Bharatiya Mahila Bank to open 55-60 new branches in next financial year

Bharatiya Mahila Bank (BMB), the first all-women bank, which opened its 19th branch here today, will open 55-60 new branches in 2014-15 fiscal, a top official said."By March 31 this year, 23-24 branches will be opened and BMB will have 55-60 more branches in next financial year scattered across the country."As per RBI guidelines, 20 branches out of the proposed around 80 will be opened in the rural areas," Usha Ananthasubramanian, chairperson and managing director (CMD) of Bharatiya Mahila Bank told reporters.BMB which opened its first branch...

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SBI to sell bad loans of Rs 3000 crore this fiscal

Country's largest lender the State Bank of India will sell bad loans amounting to Rs 3,000 crore in the last quarter of the ongoing fiscal, the top official of the bank said here today."We will sell bad loans of around Rs 3,000 crore in the last quarter of the fiscal," company chairman chairman Arundhati Bhattacharya told reporters after inaugurating the e-lobby in the premises of SBI's main branch here."We will sell the bad loans to the highest bidder among the 18 Asset Reconstruction Companies," she said while advocating for right steps to...

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RBI sends bank licence applicant list to EC; IDFC, L&T Finance, LIC Housing top contenders

Infrastructure Development Finance Co, L&T Finance Holdings and LIC Housing Finance could be in the running for new banking licences along with Reliance Capital, JM Financial and even India Post. That's according to a list of applicants' names that qualify for licences which has been sent to the Election Commission by the Reserve Bank of India.IDFC, L&T Finance, LIC Housing Finance and India Post are among the top-ranked contenders for a licence, according to the report. Although neither the central bank nor the Bimal Jalan committee,...

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IBA says banks prepared on Windows XP discontinuation

The Indian Banks Association (IBA) downplayed concerns arising from discontinuation of the Windows XP operating system on banks and functioning of ATMs, saying neither branches nor cash vending machines will be shut down once Microsoft stops support to the system from April 8."Banks are definitely well prepared and the industry is seized of the matter. I am very sure that you will not see a problem where ATMs or bank counters are shut because of this," the industry lobby's chief executive MV Tanksale told reporters on the sidelines of an...

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IDFC Alternatives raises Rs 750-crore realty fund

IDFC Alternatives, a wholly-owned subsidiary of IDFC Ltd, raised its first fund of Rs 750 crore focused on the residential sector in India.The maiden real-estate fund, called the IDFC Real Estate Yield Fund, will invest Rs 60-80 crore and will target gross returns of 22%. The four-year (extendable by one year) close-ended private equity fund will invest in projects across six cities. "This is our first real estate fund and we feel confident about its performance," said MK Sinha, managing partner & chief executive officer, IDFC Alternatives.IDFC...

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Uco Bank sells bad loans worth Rs 1500 crore to clean up books

State run Uco Bank said it has sold bad loans worth Rs 1,500 crore to an asset reconstruction company to clean up its balance sheet before the end of the fiscal.This is nearly five-folds than what Uco had sold in the third quarter -- Rs 330 crore.Banks are rushing to sell off bad loans to protect themselves against the higher loan loss provision rule that take effect in March 2015."High non performing assets is a concern area for banks," Uco chairman and managing director Arun Kaul said. "Banks are proxy to the economy. So, there is stress...

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West Bengal’s savings scheme for poor in limbo as SBI demands higher fees

West Bengal chief minister Mamata Banerjee's flagship savings scheme for the state's poor depositors is yet to gain momentum with State Bank of India, the country's largest bank, demanding a higher fee for services. The plan is aimed at protecting the poor from falling prey to pyramid schemes such as those offered by the now-defunct Saradha Group.The state has invited banks to take part in the programme to act as a payment gateway, but only United Bank of India has signed up thus far. State-owned SBI wants Rs 63 for every transaction but that's...

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SBI country’s first bank to set up payment gateway

E-commerce in India is set to get a big boost with the country's largest lender State Bank of India setting up its payment gateway - SBI ePay — with the objective of enrolling government entities and municipal corporations as well as small traders in the online marketplace.SBI is the first bank in India to start its own online aggregator services. Besides the payment gateway, which will enable merchants accept payment by net banking, credit card, debit card and mobile banking, SBIePay is also in the process rolling out an electronic bill presentment...

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IBA wants free use of other-bank ATMs to end in metros

Industry lobby Indian Banks Association (IBA) said it has requested RBI to allow banks to charge customers in the metros to pay for accessing ATMs of other banks but continue with the current cap of five free transactions a month for rural customers."We have made our recommendations to the RBI that at least in the metros, the current five free usage of other bank ATMs be withdrawn so that every transaction on other bank ATM is chargeable. At the same time, the present set up be continued in rural areas," chief executive MV Tanksale told reporters...

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SBI launches SBIePay to facilitate electronic transactions

State Bank of India has launched a payment intermediary christened as 'SBIePay', which will facilitate e-commerce or m-commerce transactions among merchants, customers and various financial institutions for all kinds of payments with electronic connectivity.India's largest lender is the first bank in India to start its own online aggregator services. The new service will go a long way in providing payment facilities to a large number of customers performing online transactions, the bank said in a release.During the last couple of years electronic...

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