Srei gets RBI nod for 9,000 white label ATMs

Infrastructure financing company, Srei Infrastructure Finance Ltd today said the Reserve Bank has given it approval for setting up 9,000 white-label ATMs in the next three years in the rural India."Srei has been permitted to set up 9,000 WLAs in the next three years in rural India," the company said in a statement.Initially, a pilot roll out of 200 WLAs in Tier 3, Tier 4 and Tier 5 towns would be done in the next six to eight months before it was scaled up, it said.Srei said it would leverage its over 27,000 IT-enabled Common Service Centres...

Read more »

Axis bank launches 'Kisan Card'

Over a decade after the state-run banks launched Kisan Credit Cards, private sector lender Axis Bank introduced its own card which is aimed at helping farmers access liquidity round-the-clock.The bank, the third largest from the private sector space in the country, launched the "Kisan Card" through which a farmer can withdraw up to Rs 1 lakh per day from automated teller machines ( ATMs), it said in a statement.The card will be offered to agrarian customers on their cash credit crop loan accounts and will also help them reduce the interest...

Read more »

SBI to conduct forensic audit on Dunar Foods

State Bank of India (SBI) has ordered a forensic audit of one of its borrowers which reportedly has a .`360-crore liability towards the bank and also happens to be a defaulter on the crisis-hit NSEL. One of the important terms of reference (ToR) of the audit is to examine whether funds borrowed from the bank were diverted and if so to establish the money trail.The bank has appointed CA firm Chokshi & Chokshi, which earlier did a forensic audit of e-series bullion contracts on NSEL, to run a forensic audit of Dunar Foods, two persons aware...

Read more »