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.
Showing posts with label BANKING SECTOR. Show all posts
Showing posts with label BANKING SECTOR. Show all posts
Saturday, August 9, 2014
Sunday, May 25, 2014
Important Details about Nationalized Banks in India
| Sl.NO | Name of the Bank | Chairman | Head Office | Year of Commencement |
| 1 | Allahabad Bank | Shubhalakshmi Panse | Kolkata | 1865 |
| 2 | Andhra Bank | B.A. Prabhakara | Hyderabad | 20th November, 1923 |
| 3 | Bank of Baroda | S.S. Mundra | Baroda (Vadodara) | 20th July, 1908 |
| 4 | Bank of India | V R Iyer | Mumbai | 7th September, 1906 |
| 5 | Bank of Maharashtra | Narendra Singh | Pune | 1935 |
| 6 | Canara Bank | Rajiv Kishore Dubey | Bangalore | 1906 |
| 7 | Central Bank of India | Shri. Rajeev Rishi | Mumbai | 21 December, 1911 |
| 8 | Corporation Bank | Shri S.R. Bansal | Mangalore | 1906 |
| 9 | Indian Bank | T.M. Bhasin | Chennai | 1907 |
| 10 | Indian Overseas Bank | Shri M. Narendra | Chennai | February 10th, 1937 |
| 11 | Oriental Bank of Commerce | Shri S.L. Bansal | New Delhi | February 19th, 1943 |
| 12 | Punjab National Bank | Shri K.R Kamath | New Delhi | 1895 |
| 13 | Punjab & Sind Bank | SH. Devinder Singh | New Delhi | 1908 |
| 14 | Syndicate Bank | Shri Sudhir Kumar Jain | Mani pal | 1925 |
| 15 | UCO Bank | Shri Arun Kaul | Mumbai | 6th January, 1943 |
| 16 | Union Bank of India | Shri D. Sarkar | Kolkata | 11th November, 1919 |
| 17 | United Bank of India | Ms. Archana Bhargava | Kolkata | 1950 |
| 18 | Vijaya Bank | Shri. H.S. Upendra Kamath | Bangalore | 1931 |
| 19 | IDBI bank | Mr. M.S. Raghavan | Mumbai | July, 1964 |
| 20 | Dena Bank | Shri. Ashwani Kumar | Mumbai | 1938 |
| 21 | ECGC | Shri N Shankar | Mumbai | 30th 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.NO | Name of the Bank | Chairman | Head Office | Year of Commencement |
| 1 | State Bank of India | Arundhati Bhattacharya | Mumbai | 1st July, 1955 |
| 2 | State Bank of Hyderabad | Pratip Chaudhuri | Hyderabad | 8th August, 1941 |
| 3 | State Bank of Mysore | Pratip Chaudhuri | Bangalore | 2nd October, 1913 |
| 4 | State Bank of Patiala | Pratip Chaudhuri | Patiala | 1st April, 1960 |
| 5 | State Bank of Bikaner & Jaipur | Pratip Chaudhuri | Jaipur | 1963 |
| 6 | State Bank of Travancore | Pratip Chaudhuri | Thiruvananthapuram | 12th September, 1945 |
| 7 | State Bank of Saurashtra | Merged into SBI on 13th August, 2013 | ||
| 8 | State Bank of Indore | Merged 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.
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.
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