Nabard celebrates foundation day

The regional office of the National Bank for Agriculture and Rural Development (Nabard) celebrated its 31st foundation day here on Thursday.

Mr K. C. Joseph, Minister for Rural Development, inaugurated the function, which was presided over by Mr R. Amalorpavanathan, chief general manager, Nabard.

NABARD FETED

The minister appreciated the support extended by Nabard to the State’s developmental efforts over a period of three decades.

He specifically mentioned the creation of infrastructure and empowerment of poor through joint liability groups or self-help groups.

He also appreciated the Nabard programmes to reach developmental agenda to the remote areas.

The Minister expressed the hope that Nabard would continue to extend its support to the State in all its future endeavours.

He said the apex bank had done full justice to its incorporation by striving hard to achieve the objectives for which it was formed.

NEW INTERVENTIONS

Mr Amalorpavanathan acknowledged the efforts made by the government, the Reserve Bank, banks and community-based organisations for the State’s development.

He also thanked these agencies and the government for the support and cooperation extended to Nabard in furthering the developmental agenda.

He said Nabard intended to undertake new interventions to further the developmental agenda of the State.

Mr Jose T. Abraham, secretary of the employees association, threw light on the challenges faced by development financial institutions in recent times.

NEW CHALLENGES

He urged the government to provide necessary support to Nabard to successfully carry out its mission.

Among those who were present included Mr Salim Gangadharan, regional director, Reserve Bank of India, and Mr G. Sreeram, Convenor, State-Level Bankers Committee.

Mr K. R. Rao, general manager, Nabard, welcomed the dignitaries and other guests.

vinson.kurian@thehindu.co.in

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AxisDirect launches biz partner programme

AxisDirect, an online trading platform of Axis Securities and Sales, a 100 per cent subsidiary of Axis Bank, has launched AxisDirect - Business Partner Programme.

This is a pan-India initiative aimed at partnering independent financial advisors, insurance agents and financial planners to expand its client base.

The partner would refer clients to AxisDirect for opening a 3-in-1 investment account through which a client can invest in equities, derivatives, equity SIPs, IPOs, mutual funds, MF SIPs, bonds, and fixed deposits.

The business partner would also tie-up with Axis Bank for offering a range of retail asset solutions to its clients including home loans, auto loans, loan against shares, and loan against properties.

Speaking at the launch, Mr Nilesh Shah, Director, AxisDirect, said: “Till now, the financial advisory business has focused on the investment side of the clients’ requirements, but not much on the liability side of clients’ requirements''. The latter refers to home loans, auto loans, loan against property, etc.

The AxisDirect business partner programme, in association with Axis Bank, empowers a financial advisor to introduce its clients to an online retail broking platform and a wide range of retail asset solutions.

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SIB in pact with Saudi bank

South Indian Bank has entered into SIB Express remittance arrangement with Arab National Bank for providing fast remittance services to NRI expatriates in Indian rupee.

Arab National Bank has 93 centres across Saudi Arabia. SIB at present has remittance arrangement with Al Rajhi Bank and AJamoudi Exchange Company in Saudi Arabia.

This is the second hank in Saudi Arabia with whom SIB has entered into remittance arrangement, a press release said.

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State Bank group opens financial literacy, counselling centre

The State Bank group has opened a financial literacy and credit counselling centre at Citizen Service Centre, Tank Bund, here.

The centre, headed by an experienced/retired officer, would offer free counselling in person or over telephone/email on aspects such as calculation of interest on deposits, advances or loans, nomination facility, customer rights and fair practice codes, preparation of debt restructuring plans and service charges.

State Bank of Hyderabad, State Bank of India and their sponsored regional rural banks in Andhra Pradesh had earlier established a joint society called ‘Runa Viveka Aacharana’ with its headquarters at head office, State Bank of Hyderabad here, to establish financial literacy and credit counselling centres (FLCCs).

According to the Reserve Bank of India’s model scheme, lead banks will have to open FLCCs in district headquarters, mandals and towns in a phased manner.

With this opening of new centre, the State Bank group had completed the target of setting up FLCCs in 12 lead districts in which it was operating, the released added.

nagsridhu@thehindu.co.in

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LIC Housing Finance opens property fair in Chennai

Mr V.K. Sharma, Director and Chief Executive of LIC Housing Finance, inaugurated the company’s annual property fair, “Ungal Illam 2012,” on Friday. The three-day fair will be open till Sunday and will have 55 builders showcase their residential projects in and around Chennai.

New projects

At the event, its 15th edition, new projects will be launched and most projects have been approved by LIC Housing. Customers can expect attractive deals, discounts and LIC Housing will provide ‘on the spot loan sanctions’ with special processing fee offer at the venue.

On the occasion the company announced that its home loan disbursement has jumped by 28 per cent in the southern region during 2011-12.

Home loan

Retail home loan disbursement reached Rs 4,798 crore during the year as compared with Rs 3,751 crore previously. The region covers Tamil Nadu and Kerala with 36 marketing offices with headquarters in Chennai.

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