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Friday, September 26, 2014

SBI signs $500 mn LoC with Korea Exim Bank

Public sector lender State Bank of India (SBI) today said it has signed a line of credit (LoC) of $500 million with Export-Import Bank of Korea (Korea Eximbank).

This line will be in addition to (LoC) of $200 million signed between the two institutions on January 16, 2014 to support Indian companies importing goods and services from Korea, SBI said in a release.

The agreement was signed between SBI’s regional head (East Asia), C Venkat Nageswar and Korea Eximbank’s member of Board of Directors, Young Whan Sul, at Seoul.

The entire process was facilitated by SBI’s subsidiary, SBI Capital Markets.

“This signing is a step towards further strengthening of Korea-India strategic partnership,” SBI Capital Markets Managing Director and CEO Rajnish Kumar said.

The LoC can be utilised to finance SBI’s clients in India and its neighbouring countries having business relationships either by way of equity participation or regular trade with Korean companies globally, as well as joint ventures or subsidiaries of Korean companies, the release added.

Source : The Hindu
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IRDA chief: Make insurance products suitable for online sales

The insurance industry should introduce products that are suitable to be sold online, according to T S Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA).

He was speaking at a conference on digitisation and enhanced foreign direct investment, organised by Assocham here on Friday.

“Customers should have the facility to compare various products online while buying insurance,” the regulator said.

P Nandagopal, MD & CEO, IndiaFirst Life Insurance Company, said it was easy to sell insurance online.

However, only one per cent of total insurance sales was currently happening in the digital mode due to the complexity of products and Know Your Customer norms, among others, he added.


Source : The Hindu
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SBI’s officer, clerical posts attracting engineering, MBA graduates

The State Bank of India has been attracting engineers and MBA graduates in droves in its recruitment for probationary officers and clerks, a top SBI official has revealed.

The Mumbai-headquartered bank is in the process of recruiting about 1,800 probationary officers and 5,400 clerks, this year.

The bank has been attracting applications from a wide range of candidates, as the job scenario elsewhere remains bleak and public sector banks are seen to be offering jobs with better pay at the entry level.

The annual compensation on a cost-to-company basis for POs at Mumbai is around
Rs8,40,000 or about Rs70,000 a month. The total starting pay for a clerical cadre employee in a metro like Mumbai is around Rs17,500 a month.

JN Misra, Deputy Managing Director and Corporate Development Officer, SBI said, “About 60 per cent of the 1,800 officers are engineers and about 10-20 per cent are MBA graduates. They apply because at the entry level, our pay package is quite good compared to the industry.”

Misra also revealed that bulk of the engineers applying for officer position is from the information and technology domain.

He said that candidates cite the public sector tag, trust and job security as the reasons for looking to a bank job. Also, he added, most applicants are engineers because most of the students these days don’t pursue courses like B.Sc. or M.Sc.

When SBI advertised for 1,500 posts in the probationary officer cadre in 2013, a record 17 lakh candidates applied for the post. In other words, 1,133 applicants were vying for a single position at the country’s top bank making the odds of clearing the exam exponentially difficult.

In 2014, the bank received 18.83 lakh applications for the 1,837 vacancies for probationary officers (POs) or a whopping 1,025 aspirants vying for every slot. As for clerical recruitment, the bank received 23 lakh applications for 5,092 vacancies or about 452 applications for every vacancy.

And it is not just the officer position that is attracting engineers or MBA graduates, even clerical posts are eliciting applications from these graduates.

“For clerical positions too, we are getting MBAs,” Misra added.

It is estimated that about half-a-million bank employees will retire from public sector banks over the next five years. It is therefore, not surprising that these banks have been on a massive recruitment drive over the last couple of years.


Source : The Hindu
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Thursday, September 25, 2014

UCO Bank inks pact with CCAvenue for online shopping

Public sector lender, UCO Bank, has signed a net-banking agreement with “CCAvenue” – one of the largest payment gateway providers.

The tie-up will entail UCO Bank customers to shop online across various websites that are powered by “CCAvenue.com”. Payments can be made directly through the bank’s debit card.

Source : The Hindu

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SBI Ahmedabad donates computers for poor students

The Ahmedabad Circle of State Bank of India (SBI) distributed computer sets and peripherals to 150 needy schools in Gujarat. The move was aimed at making a visible impact on the educational infrastructure of the schools, which were in need but unable to procure due to lack of funds. The bank has spent about Rs. 46.63 lakh for the purpose and the move is expected to benefit about 59,198 students in these schools.

SBI gifted 150 new computers sets and peripherals to 150 needy schools across all districts in Gujarat. The Ahmedabad circle made this gesture which can enhance the computer awareness amongst poorest of the poor children. Chief General Manager of the circle, A N Appaiah handed over the computers to the principals of these schools located in and around Ahmedabad and Gandhinagar,” SBI Ahmedabad circle informed in a statement here.

Source : The Hindu
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