“Doing more things faster is no substitute for doing the right things.”
- RBI clamps down on gold loans by NBFCs
In a blow to non-banking finance companies (NBFCs), the Reserve Bank of India has directed them not to give loans exceeding 60 per cent of the value of the gold jewellery pledged with them. NBFCs primarily engaged in lending against gold jewellery have been asked not to grant any advance against bullion/primary gold and gold coins. Further, they have to disclose in their balance-sheet the percentage of loans against gold jewellery to their total assets. (Pg-3/BL-22.03.2012) - Bank of India hikes deposit rates in select categories
Bank of India has raised deposit rates for select maturity periods by 25-50 basis points. The Bank has hiked interest rates on deposits with more than three months maturity. For deposits of up to Rs.15 lakh, with a maturity to 91 days to 179 days, the rate has been hiked to 7 per cent. For those of 270 days to less than one year maturity the revised rate is 8.25 per cent (8 per cent). For deposits of one year to less than two years, two years to less than three years, three years to less than five years and for five years and above, the revised rate is 9.25 per cent. (Pg-8/BL-22.03.2012) - ICICI Bank launches new credit card for super rich
ICICI Bank has launched a new card product targeted at the super affluent and Wealth Management clients. ICICI Bank sapphirois the third in the bank’s gemstone collection of credit cards, after ICICI Bank Coral and ICICI Bank Rubyx. Card members will receive two cards – the ICICI Bank Sapphiro Platinum American Express Credit Card and the ICICI Bank Sapphiro Platinum Chip MasterCard Credit Card, linked to a single card account with a single statement and fee. It will provide access to privileges from American Express and MasterCard. It costs Rs.25,000 to join, with an annual fee of Rs.3,500 from the second year onwards. The annual fee is waived if the amount spent on the card crossed Rs. 5 lakh in the previous year. (Pg-8/BL-22.03.2012) - NBFC-MFIs get one more year to meet provisioning norms
Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) will get an additional one year to implement asset classification and provisioning norms. RBI said it has taken this decision taking into account the difficulties faced by the MFIs and the representation received from them. They will now have time till April 2013 to meet these norms. (Pg-8/BL-22.03.2012) - Banks open crèches to get mothers behind desk, quickly
A crèche facility recently was inaugurated by the United Bank of India at its head office in Kolkata. Day care centre facility an initiative pioneered primarily by IT companies has found takers in banks too. Standard Chartered and HDFC Bank already have such facilities. Increasing attrition rates and rising demand for worklife balance is forcing organizations to look beyond run-of-the-mill HR interventions. (Pg-8/BL-22.03.2012) - SBT declares interim dividend
State bank of Travancore(SBT) has declared an interim dividend of Rs.16 per share to its share holders for the year 2011-12. The date of payment of the dividend is April 10, 2012.
(Pg-7/ET-22.03.2012) - Net banking : Federal Bank launches real time fund transfer facility :
Federal Bank is extending IMPS (Interbank Mobile Payment Service) to its Internet banking customers from March 20.At present, much of inter-bank funds transfer transactions are through NEFT. (Pg-6/BL-21.03.2012) - RBS shuts down some Asian units :
Royal Bank of Scotland is closing its equity capital market and corporate finance units in South Korea and cash equities businesses in Indonesia, Korea and Singapore in the latest move to cut the size of its struggling investment bank. The decision sheds light on the British lender’s recent agreement with CIMB Group Holdings Bhd for the sale of Asian assets ,signaling that Malaysia’s second –biggest bank is eyeing RBS’s Hong Kong, India and Australian businesses to boost its investment banking presence in Asia. (Pg-11/ET-21.03.2012)"Whatever you find hardest to do, do with all your heart.”
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