Corp Bank’s free ATM transactions

Corporation Bank has decided to offer unlimited number of free transactions in the bank’s ATMs for its savings bank customers. A press release said here on Thursday that according to revised guidelines of Reserve Bank of India, banks have an option to cap the number of free transactions (financial and non-financial) for savings bank account holders in own bank ATMs across India at five transactions per month. However, Corporation Bank has decided to offer free transactions to all its savings bank account cardholders for using the bank’s ATMs,...

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Govt plans to cut stake in PSBs to raise Rs. 89,120 crore

The Indian government plans to raise about Rs. 89,120 crore ($14.4 billion) by reducing its stakes in state-run banks to 52 percent, the junior finance minister said on Friday, sending shares of state lenders higher.The government holds stakes ranging from 56 per cent to 84 per cent in 24 state-run banks that account for 70 per cent of total outstanding loans of about $1 trillion in Asia's third-largest economy.The state-run lenders are estimated to need as much as $60 billion in capital over the next four years to meet upcoming global regulations...

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SEBI slaps Rs1-cr fine on 6 merchant bankers for disclosure lapses in CARE IPO

In a major clampdown for “suppression of material facts” in IPO documents, SEBI penalised merchant banking arms of SBI, ICICI, Kotak Mahindra, IDBI, DSP Merrill Lynch, and Edelweiss groups for lapses during the public offer of rating agency CARE two years ago.The six merchant banks have been asked to pay a fine of Rs1 crore – the maximum penalty applicable for violation of disclosure related norms in IPO documents – within 45 days.Taking a strong view about the violation of SEBI norms as also the Code of Conduct for merchant banks and book-running...

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RBI issues final norms for small, payment banks

The Reserve Bank of India on Thursday issued final guidelines for payments and small banks that aim to take banking services to more people and small businesses.The RBI aims to push financial inclusion by setting up these niche outfits — small finance banks that can have all-India operations and payments banks, which can accept more deposits.The guidelines open up an window of opportunity for entities which did not bag new bank licences in April.Shriram Capital, Janalakshmi Financial Services, Magma Fincorp and Muthoot Finance, among others,...

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IRDA in favour of increasing agent remuneration

The Insurance Regulatory and Development Authority (IRDA) is in favour of giving insurers a free hand in paying out agency commission to make it more remunerative for individual agents.Speaking at an insurance summit organised by FICCI, IRDA Chairman T S Vijayan said insurance companies should protect agents by fixing minimum wages for them and creating employment opportunities in the industry. He said there should be some minimum protection for agents and they should be in a position to earn at least Rs. 10,000 a month from selling insurance."I...

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Corporation Bank targets Rs. 6,000 cr from retail lending this fiscal

Corporation Bank (Chennai Circle) is targeting to achieve Rs. 6,000 crore from retail lending this fiscal.The circle has achieved Rs. 4,700 crore till mid-November and is hopeful of reaching Rs. 5,200 crore by end-December, the bank's General Manager (Chennai Circle), U Vasanth Kini, told BusinessLine.Coimbatore zone (comprising nine districts) in Chennai circle is said to top in retail lending.Kini was in the city at the sixth edition of the bank's home loan expo now underway at Suguna Kalyana Mandapam.Speaking on the sidelines of this expo,...

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Stay away from imposter NBFCs: RBI

The Reserve Bank of India sounded out a warning bell to the people to remain on guard against certain entities fraudulently posing as Non-Banking Finance Companies (NBFCs).Such entities, the RBI said, were posing as having got a certificate of registration from the regulator to do business. They were reportedly approaching the people with loan offers and would collect a sizeable amount as processing fees and then flee with the money so collected.Such entities include companies, partnership firms, individuals, the RBI said, adding, “It is understood...

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LIC waiting for disinvestment plan; ready to invest more in equities

Life Insurance Corporation, the country's largest life insurer is expecting to meet 20 per cent of its annual budgeted new business premium collection of Rs. 35,000 crore in the third quarter of the current fiscal, said a top company official.SK Roy, Chairman of LIC, said on the sidelines of the FICCI insurance summit that while the new business premium collection for the state-owned insurer has seen a very good growth in November, the company may not be able to surpass its previous year's record premium collection in the third quarter.Roy...

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Andhra Bank Coimbatore zone targets Rs. 5,000 cr business this fiscal

Coimbatore zone of Andhra Bank is targeting a business level of Rs. 5,000 crore this fiscal.As at end September, this zone achieved a business of Rs. 3,677 crore with deposits at Rs. 823 crore and advances at Rs. 2,854 crore.This zone was formed out of the Chennai zone in May this year.It now encompasses 23 districts, with 42 branches and 33 ATMs.Briefing presspersons on the occasion of the bank's completion of 91 years, the zone's Assistant General Manager J Vamanaraman said 30 new branches have been planned for the zone before the close of...

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Banks open 7.73 cr Jan Dhan accounts with combined balance of Rs6,092 cr

Banks in India opened 7.73 crore accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) till November 19, according to Snehlata Shrivastava, Additional Secretary, Department of Financial Services, Union Ministry of Finance.In an informal chat with presspersons at a PMJDY mega camp organised by Corporation Bank at Vamanjoor village in Mangalore taluk on Saturday, she said that these accounts have a balance of Rs6,091.86 crore.Of the 7.73 crore accounts, public sector banks have opened around 6.21 crore accounts with a balance of Rs4,946.03...

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Bank unions plan zone-wise relay strike from Dec 2

Employee unions of public sector banks across the country will go on zone-wise relay strike from December 2 to 5 to press for wage revision.The public sector bank employees had stopped work on November 12 on the wage issue, affecting services like cheque clearance and withdrawal from branches across the country. The strike call was given by United Forum of Bank Unions (UFBU).“After the nationwide stir (on Nov 12), we are moving close to our next action — that is relay zonal strike scheduled from December 2 to 5.“This will be first such strike...

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UCO Bank to add 50 e-lobbies by March next

Kolkata-headquartered UCO Bank is looking to add 50 e-lobbies to its existing five, by March 2015. The e-lobbies will enable users to withdraw cash, deposit cash or cheque and print passbooks.Additionally, 500 self-service passbook printers have been purchased and are getting deployed in the branches, the banks said in a press release.This apart, the bank is looking to expand its ATM network and is also mulling the possibility of having “ATMs through the wall”. It currently has 2160 ATMs.Plans are also afoot to announce a reward points scheme...

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YES Bank not looking at acquisitions as strategy for growth, says CEO Rana Kapoor

YES Bank would continue to focus on organic growth and is not unduly perturbed by the recent Kotak Mahindra Bank-ING Vysya Bank deal, its CEO and Managing Director Rana Kapoor has said.The proposed absorption of ING Vysya Bank by Kotak Mahindra Bank would catapult the new combined entity to the fourth place in the private sector league table, dislodging YES Bank from the fourth position.YES Bank will not look to grow through acquisitions although competition may resort to such route for growth, according to Kapoor.“No.. There is a reason for...

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Dhanlaxmi Bank independent director quits

Dhanlaxmi Bank in a release to the stock exchange said K Srikanth Reddy, Non-Executive Independent Director, had resigned from the board of directors of the bank with effect from November 15. Source : Thehindubusinesslin...

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