Oct 8, 2012
UCO Bank Festive Offer on Housing and Vehicle loans
UCO Bank is offering 50% concession in processing charges on housing loan during its Grand Festive Offer. The offer period has already started on 20/09/2012. The bank is offering 10.50% on Housing loans. The vehicle loans are offered at 10.75%. Processing charges are fully waived for vehicle loans. If customer avails both housing and vehicle loans during offer period then processing charge is fully waived for both loans.
SBI bumper offer on Savings Bank accounts
State Bank of India has given bumper offer on festive season to those who intend to open Savings Bank account. The main offers are
1. Personal Accident Insurance of Rs.4 lakh for just Rs.100 per year.
2. No minimum Balance.
The second point is not important as most of banks are offering the same. But Rs.4 lakh insurance at a permium of Rs.100 per year is worth considering.
other features of Savings Accounts offered are;
1. Multi-city cheques
2. Net Banking and Mobile Banking
3. Free transfer of funds between accounts in SBI Branches
4. Auto-sweep facility
5. ATM cum Debit card
6. No Charges for pass book
7. Free withdrawal at over 27,000 State Bank Group ATMs
1. Personal Accident Insurance of Rs.4 lakh for just Rs.100 per year.
2. No minimum Balance.
The second point is not important as most of banks are offering the same. But Rs.4 lakh insurance at a permium of Rs.100 per year is worth considering.
other features of Savings Accounts offered are;
1. Multi-city cheques
2. Net Banking and Mobile Banking
3. Free transfer of funds between accounts in SBI Branches
4. Auto-sweep facility
5. ATM cum Debit card
6. No Charges for pass book
7. Free withdrawal at over 27,000 State Bank Group ATMs
Oct 7, 2012
Mr. Pratip Chaudhari - Chairman - State Bank of India
Banks paying more than 4% on Savings Bank Deposits
The Reserve Bank of India (RBI) has deregulated the interest on Savings Bank (SB) Deposits. Before that RBI used to regulate the rate of interest that is to be paid to SB deposits. Before deregulation the rate of interest mandated by RBI was 4%. The deregulaltion came into effect from 25the October 2011.
If you are aware the RBI also changed the way the banker's used to pay interest on SB deposits wef 1st April 2010. Before that date the bankers' used to pay interest on lowest balance in SB account from 10th to last day of month. From 1st April 2010 the bankers' are paying interest on daily closing balance.
None of Public Sector Banks has changed the rate on SB deposits after deregulation. In private sector banks also except few banks no other banks have changed the rate. The list of banks offering more than 4% on SB deposits is given below;
Interest payable to those customers who maintain balance of upto Rs. 1 lakh.
Indus Ind Bank 5.5%
Yes Bank 6%
Kotak Mahindra Bank 5.5%
Karnataka Bank 5%
Interest payable to those customers who maintain balance of above Rs. 1 lakh
Yes Bank 7%
Indus Ind Bank 6%
Kotak Mahindra Bank 6%
Saraswat Co-op Bank 6%
Kotak Bank is actively promoting the increase through TV commercials and Yes Bank is doing so in News Paper Ads.
Its interesting to see that HDFC Bank, ICICI Bank and Axis Bank has not increased the rates.
If you are aware the RBI also changed the way the banker's used to pay interest on SB deposits wef 1st April 2010. Before that date the bankers' used to pay interest on lowest balance in SB account from 10th to last day of month. From 1st April 2010 the bankers' are paying interest on daily closing balance.
None of Public Sector Banks has changed the rate on SB deposits after deregulation. In private sector banks also except few banks no other banks have changed the rate. The list of banks offering more than 4% on SB deposits is given below;
Interest payable to those customers who maintain balance of upto Rs. 1 lakh.
Indus Ind Bank 5.5%
Yes Bank 6%
Kotak Mahindra Bank 5.5%
Karnataka Bank 5%
Interest payable to those customers who maintain balance of above Rs. 1 lakh
Yes Bank 7%
Indus Ind Bank 6%
Kotak Mahindra Bank 6%
Saraswat Co-op Bank 6%
Kotak Bank is actively promoting the increase through TV commercials and Yes Bank is doing so in News Paper Ads.
Its interesting to see that HDFC Bank, ICICI Bank and Axis Bank has not increased the rates.
HDFC Bank - Investment opinion
HDFC Bank (Rs 621.9): This bank appears to be operating in another planet. Even as most bank stocks are trading well below their 2008 peaks, this stock trades 72 per cent above this peak. Both medium and short-term trends are up in the stock.
Investors should therefore ride this uptrend with suitable stop-loss to protect their profits. Stop-loss for short-term investors can be at Rs 580 while medium-term investors can hold with deep stop-loss at Rs 520.
The third leg of the uptrend from the 2009 low of Rs 156 is currently in motion. This leg has the targets of Rs 615 and then Rs 748.
If the stock manages a clean break beyond Rs 650, it can move on to Rs 748 over the long-term.
Long-term investors can stay invested as long as the stock trades above Rs 450.
Corrections to this level can also be construed as an opportunity to accumulate this stock by long-term investors.
(As appeared in Business Line dtd 07.10.2012)
HDFC Bank increases credit card payment fees through Cash/ATM
If you have HDFC Bank credit card and usually make payment of your card dues by cash at HDFC Bank outlet or ATM then from next time be ready to pay double the charges you are paying now, as HDFC Bank will charge Rs.100 towards each credit card payment received in cash or ATM with effect from November 1, 2012. The bank at present has credit card customer base of 56 lakh or 32% of overall credit card market size in the country.
New ED for Bank of Baroda
Mr. Ranjan Dhawan has been appointed as an Executive Director of Bank of Baroda.
Mr. Dhawan, who is now Chief General Manager at Punjab National Bank, is expected to assume charge of his new role on November 1.
Oct 6, 2012
New Executive Director for Oriental Bank of Commerce
Oriental Bank of Commerce has a
new executive director in Bhupinder Nayyar. Nayyar, who was General Manager at
Bank of India, assumed charge on Friday. He comes in the place of S.C.Sinha, who
superannuated on July 31.
New Executive Director of Andhra Bank
Satish Kumar Kalra has been elevated as Executive Director of Andhra Bank from his present assignment as General Manager, Treasury Operations of Allhabad Bank. Mr. Kalra joined the banking industry
in 1981 as Probationary Officer in Allahabad Bank and worked in various
capacities.
SBT campaign for MSMEs
State Bank of Travancore (SBT)
has launched a special campaign for micro, small and medium enterprises (MSME)
from October 1 to January 31, 2013. Those taking loans during the period will
get concessions in interest rate and processing charges. MSME meets and
entrepreneurial development programmes will be convened at various centres
during the period. The bank is targeting a growth of Rs 4,000 Cr under the MSME
segment during the year 2012-13.
Oct 4, 2012
Federal Bank to decide rate cut
Private sector lender Federal
Bank will decide on a cut in interest rates on retail loans next week. The move will be decided after meeting of their ALCO committee. The Kochi-based bank has announced that it will offer home loans
at its base rate of 10.45% from October 3 to October 18 as part of the 67th
anniversary celebrations. Earlier, the minimum rate of interest on home loans
was 10.78%.
New CMD of Allahabad Bank
Shubhalakshmi Panse has taken
charge as the Chairperson and Managing Director of Allahabad Bank effective
October 1. She earlier served as the Executive Director of Vijaya Bank. Panse
was responsible for the administration and business development of Vijaya Bank
for a period of two years. Panse, who joined Bank of Maharashtra as probationary
officer, has worked in almost all key segments of banking including recovery,
credit, fund management, law, accounts, IT and business process
re-engineering.
Oct 3, 2012
Recruitment - Federal Bank
Federal Bank has invited applications for the post of Probationary Officers. But the applicant must successfully complete one year Post Graduate Diploma in Banking and Finance at Federal Manipal School of Banking. The minimum qualification for joining is Graduation with minimum 60% marks. The maximum age is 26 years.
You have to apply online for joining the course.
Last date for application is 15.10.2012
To apply for the job click here
You have to apply online for joining the course.
Last date for application is 15.10.2012
To apply for the job click here
ICAI urges RBI to appoint Auditors for Private Banks
Institute of Chartered Accountants of India (ICAI) has urged that RBI should appoint Auditors for Private Banks. Now the management of Bank is appointing the Auditors.
Government to sell its stake in Axis Bank
The government is on the way to start selling the stake in Axis Bank. The government holds 23.6% of shares of Axis Bank. The shares are held now by SPV (special purpose vehicle) which inherited this from UTI mutual fund.
Oct 2, 2012
Quarterly Results season starts
With the closure of September quarter banks have already announced dates for declaration of quarterly results;
IndusInd Bank on October 10
HDFC Bank on October 12
Karnataka Bank on October 17
IndusInd Bank on October 10
HDFC Bank on October 12
Karnataka Bank on October 17
Banking Stocks which are trading at 52 week high on 1st October 2012
The following banking stocks are trading at 52 week high
ING Vysya Bank 415.50
IndusInd Bank 364.90
Kotak Mahindra Bank 651.80
Yes Bank 395.00
Dena Bank 109.50
ING Vysya Bank 415.50
IndusInd Bank 364.90
Kotak Mahindra Bank 651.80
Yes Bank 395.00
Dena Bank 109.50
Rakesh Jhunjhunwala's views on Banking Sector
Excerpts from conversation with Punita Kumar Sinha on ET Now;
Q: In the banking sector, which is also indirectly like as domestic consumption story, I notice you have only one bank, Karur Vysya Bank.
A: No, I also have Federal Bank. But in Karur Vysya Bank, maybe, I think , I had invested Rs.50 lakh in 1993, now I think it is Rs.200 crore. I see now it is growing at 18-20%. It has a good management, is rewarding shareholders, has a good yield. I think Rs.400 is the price and Rs.16 is the dividend. So four rupees, a four percent yield. I don't trust the public sector banks. And the second thing is I don't want to invest less than Rs.50-Rs.100 crore in a scrip. firstlly, I don't have that kind of money to invest. Even if I have the money, the liquidity is not there. So, it is difficult to build positions.
Q: So, you have liquidity constraints and you don't like PSUs. But Federal Bank you like as well.
A: Yes. I have substantial investments. Banking will be 7-8% of my portolio.
Q: In the banking sector, which is also indirectly like as domestic consumption story, I notice you have only one bank, Karur Vysya Bank.
A: No, I also have Federal Bank. But in Karur Vysya Bank, maybe, I think , I had invested Rs.50 lakh in 1993, now I think it is Rs.200 crore. I see now it is growing at 18-20%. It has a good management, is rewarding shareholders, has a good yield. I think Rs.400 is the price and Rs.16 is the dividend. So four rupees, a four percent yield. I don't trust the public sector banks. And the second thing is I don't want to invest less than Rs.50-Rs.100 crore in a scrip. firstlly, I don't have that kind of money to invest. Even if I have the money, the liquidity is not there. So, it is difficult to build positions.
Q: So, you have liquidity constraints and you don't like PSUs. But Federal Bank you like as well.
A: Yes. I have substantial investments. Banking will be 7-8% of my portolio.
Honourable Finance Ministers views on RBI rate cut and Bank consolidation
Excerpts from interview with Rohini Singh and Hema Ramakrishnan (ET)
Q: Do you think the RBI should start cutting rates now?
A: That is a call that the Governor has to take. In our view, government and monetary authority must point in the same direction and walk in the same direction. As we take steps on the fiscal side, the RBI should take steps on the monetary side.
Q: Are you in favour of bank consolidation ?
A: The main task is to recapitalise our banks, make them more technology driven, push them into aggressive financial inclusion and make them lend more to the bottom of the pyramid. We would need large-sized banks and, if that can be achieved by consolidation, so be it. The policy is to grant more licences and if required amendments to the Banking Regulation Act.
Q: Do you think the RBI should start cutting rates now?
A: That is a call that the Governor has to take. In our view, government and monetary authority must point in the same direction and walk in the same direction. As we take steps on the fiscal side, the RBI should take steps on the monetary side.
Q: Are you in favour of bank consolidation ?
A: The main task is to recapitalise our banks, make them more technology driven, push them into aggressive financial inclusion and make them lend more to the bottom of the pyramid. We would need large-sized banks and, if that can be achieved by consolidation, so be it. The policy is to grant more licences and if required amendments to the Banking Regulation Act.
New IBA Chairman
Mr. K.R.Kamath, CMD of Punjab National Bank has been choosen as Chairman of Indian Bank's Association (IBA) wef 1st October 2012.
Oct 1, 2012
Recruitment - State Bank of India - Specialist Cadre
State Bank of India calls for applications from Indian Citizens for SBI Group under Specialist Cadre.
Important Dates:
On-line registration of Application form : 08.10.2012
Last date for on-line application :28.10.2012
Date of Written Test : 02.12.2012
Posts:
Post-Economist, Scale : Assistant General Manager (Scale V), For: SBBJ, Number of Posts : 1,
Maximum Age : 40
Post - Economist, Scale : Manager (Scale III), For : SBI, Number of Posts: 2, Maximum Age :35
Post - Chartered Accountant, Scale : Manager (Scale IV), For : SBBJ, Number of Post : 1,
Maximum age : 35
Post - Chartered Accountant, Scale : Manager (Scale III), For : SBM and SBBJ, Number of Post : 2, Maximum Age: 30
Post - Computer-Hardware, Scale : Manager (Scale III), For : SBH, Number of Post : 2, Maximum Age : 40
Post - Computer-Hardware, Scale : Manager (Scale II), For : SBBJ, SBH and SBP, Number of posts : 16, Maximum age: 35
Post - Computer-Hardwar, Scale : Asst. Manager (Scale I), For : SBP, Number of Posts: 9, Maximum age : 30
Post- Computer-Networking, Scale: Manager (Scale III) , For : SBH, Number of Post: 1, Maximum age : 40
Post - Computer-Networking, Scale: Dy. Manager (Scale II), For : SBH, Number of post : 3, Maximum age : 35
Post - Computer-Systems, Scale : Dy. Manager (Scale II), For : SBBJ,SBP,SBT, Number of Post : 25, Maximum age : 30
Post - Computer-Systemes, Scale : Assistant Manager (Scale I), For : SBBJ, SBH, SBP, SBM, SBT
Number of Post : 232, Maximum age : 30
Post - Computer and Communications, Scale : Asst. Manager (Scale I), For : SBI, Number of post : 5, Maximum age : 30
Post - Civil Engineering, Scale : Dy. Manager (Scale II), For : SBBJ, SBH,SBM,SBT, Number of post: 13, Maximum Age: 35
Post - Civil Engineering, Scale : Asst. manager (Scale I), For : SBI, SBM, SBP, SBT, Number of post : 32, Maximum age : 30
Post - Electrical Engineering, Scale : Dy. Manager (Scale II), For : SBH, SBM, Number of post : 4
Maximum Age : 33
Post- Electrical Engineering, Scale : Asst. Manager (Scale I), For : SBI, SBP, SBT , Number of post : 21, Maximum age : 30
Post - Official Language, Scale : Dy. Manager (Scale II), For : SBM, SBP, Number of post : 8,
Maximum age : 30
Post : Official Language, Scale : Manager (Scale III), For : SBBJ, Number of post : 2, Maximum Age : 35
Post : Official Language, Scale : Asst. Manager (Scale I), For : SBT, Number of post : 1, Maximum age : 30
Post - Law, Scale : Manager (Scale III), For: SBI, Number of post : 42, Maximum age : 35
Post - Law, Scale : Dy. Manager (Scale II), For : SBH, SBP, Number of post : 4, Maximum age : 35
Post - Law, Scale : Asst. Manager (Scale I), For : SBI, SBH, SBT, Number of post : 78, Maximum age : 30
Post - Security, Scale : Dy. Manager (Scale II), For : SBH, SBT, Number of post : 10, Maximum age : 35
Post - Fire & Safety, Scale : Dy. Manager (Scale II), For : SBBJ, Number of post : 1, Maximum age : 35
For more details and to apply online click here
Important Dates:
On-line registration of Application form : 08.10.2012
Last date for on-line application :28.10.2012
Date of Written Test : 02.12.2012
Posts:
Post-Economist, Scale : Assistant General Manager (Scale V), For: SBBJ, Number of Posts : 1,
Maximum Age : 40
Post - Economist, Scale : Manager (Scale III), For : SBI, Number of Posts: 2, Maximum Age :35
Post - Chartered Accountant, Scale : Manager (Scale IV), For : SBBJ, Number of Post : 1,
Maximum age : 35
Post - Chartered Accountant, Scale : Manager (Scale III), For : SBM and SBBJ, Number of Post : 2, Maximum Age: 30
Post - Computer-Hardware, Scale : Manager (Scale III), For : SBH, Number of Post : 2, Maximum Age : 40
Post - Computer-Hardware, Scale : Manager (Scale II), For : SBBJ, SBH and SBP, Number of posts : 16, Maximum age: 35
Post - Computer-Hardwar, Scale : Asst. Manager (Scale I), For : SBP, Number of Posts: 9, Maximum age : 30
Post- Computer-Networking, Scale: Manager (Scale III) , For : SBH, Number of Post: 1, Maximum age : 40
Post - Computer-Networking, Scale: Dy. Manager (Scale II), For : SBH, Number of post : 3, Maximum age : 35
Post - Computer-Systems, Scale : Dy. Manager (Scale II), For : SBBJ,SBP,SBT, Number of Post : 25, Maximum age : 30
Post - Computer-Systemes, Scale : Assistant Manager (Scale I), For : SBBJ, SBH, SBP, SBM, SBT
Number of Post : 232, Maximum age : 30
Post - Computer and Communications, Scale : Asst. Manager (Scale I), For : SBI, Number of post : 5, Maximum age : 30
Post - Civil Engineering, Scale : Dy. Manager (Scale II), For : SBBJ, SBH,SBM,SBT, Number of post: 13, Maximum Age: 35
Post - Civil Engineering, Scale : Asst. manager (Scale I), For : SBI, SBM, SBP, SBT, Number of post : 32, Maximum age : 30
Post - Electrical Engineering, Scale : Dy. Manager (Scale II), For : SBH, SBM, Number of post : 4
Maximum Age : 33
Post- Electrical Engineering, Scale : Asst. Manager (Scale I), For : SBI, SBP, SBT , Number of post : 21, Maximum age : 30
Post - Official Language, Scale : Dy. Manager (Scale II), For : SBM, SBP, Number of post : 8,
Maximum age : 30
Post : Official Language, Scale : Manager (Scale III), For : SBBJ, Number of post : 2, Maximum Age : 35
Post : Official Language, Scale : Asst. Manager (Scale I), For : SBT, Number of post : 1, Maximum age : 30
Post - Law, Scale : Manager (Scale III), For: SBI, Number of post : 42, Maximum age : 35
Post - Law, Scale : Dy. Manager (Scale II), For : SBH, SBP, Number of post : 4, Maximum age : 35
Post - Law, Scale : Asst. Manager (Scale I), For : SBI, SBH, SBT, Number of post : 78, Maximum age : 30
Post - Security, Scale : Dy. Manager (Scale II), For : SBH, SBT, Number of post : 10, Maximum age : 35
Post - Fire & Safety, Scale : Dy. Manager (Scale II), For : SBBJ, Number of post : 1, Maximum age : 35
For more details and to apply online click here
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