Sunday, August 28, 2011
Saturday, August 27, 2011
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 next question is than what are Village knowledge centres.
I quote from Union Bank of India, website
What is VKC?
Village Knowledge Centres serve as information dissemination centre providing instant access to farmers to latest information/ knowledge available in the field of agriculture, starting from crop production to marketing. Every VKC is manned by a “VKC In-charge” who looks after the operations of the VKC.
Interested in knowing more? Than log on to http://www.unionbankofindia.co.in/sfac.aspx
Friday, August 19, 2011
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
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.
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/companies in which they are interested with effect from October 1, 2003.
However, normal staff loans to directors are exempt from the above rule.
Rajkot is the largest city of Saurashtra situated at 138 meters above MSL.
The specialty of Rajkot cuisine is the breakfast option. You can try something new in Rajkot for Breakfast. Here, ganthiya is the best option for breakfast. Ganthiya is not available only as prescribed above. Ganthiyas here are of many types.
For example: fafda, vanela, bhavnagari, champakali etc. Ganthiya is basically stripes of dough made from besan flour + some spices + water and then fried into different shapes and tastes. It's not as easy to make as it seems.
Wednesday, August 17, 2011
Processing of Investor Complaints in SEBI Complaints Redress System (SCORES). Have you any complaint?
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 commenced processing of investor complaints in a centralized web based complaints redress system 'SCORES'. The salient features of this system are :
* Centralized database of all complaints.
* Online movement of complaints to the concerned intermediaries
* Online upload of Action Taken Reports (ATRs) by the concerned entities, and
* Online viewing by investors of action on the complaints and its current status.
The FAQ’s for SCORES can be accessed @ http://scores.gov.in/FAQ-SCORES.pdf
The major advantage in this centralized lodgment of complaints, would be that over a period of time, SEBI would be able to pinpoint the major concern areas, and take appropriate steps to remove them.
Such a step will benefit the Investors and other players in the Investment arena.
Monday, August 15, 2011
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 found that some of these Acts are to be changed. Now, Government through the Coinage Bill 2011, is replacing the above 5 Acts by a single Act.
One of the highlights of the Coinage Bill 2011, is that Coins of various denominations can be provided but not higher than Rs.1,000. Earlier provision was up to any sum.
The user provisions, penal provisions for punishment with imprisonment up to seven years for offences relating to melting, destruction and defacing of the coins are there. This penalty has also been enhanced because it was found that the face value of the coin was less than the metal value of the coin. So, there was a tendency of collecting those types of coins and getting them melted.
However, it is to be noted that the penalty for counterfeiting Coins/Currency Notes is higher than the penalty for destruction of coins. This is because counterfeiting is a bigger crime as compared to destruction.
Mr.Pranab Mukherjee, Finance Minister has pointed that the issuance of coins of Rs1,000/- is only an enabling provision, and he did not specify when the provision would be introduced.
There are four mints in Kolkata, Hyderabad, Mumbai and NOIDA respectively, for minting coins.
Similarly, we have four currency prints for printing currency notes in Nasik, Dewas, Mysore and Salboni.
Tuesday, August 9, 2011
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 balance is zero it will start functioning as a credit card.
4) This combination will lead to massive reduction in hassles faced by people in managing their transactions through multiple cards.
5) The card will be offered to eligible salary account holders of IDBI Bank and the credit limit would be a multiple of the monthly salary earned by the card holder.
7) There is no processing fee for the card, neither any charge’s for cash withdrawal, with a daily limit of Rs50, 000/- from any bank ATM or purchase transaction.
8) There would also be loyalty points for amount spent for purchases and insurance cover for lost/stolen/counterfeit cards etc.
'The card will work as a debit card till the account holder has balance in it but once exhausted, any further withdrawal or expenditure on the card, magic card will act similar to a credit card,' IDBI Bank Chairman and Managing Director R M Malla said.
The press release can be accessed @
Posted by nprashant nayakanti at 9:59 AM