1. i-flex Solutions Ltd and Financial Services Inc. (FSI) have tied up to launch FLEXICUBE as a hosted offering to community banks in the US. FLEXCUBE, the company's flagship offering, will equip community banks to compete with large banks and financial institutions on an equal footing.
2. UBI has launched Union Mitr, a financial education counselling service, available at 51 centres across the country. This service will offer information on products, services, and provide guidance on opening a bank account, information on managing savings, as well as on management of existing debt. It plans to use village knowledge centres, which are attached to rural branches, for this purpose. Financial education requires a highly individualised approach so it is carried through individual counselling at the bank's centres.
3. PNB has launched PNB Arogya Shree to provide health insurance for its 35 mn customers. The new offering is a product of Reliance General that has been tailor-made for PNB customers. The product is unique. The large customer base has helped it in getting the premium amount lowered. It will have additional features and would be marketed through the branches.
4. Former Dy. Governor of RBI and Chairman of the Committee on Fuller Capital Account Convertibility, Mr S.S. Tarapore, has cautioned against the impending transfer of ownership of SBI from the RBI to the Government. An alert Parliament should block the clauses in the SBI Amendment Bill that relates to the transfer of ownership of SBI from the RBI to the Government. The transfer would be a major setback to the credibility of transparency of the financial sector reform process built up so assiduously over the past 15 years.
5. Software Technology Parks of India (STPI) AP, has enlisted the services of Ernst & Young to chart out a strategy to help accelerate the contribution of the burgeoning SME segment of the IT sector. There are about 3,500 SMEs in the IT sector and their contribution is now estimated at about 35% of the country's total exports of about Rs 1,00,000 crs. The STPI would like to help accelerate their output and cover other segments and step up contribution to exports.
6. The Power Ministry has proposed putting in place a set of normative criteria for allotting captive coal block to players in the power sector and having "reasonable" bank guarantees that could be encashed if they fail to achieve certain prescribed milestones in the development of the block.
7. The RBI has restricted NBFC's borrowing limits. They will have to maintain a capital adequacy ratio of 10%. As per the guidelines, all non-deposit taking NBFCs will be able to raise borrowings only up to 10 times their net-owned funds. The new guidelines will change the way the balance sheet of an NBFC is funded.
8. Standard Chartered Bank has launched a customer service initiative through which they can SMS if there is a complaint or need assistance. The sender will receive a personalised call from the bank within 24 hours of sending the SMS. The customer needs to send an SMS to the number 9980033333 with the text "Service." If complaints are not addressed in 24 hours then the bank will credit around Rs 100 to the customer's account. This has been launched as a pilot project in Chennai and would be rolled out nationally early next year. On an average, the bank's call centre receives around 20,000 service related calls a day.
2. UBI has launched Union Mitr, a financial education counselling service, available at 51 centres across the country. This service will offer information on products, services, and provide guidance on opening a bank account, information on managing savings, as well as on management of existing debt. It plans to use village knowledge centres, which are attached to rural branches, for this purpose. Financial education requires a highly individualised approach so it is carried through individual counselling at the bank's centres.
3. PNB has launched PNB Arogya Shree to provide health insurance for its 35 mn customers. The new offering is a product of Reliance General that has been tailor-made for PNB customers. The product is unique. The large customer base has helped it in getting the premium amount lowered. It will have additional features and would be marketed through the branches.
4. Former Dy. Governor of RBI and Chairman of the Committee on Fuller Capital Account Convertibility, Mr S.S. Tarapore, has cautioned against the impending transfer of ownership of SBI from the RBI to the Government. An alert Parliament should block the clauses in the SBI Amendment Bill that relates to the transfer of ownership of SBI from the RBI to the Government. The transfer would be a major setback to the credibility of transparency of the financial sector reform process built up so assiduously over the past 15 years.
5. Software Technology Parks of India (STPI) AP, has enlisted the services of Ernst & Young to chart out a strategy to help accelerate the contribution of the burgeoning SME segment of the IT sector. There are about 3,500 SMEs in the IT sector and their contribution is now estimated at about 35% of the country's total exports of about Rs 1,00,000 crs. The STPI would like to help accelerate their output and cover other segments and step up contribution to exports.
6. The Power Ministry has proposed putting in place a set of normative criteria for allotting captive coal block to players in the power sector and having "reasonable" bank guarantees that could be encashed if they fail to achieve certain prescribed milestones in the development of the block.
7. The RBI has restricted NBFC's borrowing limits. They will have to maintain a capital adequacy ratio of 10%. As per the guidelines, all non-deposit taking NBFCs will be able to raise borrowings only up to 10 times their net-owned funds. The new guidelines will change the way the balance sheet of an NBFC is funded.
8. Standard Chartered Bank has launched a customer service initiative through which they can SMS if there is a complaint or need assistance. The sender will receive a personalised call from the bank within 24 hours of sending the SMS. The customer needs to send an SMS to the number 9980033333 with the text "Service." If complaints are not addressed in 24 hours then the bank will credit around Rs 100 to the customer's account. This has been launched as a pilot project in Chennai and would be rolled out nationally early next year. On an average, the bank's call centre receives around 20,000 service related calls a day.
