Mottos for Success-263
“Your most unhappy customers are your greatest source of learning.”
1. RBI has proposed fresh guidelines to regulate non-banking financial companies (NBFC), including the minimum capital adequacy ratio of 10%,they should maintain and commercial banks' exposure in them. 2. Electronic filing of income tax returns by corporates has evoked a good response. The IT has received 2,88,471 electronic returns up to the due date of November 30. The returns were filed through Form-01, which is a combined income tax and fringe benefit tax return. The government had last year received 3,27,000 returns from corporates.
3. ICICI Bank has opened its representative offices in Thailand, Indonesia and Malaysia, extending its reach to 17 countries.
4. YES Bank has partnered with United Nations Environment Programme-Finance Initiative to promote linkages between environment, sustainability and financial performance. It is the first Indian bank, which has become a signatory to UNEP-FI, which forges global partnerships between itself and private financial sector. It also plans to engage other banks in similar partnerships.
5. Taking a cue from the RBI’s peak season credit policy and finance ministry fiats, commercial banks have cut back on credit disbursement to real estate and retail sectors, essentially amounting to rebalancing of credit portfolios. The Finance Ministry at a review meeting last month told bankers to redirect credit to more productive areas, which included infrastructure, manufacturing and farm sectors. The shift was necessitated by the fact that these sectors currently needed credit-support the most.
6. Lakshmi Vilas Bank Ltd has tied up with Western Union Financial Services for offering global money transfer facility to its customers. The Bank has entered into an agreement with Weizmann Forex Ltd, the primary agent of Western union.
7. Banks can now break open safe deposit lockers if the hirer does not pay the rent, says a draft RBI circular. Lockers will have to be opened at least once a year, if the profile of the customer is considered high-risk going by the `Know Your Customer' norms. Reacting to a recent incident where explosives and weapons were found in the locker of a bank, the RBI has advised banks to contact `medium' and `high risk' customers if they have not opened their lockers in one and three years, respectively. They will be given the option to operate or surrender them.
8. Allahabad Bank, which has a large concentration of branches in West Bengal, has been awarded the WB Govt.'s prize for outstanding performance in recruitment of persons with disabilities.
9. With the industry confronting diverse challenges, banks have to become supermarkets that provide an array of products and deliver superior service to the clients, according to Mr M. Damodaran, Chairman of SEBI.
10. NBFCs with a minimum net-owned fund of Rs 100 crs and a net profit for two years can now distribute mutual funds and issue co-branded credit cards (with commercial banks) with prior approval of RBI. NBFCs should not have more than 3% net NPAs. The non-deposit-taking NBFCs should have a CAR of 10% and deposit-taking NBFCs should have 12% or 15%, as applicable to the company.
“Your most unhappy customers are your greatest source of learning.”
1. RBI has proposed fresh guidelines to regulate non-banking financial companies (NBFC), including the minimum capital adequacy ratio of 10%,they should maintain and commercial banks' exposure in them. 2. Electronic filing of income tax returns by corporates has evoked a good response. The IT has received 2,88,471 electronic returns up to the due date of November 30. The returns were filed through Form-01, which is a combined income tax and fringe benefit tax return. The government had last year received 3,27,000 returns from corporates.
3. ICICI Bank has opened its representative offices in Thailand, Indonesia and Malaysia, extending its reach to 17 countries.
4. YES Bank has partnered with United Nations Environment Programme-Finance Initiative to promote linkages between environment, sustainability and financial performance. It is the first Indian bank, which has become a signatory to UNEP-FI, which forges global partnerships between itself and private financial sector. It also plans to engage other banks in similar partnerships.
5. Taking a cue from the RBI’s peak season credit policy and finance ministry fiats, commercial banks have cut back on credit disbursement to real estate and retail sectors, essentially amounting to rebalancing of credit portfolios. The Finance Ministry at a review meeting last month told bankers to redirect credit to more productive areas, which included infrastructure, manufacturing and farm sectors. The shift was necessitated by the fact that these sectors currently needed credit-support the most.
6. Lakshmi Vilas Bank Ltd has tied up with Western Union Financial Services for offering global money transfer facility to its customers. The Bank has entered into an agreement with Weizmann Forex Ltd, the primary agent of Western union.
7. Banks can now break open safe deposit lockers if the hirer does not pay the rent, says a draft RBI circular. Lockers will have to be opened at least once a year, if the profile of the customer is considered high-risk going by the `Know Your Customer' norms. Reacting to a recent incident where explosives and weapons were found in the locker of a bank, the RBI has advised banks to contact `medium' and `high risk' customers if they have not opened their lockers in one and three years, respectively. They will be given the option to operate or surrender them.
8. Allahabad Bank, which has a large concentration of branches in West Bengal, has been awarded the WB Govt.'s prize for outstanding performance in recruitment of persons with disabilities.
9. With the industry confronting diverse challenges, banks have to become supermarkets that provide an array of products and deliver superior service to the clients, according to Mr M. Damodaran, Chairman of SEBI.
10. NBFCs with a minimum net-owned fund of Rs 100 crs and a net profit for two years can now distribute mutual funds and issue co-branded credit cards (with commercial banks) with prior approval of RBI. NBFCs should not have more than 3% net NPAs. The non-deposit-taking NBFCs should have a CAR of 10% and deposit-taking NBFCs should have 12% or 15%, as applicable to the company.
