Vijaya Bank MD gets Skoch award

Kishore Sansi, Managing Director and CEO of Vijaya Bank, has been conferred the ‘Personality of the Year’ award by Skoch Consultancy Services. The award is part of the ‘Skoch Banking and Financial Leadership’ series. Past recipients of the award include C Rangarajan, Dilip Parekh and Nandan Nilekani. Source : Thehindubusinesslin...

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Fee on IMPS transactions under Rs 1000 removed by SBI

State Bank of India (SBI) on Wednesday waived charges on all money transfers of less than Rs 1,000 made through the Immediate Payment System (IMPS) channel, in a bid “to promote small ticket size transactions”. Earlier, any IMPS transfer of up to Rs 1 lakh out of an SBI bank account would attract a charge of Rs 5, in addition to service tax. Those remitting amounts between Rs 1,000 and Rs 1 lakh will continue to shell out the charge of Rs 5. The charge on transactions of over Rs 1 lakh and less than Rs 2 lakh will also remain unchanged at Rs...

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Gross NPA divergence at Rs 6,816 crore by Mar 2016: IDBI Bank

Public lender IDBI Bank’s gross NPAs by the end of March 2016 were lower than the Reserve Bank’s estimate, with a divergence of Rs 6,816.60 crore, its annual report shows. As of March 31, 2016, the bank had reported gross non- performing assets (NPAs) or bad loans to the tune of Rs 24,875.07 crore, according to the bank’s annual report for 2016-17. The Reserve Bank (RBI) had put gross bad loans on the bank’s balancesheet at Rs 31,691.67 crore by 2016 March-end, which works out to a difference of Rs 6,816.60 crore.In case of net NPAs by this...

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Initiative for merger should come from banks: Former RBI Governor C Rangarajan

Former RBI Governor C Rangarajan today said bank merger should be need-based and the initiative should come from the lenders themselves."Initiative for merger should come from banks themselves and there must be felt a need for it. Therefore, the world over, the larger banks are coming into cooperation," he said.Recently, the State Bank Of India merged five associates with itself and the government is looking to consolidate few more with the objective of creating five global-sized lenders.Five associates and the Bharatiya Mahila Bank became...

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SBI launches INTOUCH, digital village initiatives in Nepal

The State Bank of India (SBI) has launched its flagship service INTOUCH in Nepal, an official spokesperson said here on Saturday. The sbiINTOUCH, inaugurated by SBI Chairperson Arundhati Bhattacharya, will offer customers products like Savings Bank, Saral Bachat Account and Combo Savings Account and the branch will have facilities like kiosks for account opening, debit card printing, and ATM. Bhattacharya, along with its subsidiary, Nepal State Bank Ltd (NSBL) also inaugurated the NSBL Digital Village, Jaharsing Pauwa, which would be the first...

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UCO Bank officers to strike work on July 15

The All India UCO Bank Officers’ Federation has called for a one-day all-India strike on July 15 to express its resentment on the unrest prevailing in the bank.Voicing his resentment to the unilateral and arbitrary actions resorted to by the UCO Bank management, the general secretary of the All India Bank Officers’ Confederation (AIBOC) D Thomas Franco urged the management of the bank to intervene and resolve the issue.The arbitrary action of the management is causing large-scale discrimination against majority of the officers. The confederation...

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Axis Bank emerges the frontrunner to acquire FreeCharge

Axis Bank, India’s third-largest private sector lender, has emerged the frontrunner to acquire FreeCharge, the digital payments platform owned by troubled ecommerce marketplace Snapdeal, according to three people aware of the development.The payments unit has been seeking a buyer for several months now, even as its parent negotiates the terms for its own sale.Mumbai-headquartered Axis Bank is currently conducting due diligence on FreeCharge, according to the three sources cited above, who estimate that a potential deal could deliver a payout...

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IDFC-Shriram Group agree to finalise merger in 90 days

IDFC and the Shriram Group have agreed to finalise a merger of their financial services business in an attempt to create a financial supermarket with offerings from motorcycle credit to lending for multibillion-dollar power projects.IDFC Bank CEO Rajiv Lall called the proposed merger a "marriage made in heaven" while founder chairman Deepak Parekh said that IDFC gets "readymade branches" and "hope the marriage happens" and the deal goes through amid likely regulatory obstacles. The two have agreed to hold exclusive talks and finalise the merger...

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