A recent press report said that an average 40 banks failed in India during each year between 1947 and 1955. Reports said that in the year 1951, there were 566 private commercial banks in India with 4,151 branches. Bank failures in India were out of control before Independence in the absence of comprehensive banking legislation… Read More »
Aryavart Gramin Bank, a Regional Rural Bank, was constituted on 3rd October 2006 after amalgamation of three Regional Rural Banks (RRBs) namely Avadh Gramin Bank, Barabanki Gramin Bank and Farrukhabad Gramin Bank as per Government of India notification no. F.No.1/4/2006-RRB dated 03-10-2006. Purpose – To provide financial assistance to meritorious scholars for higher education Eligibility … Read More »
A recent press reports said that Central Bank of India has signed a Memorandum of Understanding (MoU) with the National Skill Development Corporation (NSDC) in order to promote loan and finance vocational education. The MOU was signed by Mr S. Sridhar, Chairman and Managing Director, Central Bank of India, and Mr Dilip Chenoy, CEO and… Read More »
A recent press report said that YES Bank has planned to have a branch network of 750 branches across the country by 2015, and 15-20 per cent of these would be located in the South. Mr R. Ravichander, Group President , Business Development (South), YES Bank, told the press that the metro centers are likely… Read More »
A recent press report said that Union Bank of India has launched a financial inclusion initiative called ‘Unioninclusions,’ which includes five schemes. The Finance Minister, Mr Pranab Mukherjee, inaugurated the initiative in Mumbai. Mr. Mukherjee, at the inauguration function, asked the banks to pursue technological innovations in order to reach out to the poor and… Read More »
A recent press said that Syndicate Bank has entered into a MoU with Karnataka State Public Service Commission (KPSC) to accept application fee across all its branches in the State. The Bank has offered comprehensive C2B (Customer to Business) solution to KPSC, it said in a statement. A person interested in applying for the vacant… Read More »
A recent press report said that the proposed ‘Microfinance Bank’ is to be set up in Andhra Pradesh. The microfinance bank is expected to charge a little more than 3 per cent interest on micro loan to be extended to women of self-help groups (SGHs). Andhra Pradesh Chief Minister, Mr. N. Kiran Kumar Reddy, said… Read More »
A recent press report said that Self-help groups (SHGs) across the country will henceforth get loan at 7 per cent on a par with the crop loans. Mr. Jairam Ramesh, Minister of State for Environment and Forests, said that microfinance has unfortunately become a dirty word now largely due to extreme commercialization by some MFIs,… Read More »
A recent press report said that State Bank of India has appointed a deputy managing director to focus exclusively on non-performing assets (NPAs) on account of the bad loan going up by Rs 5,791 crore in FY11. The bank’s NPA stood at Rs 25,326 crore as of March-end 2011, against Rs 19,535 crore as of… Read More »
A recent press report said that Indian Overseas Bank has roped in Ernst and Young as a consultant to provide advice on spinning-off the bank’s IT division into a software subsidiary. Ernst and Young will act as a consultant with the valuation of the subsidiary and also help patent the bank’s core banking software. Unlike… Read More »