Wednesday, November 18, 2009
ICICI Bank allots equity shares
These shares were allotted by the bank on 16 November 2009.
Tuesday, November 17, 2009
Private investment group blames Axis Bank for issuing duplicate cheques
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
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'
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
The Bank made this announcement on 09 November 2009.
State Bank of India enters definitive agreement
The Bank made this announcement on 09 November 2009.
Saturday, November 7, 2009
SBI extends 8% home loan offer till March 2010
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.
Friday, November 6, 2009
IIM gets set for summer placement
houses will be all there. Goldman Sachs, JP Morgan, Bank of America-Merrill Lynch, Royal Bank of Scotland and UBS will be visiting the IIM Bangalore campus for summer placements starting today, sources said. This is over and above consulting firms like McKinsey, Bain & Co., BCG and AT Kearney, who are also likely to be present. "This year, more banks have evinced interest compared to last year’s Summers. PSUs and NGOs are also in the queue," said a person familiar with the development. Bangalore is, however, not their only focus. IIM Kozhikode, where summer placements began a few days ago, has already completed the process for its thirteenth batch (2009-11). While students were worried over the rise in batch size to 309 from last year’s 260, it was largely unfounded as IIM Kozhikode announced 100% summer placements this year, the first to do so. As a testimony to improving global sentiments and business environment, the summer placements this season have witnessed participation from over 120 firms. In fact, global biggies like Arthur D Little, KPMG, Hewitt, JP Morgan Chase, Citigroup, HSBC, Standard Chartered Bank, Deutsche Bank, HUL, PepsiCo and Colgate-Palmolive have reaffirmed their faith in IIM students. "The highest stipend offered this year was over Rs 100,000 a month. Over 40 new firms joined the list of recruiters for summer placements," said one of the IIM-K students. IIM-Calcutta (IIM-C) and IIM-Ahmedabad saw some big offers from banks like Barclays Capital, Bank of America-Merrill Lynch, Royal Bank of Scotland and UBS. At IIM-C, RBS was the biggest recruiter on Day Zero, recruiting 11 students. Tata Administrative Service, which recruited 10 students, offered foreign postings for its interns (the exact locations are yet to be finalized). Morgan Stanley recruited from IIM-C exclusively for its London desk. "The absence of Lehman Brothers is no longer conspicuous. Besides, Nomura has also being making offers" , external relations secretary of IIM Calcutta Paul Savio has said. Banks offered posts in investment banking divisions, global markets, equity research, sales and corporate banking. Consulting firms like McKinsey, Bain, BCG and AT Kearney recruited three to five students each. IIM-C also saw the arrival of a number of private equity firms this time. At IIM-Ahmedabad (IIM-A ), besides major investment banks, campus regulars like Hindustan Unilever, P&G , Diageo, Nokia, Coca-Cola , Feedback Ventures, Citibank, Frost & Sullivan, Edelweiss and Anand Rathi made internship offers to students. IIM Lucknow and IIM-Indore is also witnessing major investment banks coming for summer placements this time. "Overall the scenario is good, we have got a mixed bag which includes top i-banks , consulting firms, NGO’s and firms related to HR and operations" , said one of the IIM-Indore students. IIMs have adjusted their campus placement strategy for an economic downturn by inviting more companies than they usually do and expanding the catchment area into sectors which do not traditionally hire management graduates in large numbers.
Friday, October 30, 2009
Dr. D. Subbarao, Governor, Reserve Bank of India
The Reserve Bank of India (RBI) was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated. Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.
Saturday, October 10, 2009
Syndicate Bank cuts housing and auto loans
Under the scheme, the bank will provide housing loans at 8.25 per cent for the first two years on loans up to Rs 30 lakh and 9.25 per cent for loans above Rs 30 lakh, Syndicate Bank said in a statement.
The prime lending rate (PLR) of bank stands at 12 per cent. Home loan is available at PLR minus up to 2.5 per cent.
For vehicles loan under Synd Vahan scheme, customers can avail loan for four wheeler at 9 per cent for the first year and second and third year customers have to pay 9.5 per cent, it said.
Interest rate after third year would be prime lending rate (PLR) minus one per cent subject to a maximum of 10.5 per cent, it said.
Currently, four wheeler loan is available at PLR which is 12 per cent.
ICICI Bank, yesterday, reduced auto loan interest rates by 50 basis points to 10.75 per cent
Thursday, October 8, 2009
Jaguar reports loan from Indian bank
"Jaguar Land Rover today announces a loan of 175 million pounds sanctioned by the State Bank of India," the group said in a statement.
Indian-owned JLR added that it had secured a total of 500 million pounds of loans so far this year.
"We are pleased our funding plans are progressing and appreciate the confidence shown by our banking partners in our business," said JLR chief financial officer Kenneth Gregor.
India's Tata Motors bought Jaguar Land Rover for 2.3 billion dollars last year but is struggling amid a downturn for the global car sector.
Over the past year, JLR has slashed production, axed 2,500 jobs, frozen pay and cancelled bonuses in response to the economic crisis.
The company last month said it would close a British factory over the next decade as part of a wider restructuring drive.
Wednesday, October 7, 2009
ICICI Bank allots equity shares
Sunday, October 4, 2009
IMF wants the worldwide banking industry to pay
![](file:///C:/Documents%20and%20Settings/balister/Desktop/ukeconomy3.jpg)
As we know, while there has been government influence with regards to the worldwide economic downturn, many governments around the world have laid the blame fairly and squarely at the door of the worldwide banking industry. While this in itself is a debatable fact, as governments ultimately control the flow of credit into economies, there is no doubt that the IMF (via its many contributors) has paid out enormous amounts of money to various rescue plans.
If even a small percentage of the proposed changes to the worldwide banking sector actually reach the regulatory stage then the worldwide banking industry we will see tomorrow will be very different to the worldwide banking industry we see today. However, reining in the power of the worldwide banking sector will not happen overnight and no doubt we will see various legal challenges in the weeks, months and years ahead. This is a battle which could go on for many years to come
Friday, September 25, 2009
Axis Bank allots equity shares
AXIS Bank has announced that the bank on 24 September 2009 has made allotment of 3,30,44,500 equity shares at the rate of Rs 906.70 per share inclusive of premium of Rs. 896.70 per share by way of Qualified Institutional Placement (QIP) to QIBs.
The bank has also allotted 50,55,500 Global Depositary Receipts (GDRs), each GDR representing one (1) underlying fully paid up equity share at the rate of Rs. 906.70 per share inclusive of premium of Rs. 896.70 per share to investors and 39,76,632 equity shares to Life Insurance Corporation of India and The New India Assurance Company at the rate of Rs. 906.70 per share inclusive of premium of Rs. 896.70 per share.
The bank made this announcement after the trading hours on 24 September 2009.
Thursday, September 24, 2009
Reserve Bank of India RBI young scolarship
Selection test will focus on the role and functions of RBI and banks in India and will be held in English as well as all major regional languages. Selected candidates will be required to work on projects in select offices of RBI for 2 to 3 months and will be paid a consolidated stipend of Rs 7,500/- per month during the duration of the project. RBI will assist outstation awardees in boarding and lodging. The awareness shall have no right/claim for an appointment in the RBI. Any candidate who had qualified and worked at RBI under the RBI Young Scholar Award Scheme in any of the previous years need not apply again.
Eligibility
(A) Educational Qualification: All students across India who have completed 10 + 2 years of formal education or its equivalent from recognized institutions/boards in 2009 or before and are currently pursuing their undergraduate studies. However, those having enrolled for or having acquired degree(s) higher than graduation will not be eligible. Candidates who have qualified and worked at RBI as a Young Scholar in any of the previous years are not eligible to apply.
(B) Age : Candidates should be of age 18 years or more but less than 23 years as on September 1, 2009.
All students, between 18 and 23 years of age, currently pursuing their undergraduate studies in any subject under any recognized university in India, are eligible to take the competitive examination.
There is no application fee
The selection test will be held on January 10, 2010 at various centres across India.
The results of the selection test are likely to be announced in the middle of March 2010.
Desirous candidates may submit applications to Project Coordinator, RBI Young Scholars Award Scheme, Project no 8709, Post Box no. 7632, Malad (West), Mumbai-400064 (online by 21.10.2009 & offline by 28.10.2009).
The entrance exam will be conducted in English, Hindi and 11 other regional languages. The regional languages will be Assamese, Bengali, Gujarati, Kannada, Malayalam, Marathi, Oriya, Punjabi, Tamil, Telugu and Urdu. The exam will be held at around 100 different locations spread all across the country. The List of Centresis given in this notification.
Examination Pattern and Syllabus
The examination will be of objective type with multiple choices for answers. The paper will be of approximately 90 minutes duration and will have questions related to role and functioning of the RBI, the trend of banking industry in India and general economic and financial environment of the country.How to Apply
* Candidates willing to apply for the scholarship may apply in the prescribed application form available on http://www.rbi.org.in/youngscholars.aspx either on line or offline. There is no fee for application or examination.
A) Guidelines for Online Application
* Candidates should have a valid email ID.
* Go to the website and follow the instructions.
* After applying online, the registered candidates should obtain a system generated printout of the registered information and sign at the appropriate place. A recent photograph should be pasted on the print-out and sent along with attested copies of the certificate on the address given below :
Project CoordinatorRBI Young Scholars Award SchemeProject No. 8709,Post Box No: 7632Malad (W),Mumbai- 400 064.
All applications – sent online or offline – should be sent to the given address by ordinary post only.Superscribe the envelope ‘Application for the RBI Young Scholars Award Scheme 2009-10′.Last Date for Receipt of ApplicationThe application and/or print-outs of application made online should reach the address mentioned above before October 21, 2009 by ordinary post. For the candidates staying abroad and for those posting print-out from Andaman & Nicobar Islands, Lakshadweep, Minicoy Islands, Assam, Meghalaya, Arunachal Pradesh, Mizoram, Manipur, Nagaland, Tripura, Sikkim, Ladakh Division of J & K State, Lahaul and Spiti District and Pangi Sub-Division of Chamba District of Himachal Pradesh, the last date for receipt of Print-out will be October 28, 2009. A print-out received after the last date will not be entertained.
The Reserve Bank of India/Institute of Banking Personnel Selection (IBPS) will not be responsible for any loss of application/print-out in transit or for rejection of application print-out because of non-receipt of print-out on or before the stipulated date.Call Letter for the Written TestCall letters for the written test to be held on January 10, 2010 will be posted to all the candidates through ordinary post under certificate of posting well in advance. However, if somebody does not get the same by January 5, 2010 he/she should download the same from the RBI website. To download the duplicate call letter candidates should know their application registration number which will also be sent by email to the candidates who provide a valid email- id. Alternately, name and date of birth details can also be used for downloading the call letter from the website
Monday, September 21, 2009
POs to enter core banking by March '10 September 21, 2009 14:00 IST
Post Office would not more limit its banking system to old and traditional technology and would adopt Core Banking System, on pattern of other commercial banks by the end of current financial year.
"All branches of Post Office Banks will be connected through national computer server for which data scanning and signatures entry was nearing completion", P R Kumar, chief postmaster general, Punjab [ Images ] & Union Territory (Chandigarh) told reporters in Jalandhar [ Images ] on Monday.
At present, there were 150 lakh (1.5 billion) branches with the deposits of Rs 5.60 lakh crore (Rs 5.6 trillion) of deposits, Kumar said claiming that no other government organisation could match such a huge customer network.
"The deposits in post office banks are not being used for any commercial purposes like extending loans to people and all the deposits were being utilised by the government of India for welfare schemes only", Kumar said while revealing the differentiation between the commercial banks and post offices.
Apart from banking sector, postal department would emphasise on insurance sector especially in rural areas, Kumar said adding that within one year it has been targeted that over 200,000 policies would be issued in Punjab only to reach the number of two crore policies at national level by March 2010.
Sunday, September 20, 2009
State Bank of India
State Bank of India publishes all its Latest News and related information in this section.
Please visit this section to stay up-to-date with public announcements and releases made by State Bank.
ATM TRANSACTIONS: RESTRICTIONS ON FREE USE OF ATMs
SHRI OM PRAKASH BHATT DECLARED AS ONE OF THE "25 MOST VALUABLE INDIANS" BY THE WEEK MAGAZINE FOR 2009 (Published in August-2009 Issue)
SBI DEBIT CARD E-COMMERCE TRANSACTION IS NOW MORE SECURE
FINANCIAL EXPRESS BEST BANKS: BEST BANKER OF THE YEAR AWARD 2008
REVISION OF BENCHMARK PRIME LENDING RATE
BEST EXECUTIVEShri Om Prakash Bhatt, Chairman, State Bank of India
STATE BANK OF INDIA HAS BEEN AWARDED “THE BEST BANK OF THE YEAR 2008 – INDIA’ BY “THE BANKER” MAGAZINE, LONDON
Sunday, September 13, 2009
COMMUNICATION POLICY OF THE RESERVE BANK OF INDIA
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6CJ-aqEoNrdsSGw4mw9SdOOzoxwJMGpD1l91CK3olKo19lRTqMe7igchR1h654js1fMS5MIbArtzwgICyZjfy95E0idNcFjVM-PBc0Oh4g5eaQ4xR5JunqgeTd8625B-qPlkVodtzEkU/s400/RBI_LOGO.jpg)
INTRIDUCTION OF RESERVE BANK OF INDIA
History of Banking in India:-
Without a sound and effective banking system in India it cannot have a healthy economy. The banking system of India should not only be hassle free but it should be able to meet new challenges posed by the technology and any other external and internal factors.
For the past three decades India's banking system has several outstanding achievements to its credit. The most striking is its extensive reach. It is no longer confined to only metropolitans or cosmopolitans in India. In fact, Indian banking system has reached even to the remote corners of the country. This is one of the main reason of India's growth process.
The government's regular policy for Indian bank since 1969 has paid rich dividends with the nationalisation of 14 major private banks of India.
Not long ago, an account holder had to wait for hours at the bank counters for getting a draft or for withdrawing his own money. Today, he has a choice. Gone are days when the most efficient bank transferred money from one branch to other in two days. Now it is simple as instant messaging or dial a pizza. Money have become the order of the day.
The first bank in India, though conservative, was established in 1786. From 1786 till today, the journey of Indian Banking System can be segregated into three distinct phases. They are as mentioned below:
- Early phase from 1786 to 1969 of Indian Banks
- Nationalisation of Indian Banks and up to 1991 prior to Indian banking sector Reforms.
- New phase of Indian Banking System with the advent of Indian Financial & Banking Sector Reforms after 1991.
Phase I
The General Bank of India was set up in the year 1786. Next came Bank of Hindustan and Bengal Bank. The East India Company established Bank of Bengal (1809), Bank of Bombay (1840) and Bank of Madras (1843) as independent units and called it Presidency Banks. These three banks were amalgamated in 1920 and Imperial Bank of India was established which started as private shareholders banks, mostly Europeans shareholders.
In 1865 Allahabad Bank was established and first time exclusively by Indians, Punjab National Bank Ltd. was set up in 1894 with headquarters at Lahore. Between 1906 and 1913, Bank of India, Central Bank of India, Bank of Baroda, Canara Bank, Indian Bank, and Bank of Mysore were set up. Reserve Bank of India came in 1935.
During the first phase the growth was very slow and banks also experienced periodic failures between 1913 and 1948. There were approximately 1100 banks, mostly small. To streamline the functioning and activities of commercial banks, the Government of India came up with The Banking Companies Act, 1949 which was later changed to Banking Regulation Act 1949 as per amending Act of 1965 (Act No. 23 of 1965). Reserve Bank of India was vested with extensive powers for the supervision of banking in india as the Central Banking Authority.
During those days public has lesser confidence in the banks. As an aftermath deposit mobilisation was slow. Abreast of it the savings bank facility provided by the Postal department was comparatively safer. Moreover, funds were largely given to traders.
Phase II
Government took major steps in this Indian Banking Sector Reform after independence. In 1955, it nationalised Imperial Bank of India with extensive banking facilities on a large scale specially in rural and semi-urban areas. It formed State Bank of india to act as the principal agent of RBI and to handle banking transactions of the Union and State Governments all over the country.
Seven banks forming subsidiary of State Bank of India was nationalised in 1960 on 19th July, 1969, major process of nationalisation was carried out. It was the effort of the then Prime Minister of India, Mrs. Indira Gandhi. 14 major commercial banks in the country was nationalised.
Second phase of nationalisation Indian Banking Sector Reform was carried out in 1980 with seven more banks. This step brought 80% of the banking segment in India under Government ownership.
The following are the steps taken by the Government of India to Regulate Banking Institutions in the Country:
- 1949 : Enactment of Banking Regulation Act.
- 1955 : Nationalisation of State Bank of India.
- 1959 : Nationalisation of SBI subsidiaries.
- 1961 : Insurance cover extended to deposits.
- 1969 : Nationalisation of 14 major banks.
- 1971 : Creation of credit guarantee corporation.
- 1975 : Creation of regional rural banks.
- 1980 : Nationalisation of seven banks with deposits over 200 crore.
Banking in the sunshine of Government ownership gave the public implicit faith and immense confidence about the sustainability of these institutions.
Phase III
This phase has introduced many more products and facilities in the banking sector in its reforms measure. In 1991, under the chairmanship of M Narasimham, a committee was set up by his name which worked for the liberalisation of banking practices.
The country is flooded with foreign banks and their ATM stations. Efforts are being put to give a satisfactory service to customers. Phone banking and net banking is introduced. The entire system became more convenient and swift. Time is given more importance than money.
The financial system of India has shown a great deal of resilience. It is sheltered from any crisis triggered by any external macroeconomics shock as other East Asian Countries suffered. This is all due to a flexible exchangerate regime, the foreign reserves are high, the capital account is not yet fully convertible, and banks and their customers have limited foreign exchange exposure.
Saturday, September 12, 2009
With the advent of Twenty20 cricket, the future of ODIs is in jeopardy. The England and Wales Cricket Board recently scrapped a 50-over competition from its domestic calendar in 2010.
"I don't think ODIs are going to get extinct, but there is a little bit of threat on the development of the format. You need such innovations as Sachin (Tendulkar) suggested but my thought is to shorten ODIs from 50 to 40 overs," Kumble said last night on the sidelines of Van Huesen India Men's Fashion Week.
Tendulkar recently suggested that to infuse new life into ODIs, the format should be split into four innings of 25 overs a side.
Kumble is part of an ICC panel formed to resolve the ongoing deadlock between the World Anti-doping Agency (WADA) and Indian cricketers over the whereabouts clause.
In the ICC's International Registered Testing Pool (IRTP) working group, Kumble is working alongside BCCI secretary N Srinivasan, ICC principal advisor I S Bindra, ICC Chief Executive Haroon Lorgat and Tim Kerr, the chairman of the ICC's Anti-Doping Panel.
Kumble, however, refused to comment on the players' concern on WADA's contentious 'whereabouts clause'.
"I am representing ICC in WADA so I can't really say anything," he said.
Incidentally, Kumble is also the cricketers' representative on WADA's Athlete Committee.
The talismanic former national captain, who guided Bangalore Royal Challengers to the final of the second edition of the Indian Premier League in South Africa, feels Rahul Dravid's inclusion in the Indian ODI team will add balance to the already strong batting order.
"It's good to see Rahul's comeback in the ODI team. I am sure he will do well and his experience will be of great help for the team," Kumble said.
The 38-year-old former spinner, who has 619 Test and 337 ODI wickets in his 18-year career with the Indian team, also said that the Mahendra Singh Dhoni-led side will face a transition problem once the trio of Sachin Tendulkar, Rahul Dravid and VVS Laxman bids adieu to the game.
"They (Tendulkar, Dravid and Laxman) are still young and keen to play, so I think it's too early to predict anything, but any team will find it difficult to replace them. It is never easy to replace a Sachin Tendulkar," Kumble stated
Friday, September 11, 2009
cricket news
Codemasters has now seemingly decided to do away with the Brian Lara name (sure, they'll drop him once he's retired but retain the Colin McRae name after he tragically dies) and simply replace it with Ashes Cricket 2009.
The title is of course in reference to the notorious Ashes tournament between England and Australia, which always promises to throw up some drama. Aussies want to beat the 'Poms' because of their Imperialist past and we, the English, want to keep those criminals in line by showing them how you play like a gentleman.
Anyway, the game is coming to Xbox 360, PS3, and PC alongside the tournament this coming summer, which will be the first time that it will be played in England since the legendary series back in 2005. A Wii version will be released at a later date.
We've always favoured the Codies cricket games to EA's attempts anyway - if they were bowlers, Codies would be a leg-spinner while EA would bowl underarm deliveries - although Peter Moore has recently stated that there's no substance behind rumours that EA Sports is developing another Cricket game, so perhaps Codies now has the pavilion to itself.
Whatever the case, Codies' attempt on the stumps will have the full Ashes license with approval from the England and Wales Cricket Board, Marylebone Cricket Club, and Cricket Australia, providing it with all the relevant kit, stadiums, and players for this year's Ashes.
Ashes Cricket 2009 is being developed by Transmission Games, which developed the last Brian Lara title (Brian Lara: Pressure Play 2007 for PSP), and will feature everything from full Tests to 20/20 matches, all served up in both online and local multiplayer for HD consoles.
"The Ashes is set to be the sporting event of the summer and it's great to be producing the official game of the Series," commented Jamie Firth, Producer, Codemasters. "In partnering with the development team at Transmission Games, Ashes Cricket 2009 is a cricket title with an unprecedented heritage that comes from two companies that know and love the sport. The Brian Lara titles became the number one cricket gaming brand for over ten years and it's a reputation that we fully intend to continue with Ashes Cricket 2009."