A recent press report said that Allahabad Bank has planned to set up close to 2,000 point of sale (PoS) terminals by the end of this fiscal. Mr. J. P. Dua, Chairman and Managing Director of the bank said that the bank is in talks with 3-4 companies for entering into a technological tie-up. The… Read More »
A recent press report said that South Indian Bank has signed a service agreement with TimesofMoney, India’s leading e-payments service provider to offer remittance solutions to NRIs in selected countries. The tie up will help the NRIs to remit funds online to any bank in India under the NEFT/RTGS network. Dr. V.A. Joseph MD &… Read More »
A recent press report said that bankers are looking for a break in the rate hike as they are experiencing slowdown in loan demand. Banks are not experiencing the same speed of loan demand in sectors like power, road and telecom, as last year. Mr. MD Mallya, chairman of Indian Banks’ Association (IBA) told the… Read More »
A recent press report said that Bank managements have set aggressive goals for their branches to sell equity schemes with systematic investment plans (SIPs) that could restore the drooping riches of the mutual fund industry. Reports said that SBI, the country’s largest lender has planned to sell 25 lakh SIP units this financial year ending… Read More »
A recent press report said that the regional office of the Reserve Bank of India in the southern Indian city of Thrivanathpuram has notified that the last date for exchanging coins of denomination of 25 paise or less is June 29. Reports said that coins can be exchanged at currency chest or small coin depot-maintaining… Read More »
A recent press report said that Vijaya Bank has planned to reach its target in housing loan portfolio during the current financial year in spite of the hike in its lending rates. Mr. Jayarama Shetty told the press that borrowers can confidently avail of loans it offers the advantages of transparency to borrowers and there… Read More »
A recent press report said that UCO Bank has planned to ramp up its ATM network to 3,000 machines by end March 2013 from the current level of 681. Reports said that the bank desires to expand its ATM network to 1,500 by the end of the current fiscal. The bank is also expecting its… Read More »
A recent press report said that the RBI has penalised 48 small banks in just six months, for lapses in implementing customer identification norms and various other violations. The RBI has imposed fine on 48 banks (mostly co-operative) in the first six months of 2011 where as only 15 such actions were taken during 2010.… Read More »
A recent press report said that Housing loans have not witnessed any slowdown in demand. Mr. .Deepak Parekh, Chairman, Housing Development Finance Corporation (HDFC) has also told the press that the housing loan have not faced any slow down in demand in spite of the increase in interest rates. He also said that the hike… Read More »
A recent press report said that the Insurance Regulatory and Development Authority (IRDA) has imposed a fine of Rs 70,00,000 on SBI Life Insurance company for paying around Rs.204 crore to eight of its corporate agents and six master policyholders, far in excess of the stipulated levels. SBI Life Insurance is 74:26 joint venture between… Read More »