Nabard staff to join Sept 2 strike

All-India Nabard Employees’ Association, the recognised trade union of workmen employees of the National Bank for Agriculture and Rural Development, has decided to join the call for nationwide strike on September 2 given by 16 Central trade unions. VK Bhosale, General Secretary of the Association, served the strike notice to the Chairman of Nabard, a spokesman said. The unions are demanding, among others, , enforcement of labour laws, fixation of minimum wages at Rs.15,000, revised gratuity, and removal of ceiling for bonus and provident fund....

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RBI to transfer 25% more to Govt

The Reserve Bank of India will transfer 25 per cent more by way of surplus funds to the government for the year ended June 30, 2015. The central bank, in a statement, said its Central Board of Directors, at its meeting held on Thursday, approved the transfer of surplus funds amounting to Rs.65,896 crore to the Government of India. The surplus amounts were Rs.52,679 crore and Rs.33,010 crore for the years ended June 30, 2014 and June 30, 2013, respectively. Source : Thehindubusinesslin...

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Axis Bank set to roll out contactless card payments

Axis Bank, India’s third-largest private sector bank, will soon facilitate contactless payment for its premium debit, credit and multi-currency forex card customers.The bank plans to cater to about 1.70 lakh premium segment customers, accounting for about 1 per cent of its total customer base of 1.7 crore. “The industry has seen about Rs.12,000-13,000 crore worth debit card transactions that are below Rs.2,000. So, we are piloting with 100 merchants in a couple of cities to facilitate the tap-and-go payments,” said Jairam Sridharan, President...

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Bank of Maharashtra Q1 net drops 50% to Rs 59 cr on higher provisioning

Bank of Maharashtra has reported a 49.55 per cent fall in net profit at Rs 59.44 crore for the quarter ended June 30, hurt by a sharp increase in bad loans and higher provisions.The bank had reported a net profit of Rs 117.82 crore in the corresponding quarter of the previous fiscal.The bank’s total income in the quarter under review stood at Rs 3,526.13 crore, up 7.30 per cent against Rs 3,286.12 crore in the same period a year ago.Provisions and contingencies in the quarter more than doubled to Rs 483.91 crore as against Rs 236.25 crore in...

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Healthy fee income and a drop in bad loans helped the country’s largest lender, State Bank of India, to post a 10 rise in net profit in the April-June quarter at Rs.3,692 crore.Net interest income, the difference between interest earned and interest expended, increased marginally by 4 per cent, while non-interest income (including income from trading profits and fees) rose 19 per cent to Rs.5,088 crore.Fresh slippages from standard to bad loans during the quarter stood at Rs.7,318 crore, down from Rs.9,932 crore in Q1 FY15.“The main slippages...

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Jan Dhan Yojana: 215 claims settled so far, says NPCI

As many as 215 claims have so far been settled under the Rs. 1 lakh accidental insurance cover provided under the Pradhan Mantri Jan Dhan Yojana (PMJDY) launched last year, A.P. Hota, Managing Director & CEO, National Payments Corporation of India has said.The accidental insurance cover of Rs. 1 lakh was one among the special benefits attached to the scheme that was implemented on a mission mode by the Modi-led Government.Till date, 17.29 crore bank accounts have been opened under PMJDY.Hota said that in all about 500 claims have come for...

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J&K Bank Q1 net rises 22% to Rs. 159 cr

Jammu & Kashmir bank today reported 22 per cent rise in net profit at Rs. 158.76 crore for the first quarter ended June 30, 2015, against Rs. 130.05 crore in the corresponding quarter of previous fiscal.However, total income of the bank fell in the first quarter to Rs. 1,888.35 crore as against Rs. 1,899 crore a year ago, because of a higher tax outgo.The tax expenses during April-June period of current fiscal rose to Rs. 86.68 crore from Rs. 70.70 crore a year ago, the bank said in a BSE filing.Meanwhile, the asset quality of the bank...

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ICICI Bank offers rural borrowers home loans at base rate

ICICI Bank has launched its ‘Saral-Rural Housing Loan’ at base rate of 9.7 per cent for borrowers from the rural areas.“Applicants from rural areas, including women borrowers, can now avail of home loans at the ICICI Bank Base Rate (‘I-Base’), which is currently at 9.70 per cent. An eligible borrower can take up to Rs. 15 lakh,” ICICI Bank said in a statement.Customers can avail of loans to purchase or construct or renovate a home in the rural areas. The loan would range from Rs. 5-15 lakh for a period of 3–20 years and the loan could be up...

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Federal Bank rolls out e-loans

Federal Bank on Monday launched Fed-E-Credit, its digital loan facility and issued the first online loan. Through this facility, customers can apply for loans against their fixed deposits using FedNet, the bank’s Internet banking facility. The loans taken under Fed-E-Credit can be closed online through FedNet. The first 1,000 customers taking E-Credit will get interest rate concessions, the bank said in a statement. Source : Thehindubusinesslin...

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Andhra Bank’s new deposit scheme

Andhra Bank has launched two new deposit-cum-insurance schemes as a social security measure on the eve of Raksha Bandhan. The two schemes, Suraksha Bima Deposit and Jeevan Suraksha Bima Deposit, are available to customers in the 18-70 and 18-50 age groups, respectively. The deposits can be subscribed by way of gift cheques. Source : Thehindubusinesslin...

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