Daily Banking Current Affairs on 25th June
P Jayarama Bhat to continue as Karnataka Bank chief
Karnataka Bank Managing Director and Chief Executive Officer P Jayarama Bhat would continue for a third term in office with RBI approving the proposal by the bank's board.
Bhat's term would be extended for another three years from July 14, which would help the bank to carry forward its ongoing reforms including KBL Vision 2020.
Public sector banks should disclose details of bad debts, says Delhi High Court
Public sector banks should disclose details of cases pertaining to persons and establishments whose bad debts of over Rs 100 crore have been written off, the Delhi High Court has held.
This disclosure involves an element of public interest and tax payers have a right to know the manner in which state- run banks sanctioned them, Justice Rajiv Shakdher said.
The court's order came on a plea filed by the State Bank of India (SBI) against a January 20 order of the Central Information Commission (CIC) asking the bank to supply to RTI applicant Raju Vazhakkala information regarding total Non- Performing Assets (NPAs) written off between 2004 and 2013.
Axis Bank launches debit card with enhanced security features
Axis Bank has launched a debit card equipped with improved security features, aimed at attracting more customers towards cashless transactions, which would also help bringing down the bank's operational cost.
The card christened as Secure+ offers three key features, which come at a cost of Rs 300 a year.
While you can deactivate or re-activate card with the touch of a button on Axis Bank mobile app, you can also block Axis Bank or other bank cards kept in a wallet, which is lost.
The card also offers fraud protection subject to a maximum limit of Rs 75,000. If a customer reports any fraudulent transaction within 15 days, Axis Bank will refund you funds upfront. Later, if the bank's investigation dismisses it only to establish that customer only has transacted it, the fund will be debited from customer's account.
SBI to add 10 lakh card swipe machines at stores
State Bank of India (SBI) will install 10 lakh payment card swipe machines (point of sales, or PoS, terminals) across the country, which will double the number of places where card payment is accepted.
The bank is also launching a huge campaign to promote cash withdrawal of up to Rs 1,000 at these PoS terminals, which will reduce pressure on automated teller machines (ATMs).
SBI appoints Anshula Kant as CFO
State Bank of India (SBI) announced the appointment of Anshula Kant as its Chief Financial Officer (CFO). Kant has been designated as the Deputy Managing Director and CFO of the bank.
She joined SBI as a Probationary Officer in 1983 worked under various departments of the bank.
Prior to her appointment, P K Gupta was the CFO. Gupta moved to SBI Capital as Chief Executive Officer.
Lenders act tough against Sahara Utsarga, Kotalipara Development Society for irregularites
Two applicants for small finance bank license have found themselves in trouble.
IDBI Bank has declared micro lender Sahara Utsarga Welfare Society a defaulter in a public notice. State Bank of India has some unpaid exposure too and is pushing the entity to repay it, according to industry sources.
Another micro lender, Kotalipara Development Society was reprimanded by National Bank for Agriculture & Rural Development for submitting false documents related to credit rating, two persons close to the development said.
Both the entities have been in the business for about a decade now but now face the spectre of being thrown out of the small bank race by Reserve Bank of India. Governor Raghuram Rajan said that RBI would issue the first set of license by August.
Banks can borrow from global financial institutions without RBI nod
Easing norms for accessing foreign funds, RBI allowed banks to borrow from international financial institutions for general banking business without seeking its permission.
To providing greater flexibility in seeking access to overseas funds, it has now been decided to permit banks to borrow from international/multilateral financial institutions without approaching Reserve Bank for a case by case approval.
Such borrowings, RBI added, should be for the purpose of general banking business and not for capital augmentation.
India ranks number one in embracing automation: Thornton
India has been ranked number one in terms of embracing automation as 83 per cent of companies are either already automating business practices or may do so over the next 12 months, says a survey.
