News

Banks propose fee for pass books Banks have appealed to the RBI to relax its recent stipulation making issue of passbooks compulsory and free of cost to savings bank account holders. Some banks, particularly large private and foreign banks, are of the view that this adds to their cost. 6000 SBI officers opt for early exit Over 6000 officers of SBI have sought early separation (retirement) for reasons ranging from bleak future career prospects to difficulty in adjusting with information technology and intensive work environment. At present the total officers strength of the bank is 55000. The scheme which was thrown open in April 2005 was closed by October end this year. SBI faces regulatory resistance overseas SBI which has a presence in 30 countries, has faced regulatory resistance in three countries -- US, Singapore and Australia -- in its foray into full fledged banking operations. Even the Singapore Monetory Authority has asked SBI to furnish a sovereign guarantee to allow upgradation of its offshore banking operation to undertake retail banking. However, the bank, on its part, has refused to agree to Singapore financial regulator's diktat. Even, ICICI Bank is facing stiff resistance in the US and Singapore in its expansion efforts. The latest to deny SBI a full license to undertake comprehensive banking activities is Australia. The Australian banking regulator has given a much restricted license to SBI to upgrade the bank's rep office in Sydney, while the bank has applied for a full license to enter all aspects of banking including local banking, trade finance, treasury operations and even investment banking. The bank has not been allowed to accept public deposits and can only accept deposits from corporates.