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Showing posts with label BANKING SECTOR. Show all posts
Showing posts with label BANKING SECTOR. Show all posts

Saturday, August 9, 2014

SBI Launches Six of Digital Branches

State Bank of India (SBI) has launched six Digital Branches in the country on 1st July, 2014, one each at Ahmedabad, Chennai, Delhi and Mumbai and two branches at Bengaluru. Concept of Digital Branches by SBI is its own initiative, and further roll out would depend on the success of such branches opened. 

Sunday, May 25, 2014

Important Details about Nationalized Banks in India

Sl.NOName of the BankChairmanHead OfficeYear of Commencement
1Allahabad BankShubhalakshmi PanseKolkata1865
2Andhra BankB.A. PrabhakaraHyderabad20th November, 1923
3Bank of BarodaS.S. MundraBaroda (Vadodara)20th July, 1908
4Bank of IndiaV R IyerMumbai7th September, 1906
5Bank of MaharashtraNarendra SinghPune1935
6Canara BankRajiv Kishore DubeyBangalore1906
7Central Bank of IndiaShri. Rajeev RishiMumbai21 December, 1911
8Corporation BankShri S.R. BansalMangalore1906
9Indian BankT.M. BhasinChennai1907
10Indian Overseas BankShri M. NarendraChennaiFebruary 10th, 1937
11Oriental Bank of CommerceShri S.L. BansalNew DelhiFebruary 19th, 1943
12Punjab National BankShri K.R KamathNew Delhi1895
13Punjab & Sind BankSH. Devinder SinghNew Delhi1908
14Syndicate BankShri Sudhir Kumar JainMani pal1925
15UCO BankShri Arun KaulMumbai6th January, 1943
16Union Bank of IndiaShri D. SarkarKolkata11th November, 1919
17United Bank of IndiaMs. Archana BhargavaKolkata1950
18Vijaya BankShri. H.S. Upendra KamathBangalore1931
19IDBI bankMr. M.S. RaghavanMumbaiJuly, 1964
20Dena BankShri. Ashwani KumarMumbai1938
21ECGCShri N ShankarMumbai30th July, 1957

Important Details about State Bank of India and their Subsidiaries

State Bank of India has 5 associate banks State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore. State Bank of Saurashtra and State Bank of Indore are merged into SBI. On October 7th, 2013 Arundhati Bhatacharya is appointed as the first lady chairperson for SBI.

Sl.NOName of the BankChairmanHead OfficeYear of Commencement
1State Bank of IndiaArundhati BhattacharyaMumbai1st July, 1955
2State Bank of HyderabadPratip ChaudhuriHyderabad8th August, 1941
3State Bank of MysorePratip ChaudhuriBangalore2nd October, 1913
4State Bank of PatialaPratip ChaudhuriPatiala1st April, 1960
5State Bank of Bikaner & JaipurPratip ChaudhuriJaipur1963
6State Bank of TravancorePratip ChaudhuriThiruvananthapuram12th September, 1945
7State Bank of SaurashtraMerged into SBI on 13th August, 2013
8State Bank of IndoreMerged into SBI on 2010

Thursday, February 7, 2013

Amendments to the National Bank for Agriculture and Rural Development (NABARD) Act, 1981

The Union Cabinet  gave its approval to the amendments to the National Bank for Agriculture and Rural Development (NABARD) Act 1981 

The following amendments to the NABARD Act 1981 are proposed:- 

. 1. Raising the authorized capital of NABARD to Rs. 20,000 crore from Rs. 5,000 crore. 

2. The meaning of cooperative society is proposed to be enlarged to include multistate cooperative societies registered under any Central law or any other Central or State law relating to cooperative societies. 

3. Change of ownership to facilitate the transfer of the remaining share capital of NABARD from the Reserve Bank to the Central Government. 

4. Increasing the scope of operations of NABARD under short term funding purposes and other changes. 

The following benefits are projected by this amendment:- 

1. By increasing the authorized capital of NABARD to Rs 20,000 crore from Rs 5,000 crore, the ability of NABARD to mobilize resources from the market will be enhanced thereby new credit products, new credit linkages and new clients will be developed. 

2. The amendments allow NABARD to lend to new institutions, mainly Societies covered under multistate cooperative societies act and other central laws, producer organizations or such class of financial institutions which are approved by the Central Government. This is likely to benefit a larger segment of the financially excluded farmers in the country. 

3. The amendments allow combination of credit, creation of short term operations fund and swapping of debt of farmers. 

4. The decision of the Government to transfer the balance one percent shares to the Govt. of India from Reserve Bank of India (RBI) in NABARD shall be carried out, which will provide for increased public accountability, as the Government will acquire the equity held by RBI. 

5. NABARD will combine the post of Chairman and the post of Managing Director, into one, therefore Chairman and Managing Director, under the provisions of the NABARD Act relating to these two posts. This shall ensure a distinct line of command. 

Background 

NABARD was established on 12 July 1982 to provide sharp focus to agriculture credit and rural development. NABARD adopted, as its mission, the promotion of sustainable and equitable development of agriculture and rural prosperity through effective credit support, related services, institution development and other innovative initiatives.