Kotak Mahindra Bank rejigs corporate, i-banking arm

Post its acquisition of ING's India business, the Kotak Mahindra Group has rejig its top management.TV Raghunath, who until was in-charge of investment banking will now take up a bigger role and will also oversee corporate banking. From now on he is the head - Corporate and Investment Banking at the bank. TV, as he is fondly called, will report to KVS Manian, President - Corporate, Institutional and Investment Banking, Kotak Mahindra Bank."TV will continue to oversee Kotak Mahindra Capital Company (Kotak Investment Banking)," the release said.S...

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Bank cannot freeze employee's account on employer's request: Consumer forum

A bank cannot freeze the account of an employee on the request of the employer and become a judge of dispute between them, a consumer forum here has said while holding IDBI Bank Ltd guilty of deficiency for doing so.A bench of New Delhi District Consumer Disputes Redressal Forum, presided by CK Chaturevdi, made the observation while asking IDBI Bank Ltd to pay Rs 20,000 to Delhi resident Om Prakash Sharma, noting that his account was freezed from December 23 to 27, 2010, on his employer's request and without any intimation to him."In our considered...

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Canara Bank to get Rs 1,500 crore fund infusion from LIC soon

State-owned Canara Bank is likely to get fund infusion of up to Rs 1,500 crore from the country's largest insurance firm Life Insurance Corporation of India (LIC) next month."The fund would be raised by issuing 4 crore shares through preferential allotment and the capital raised would be utilised for business growth," a senior Canara Bank official said.At the current market price, Canara Bank would be able to raise about Rs 1,500 crore by issuing shares on preferential basis.The bank has fixed March 31 as the relevant date for purpose of determination...

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Nominee change in life policies to cost Rs 100 now

Cancellation or change in nomination in insurance policies now comes at a cost as regulator IRDAI has allowed life insurers to charge up to Rs 100 for any such modification.For policies obtained online, the fee is up to Rs 50.The IRDAI guidelines for ‘Registering Cancellation or Change of Nomination’ have come into effect from April 1, 2015.The Insurance Act allows the holder of a life policy to nominate, on his own, a person or persons to whom the money shall be paid in the event of his death while effecting the policy or any time before it...

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SBI wants more women directors on its board

Pitching for greater gender diversity on its board, SBI’s Chairperson Arundhati Bhattacharya today said the bank wants some more women directors and has already suggested a few names to the government.This comes in sharp contrast to an overall reluctance shown by the listed companies across the board in run-up to a regulatory deadline, which expired, for appointing at least one woman director.SBI was already in compliance with the requirement with its chairperson itself being a woman.“Right now, with me, the bank is compliant with the Companies...

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Modi asks Reserve Bank to prepare 20-year financial inclusion roadmap

Prime Minister Narendra Modi on Thursday asked the Reserve Bank of India to prepare a 20-year roadmap for deepening financial inclusion in the country.Speaking at a function to commemorate the completion of 80 years of the RBI, Modi said that the financial inclusion programme should be rolled out in phases with the first target to be met by 2019, when the country will celebrate the 150th anniversary of Mahatma Gandhi.“So, a roadmap on how the Indian banking system will reach the doorstep of the poor will have to be readied,” the Prime Minister...

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Karur Vysya Bank to build 200 toilets in Gujarat

Karur Vysya Bank informed that the bank has contributed Rs 25 lakh for construction of 200 toilets in Dhandhuka Taluka of Gujarat towards Mukyamantri Svachchta Nidhi as part of the Clean India mission. Bank's assistant general manager and Divisional Head of Ahmedabad division, R Ganesan handed over the cheque to Chief Minister Anandiben Patel in Gandhinagar. The announcement for the same was made on February 13, 2015 during the 98th Founder’s Day celebration of the bank by the Board members and CMD of the bank K Venkatraman at the function...

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