Custom Search

Monday, November 30, 2015

SBT launches ‘affordable housing loan’ scheme

State Bank of Travancore (SBT) has launched a ‘Housing for All (Urban): Mission 2022’ to provide affordable housing to families belonging to the economically weaker sections/low-income groups in the urban centres.

The scheme upholds the spirit of the ‘Swachh Bharath Mission’ by insisting on a toilet for every house that is built, a spokesman for the bank said here.

The loan can be accessed in all statutory towns of India as per the Census of 2011, the spokesman added.

As part of the scheme, loans will be advanced in line with the Centre’s target of providing ‘pucca’ residential houses for all urban Indian families by the year 2022.

The loans will be available for beneficiaries in two segments, viz. (i) those with a household annual income of up to Rs. 3 lakh under the economically weaker sections and (ii) those with a household annual income between Rs. 3,00,001 and Rs. 6 lakh under the low-income group.

The beneficiaries will be eligible for an interest subsidy of 6.50 per cent provided by the Centre, the spokesman added.

Simple documentation and relaxed norms makes access easy. The scheme is expected to improve the overall ratings on the standard of living and health conditions of the targeted group of citizens.

Source : Thehindubusinessline
Read more »

Bank officers serve notice for strike on Dec 11

The All-India Bank Officers’ Confederation (Aiboc) has given a call for a nationwide strike on December 11 in support of its various demands.

The notice of strike has been served by mail to all concerned, says Harvinder Singh, general secretary, Aiboc.

The one-day strike will be preceded by other types of protests including wearing of black badges while on duty on December 2; demonstrations at the headquarters of all banks on December 4; and mass demonstrations at major centres and state capitals on December 7.


Singh recalled that the Joint Note for the 1oth bipartite settlement was signed on May 25 but many issues were left pending on the assurance of the Indian Banks’ Association (IBA) that action would be taken without delay.

Among these are issues pertaining to retirees covered in the record cote; disciplinary matters; calling officers for work on Sundays/holidays; and anomaly in stagnation increments.

Singh said even settled issues of medical aid and reimbursement of medical expenses for retired employees through insurance, have not been implemented.

Despite the lapse of six months and our several reminders, no steps have been taken by the IBA to resolve them.

There is no move either to start negotiations or restart discussions, Singh said. The IBA has not extended even the normal courtesy of acknowledging Aiboc communications.


These apart, the Centre is announcing and implementing policies based on the recommendations of PJ Nayak Committee to dilute stake in public sector banks; privatise them through denial of capital; put up a Banking Bureau Board; deliberately delay appointment of officer-directors on boards; pick private entrepreneurs as MDs and chairmen in Banks; and permit FDI.

But it has not cared to move decidedly to recover debts from wilful defaulters even as more leeway is being provided to them via asset reconstruction companies and strategic debt restructuring.

Singh also alluded to non-implementation of the understanding between Dhanlaxmi Bank Officers’ Organisation and the management reached in the presence of the Kerala Home Minister and trade union leaders.

In view of these, the executive committee of Aiboc felt that any delay in deciding on direct action will harm the interests of public sector banks and the job security of employees.

Also, there is a need for a re-look at the 10th bipartite settlement in view of the recommendations of 7th Pay Commission and salary settlement of LIC employees.

Source : Thehindubusinessline
Read more »

Monday, November 9, 2015

Andhra Bank seeks to sell $209 mn worth bad loans to ARCs

State-run Andhra Bank is seeking to sell bad loans worth about 13.88 billion rupees ($209 million) to asset reconstruction companies, according to a newspaper advertisement on Monday.

The bad loans are in 29 accounts, the bank said in the advertisement.

Andhra Bank
on Saturday reported a 74 per cent increase in its second-quarter net profit to 2.51 billion rupees from a year earlier. Its gross bad loan ratio eased to 5.71 per cent from 5.75 per cent in the first quarter. ($1 = 66.4200 Indian rupees)

Source : Thehindubusinessline
Read more »

Govt to revise small savings rate by month end

Government is likely to reduce the interest rates on small savings schemes by the end of this month with a view to aligning them with the market rates.

“The government will take a decision on reducing small savings rate by the end of this month,” a Finance Ministry official said.

The ministry in September had announced its intention to review interest rates on small savings, which includes Post office savings and Public Provident Fund (PPF), after bankers said high rates on such schemes run by the government make fixed deposits of banks uncompetitive.

The government may leave the interest rates on Senior Citizen’s Savings Scheme and Sukanya Samriddhi Accounts unchanged.

With small saving deposits commanding a rate of 8.7-9.3 per cent, banks have been reluctant to transmit the entire policy rate reduction by the RBI to borrowers.

The median base lending rates of banks have come down by about 60-70 bps despite extremely easy liquidity conditions, which is a fraction of the 125 basis points of the policy rate reduction since January.

Small saving schemes include Post Office Monthly Income Scheme (MIS), Public Provident Fund (PPF), Post Office Fixed Deposit Scheme, Senior Citizen’s Savings Scheme, Post Office Savings Account and Sukanya Samriddhi Accounts.

Source : Thehindubusinessline
Read more »

Allahabad Bank Q2 net up at Rs 177 cr

Allahabad Bank has reported a net profit of Rs. 177.10 crore during the second quarter to September 30, 2015 against Rs. 141.44 crore in the corresponding quarter last year. The bank's gross NPA stood at Rs. 7,985.75 crore (Rs 7,674.27 crore).

Source : Thehindubusinessline
Read more »

Popular Posts

Desi Google | A2Z Famous Quotes | What's Cooking America | Joke Site