Dena Bank is Recruiting

Dena Bank is recruiting Clerks and Offiers for its various offices across India. For more details and application forms kindly visit www.denabank.com

Lending target: RBI raises loan limit for poor

Reserve Bank on Wednesday raised the limit of loan under the Differential Rate of Interest (DRI) scheme from Rs 6,500 to Rs 15,000 and for housing loan from Rs 5,000 to Rs 20,000 per beneficiary. This assistance under the scheme is provided by the banks to low income groups at a concessional rate of interest 4 per cent. The target for lending under DRI scheme will continue to be one per cent of the previous year's total advances, RBI said in a notification. The decision follows the announcement made by Finance Minister P Chidambaram in his budget speech to raise the ceiling on DRI scheme.

Money transfer: A cash lifeline for the rural poor

After two days of driving almost 700 km on rough rural roads, a team of managers from money transfer company Western Union belatedly arrived at the town of Gorakhpur in Uttar Pradesh, India's most populous state. Before Western Union opened a branch in the area, the villagers "had huge difficulties in receiving money", said Mr. Kapur,. There are 65,000 bank branches in India, but these are concentrated in urban areas, and about 80 per cent of India's 1.1 bn citizens lack access to financial services. India, however, is the world's largest recipient of remittances, according to the World Bank. Inward remittances from Indians working overseas surged from $2.1 bn in 1990-91 to $26.8 bn in 2006-07. Remittances can play a large role in driving income to impoverished areas and reducing poverty. Western Union is aggressively expanding in India to capture a share of this booming business by adding locations, offering faster and cheaper services than local banks and launching innovative marketing campaigns.

Pay your Advance Tax

15 th June is last day to pay your Advance Tax

Opening Savings Bank accounts (SB)

Different banks requirements are different for opening a SB account. But broadly we can state the requirements as below; 1) Duly filled account opening form. 2) Passport size photograph of person opening account. 3) Identity Proof ( Election Card, PAN Card, Passport or any card bearing Photograph of the person) 4) Address Proof ( Election Card, Passport, Electricity Bill, Telephone Bill or any bill containing address of the person) 5) Introduction by an existing account holder. 6) Initial Deposit. • What does account opening form contains ? It usually contains Name of person, Name of father/husband, Address, Date of Birth, PAN number details/F60 details, Education, Profession, Income, Movable and Immovable assets, Family details, Nomination details and many more. • Photo, Identity Proof, Address Proof are required to confirm the identity/ residence of the person. • Proper Introduction is obligation on the part of bank. • Initial deposit varies from bank to bank. Some banks open Zero balance accounts. Public sector banks require less initial deposits compared to their Private sector counterparts. • Many banks offer add on facilities with your SB account like ATM Card, Internet Banking, Tele Banking, Personalised cheque book, Multicity cheque book, Insurance at nominal rates/free insurance etc. Why does Banks are keen to garner more Savings Bank accounts? The banks are keen to have more and more SB accounts because: 1. Their customer base expands, which in turn provides them opportunity to cross sell their products. 2. These are low cost deposits. So the cost of deposits of the bank comes down with aggressive addition of SB accounts. 3. These are stable deposits unlike the bulk deposits where there is always threat that the depositor can close or transfer deposits.

ICICI Bank Follow On Public issue

ICICI Bank will raise Rs.8750 crore in domestic stock market through follow-on public issue. This is out of Rs.20125 crore which the bank plans to raise in domestic market and foreign market ( American Depository receipt or ADR). The bank has decided to reserve 5% in the present public offer for existing shareholders. The retail bidders will get 5% discount to offer price and also the payment is staggered one i.e., bidder need not pay full amount with application. The funds raised will be used for future growth needs of the bank.