformation programme to enhance the productivity by harnessing technology and operational changes.“Accenture will provide management consulting advisory services to support the bank change programme”, Sen told reporters here on Saturday.He said the consultancy firm would also assist UBI in its talent and human resource strategies...

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IRDA: Insurers to open 25% new offices in smaller areas

Insurance sector regulator IRDA has proposed to make it mandatory for insurers, who have been in business for 10 years, to open at least 25 per cent of new offices in areas that have a population less than 1,00,000.“An insurer that has completed 10 years of business is proposed to be mandated to open at least 25 per cent of new places of business in places where population is not more than 1,00,000,” IRDA has proposed in its Draft Exposure on Insurance Regulatory and Development Authority (Places of Business) Regulations, 2012.The proposed...

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SIDBI, IOB ink pact to launch risk sharing facility

Small Industries Development Bank of India today signed a memorandum of understanding with Indian Overseas Bank to launch the scheme of risk sharing facility-II for guaranteeing collateral-free credit facilities to micro and small enterprises (MSEs).Under the scheme, collateral free and /or third party guarantee free credit facilities over Rs 100 lakh and up to Rs 200 lakh sanctioned to eligible MSEs are proposed to be guaranteed through select member lending institutions of Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).CGTMSE,...

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IDBI Bank launches scheme for urban poor

IDBI Bank today launched the ‘Urban Financial Inclusion Programme’ (UFIP) in Mumbai to expand its banking facilities to those financially excluded in urban areas.It aims to begin by initiating liability business, by offering savings bank and current account facility, recurring deposits and fixed deposits for the local people. There is scope for providing insurance and investment services to the people by imparting financial literacy, the public sector bank said in a statement.According to the bank’s assessment, over 2,500 washermen labour,...

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Bank strike a total success: AIBEA

Nearly five lakh bank employees stayed away from work, paralysing banking operations in many parts of the country.However, employees of SBI Group (about 3 lakh) did not participate in the strike, but provided "fraternal support" to bank employees of other public sector banks, it is learnt.SBI employees did not join the strike and the bank was not closed."Today's strike has been a total success. As per reports reaching us from other centres, the day-long strike has paralysed banking operations in all places," C.H.Venkatachalam, General-Secretary...

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Karnataka Bank opens new delivery channel for customers

In its efforts to create additional delivery channels to customers, Karnataka Bank recently launched a new service — ‘KBL Mobile.’Mobile banking transactions are those where customers undertake banking transactions by using pre-registered mobile phones with the bank.According to P. Jayarama Bhat, Managing Director of the bank, safety and convenience are the highlight of ‘KBL Mobile.’ In the mobile banking services, utmost importance is given to maximum convenience in usage to the customer. Adequate caution has been taken in protecting the customer’s...

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Central Bank to open 9 branches

Central Bank of India will open three new Branches in the Mumbai region at Kandivli (E), Diamond Bourse (BKC) and Dharavi on the occasion of its 102nd Foundation Day on December 21. The public sector bank will also inaugurate six branches at Uran, Kharghar, Nerul, Kopar Khairane, Seawood, and a retail asset Branch at Sanpada. It will also unveil 5 ATMs in Navi Mumbai....

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YES Bank launches mobile point of sale services

Private sector lender YES Bank on Thursday launched a mobile point of sale (mPOS) service allowing merchants to use a mobile device as a payment collection mechanism.Under this service, the merchants can use a mobile phone-based internet connectivity to facilitate debit or credit card payments.For this, the mid sized bank has developed mPOS card reader device ‘Dongle’ that can be inserted into any mobile phone to access the application of the bank. The merchants can buy the Dongle for Rs 2,000 and incur a rental in the range of Rs 250 to Rs...

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ING Vysya Bank appointment

ING Vysya Bank has appointed Sanjeev Aga as an additional director of the bank effective December 17. Bank’s release to exchanges said decision was taken by the Board of Directors of the Bank at its meeting held on November 30. Aga is to hold office up to the date of 82nd Annual General Meeting of the Bank to be held in the year 2013. He will be a Non-Executive and Independent Director...

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ATMs, e-payment options take sting out of bank strikes

“Is there a bank strike today? I am not aware and not bothered.”This is how 24-year-old Vivek Sarma, who works for TCS, responded, when asked on the impact of Thursday’s bank strike, at an ATM located in Lakdikappool in the heart of the city here.In fact, he is not alone and many belonging to Gen-Y responded in a similar vein.Compared to earlier days when bank strikes had brought the normal financial world of the public to a halt, bank-strikes these days seem to be a non-issue for many, thanks to technology.The increasing presence of ATMs,...

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CanMobile - banking while you are on the move

Canara Bank, established in 1906, has been introducing a host of services to cater to the customer’s needs.The bank is one of the largest with a customer base of 4.52 crore, and a dynamic market presence across the country and overseas.The introduction of technology products has been a huge challenge in the banking industry, as it was the banks’ responsibility to deliver through the alternate banking channels — directly into the customer’s hand and also ensuring it to be safe and secure. Mobile banking is one such technological product that...

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SIDBI inks pacts with RRBs, urban co-op banks in Bengal

The Small Industries Development Bank of India (SIDBI) has entered into agreements with eight regional rural banks (RRBs) and urban co-operative banks in West Bengal.SIDBI has already signed memorandums of understanding with the RRBs and co-operative banks for increasing credit flow to the micro, small and medium enterprises (MSMEs) in the region, said a press statement issued by SIDBI.The MoUs would aim at training the staff of RRBs and co-operative banks in project appraisal, monitoring and collection as also providing free access to software...

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Rs 1.7 lakh crore home loans may be disbursed this fiscal

Banks and housing finance companies are expected to collectively disburse home loans aggregating Rs 1,70,000 crore in the current fiscal, up from Rs 1,30,000 crore in the previous fiscal, said R.V. Verma, Chairman & Managing Director, National Housing Bank.There is good demand for home loans in the tier-II and tier-III centres as house prices are moderate. A majority of the buyers are end-users and therefore delinquencies are relatively lower, Verma said.India’s largest lender, State Bank of India, has already sanctioned Rs 20,000 crore...

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PSU bank unions on nation-wide strike today

New Delhi: Four bank employee unions will go on one-day strike today to protest the Banking Laws (Amendment) Bill and merger plans of banks.The unions decided to go ahead with the strike after the conciliatory meeting with Indian Banks' Association before the chief labour commissioner here failed, AIBEA General Secretary C H Venkatachalam said.Besides All India Bank Employees Association (AIBEA), Bank Employees Federation of India (BEFI), All India Bank Officers' Association (AIBOA) and National Union of Bank Employees (NUBE) are participating...

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Exim Bank extends $76.5-million line of credit to Malawi

Export-Import (Exim) Bank of India has extended a $76.50-million line of credit (LOC) to the Government of Malawi at the behest of the Union Government.The LOC has been extended for development of an irrigation network under the greenbelt initiative, setting up of refined sugar processing equipment and development of fuel storage facilities in Malawi, the bank said in a statement.This is Exim Bank’s third LOC extended to the Malawi Government, taking the total value of LOCs to $156.50 million.The LOCs have supported setting up of cotton ginning...

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Bank of Maharashtra to increase equity capital

Bank of Maharashtra has informed the BSE that a meeting of the board of directors of the bank will be held on December 22, 2012, to consider the proposal of raising equity capital by way of preferential allotment to Government of India and/or to qualified institutional buyers or rights issue. The government's shareholding as of September 2012 was nearly 79 per cent of the share capital.The bank had a capital adequacy ratio of 10.75 at the end of September 2012. It had come down sharply from a level of 12.46 three months earlier as business...

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Allahabad Bank cuts retail term deposit rate to 9%

Allahabad Bank cut its domestic retail term deposit rate by 0.15 per cent to 9 per cent."...the Bank has decided to revise the interest rate downward by 0.15 per cent per annum i.e. from existing 9.15 per cent to 9 per cent on domestic retail term deposits scheme with maturity period of one year to less than two years," it said in a BSE filing.The new rates would be applicable from December 18, 2012, it said.Earlier in October, Oriental Bank of Commerce and Bank of India had lowered term deposit rates for select maturities. Source:Economic...

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Corporation Bank to hire 2,433 this fiscal

Corporation Bank plans to recruit 2,433 personnel during 2012-13, according to its Chairman and Managing Director Ajai Kumar. Of these, nearly 1,100 will be in the officer cadre and the rest in clerical cadre, Ajai Kumar told Business Line.The bank is in the process of building a talent pool, particularly in specialised areas such as risk management, forex, IT, credit, including agriculture, etc.The recruitment process is in progress and is expected to be completed by the end of the month, he said.When asked if all of them would join the bank,...

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ICICI Bank ties up with MMP Mobi Wallet for money transfer biz

Private sector lender ICICI Bank has partnered a Tata Teleservices subsidiary to launch a money transfer service in two cities.  Under this service, customers can deposit cash into a retail store of MMP Mobi Wallet Payment Systems along with an advice giving details of the account of the payee, the bank said in a statement.This money will then be transferred to the bank account of the payee using currently available electronic fund transfer mechanisms such as National Electronic Funds Transfer (NEFT) and Interbank Mobile Payment Service...

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State Bank of Bikaner to offer education loans online

State Bank of Bikaner and Jaipur (SBBJ) plans to offer loans to students and small and medium enterprise (SME) online.The Associate Bank of State Bank of India intends to replicate its ‘make a home or a car loan application online and get interest concession model’ to student loans and small ticket SME loans (up to Rs 1 crore).SBBJ Managing Director Shiva Kumar said home and car loan customers are gradually getting accustomed to the concept of applying retail loans online. Hence, the bank plans to extend the concept to other products.Currently,...

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Central Bank to recruit 3,196 clerks

Central Bank of India is recruiting 3,196 clerks across the country. Candidates who have appeared in the common written exam conducted by IBPS in 2011-12 and have valid scorecard are eligible to apply.Registrations open online on December 22 and will close on January 7, 2013. Full details are available on the bank's Web site....

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Banking Bill passed by Lok Sabha: Corporates set to open bank accounts

Large Indian business houses such as the Tatas , Birlas, Bajaj and Reliance came a step closer to entering the banking space with the Lok Sabha passing the Banking Regulation (amendment) Bill on Tuesday, a move which has been cited by the Reserve Bank of India (RBI) as a pre-requisite for granting new bank licences.The passage of the bill in the Lok Sabha was facilitated by the removal of a controversial Forward Market's Contract clause that would have allowed banks to enter into future trading of commodities. Very few banks were keen on trading...

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Chidambaram promises more funds to public sector banks

The Centre is committed to infusing more capital into public sector banks (PSBs), Finance Minister P. Chidambaram said.Replying to the discussions on the Banking Bill in Lok Sabha on Tuesday, Chidambaram said that another Rs 15,000 crore capital will be infused in PSBs before end-March.He said that the Bill would pave the way for PSBs to raise capital through every accepted mode including rights issue, bonus shares without diluting their public sector character.Chidambaram pointed out that private sector banks are able to grow because they...

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Bank unions call strike to protest Govt move to amend banking laws

Employees and officers from 26 public sector banks, 12 old-generation private sector banks and eight foreign banks will observe an all-India strike on December 20 to protest the UPA Government’s move to push amendment to the banking laws.The All-India Bank Employees’ Association (AIBEA), the Bank Employees’ Federation of India and officers’ unions such as the All India Bank Officers’ Association have called for a strike in which nearly 7 lakh bank employees and officers are expected to participate, said Vishwas Utagi, Secretary, AIBEA.“The...

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Axis Bank gets board nod to raise share capital

Axis Bank board today approved the decision to increase the authorised share capital of the bank by Rs 350 crore to Rs 850 crore, the bank informed the Bombay Stock Exchange today. At present, the authorised share capital stands at Rs 500 crore.The private lender’s board of directors at its meeting today said the bank will raise Tier - I capital of the bank by issue of equity shares not exceeding 45.8 million equity shares through GDRs/ QIP issue and preferential issue to promoters of the bank.This being “subject to approval of shareholders,...

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You can soon apply and get SBI home loan sanctioned online

State Bank of India intends to turn up the heat on its competitors in the retail loans segment.India’s largest bank plans to put in place an Internet-based customer acquisition solution that will allow prospective customers to not only apply for home loans but also generate in-principle loan sanction letter online.The move to have an online customer acquisition solution could save the net-savvy GenNext customers the bother of repeat visits to the bank’s branch for completing the formalities associated with getting a home loan.Instead, the bank’s...

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IDBI Bank launches ‘kisan credit smart card’

Public sector lender IDBI Bank has partnered with National Payment Corporation of India (NPCI) to launch the ‘Kisan Credit Smart Card’ (KCSC) to provide adequate and timely credit to farmers under a single window.Under this facility, farmers can avail themselves of assistance to meet their credit needs for agriculture and allied activities, such as, cultivation of crops, consumption requirements of farmer household, post harvest expenditures etc, with flexible and simplified procedures, the bank said in a statement.The card would render the...

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Axis Bank offers ‘e-Gift Card’

Axis Bank, India’s third largest private sector bank, will now allow its domestic customers to send an online card with the launch of ‘e-Gift Card’.The card offers customers an alternative channel facility through which they can buy a gift card on www.gogiftacard.com where a customer can buy and send a card of his choice by either e-mailing it or sending it via SMS to their loved ones, the bank said in a statement.Domestic customers can purchase these online e-Gift Cards using their credit/debit card issued by their respective bank. All purchase...

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SBH to hire 1,000 probationary officers

State Bank of Hyderabad (SBH) will soon be recruiting 1,000 probationary officers.“We have initiated the process as State Bank of India will conduct the recruitment for us,’’ Mr M. Bhagavantha Rao, Managing Director, SBH, told Business Line here.The bank has recently conducted the recruitment test for hiring 2,200 clerks who would be joining it shortly.On attrition, especially in the clerical cadre, the official said provision for speedy promotions for clerical cadre would stop youngsters from shifting from one job to another.On the bank’s...

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PSU bank employees’ strike on Dec 20

Employees of public sector banks will observe one-day country-wide strike on December 20 in protest against the government’s move to place the Banking Law Amendments bill in the current session of Parliament.Addressing a press conference here, R A Singh, president of Jharkhand Pradesh Bank Employees Association, said the reform in the banking sector was not in the interest of the country.The government was trying to pass the Bill to enable easy merger of banks, increased voting rights to private capital in both public and private sector banks,...

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IOB chief hopeful of Centre’s capital support

Indian Overseas Bank is hopeful that the Centre would soon infuse some capital in the public sector lender, M. Narendra, Chairman & Managing Director, has said.This public sector lender had sought capital support of Rs 1,500 crore from the central government for the current financial year.Narendra, who was in Delhi on Saturday for the Delhi Economics Conclave, told Business Line that the bank was also toying with the idea of issuing perpetual bonds.IOB has Tier-I capital of 7.63 per cent and the expectations are that the capital support...

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SBI pays Rs 1,701 cr as advance tax for Q3

State Bank of India has paid Rs 1,701 crore as advance tax for the third quarter of the current financial year against Rs 1,730 crore in the year-ago period.Overall, the total advance tax paid by India’s largest bank for the three quarters of the fiscal is higher by Rs 210 crore at Rs 4,694 crore against Rs 4,484 crore paid during the corresponding period of FY 2011-12...

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Central Bank of India planning new scheme for low-cost homes

Central Bank of India is targeting a business of Rs 10,000 crore from the home loan segment in the current financial year while planning to launch a new scheme for affordable housing.Of the target, the Bank has touched Rs 7,900 crore and expects to cover the remaining portion before March-end, according to Ram Sangapuri, General Manager-Retail, Central Bank of India.Speaking to newspersons at the inaugural two-day home and auto loan expo here on Saturday , he said the bank has set a target of Rs 2,500 crore for vehicle loans during 2011-12....

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