Work may be affected if September 2 strike materialises: Corporation Bank

State-owned Corporation Bank today said normal working may get affected on September 2 if the strike called on that day by trade unions materialises.

Indian Banks' Association has received a notice from the general secretaries of associations comprising AIBEA, BEFI, NOBW, INBEF, AIBOA, INBOC and NOBO and informed about their decision to go on a day's nationwide strike on September 2, in support of their demands, Corporation Bank said in a BSE filing.

"A major section of the bank's employees belonging to the workmen unions/Officer's Associations, having allegiance to the above national level unions, may take part in the proposed one day strike on September 2, 2015, if it materialises," it added.

"In view of the above, it is likely that normal functioning of our branches and offices may get affected during the day," Corporation Bank said.

Meanwhile, an inter-ministerial panel headed by Finance Minister Arun Jaitley today met with representatives of trade unions to discuss their 12-point charter of demands on labour issues ahead of the strike call given by unions.

However, the meeting remained inconclusive and it will take place again tomorrow.

About a dozen central trade unions, including BJP-backed Bharatiya Mazdoor Sangh (BMS), have given a call for one-day strike on September 2 to press for their demands.

Today's was the second meeting of the inter-ministerial committee on labour issues.



Source : Economic Times

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ICICI Bank unveils first guarantee-backed home loan product

ICICI Bank, India’s largest private sector bank, has announced the launch of the country’s first ‘mortgage guarantee’ backed home loans for first time borrowers in the affordable housing segment.

‘ICICI Bank Extraa Home Loans’ will allow a borrower to increase the loan amount by up to 20 per cent of the original loan amount and also the option to extend the repayment period up to 67 years of age.

This extension of loan amount and tenure will come at a premium upfront fee of 1-2 per cent of the entire loan amount, including the incremental component.

“The fee will depend on the age of the borrower, extension in tenure, the nature of her income — whether she is salaried or self-employed — and the loan-to-value ratio,” said Rajiv Sabharwal, Executive Director, ICICI Bank.

The facility will be suitable to largely middle-aged, salaried and self-employed individuals with seasonal income seeking home loans of a maximum amount of Rs. 75 lakh.

Such loans will be available in four cities, Greater Mumbai, NCR, Bengaluru and Surat, at present.

ICICI Bank has launched this initiative in association with India Mortgage Guarantee Corporation (IMGC), which will guarantee the incremental risk on the default, Sabharwal said adding that such products are popular in the US and Canada.

IMGC is a joint venture between National Housing Bank, an RBI subsidiary which regulates housing finance companies in India; NYSE-listed Genworth Financial; International Finance Corporation; and Asian Development Bank.

Chanda Kochhar, MD & CEO, ICICI Bank said, “We foresee that a young population and rapid urbanisation will lead to the emergence of enormous demand for affordable housing in Tier-II and Tier-III cities. This initiative will catalyse the growth of the Indian mortgage market by giving consumers improved affordability without any incremental risks for lenders.”

The bank’s average ticket size of home loans is about Rs. 35-37 lakh with an average tenure of 12-13 years at the time of origination and 8 years, including the loan pre-payment.

ICICI Bank’s housing loan portfolio is growing at 25-27 per cent and constitutes about 55 per cent of the total retail book.


Source : Thehindubusinessline

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Andhra Bank launches Mudra Card

Andhra Bank has launched Mudra Card under the Pradhan Mantri MUDRA Yojana Scheme.

As part of the PMMY, the bank is issuing Mudra Card to all eligible borrowers availing working capital limits as per guidelines.

Mudra Card is a debit card on the Rupay payment platform. It helps the borrower to have flexible access to their working capital limits. It can be used to draw cash from any ATM or make purchase using point of sale machine. The maximum loan under the MUDRA card it Rs. 10 lakhs


Source : Thehindubusinessline

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Corporation Bank to conduct Exporter-Importer Meet in Tirupur

Corporation Bank has organised Exporters & Importers meet at Hotel Velan in Tirupur on August 28.

S.R.Bansal, Chairman and Managing Director of the bank is expected to preside over the function.

Other officials such as K.Venkatesh Rao, Deputy General Manager and Zonal Head, Coimbatore and U.Vasanth Kini, Circle General Manager, Chennai are expected to take part in this event.


Source : Thehindubusinessline

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