ICICI Bank has allotted 47,424 equity shares of face value of Rs. 10 each under the Employees Stock Option Scheme, 2000 (ESOS).
These shares were allotted by the bank on 16 November 2009.
Wednesday, November 18, 2009
Tuesday, November 17, 2009
Private investment group blames Axis Bank for issuing duplicate cheques
A private investment group on Monday claimed to have suffered a huge loss due to the acute apathy of Axis Bank, and blamed the bank for issuing of duplicate cheques that eventually bounced.
The Managing Director of the Shree Om Sainath Group, Roopesh Verma, told a news conference here on Monday that the alleged fraud had been going on for quite some time.
“This huge fraud and neglect has been going on for quite some time, despite our repeated reminders and numerous e-mails sent to a great number of authorities of various levels from top to bottom, including the President of the Axis Bank, Ms. Shikha Sharma,” said Verma.
Verma, during the conference, distributed some copies of cheques and his company’s correspondence with the bank to substantiate his allegations with ‘proof’.
He said that his company exchanges thousands of cheques running in crores of rupees which are credited /debited every month, in the twelve functioning accounts with the various branches of Axis Bank across the country.
He showed to the media that the bank has issued two different cheques of exactly same number to two different people. He claimed that though the bank acknowledged their mistake but they refused to take any action.
Verma said: “Due to the duplicate stationary / cheques our clients have been facing problems of their cheques bouncing, with reason item listed twice.”
He also narrated the problem was related to the identification of original cheques from duplicate ones, as both are issued by Axis Bank only. He alleged that the bank never helped his company in this regard.
Verma also alleged that some of the cheque leaves issued to his company by the bank were without the cheque number printed on it and all such cheques had been returned promptly to the company.
The company claimed that some of fraud cheques allegedly issued by it got credited in an account of the Axis Bnak, but the bank did not heed repeated requests by the company to provide address and details of the offending account holder.
“The saddest part is that they did not even take care to check the authorization of the signature, otherwise this credit would not have occurred in the first place,” Verma said.
The company also alleged that the bank cleared the cheques with multiple corrections, and also cheques containing fraud signatures.
Verma said his objective was to press the alarm button to aware public of such frauds and also demanded an inquiry into the entire episode.
The Managing Director of the Shree Om Sainath Group, Roopesh Verma, told a news conference here on Monday that the alleged fraud had been going on for quite some time.
“This huge fraud and neglect has been going on for quite some time, despite our repeated reminders and numerous e-mails sent to a great number of authorities of various levels from top to bottom, including the President of the Axis Bank, Ms. Shikha Sharma,” said Verma.
Verma, during the conference, distributed some copies of cheques and his company’s correspondence with the bank to substantiate his allegations with ‘proof’.
He said that his company exchanges thousands of cheques running in crores of rupees which are credited /debited every month, in the twelve functioning accounts with the various branches of Axis Bank across the country.
He showed to the media that the bank has issued two different cheques of exactly same number to two different people. He claimed that though the bank acknowledged their mistake but they refused to take any action.
Verma said: “Due to the duplicate stationary / cheques our clients have been facing problems of their cheques bouncing, with reason item listed twice.”
He also narrated the problem was related to the identification of original cheques from duplicate ones, as both are issued by Axis Bank only. He alleged that the bank never helped his company in this regard.
Verma also alleged that some of the cheque leaves issued to his company by the bank were without the cheque number printed on it and all such cheques had been returned promptly to the company.
The company claimed that some of fraud cheques allegedly issued by it got credited in an account of the Axis Bnak, but the bank did not heed repeated requests by the company to provide address and details of the offending account holder.
“The saddest part is that they did not even take care to check the authorization of the signature, otherwise this credit would not have occurred in the first place,” Verma said.
The company also alleged that the bank cleared the cheques with multiple corrections, and also cheques containing fraud signatures.
Verma said his objective was to press the alarm button to aware public of such frauds and also demanded an inquiry into the entire episode.
Sunday, November 15, 2009
Nokia plans to launch m-banking services
Despite a tough regulatory environment for mobile banking in India, Nokia expects to soon roll out its financial and banking services in
the country under the banner of ‘Nokia Money’. The world’s largest mobile phone company has initiated talks with six banks in India who will be responsible for cash management and handling banking regulatory issues.
As per Nokia’s strategy, it plans to tap its huge network of 1.9 lakh phone retailers and dealers who will act as the consumer point and banking correspondents.
Nokia will offer an universal platform where the mobile phone can be a medium for banking, international remittance, payment of utility bills, pay merchants for goods and services and buying tickets. “India figures amongst the top 20 countries where we plan to roll out Nokia Money in the first phase. While at present Indian banks may have a mobile banking platform, it is limited to a single bank and telecom operator. What we plan to offer is a full-fledged service which will bring together all banks, operators and even handsets of other brands,” said Teppo Paavola, global head of Nokia Money service.
Talking about the regulatory challenges in India, Mr Paavola said the key issue will be to turn the Nokia retailers into Nokia Money agent.
“The regulations are real tough in India compared to Philippines and Kenya. As RBI has a know your customer policy for banks, this could act as a limitation for the Nokia agents. Hence, we are talking to the banks in India who will work around the regulatory issues, bring the licenses and undertake cash management,” said Mr Paavola.
Still, Nokia expects its service will be a huge success in India due to its vast dealer network from where consumers can deposit money or withdraw cash.
“As it is quite an expensive proposition to set up branches or ATM in India, Nokia Money will act as an extension of a bank’s branch. The success will lie in the fact that the service needs to work in all handsets, it should be as simple and convenient as making a voice call or sending SMS and have a very low transaction fee. We are working towards developing such a model in India,” said Mr Paavola.
Nokia expects to globally debut its first Nokia Money service early next year. Market surveys indicate the global mobile financial services market will reach Euro 18 billion by 2014, of which emerging markets alone are likely to contribute Euro 12 billion. “The potential is huge in India due to the high population of under-banked and unbanked people,” Mr Paavola said.
(Our correspondent was in Finland at the invitation of Nokia)
the country under the banner of ‘Nokia Money’. The world’s largest mobile phone company has initiated talks with six banks in India who will be responsible for cash management and handling banking regulatory issues.
As per Nokia’s strategy, it plans to tap its huge network of 1.9 lakh phone retailers and dealers who will act as the consumer point and banking correspondents.
Nokia will offer an universal platform where the mobile phone can be a medium for banking, international remittance, payment of utility bills, pay merchants for goods and services and buying tickets. “India figures amongst the top 20 countries where we plan to roll out Nokia Money in the first phase. While at present Indian banks may have a mobile banking platform, it is limited to a single bank and telecom operator. What we plan to offer is a full-fledged service which will bring together all banks, operators and even handsets of other brands,” said Teppo Paavola, global head of Nokia Money service.
Talking about the regulatory challenges in India, Mr Paavola said the key issue will be to turn the Nokia retailers into Nokia Money agent.
“The regulations are real tough in India compared to Philippines and Kenya. As RBI has a know your customer policy for banks, this could act as a limitation for the Nokia agents. Hence, we are talking to the banks in India who will work around the regulatory issues, bring the licenses and undertake cash management,” said Mr Paavola.
Still, Nokia expects its service will be a huge success in India due to its vast dealer network from where consumers can deposit money or withdraw cash.
“As it is quite an expensive proposition to set up branches or ATM in India, Nokia Money will act as an extension of a bank’s branch. The success will lie in the fact that the service needs to work in all handsets, it should be as simple and convenient as making a voice call or sending SMS and have a very low transaction fee. We are working towards developing such a model in India,” said Mr Paavola.
Nokia expects to globally debut its first Nokia Money service early next year. Market surveys indicate the global mobile financial services market will reach Euro 18 billion by 2014, of which emerging markets alone are likely to contribute Euro 12 billion. “The potential is huge in India due to the high population of under-banked and unbanked people,” Mr Paavola said.
(Our correspondent was in Finland at the invitation of Nokia)
Thursday, November 12, 2009
TATA Indicom Partners With Corporation Bank and PayMate to launch 'Green Money Transfer'
Tata Indicom, India’s leading cellular service provider, in association with Corporation Bank, and PayMate, India’s leading wireless transactions platform provider, today announced the launch of ‘Green Money Transfer’- a unique person-to-person mobile money transfer service.
The transfer of funds via mobile will be facilitated by PayMate’s technology, Corporation Bank’s banking system and Tata’s PCO and True Value Shop (TVS) network. Tata Indicom is the first Indian private telecom operator to enter into a partnership of this nature wherein a PCO/TVS is used as the initiation point for person-to-person money transfer.
The service enables any mobile phone user to send or receive money instantly using their mobile phone to authorise the transfer. To initiate a transfer, the customer simply needs to visit their nearest Green registered TATA PCO or TVS and place a request for money remittance (Upto Rs. 5000) to any person across the country. Similarly the recipient can also collect the transferred amount by visiting the nearest Green TATA PCO or TVS with a transaction authorization code received from the sender.
Speaking at the launch, Mr. Lloyd Mathias, Chief Marketing Officer, Tata Teleservices Limited, said, “This is a moment of pride for us, as we have become the first private telecom operator to enter into such a unique partnership and bring forth this fantastic proposition for our customers. ‘Green Money Transfer’ is an industry-first and enables anyone using a cell phone to transfer money in a safe and flexible environment. Being the leading operator in the PCO segment we wanted to leverage our strength and enable a highly efficient money transferring service for the customers even in remote areas and going forward we hope to extend more such M-commerce solutions for our customers.”
Green Money transfer service is primarily targeted at the un-banked population of the country by providing them a branchless banking service to send and receive money effortlessly. The service is secure and speedy as compared to other money transferring services available for remote access areas at present.
The transfer of funds via mobile will be facilitated by PayMate’s technology, Corporation Bank’s banking system and Tata’s PCO and True Value Shop (TVS) network. Tata Indicom is the first Indian private telecom operator to enter into a partnership of this nature wherein a PCO/TVS is used as the initiation point for person-to-person money transfer.
The service enables any mobile phone user to send or receive money instantly using their mobile phone to authorise the transfer. To initiate a transfer, the customer simply needs to visit their nearest Green registered TATA PCO or TVS and place a request for money remittance (Upto Rs. 5000) to any person across the country. Similarly the recipient can also collect the transferred amount by visiting the nearest Green TATA PCO or TVS with a transaction authorization code received from the sender.
Speaking at the launch, Mr. Lloyd Mathias, Chief Marketing Officer, Tata Teleservices Limited, said, “This is a moment of pride for us, as we have become the first private telecom operator to enter into such a unique partnership and bring forth this fantastic proposition for our customers. ‘Green Money Transfer’ is an industry-first and enables anyone using a cell phone to transfer money in a safe and flexible environment. Being the leading operator in the PCO segment we wanted to leverage our strength and enable a highly efficient money transferring service for the customers even in remote areas and going forward we hope to extend more such M-commerce solutions for our customers.”
Green Money transfer service is primarily targeted at the un-banked population of the country by providing them a branchless banking service to send and receive money effortlessly. The service is secure and speedy as compared to other money transferring services available for remote access areas at present.
Monday, November 9, 2009
State Bank of India enters definitive agreement
State Bank of India has entered into definitive agreement with T. Rowe Price for proposed divestment of 6.5% stake in UTI Asset Management Company and UTI Trustee Company. State Bank of India currently holds 25% share in each of the above company. Post divestment, SBI's shareholding in each of these companies will be reduced to 18.5%.
The Bank made this announcement on 09 November 2009.
The Bank made this announcement on 09 November 2009.
State Bank of India enters definitive agreement
State Bank of India has entered into definitive agreement with T. Rowe Price for proposed divestment of 6.5% stake in UTI Asset Management Company and UTI Trustee Company. State Bank of India currently holds 25% share in each of the above company. Post divestment, SBI's shareholding in each of these companies will be reduced to 18.5%.
The Bank made this announcement on 09 November 2009.
The Bank made this announcement on 09 November 2009.
Saturday, November 7, 2009
SBI extends 8% home loan offer till March 2010
The prospective homebuyers, who are looking to cobble together funds to buy an attractive property, now have every reason to cheer. The country's largest lender
State Bank of India on Friday decided to extend its 8 per cent home loan scheme till March 31, 2010, just a day before it was due to expire. The move is sure to further intensify the already heated competition in the home loan market.In the past few days banks like Axis Bank and Bank of Rajasthan have launched special scheme for home loan borrowers. Axis Bank came out with a special 8 per cent scheme for the first year and Bank of Rajasthan too dropped home loan rates to 7.5 per cent w.e.f. from November 9 and Punjab National Bank extended its 8.5 per cent scheme till December 31.The bank, which offers the special scheme under 'My Home Campaign', gives 8 per cent fixed interest rate for 5 years for loans up to Rs 5 lakh, with a maximum tenure of 10 years.These are clear signs of banks renewing focus on the growing home loan market in the country. With low credit off-take worrying the banking industry, the banks' continued aggression in the retail space is not surprising especially in the absence of signs of strong demand from the corporates.Credit off-take dropped to single digits recording 9.6 per cent growth as on October 23. In fact, both the disappointing credit growth numbers and SBI's move has already got other players thinking of extending their schemes too.“Such schemes should be continued as it is not a time to withdraw schemes,” said MV Nair, chairman and MD of Union Bank of India.SBI’s aggression may also force bigger private sector players to relook at their strategy for the fear of losing market share
. The customers however are all smiles as the party continues.
State Bank of India on Friday decided to extend its 8 per cent home loan scheme till March 31, 2010, just a day before it was due to expire. The move is sure to further intensify the already heated competition in the home loan market.In the past few days banks like Axis Bank and Bank of Rajasthan have launched special scheme for home loan borrowers. Axis Bank came out with a special 8 per cent scheme for the first year and Bank of Rajasthan too dropped home loan rates to 7.5 per cent w.e.f. from November 9 and Punjab National Bank extended its 8.5 per cent scheme till December 31.The bank, which offers the special scheme under 'My Home Campaign', gives 8 per cent fixed interest rate for 5 years for loans up to Rs 5 lakh, with a maximum tenure of 10 years.These are clear signs of banks renewing focus on the growing home loan market in the country. With low credit off-take worrying the banking industry, the banks' continued aggression in the retail space is not surprising especially in the absence of signs of strong demand from the corporates.Credit off-take dropped to single digits recording 9.6 per cent growth as on October 23. In fact, both the disappointing credit growth numbers and SBI's move has already got other players thinking of extending their schemes too.“Such schemes should be continued as it is not a time to withdraw schemes,” said MV Nair, chairman and MD of Union Bank of India.SBI’s aggression may also force bigger private sector players to relook at their strategy for the fear of losing market share
. The customers however are all smiles as the party continues.
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