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Showing posts from August, 2011

Ganesha Photos

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Union Bank of India launches “Union Chetna” - A distinctive information portal to bond with customers and employees.

How does your Bank, Insurance Company, Mutual Fund house, keep in touch with you? The old fashioned paper way i.e paper based newsletter or the new fashioned i.e digital newsletter. Well, one of India’s most innovative Bank, Union Bank of India, has gone 1 step ahead. Union Bank of India has launched an information portal to connect with its customers and employees. In brief, a Portal can said to be ‘a door or gate; hence, a way of entrance or exit, especially one that is grand and imposing. During business hours, customer relevant information will be displayed. . The same window after business hours will be the knowledge gateway for the staff. This can said to be a private TV channel. Initially, the portal is being launched in 50 Branches and 10 Village knowledge centres.   Union Chetna was inaugurated by RBI Governor on 18/08/2011, in Mumbai. Union Chetna should also be on Youtube, this will be a great brand builder for Union Bank of India. The

Rajkot Commercial Co-operative Bank Ltd., Rajkot – Penalised

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Rajkot Commercial Co-operative Bank Ltd., Rajkot – Penalised Rajkot the fourth largest city in Gujarat is in news recently, as the Rajkot Commercial Co-operative Bank Ltd., Rajkot has been penalized by Reserve Bank of India. The Press Release can be accessed at http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24918 A monetary penalty of Rs2lacs has been imposed by RBI, for not adhering to Reserve Bank of India's instructions on grant of unsecured advances in excess of prescribed ceiling and director related advances. I quote from Reserve Bank of India, Master Circular on Board of Directors – Primary (Urban) Co-operative Banks, regarding the guidelines on loans and advances to directors. QUOTE PROHIBITION ON LOANS AND ADVANCES TO DIRECTORS Banks are prohibited to make, provide or renew either secured or unsecured loans and advances or extend any other financial accommodation to their directors, or their relatives and the firms/concerns/

Processing of Investor Complaints in SEBI Complaints Redress System (SCORES). Have you any complaint?

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One more regulator has embraced the electronic mode to handle complaints. This time, it is the turn of SEBI to launch SEBI Complaints Redress System (SCORES) The soft launch was done June8, 2011 and it was thrown open to the public and other users on August 2, 2011. SCORES has been developed by National Informatics Centre, and is web-based with 24 X 7 online access. Ideally, all the investors have to lodge the complaints in SCORES only. However, where SEBI receives hard copies of the complaints, the same will be scanned and uploaded into SCORE. The Compliance Officer of the entity (intermediary or listed company), will update the ATR (Action Taken Report) online only. Physical ATR’s will not be accepted by SEBI. Well, the Compliance Officers need not worry; the market regulator would send a daily alert on pending complaints to concerned compliance officers, in case the SCORES admin area is not checked daily for notifications. -          - SEBI has

Decks cleared for Rs1000/- coin. Are you ready?

Decks cleared for Rs1000/- coin. Are you ready? The Coinage Bill 2011 was recently passed by the Upper House. This Bill has a long history.   This Bill was introduced in 17/12/2009 in the Lok Sabha . Subsequently, it was sent to the Standing Committee and government accepted some of the recommendations on this Bill. The Report of the Standing Committee on Finance was presented to Lok Sabha on 31/08/2010. Subsequently, the Bill was placed before the Lok Sabha and approval of the Lok Sabha was obtained. The major reason for the introduction of the Coinage Bill, 2011, was the need to consolidate the Acts governing currency and coins. Department of Economic Affairs found that currency and coins are covered by five Acts. These Acts are The Metal Tokens Act,1889, The Indian Coinage Act, 1906, The Bronze Coin (Legal Tender) Act, 1918, The Currency Ordinance, 1940 and The Small Coins Act, 1971. Four Acts out of five were passed during the colonial days. It was

IDBI Magic Card – What will you do to get it?

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IDBI Magic Card – What will you do to get it? In a single stroke, IDBI Bank has changed the rules of     1.      Electronic Payments Industry 2.      Salary Account acquisitions 3.      Bank Brand Marketing IDBI Bank via its launch of ‘Magic Card’, has broken through the clutter of the Banking products, and has raised the barrier for salary accounts acquisitions. Yes, other banks will launch similar products, but IDBI will be pioneer in this segment. The ‘Magic Card’, is idea is so simple, that it was there for all Bankers to see it, but only IDBI Bank could visualize it and bring it live. The highlights of IDBI Bank’s Magic Card are : 1)     It encompasses the features of a Debit Card with a credit limit. 2)     The interest charges are less than a regular credit card. 3)     This card incorporates the features of Debit Card as well as Credit Card. It will work as a debit card till the account holder has balance in account, once balan