Federal Bank redesigns Web site

Federal Bank has launched its redesigned corporate Web site, which comes with updated content, easy-to-use features, innovative tools and a design that’s easy on the eyes.

Armed with a modern GPS-supported branch/ATM locator, users can locate any of the over 2,250 branches/ATMs within seconds.

Facility to apply for business loans online, value-added services for NRI customers, tools and calculators with enhanced features, interactive wizards for product search, virtual 360 degree view of its key branches are among the principal features.

Customers can also buy third party insurance products online.


Source: thehindubusinessline

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Union Bank to recruit 336 specialist credit officers

Public sector lender Union Bank of India is looking for 336 specialist credit officers, according to advertisement given by the bank.

Under its recruitment drive, the bank has notified about 349 vacancies in the specialist officers’ category with 336 for the position of credit officers and two positions for the economists, according to a notification on the bank’s website.

The bank’s online registration for application closes on April 23.


Source: thehindubusinessline

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Srei, Vakrangee Software get approval to set up ATMs

Srei Infrastructure Finance and Vakrangee Software have received the Reserve Bank of India’s nod for setting up automated teller machines or ATMs that will not be proprietary to a particular bank.

The two companies join Tata Communications and nine other players that now have the authorisation to set up ‘white label ATMs’ for reaching out to the un-banked and under-banked pockets. Unlike the over one lakh ATMs in the country, the white label ones will not display any bank logos and they will serve customers from all banks for the same fee.
At bank rates

Under the RBI guidelines, the authorisation for setting up a WLA operation would be initially valid for a period of one year. The operators are allowed to charge their customers as per bank charges.

The RBI’s licence would allow Srei to set up 9,000 ATMs in rural pockets of the country, said Rajiv Aggarwal, Chief Executive Officer of Bharat Technical Solutions, a group company.

Aggarwal says that Srei is well placed to roll out the service, thanks to the network of over 7,000 common service centres (which facilitate the delivery of e-governance services) established by one of its subsidiaries in rural parts of the country. Similarly, Vakrangee has been given the approval to set up a minimum of 5,000 ATMs per year.

“The RBI has completed the process of technical competency analysis and financial systems testing of Vakrangee. Now we are scouting for multiple sponsor banks to come on board,” Santosh Dash, Chief Executive Officer, Retail & Financial Services, Vakrangee Software, told Business Line. Vakrangee will also aim to earn extra revenue through advertisement and other value-added services on the ATM.

The names of the other eight companies that have secured RBI licences could not be determined. Spokespersons of L&T Finance and Muthoot Finance (companies whose names were doing the rounds in the initial stages) said that they are not part of the mix.

(With inputs from S Shankar and K. Ram Kumar in Mumbai.)

Adith.charlie@thehindu.co.in

Source: thehindubusinessline

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Indian Bank bags excellence award

Chennai-headquartered Indian Bank has been conferred with the National Excellence Award in Micro Enterprises lending by the Union Ministry of Micro, Small and Medium Enterprises for 2012.

According to a release from the bank, T.M. Bhasin, Chairman and Managing Director, received the award from the President of India Pranab Mukherjee recently at Vigyan Bhawan, New Delhi.

Source: thehindubusinessline

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SBI to discontinue free accident cover for loan customers

The country’s largest bank SBI will discontinue a free accident insurance cover given to its home and car loan customers from July this year.

In a notification to its customers, the State Bank of India said the complimentary group personal accident insurance cover (death only) for home and car loan customers will be discontinued on the expiry of current Master Policy on July 1, 2013.

“Hence, in case of accidental death of any Home/Car loan borrower on or before July 1, 2013, claims may be lodged for the outstanding amount in the loan account subject to the terms and conditions mentioned in Master Policy,” SBI said.

The bank, however, did not mention the reasons for scrapping the complimentary cover.

SBI said that its home and car loan borrowers, who do not have any insurance cover for their loan liabilities, may opt for the policies being offered by SBI’s insurance venture.

Currently, SBI General Insurance Company Ltd is offering an accident insurance cover of Rs 4 lakh for SBI’s savings bank account holders for an annual premium of Rs 100.

Earlier this year, SBI had said it provided personal accident cover to over 7 million of its account holders across the country in association with SBI General Insurance.

SBI General Insurance Company is a joint venture between the State Bank of India and Australia’s leading general insurance provider Insurance Australia Group.


Source: thehindubusinessline

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