SKS Trusts to seek place on SKS Microfinance board

SKS Trusts will be formally asking for a berth on the board of SKS Microfinance Ltd soon as the largest shareholder. “The board has not responded favourably to our earlier request to nominate a board member, despite the fact that there are other nominees from shareholders with a lower percentage than the Trusts. We will request now again,” Biksham Gujja, Director of the Trustee of SKS Trusts, told Business Line on Thursday.

On Tuesday, the Trusts, the original promoter of the SKS Microfinance Ltd, had become the largest shareholder in the company by increasing its stake to 12.6 per cent through open market purchase.

The industry is abuzz with rumours that Vikram Akula, the founder and ex-chairman of SKS Microfinance, would stage a comeback after his unceremonious exit from the company about a year-and-a-half back after it was badly hit by AP microfinance crisis.

On the relevance of Akula to the company today, the Trusts functionary said he could add value to both the trust and the company.

“We believe Vikram Akula’s approach to financial inclusion is similar to our view,” he said, adding that a person who had the skills and experience to “add value” to SKS Microfinance would be nominated.

Akula, who off-loaded his nine lakh shares in the company a couple of days ago, can now claim to be a complete outsider to the company with no individual stake be back on the board with the help of SKS Trusts with which he has a strong bonding.

“We would like SKS to get back to its original mission of promoting financial inclusion,” Gujja said while declining to comment on the efficiency of the present management.

When contacted, SKS Microfinance declined to comment on the developments.

naga.gunturi@thehindu.co.in

Source: thehindubusinessline

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Corp Bank to have more branches in Bihar, Jharkhand

Corporation Bank will open 20 new branches in Bihar and Jharkhand, according to Bibhas Kumar Srivastav, Executive Director of the bank.

A bank release said here that Srivastav was speaking after inaugurating the branches at Phulwari Sharif and Maner in Patna district of Bihar on Friday.

Srivastav said that the bank plans to increase its presence in Bihar and Jharkhand. The bank is planning network expansion in these two States further with 20 new branches slated for opening during the current fiscal. The bank recently opened its new branch at Bhaktiyarpur on August 31 and two new branches at Phulwari Sharif and Maner, he said.

Bihar Minister for Law, Planning and Development Narendra Narayan Yadav inaugurated these branches, the release added.

Source: thehindubusinessline

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Corp Bank to have more branches in Bihar, Jharkhand

Corporation Bank will open 20 new branches in Bihar and Jharkhand, according to Bibhas Kumar Srivastav, Executive Director of the bank.

A bank release said here that Srivastav was speaking after inaugurating the branches at Phulwari Sharif and Maner in Patna district of Bihar on Friday.

Srivastav said that the bank plans to increase its presence in Bihar and Jharkhand. The bank is planning network expansion in these two States further with 20 new branches slated for opening during the current fiscal. The bank recently opened its new branch at Bhaktiyarpur on August 31 and two new branches at Phulwari Sharif and Maner, he said.

Bihar Minister for Law, Planning and Development Narendra Narayan Yadav inaugurated these branches, the release added.

Source: thehindubusinessline

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Corp Bank to have more branches in Bihar, Jharkhand

Corporation Bank will open 20 new branches in Bihar and Jharkhand, according to Bibhas Kumar Srivastav, Executive Director of the bank.

A bank release said here that Srivastav was speaking after inaugurating the branches at Phulwari Sharif and Maner in Patna district of Bihar on Friday.

Srivastav said that the bank plans to increase its presence in Bihar and Jharkhand. The bank is planning network expansion in these two States further with 20 new branches slated for opening during the current fiscal. The bank recently opened its new branch at Bhaktiyarpur on August 31 and two new branches at Phulwari Sharif and Maner, he said.

Bihar Minister for Law, Planning and Development Narendra Narayan Yadav inaugurated these branches, the release added.

Source: thehindubusinessline

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Muthoot to set up first ATM next month

The Foreign Investment Promotion Board has cleared gold-loan company Muthoot Finance’s proposal to set up white-label ATMs in the country.

Muthoot, which had received the RBI nod for the plan in June, is expected to set up its first batch of ATMs next month in one of the southern States. The company, which has also sought RBI’s permission to set up a bank, has plans to establish 9000 ATMs across the country in the next three years. The first 1000 would be set up in the next one year.

A company press note said 65 per cent of the ATMs would be located in semi-urban and rural areas in order to increase financial inclusion. The white-label would be of different types: standalone, through-the-wall, drive-in, mini and moving ATMs. They would be placed at strategic locations such as shopping areas, bus-stands, cinema theatres and schools.

White-label ATMs will not sport the label of any bank and each transaction will be charged a small fee. An ATM costs Rs 5-6 lakh and the operating cost is upwards of Rs 10,000 a month.

Source: thehindubusinessline

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