WELCOME TO TRUSTBANKING.ORG.IN

BANKS IN NEWS

Banks across the country have lost Rs 6.57 crores to internet frauds in 233 incidents of cyber crime during the last fiscal. (BS 170209)

Indian Overseas Bank has introduced a new product-Commercial Cash Credit against Jewellery. The product is aimed at meeting the financial needs of small business, professionals and self employed who can utilize their gold jewellery of 20 ct and 22 ct. to get cash credit facility upto Rs 10 lakh and minimum of Rs 50,000/-. The rate of interest will be 12.75% fixed for cash credit. (BS 170209)

SBI has introduced a point of sale POS machine comprising biometric details of account holders which would go to villages where the bank customers can withdraw or deposit funds under the finger print based method. This replaces the smart cards which have a magnetic strip that is used for swiping at the POS machine before any transaction. (BS170209)

SBT has launched special loan scheme for micro, small and medium enterprises at an interest rate of 8 percent. The concessional rate of interest will be available for existing units with limits upto Rs 10 crores. Term loan repayable within 5 years is provided for purchase of equipments, tools and generator sets. Working capital demand loans upto 20 percent of the limits enjoyed by MSME units is also available. Both the facilities are available at 8% for the first 12 months after which normal rates as per activity and industry would be charged. (BL 090209)

Syndicate Bank collects Rs 6 crores everyday under their Pigmy Deposit Scheme for which 4,500 agents work. The scheme was relaunched in 2007 under which the bank also extends small loans upto Rs 2 lakhs. As part of its financial literacy programme the bank has 8 financial literacy centres in various parts of the country. It has opened 32 lakh no frills account of which nearly 4.5 lakh accounts have zero balance.(BL100209)