Central Bank of India (CBI), a Mumbai based public sector lender is in a process to expand its presence overseas by opening branches in China, Bhutan, Tanzania and Mozambique.
Bank Executive Director Rajeev Kishor Dubey said more branches are being opened in order to increase its international business and provide banking facilities to the Indians settled abroad.
However he did not reveal the total number of branches to be opened overseas.
Dubey informed the bank has launched Internet-based remittance service, called ‘Cent Fast2 India', in association with Bank of New York Mellon, for Non-Residents Indian residing in the US
He said, "The bank will achieve 100 per cent CBS (core banking solution) coverage by December 21 next year coinciding with the birthday of Sorabji Pochkhanwala, who founded India's first swadeshi bank on December 21, 1911."
The public lender is offering services in 3,000 villages, having population of less than 2,000, by 2010 as part of the Government’s financial inclusion program using mobile telephone technology.
Dubey said, "The bank will develop software in Gujarati and other local languages so that villagers do not experience difficulty in accessing banking facility."
The bank for fiscal 2010-11, has set a target to achieve business turnover of Rs 3, 00,000 crore. He said, by end of March 31, 2009 bank turnover was Rs 2,46,000 crore.
Friday, October 29, 2010
Thursday, October 28, 2010
Kotak Mahindra Bank opens first branch in Chakan on Pune-Nasik Highway
Kotak Mahindra Bank (KMBL) has opened its first branch in Chakan. The branch is located at Shubhmangal Plaza, Gate No 1286, Talegaon Chowk, Pune-Nasik Highway. However this is the 7th branch in Pune and 62nd in the state.
Virat Diwanji, executive vice president, Kotak Mahindra Bank said, “Chakan is an important industrial hub with the presence of many manufacturers and IT majors. This presents immense opportunity for Kotak Mahindra Bank to expand its reach and increase customer engagement in the region. Pune is a prominent market in the overall growth strategy of the bank and we will continue expansions across the city.”
Virat Diwanji, executive vice president, Kotak Mahindra Bank said, “Chakan is an important industrial hub with the presence of many manufacturers and IT majors. This presents immense opportunity for Kotak Mahindra Bank to expand its reach and increase customer engagement in the region. Pune is a prominent market in the overall growth strategy of the bank and we will continue expansions across the city.”
Monday, October 25, 2010
Dhanlaxmi Bank opens a flagship branch in Mumbai
Dhanlaxmi Bank has opened a flagship branch in Prabhadevi, Mumbai for its customers. The branch is located near new passport office on Veer Savarkar Marg at Prabhadevi, Mumbai
G N Bajpai, Chairman, Dhanlaxmi Bank inaugurated the branch it is located near new passport office on Veer Savarkar Marg at Prabhadevi, Mumbai.
The branch has been designed by Fitch, a leading international brand and retail design consultancy. The branch is designed on the new retail concept.
The branch has an innovative design, pleasant and relaxing banking environment for its customers, with modern external façade which is supplemented with interiors to offer customers entirely new experience.
The flagship branch has a separate meeting and greeting area, full self-service zones, aesthetically designed meeting rooms, open customer service area with individual desks for investments and NRI function, and the flagship branch has been designed to facilitate greater customer convenience and experience. This branch integrates the Bank’s rich heritage and values with designs that keep on with the future, along with products and brand wall.
At the occasion, Amitabh Chaturvedi, Managing Director, Dhanlaxmi bank said, “The opening of our flagship branch marks yet another milestone for the Bank. We have always believed that banking should be a personal experience.”
G N Bajpai, Chairman, Dhanlaxmi Bank inaugurated the branch it is located near new passport office on Veer Savarkar Marg at Prabhadevi, Mumbai.
The branch has been designed by Fitch, a leading international brand and retail design consultancy. The branch is designed on the new retail concept.
The branch has an innovative design, pleasant and relaxing banking environment for its customers, with modern external façade which is supplemented with interiors to offer customers entirely new experience.
The flagship branch has a separate meeting and greeting area, full self-service zones, aesthetically designed meeting rooms, open customer service area with individual desks for investments and NRI function, and the flagship branch has been designed to facilitate greater customer convenience and experience. This branch integrates the Bank’s rich heritage and values with designs that keep on with the future, along with products and brand wall.
At the occasion, Amitabh Chaturvedi, Managing Director, Dhanlaxmi bank said, “The opening of our flagship branch marks yet another milestone for the Bank. We have always believed that banking should be a personal experience.”
Monday, October 4, 2010
SBoP has introduced 999 days tenor deposit, hiked term deposit rates by 25 bps to 50 bps
State Bank of Patiala (SBoP) has hiked its term deposit rates by 25 bps to 50 bps also launched a new product of 999 days offering 8%p.a. interest rate for its existing and new customers. The new rates will be applicable from 4 October, 2010.
SBoP spokesperson informed that interest rate for 555days have been raised to 7.75% from 7.50%. Interest rate for 91 to 180 days is 5.50% p.a., for 181 days to 269 days rate is 6.25% p.a. and 270 days to < 1year it is 6.50% p.a., while interest rate for 1 year to 554 days & 556 days to 2 years has been set at 7.50% p.a.
For deposit of more than 2 years to less than 8 years (except for 999days) bank is offering interest rate of 7.50% p.a. and for 8 years to 10 years 7.75% p.a. Additional interest rate for senior citizens have been set at @ 0.50% for a period of one year and above. The spokesperson said, for SBP Tax Saving Scheme interest has been set at 7.50% p.a.
SBoP spokesperson informed that interest rate for 555days have been raised to 7.75% from 7.50%. Interest rate for 91 to 180 days is 5.50% p.a., for 181 days to 269 days rate is 6.25% p.a. and 270 days to < 1year it is 6.50% p.a., while interest rate for 1 year to 554 days & 556 days to 2 years has been set at 7.50% p.a.
For deposit of more than 2 years to less than 8 years (except for 999days) bank is offering interest rate of 7.50% p.a. and for 8 years to 10 years 7.75% p.a. Additional interest rate for senior citizens have been set at @ 0.50% for a period of one year and above. The spokesperson said, for SBP Tax Saving Scheme interest has been set at 7.50% p.a.
Thursday, September 23, 2010
Bankers against deregulation of savings accounts interest rate
The Reserve Bank of India (RBI) wants to deregulate the interest rate on saving accounts to smoothen monetary policy transmission, as it feels is being hampered by the current fixed-rate regime. But RBI’s move is facing stiff resistance from the banks.
A 3.5 per cent a year, interest on savings accounts is the only regulated rate left in the Indian banking system and is highly controversial, given its impact on the common man. The banks fear that by making this product low – cost product can bring instability in the market.
The banks told RBI that this is not the right time for such a move. The RBI held a meeting with top bankers where their views on this sensitive issue were sought.
The chief of a bank, who attended the meeting said, “The savings bank interest rate acts as an anchor for other rates. One of the fallouts of deregulation would be that when there is a squeeze on liquidity, the rates could rise to the level of fixed deposit rates.” He added, “It will be a double whammy: there will neither be fixed deposits nor low-cost deposits.”
On Tuesday country’s top bankers, including ICICI Bank MD & CEO Chanda Kochhar, State Bank of India MD S K Bhattacharyya, HDFC Bank MD Aditya Puri and Standard Chartered Bank Regional CEO for India & South Asia Neeraj Swaroop will be meeting RBI Deputy Governor Subir Gokarn regarding this issue.
Another bank chief said, “Savings deposits are seen as a bank’s core deposits. They help us in asset-liability management. Most banks are of the view that it is too premature to deregulate the savings bank rate.”
A few months ago RBI had proposed the idea of freeing the savings bank rate. Recently Deputy Governor Usha Thorat had said, a working group will be set up to look into the possibility of deregulation. Thorat had said, “We have to examine whether the deregulation can help bring more people into the formal banking system."
A 3.5 per cent a year, interest on savings accounts is the only regulated rate left in the Indian banking system and is highly controversial, given its impact on the common man. The banks fear that by making this product low – cost product can bring instability in the market.
The banks told RBI that this is not the right time for such a move. The RBI held a meeting with top bankers where their views on this sensitive issue were sought.
The chief of a bank, who attended the meeting said, “The savings bank interest rate acts as an anchor for other rates. One of the fallouts of deregulation would be that when there is a squeeze on liquidity, the rates could rise to the level of fixed deposit rates.” He added, “It will be a double whammy: there will neither be fixed deposits nor low-cost deposits.”
On Tuesday country’s top bankers, including ICICI Bank MD & CEO Chanda Kochhar, State Bank of India MD S K Bhattacharyya, HDFC Bank MD Aditya Puri and Standard Chartered Bank Regional CEO for India & South Asia Neeraj Swaroop will be meeting RBI Deputy Governor Subir Gokarn regarding this issue.
Another bank chief said, “Savings deposits are seen as a bank’s core deposits. They help us in asset-liability management. Most banks are of the view that it is too premature to deregulate the savings bank rate.”
A few months ago RBI had proposed the idea of freeing the savings bank rate. Recently Deputy Governor Usha Thorat had said, a working group will be set up to look into the possibility of deregulation. Thorat had said, “We have to examine whether the deregulation can help bring more people into the formal banking system."
Monday, September 20, 2010
Banks likely to raise lending, deposit rates in Oct
The Reserve Bank of India for the fifth time has raised the repo and reverse repo rates by 25 basis points and 50 basis points. The impact of this hike will be visible on lending and deposit rates. But bankers indicate that the hike in lending and deposit rates will not come into effect before October as credit growth has yet to pick up.
Most probably banks will raise deposit rates first as there is a need to improve the sluggish deposit growth. Later lending rates will be raised.
Mr M.V. Nair, Chairman and Managing Director, Union Bank of India, said deposit rates will be raised to incentivize savers.
He added, “Deposit growth is lower than the RBI's projection. If it continues to be low, it cannot support the credit growth, which will pick up in the busy season. So, the priority at this point of time has to be deposit growth.''
Mr M.D. Mallya, CMD, Bank of Baroda, said a clear message has been received from the RBI’s move that interest rates will move upward. But the lending rates will not be raised unless credit starts picking up.
He added, “It is also possible that deposit rates may go up first, and then the lending rates, subject to credit demand. A hike in rates may not happen immediately as we have just tweaked the rates.”
Mr D. L. Rawal, CMD, Dena Bank points out, in the third quarter which will begin from October, banks will raise only deposit rates as banks might face some liquidity pressure due to credit pick-up.
He added, “Once credit picks up in the third quarter, we will have to up interest rates on term deposits.”
Mr Nair said, in the festive season, the credit demand is likely to pick up so the banks might review their base rates in October, before raising the rates.
While Mr Rawal says, the banks will raise base rate in the January quarter only.
“Given that credit growth has been lacklustre in the second quarter, banks may not revise the base rate. Status quo on the base rate will encourage credit growth during the festive season. Base rate, however, will get revised in the fourth quarter as banks will take into account the deposit rate hikes effected in the previous quarters,'' Mr Rawal said.
Mr Mohan Shenoi, Group Head, Treasury, Kotak Mahindra Bank explained it has been a long period that banks have been under tight liquidity pressure which has increased borrowing cost of banks therefore at some stage banks have to transmit it to borrowers through a review of the base rate.
Most probably banks will raise deposit rates first as there is a need to improve the sluggish deposit growth. Later lending rates will be raised.
Mr M.V. Nair, Chairman and Managing Director, Union Bank of India, said deposit rates will be raised to incentivize savers.
He added, “Deposit growth is lower than the RBI's projection. If it continues to be low, it cannot support the credit growth, which will pick up in the busy season. So, the priority at this point of time has to be deposit growth.''
Mr M.D. Mallya, CMD, Bank of Baroda, said a clear message has been received from the RBI’s move that interest rates will move upward. But the lending rates will not be raised unless credit starts picking up.
He added, “It is also possible that deposit rates may go up first, and then the lending rates, subject to credit demand. A hike in rates may not happen immediately as we have just tweaked the rates.”
Mr D. L. Rawal, CMD, Dena Bank points out, in the third quarter which will begin from October, banks will raise only deposit rates as banks might face some liquidity pressure due to credit pick-up.
He added, “Once credit picks up in the third quarter, we will have to up interest rates on term deposits.”
Mr Nair said, in the festive season, the credit demand is likely to pick up so the banks might review their base rates in October, before raising the rates.
While Mr Rawal says, the banks will raise base rate in the January quarter only.
“Given that credit growth has been lacklustre in the second quarter, banks may not revise the base rate. Status quo on the base rate will encourage credit growth during the festive season. Base rate, however, will get revised in the fourth quarter as banks will take into account the deposit rate hikes effected in the previous quarters,'' Mr Rawal said.
Mr Mohan Shenoi, Group Head, Treasury, Kotak Mahindra Bank explained it has been a long period that banks have been under tight liquidity pressure which has increased borrowing cost of banks therefore at some stage banks have to transmit it to borrowers through a review of the base rate.
Friday, September 10, 2010
Karnataka Bank offering savings bank account exclusively for women
Karnataka Bank Limited (KBL) offers a new product ‘KBL Vanita’, a savings bank account exclusively for women. The rural women have fear that they cannot manage their wealth so bank aims to develop savings habit among women so that they get relieved from all such fears.
Bank offers several unique features under this saving scheme such as females of 18 years and above can open this account, two females together can open joint account, account can be opened even with 'Zero' initial deposits, no requirement of daily minimum balance, Monthly Average Balance (MAB) of Rs.1,000. Bank offer free ‘All Risk’ insurance cover for jewellery covering loss due to snatching while on travel, theft during hotel stay, burglary while at home for Rs 50,000 exclusively to the first named woman of the SB account.
Women will get free fund transfer facility. They can transfer fund of up to Rs 50,000 per month to two savings accounts in the name of children. The other facilities include Multi Branch Banking facility, MoneyPlant VISA International Debit Cards, Internet Banking, Online Payment through Debit Cards (E-Commerce), Mobile Banking (M-Commerce) available free, free SMS alert facility for all Debit and Credit transactions of Rs.5,000/- and above and fastest way of Inter Bank fund transfers through RTGS/NEFT besides, other facilities include Fast collection of cheques, Utility Bill payment, Mobile Recharge and Free monthly E-statements.
Bank will be adding more facilities for its other customers in the near future which includes Online trading, Travel Card, Gift Card, Smart Card, POS Terminal.
Soon Bank will also open new branch in Dadar, Mumbai, at present bank has 464 branches across the country.
Bank offers several unique features under this saving scheme such as females of 18 years and above can open this account, two females together can open joint account, account can be opened even with 'Zero' initial deposits, no requirement of daily minimum balance, Monthly Average Balance (MAB) of Rs.1,000. Bank offer free ‘All Risk’ insurance cover for jewellery covering loss due to snatching while on travel, theft during hotel stay, burglary while at home for Rs 50,000 exclusively to the first named woman of the SB account.
Women will get free fund transfer facility. They can transfer fund of up to Rs 50,000 per month to two savings accounts in the name of children. The other facilities include Multi Branch Banking facility, MoneyPlant VISA International Debit Cards, Internet Banking, Online Payment through Debit Cards (E-Commerce), Mobile Banking (M-Commerce) available free, free SMS alert facility for all Debit and Credit transactions of Rs.5,000/- and above and fastest way of Inter Bank fund transfers through RTGS/NEFT besides, other facilities include Fast collection of cheques, Utility Bill payment, Mobile Recharge and Free monthly E-statements.
Bank will be adding more facilities for its other customers in the near future which includes Online trading, Travel Card, Gift Card, Smart Card, POS Terminal.
Soon Bank will also open new branch in Dadar, Mumbai, at present bank has 464 branches across the country.
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