Mottos for Success-265
“The bad news is time flies. The good news is you are the pilot.”
1. It's now the turn of insurance companies, after banks, to introduce biometric cards in rural and semi-rural areas. ICICI Lombard General Insurance Company plans to offer family biometric cards to group health insurance policyholders. The card will enable policyholders to get hospital treatment without making any advance cash payment. Biometric cards authorise transactions based on the customers' fingerprints. To begin with, ICICI Lombard will launch these cards for health insurance policyholders in Manipal, Karnataka. This family card will cover the head of the family and three other dependants.
2. The transfer of RBI shareholding in SBI to the Government would not in any way adversely impact the bank's capital-raising ability. The Government had agreed in principle to acquire the RBI's shareholding in SBI and was close to reaching a final decision on the transaction. Currently, the RBI holds 59.73% stake in SBI. SBI has a comfortable capital adequacy of 12.63%, as on September 30, well above the minimum regulatory environment of 9%. The apprehension that the transfer would impair fresh capital-raising is unfounded. The Government would fully stand by SBI in its efforts to raise more capital.
3. ICICI Bank Ltd, is looking to take over ailing Maharashtra based Sangli Bank Ltd. The board of directors of ICICI Bank will meet on December 9 to consider the proposal for amalgamation of Sangli Bank with itself.
4. The RBI has marked up the Cash Reserve Ratio from 5% to 5.5% (in two phases) to impound about Rs 13,500 crs of bank funds. CRR will go up from 5% to 5.25%, effective December 23 and on to 5.50% from January 6.The CRR was last raised by one half of one percentage point (two phases) to 4.75% on Sept 18, 2004 and to 5% effective Oct 2, 2004.
5. City Union Bank has been inducted as a member of the `Cash Tree' ATM sharing network. With this induction, the number of banks has gone up to 12 under the `Cash Tree' network for mutual sharing of their ATMs. The customers of 12 banks can access over 3,500 ATMs across the country.
6. The OIC alliance, formed a few months ago between OBC, Indian Bank and Corporation Bank, has initiated moves to make the alliance function. The present moves, as explained, presupposed the sharing of IT platform initially for ATMs, formation of a joint appraisal cell in Mumbai to undertake appraisal of large projects for funding, participating in each other's training programmes and building up a common data centre. One of the partners of the alliance had gold for selling while the other partners also used their outlets to sell the metal, thus adding to their earnings.
7. Gross bank credit has gone up by Rs 12,637 crs to Rs 16,83,730 crs as of November 24.
8. SBI has raised interest rates on deposits effective December11. The last interest rate revision was on August 19. Interest rates on domestic term deposits, deposits of senior citizens and super saver term deposits have been hiked by 25 bps to 75 bps.
9. Mr G. Narayana Moorthy has taken over charge as the new Managing Director and Chief Executive Officer of the Tamilnad Mercantile Bank with effect from December 1, for two years.
“The bad news is time flies. The good news is you are the pilot.”
1. It's now the turn of insurance companies, after banks, to introduce biometric cards in rural and semi-rural areas. ICICI Lombard General Insurance Company plans to offer family biometric cards to group health insurance policyholders. The card will enable policyholders to get hospital treatment without making any advance cash payment. Biometric cards authorise transactions based on the customers' fingerprints. To begin with, ICICI Lombard will launch these cards for health insurance policyholders in Manipal, Karnataka. This family card will cover the head of the family and three other dependants.
2. The transfer of RBI shareholding in SBI to the Government would not in any way adversely impact the bank's capital-raising ability. The Government had agreed in principle to acquire the RBI's shareholding in SBI and was close to reaching a final decision on the transaction. Currently, the RBI holds 59.73% stake in SBI. SBI has a comfortable capital adequacy of 12.63%, as on September 30, well above the minimum regulatory environment of 9%. The apprehension that the transfer would impair fresh capital-raising is unfounded. The Government would fully stand by SBI in its efforts to raise more capital.
3. ICICI Bank Ltd, is looking to take over ailing Maharashtra based Sangli Bank Ltd. The board of directors of ICICI Bank will meet on December 9 to consider the proposal for amalgamation of Sangli Bank with itself.
4. The RBI has marked up the Cash Reserve Ratio from 5% to 5.5% (in two phases) to impound about Rs 13,500 crs of bank funds. CRR will go up from 5% to 5.25%, effective December 23 and on to 5.50% from January 6.The CRR was last raised by one half of one percentage point (two phases) to 4.75% on Sept 18, 2004 and to 5% effective Oct 2, 2004.
5. City Union Bank has been inducted as a member of the `Cash Tree' ATM sharing network. With this induction, the number of banks has gone up to 12 under the `Cash Tree' network for mutual sharing of their ATMs. The customers of 12 banks can access over 3,500 ATMs across the country.
6. The OIC alliance, formed a few months ago between OBC, Indian Bank and Corporation Bank, has initiated moves to make the alliance function. The present moves, as explained, presupposed the sharing of IT platform initially for ATMs, formation of a joint appraisal cell in Mumbai to undertake appraisal of large projects for funding, participating in each other's training programmes and building up a common data centre. One of the partners of the alliance had gold for selling while the other partners also used their outlets to sell the metal, thus adding to their earnings.
7. Gross bank credit has gone up by Rs 12,637 crs to Rs 16,83,730 crs as of November 24.
8. SBI has raised interest rates on deposits effective December11. The last interest rate revision was on August 19. Interest rates on domestic term deposits, deposits of senior citizens and super saver term deposits have been hiked by 25 bps to 75 bps.
9. Mr G. Narayana Moorthy has taken over charge as the new Managing Director and Chief Executive Officer of the Tamilnad Mercantile Bank with effect from December 1, for two years.
