1. There is a Shylock on the prowl in most urban cities, preying on unwary and gullible victims. Numerous middle-class Indians have fallen prey to its usurious ways. With Urban India’s new-found prestige and affinity to hoard and flaunt credit-cards, this tech-savvy 21st century shyster comes in three distinct shades — silver, gold and platinum. Surprisingly, it is still to extend its reach in a big way into Rural India.
2. National Housing Bank (NHB) is planning to invest equity in housing finance corporations engaged in rural housing finance.“While housing finance in the country is growing at a CAGR of 46 per cent, rural finance is not keeping pace with it. It wants to act as a catalyser to promote housing finance for middle-income and poor people.”
3. The Standing Committee on Finance has endorsed the proposal in the State Bank of India (Amendment) Bill, 2006, to bring down the statutorily prescribed minimum shareholding of the Reserve Bank of India (now the Union Government) in SBI to 51 per cent from the current level of 55 per cent.
Currently, the Centre holds 59.73 per cent stake in SBI, which is the country’s largest commercial bank. The Centre had in June this year acquired the entire shareholding of the RBI in SBI.
Currently, the Centre holds 59.73 per cent stake in SBI, which is the country’s largest commercial bank. The Centre had in June this year acquired the entire shareholding of the RBI in SBI.
4. The Prime Minister, Dr Manmohan Singh, today expressed hope of doubling credit flow to the small and medium sector within five years. While giving away the national awards to small and medium enterprises (SMEs) in the Capital on Thursday, Dr Singh said, “I hope we can double the credit flow to this sector within a period of five years. I urge our banks and financial institutions to come forward and support and nurse SMEs, especially through risk and venture capital support.”
5. State Bank of Hyderabad (SBH) has put its public issue plans on hold till December and is awaiting ‘specific roadmap’ on a possible merger with State Bank of India.
6. Fullerton India Credit Company, a non-banking finance company, has launched a marketing programme named ‘Parivaar Laxmi’, which is an incentive-based referral system for housewives. This programme is targeted at the housewives residing in the neighborhood of Fullerton India branches spread across the country. Fullerton India has more than 300 branches spread across 100 locations. This company, which is a fully-owned subsidiary of Fullerton Financial Holdings, Singapore, has 8,000 employees on its rolls. The housewives who are appointed as ‘parivaar laxmis’ refer their friends, neighbours and relatives in their social network and pass on the leads as people who are interested in loans and insurance to the neighborhood Fullerton India branch.
7. Andhra Bank is very aggressive on the ‘kiddy bank’ account. Departing from the usual ‘Customer Meet’, Andhra Bank has this year commenced a month-long ‘AB Celebrations 2007’ drive to create awareness about the various products and services offered.
8. Infrastructure Development Finance Company Ltd (IDFC) plans to raise Rs 12,000-Rs 14,000 crore of debt from the domestic markets this fiscal to fund infrastructure projects in the country.
9. Banks are keen on increasing their exposure to regional cinema with more and more big-banner Bollywood filmmakers producing such movies and the kind of growth potential they see in this sector, say media analysts. Among regional movies, South Indian and Bhojpuri movies seem to be the favourites of these filmmakers.
10. The United Forum of Bank Unions has called for a one-day strike on September 12 in order to press for the implementation of the memorandum of understanding signed with Indian Banks’ Association.
11. YES Bank is looking at using mobile phone as a platform to enhance the reach and bring down the cost of micro-finance.
The bank along with Accion, the US based micro-finance agency, plans to tie up with a global software provider in order to find a software solution for the same.
The bank along with Accion, the US based micro-finance agency, plans to tie up with a global software provider in order to find a software solution for the same.
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