1. SBI Funds Management Pvt Ltd, the investment managers for SBI Mutual Fund, has tied up with Dena Bank to enhance the fund’s reach. The tie up with Dena Bank is prestigious as its quality products would now be available to the bank’s customers across the country.
2. The Securities and Exchange Board of India (SEBI) is contemplating the creation of a self-regulatory mechanism for regulating the financial advisors.At present, financial advice was being rendered by many agencies such as brokerage and media houses. “The damage can be severe if this advice is not done in a professional manner.”
3. There is a need for providing low-cost financial advice in the country, according to Mr M. Damodaran, Chairman, Securities & Exchange Board of India (SEBI).In his second convocation address at the Institute of Insurance and Risk Management (IIRM) here on Thursday, Mr Damodaran said SEBI was working on developing low-cost financial advice in association with the Financial Planning Standards Board.“Financial intermediation is not an easy task. Earlier, advisors had no basic understanding of the products they sold. But now things have changed. The regulator alone cannot ensure the sale of the right product to the right person.
4. Banks in India and other Asia-Pacific countries must improve skills of their staff to curb money laundering activities, as training programmes are unsophisticated and the laws outdated, consultancy firm KPMG has said in a report.“Respondents across the Asia-Pacific region have said that training in many parts are relatively unsophisticated, reflecting outdated legislation and lack of regulatory pressures,” the global study done by KPMG Forensic said.The study, conducted among 224 banks from 55 countries, found a marked shift in the attitude of senior management in India as well as Asia-Pacific region with increasing interest and involvement of top officials in anti-money laundering (AML) activities.
5. The Centurion Bank of Punjab’s foreign exchange services (FES) division plans to expand its geographical presence to 106 locations in the country by end-March 2008. This division, which offers travel-related foreign exchange services, is currently working out of 65 locations from 23 different cities. Last year, this division handled about $1.2 billion equivalent of forex.
6. Karur Vysya Bank has introduced the ‘KVB Freedom SB Account’ with multi-city features for its savings bank customers. Largely targeted at high net worth individuals, this product offers freebies such as 100 cheque leaves a year, mobile and Net banking, on par cheques (payable at all branches) up to a maximum of Rs 15 lakh a month, free cash remittance up to Rs 75,000 a month and cash withdrawal up to Rs 25,000 a day at any branch. Customers would have to maintain a minimum monthly average balance of Rs 10,000.
7. To coincide with the Malayalam New Year Chingam 1 on Friday, the Aluva-based Federal Bank is to roll out its new product – Federal Bank Pure Gold – at a function to be held at Federal Towers. The bank would initially sell imported gold bullions of 5 gm, 8 gm and 20 gm at its 53 select branches in Kerala. Soon it will introduce other denominations and expand the sale network in the other States. The bullions, made in Switzerland, will be of 24 carat with 99.99 per cent purity, which is the highest quality standard possible in gold. The products will come in tamper proof packages together with an Assay Certificate of the Swiss Refinery.
