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RBI move to introduce plastic currency

Reported by | Updated: January 3, 2014

Soon, there could be plastic currency in India. The Reserve Bank of India is reported to be planning to introduce plastic currency to tackle the high costs involved in wear and tear of paper notes. RBI is planning a pilot project of Rs 10 notes and will print such notes worth Rs 100 crore. The […]

Corp Bank to scale up agri credit

Reported by | Updated: January 3, 2014

Corporation Bank has launched a year-long campaign for the delivery of agriculture credit and financial inclusion initiatives at all its branches. A statement by the bank said the campaign has been launched in tune with the ‘International Year of Family Farming’, declared by the United Nations for 2014. The focus of the program will be […]

New banks may need 5 mn sq ft space

Reported by | Updated: January 3, 2014

Space requirements of the proposed new banks will be a minimum of half a million sq.ft for retail banking activity alone, feels real estate services company Jones Lang LaSalle India. The firm says it expects that the new banks might open around 25 branches each by end-2014, with a foray targeted toward tier I cities […]

4000 new farmers to be benefited by Dena Bank’s tractor financing

Reported by | Updated: January 3, 2014

Dena Bank has offered total agricultural advances of Rs 7413 crore as of September 2013, which translates into YOY growth of 18.32%. The percentage of total agricultural advances to Adjusted Net Bank Credit stood at 10.59% as of June 2013 as against 10.21% as of June 2012. The bank has reduced the rate of interest […]

Several banks plan closure of ATMs at night

Reported by | Updated: January 2, 2014

Several banks have decided to shut down ATMs located in areas of low usage at night. Two south-based private banks – Karur Vysya Bank and City Union Bank – have taken such a decision. Karur Vysya Bank will shut down 200 of its more than 1,500 ATMs at night. It is not worthwhile to keep […]

HSBC India revises minimum balance requirement

Reported by | Updated: January 2, 2014

HSBC India has revised the minimum average monthly balance for its basic savings account, other than the no-frills account and corporate salary account, to Rs 150,000 with effect from January 2014. The average monthly balance is a combination of savings account, current account and fixed deposit balances. The customer will have to pay a charge […]

Canara Bank plans 14 new branches overseas

Reported by | Updated: January 2, 2014

Canara Bank is planning to expand its overseas presence and will add 14 new branches in overseas locations in the next two years. R.K. Dubey, CMD, said the bank is opening a branch in Johannesburg in the next three months, followed by those in New York, Dubai and Frankfurt by September 2014. With these branches, […]

V. Kannan is CMD, Vijaya Bank

Reported by | Updated: January 2, 2014

V. Kannan has taken charge as CMD of Vijaya Bank. He succeeds H.S. Upendra Kamath, who has demitted the office on attaining superannuation on 31 December 2013. Prior to the current posting, Kannan was ED, Oriental Bank of Commerce. A professional banker for 37 years he worked as general manager of Bank of Maharashtra. He […]

Cosmos Bank directors’ elections

Reported by | Updated: January 2, 2014

The Sakahar panel, representing the current board of directors of Cosmos Cooperative Bank, had a landslide victory in the elections for the board of directors of the bank recently. The new board will be in office for the year 2015-2020. All candidates of the rival Nirdhar panel were defeated. Some 9,345 members out of 62,000 […]

Financial inclusion gains momentum

Reported by | Updated: December 31, 2013

Rating agency CRISIL has released the latest scores for CRISIL Inclusix, its financial inclusion index, based on the latest data provided by the Reserve Bank of India. The index measures financial inclusion up to the level of each of the 638 districts in India. Roopa Kudva, MD & CEO, CRISIL, said India’s overall CRISIL Inclusix […]