PNB and Sambalpur based Bharat Integrated Social Welfare Agency

PNB and Sambalpur based Bharat Integrated Social Welfare Agency BISWA launched a technology based financial inclusion project in Orissa. The first project started in Kandhamal district with the self help groups SHGs promoted by BISWA are using smart cards. ( source BS 231208)

An internal audit undertaken by the Finance Ministry

An internal audit undertaken by the Finance Ministry has revealed that officers entrusted to recover debt as per orders of Debt Recovery Tribunals often settled cases at a low amount, leading to a loss of Rs 1036 crores. Interestingly these officers do not have the power to reduce the amount stated in the order issued by the presiding officer. At present there are 30 DRTs and 5 debt recovery appellate tribunals. DRTs take up cases of Rs 10 lacs and above. ( source BS 311208)

Andhra Bank will be selling gold coins

Andhra Bank will be selling gold coins through 162 branches initially in 4gm, 8gm, and 10gm denominations competitively priced and cheaper by Rs 1000 compared with those sold by some private banks. The gold coins imported from Switzerland would carry an Assay certificate guaranteeing purity on par with international standards. ( source BL 020109)

Bank held responsible by banking

Bank held responsible by banking ombudsman for delivering debit card and PIN to unauthorized persons at the mailing address of the card holder. ( source 301208)

High interest rates and the economic slowdown

High interest rates and the economic slowdown have forced banks especially the private and foreign players, to scale down loan growth to check defaults. As a result Direct Selling Agents DSAs who were responsible for originating over 30 per cent of retail loans have been badly hit. ( source BE 291208)

SBI is planning to set up 383 internet kiosks at atm centres

SBI is planning to set up 383 internet kiosks at atm centres located at railway stations across the country within the next couple of months. In addition to ticket reservation facility, other internet banking facilities would be available. The bank is also planning to open 300 more atms over the next few weeks taking the total no. Of atms to 10,000 (source bs281208)

Certain credit card issuers are reducing the benefits

Certain credit card issuers are reducing the benefits available to customers. While certain banks are withdrawing the basic cash withdrawal facility or lowering them, others are contracting the rewards programme to keep a check on unsecured loans. ( source BS 311208)

Rbi cuts repo rate by 100 basis points

Rbi cuts repo rate by 100 basis points to 5.5 per cent and the reverse rate to 4 per cent with immediate effect.Cash reserve ratio crr also cut by 50 basis points to 5 per cent From 17th january 2009. (source bs 030109)