1. SBI, Hyderabad, has signed a MOU with Heritage Foods (India) Ltd to disburse Rs 100 crs for various needs of the dairy sector. SBI would offer term loansto farmers for purchase of animals, construction of shed, purchase of milking machine, chaff cutter and development of fodder plot. The finance would also be extended to the entire value chain of milch animals, bulk coolers, processing centres and marketing outlets. Further, SBI also sanctioned cash credit loans to agents of Heritage Foods for onward financing to dairy farmers. Besides acting as a facilitator to identify farmers, Heritage Foods would provide veterinary services, including artificial insemination, treatment, vaccination and post-mortem.
2. ATMs may be more than cash dispensing machines. NCR Corporation, maker of ATMs, has come up with models that can help bank customers make bill payments, buy airline, railway or cinema tickets, print passbooks and renew their driving licence. NCR is already in the process of deploying or evaluating such systems for banks. It will trim costs, generate revenue and hold customers in the future.
3. Oriental Bank of Commerce proposes to enhance its exposure in tea advances. In 2006-07, their tea advance amounted to Rs 40 crs, which we would like to raise to Rs 100 crs in 2007-08, for the Eastern region covering large parts of West Bengal, Sikkim and the North-East. The bank will open more branches in the north-eastern region in the current fiscal. Right now, there are only four branches, all in Assam (two in Guwahati and one each in Jorhat and Tinsukia). The plan is to open two more branches in Assam, at Dibrugarh and Nowgaon, and one each in Shillong (Meghalaya) and Agartala (Tripura).
4. While most banks plan expansion of branch network for better reach, State Bank of Bikaner and Jaipur, after consolidating its various processes, is trying to hive off back-office functions from core banking activities. The bank has a network of 844 branches, all of which have been brought under the core banking solutions platform.
5. In view of the vibrant financial market, India tops the list of priority countries in the global strategy of financial services major Citigroup, according to Mr Robert A. Annibale, Global Director of Microfinance. The potential of financial market is very huge in India where the markets are new and financial systems are vibrant. India and Mexico are very important for the bank.There was enormous opportunity for rural credit besides savings and insurance in India.
6. IDBI has relaunched its 500-day fixed deposit scheme under the IDBI Suvidha Plus Fixed Deposit (ISPFD) at a higher rate of interest of 9.5% per annum. The initial rate of interest was at 8.25%. It has also increased the rate of interest on its existing 360-day ISPFD scheme and the five-year IDBI Suvidha Tax Savings FD (ISTFD) by 50 basis points to 9.5% per annum, all effective May 7.
7. Indian companies raised a little over $3 billion equivalent to about Rs 13,000 crore through external commercial borrowings (ECBs) in February 2007, according to figures provided by the RBI. About 86 companies raised money abroad during the month. In January 2007, 81 companies raised about $1.29 billion.
8. South Indian Bank has decided to introduce a performance-based incentive scheme for all its staff members. The bank has formed a committee of the board to implement the scheme.
9. Shreyas, Canara Bank's house magazine, has been awarded the first prize in the national house magazine contest-2004 organised by the Press Club, Thiruvananthapuram.
10. The Indian Bank Global Debit MasterCard is an unembossed signature-based card. This is the bank's second debit card - the first was the Maestro card launched last year.
