Banks tightening norms for education loans

With non-performing assets (NPAs) in the educational loan portfolio rising, banks are putting in place mechanism to check delinquencies and also keep track of students. The Executive Director of Canara Bank, Mr.H.S. Upendra Kamath stressed the need to assess the repayment capacity of the borrower, which comprises two components- of the parent and of the student himself after he gets employed, which depends upon the course he has selected, the employment potential of the course and the track record of the institution as far as placement is concerned.(BL13092010)

Federal Bank ATMs linked to NFS

Federal Bank has announced that its ATM network has been linked to the India Pay National Financial Switch( NFS) managed by National Payments Corporation of India's (NPCI). This is India's largest network of shared ATMs, which connects around 61200 ATMs across 44 banks.This would enable Federal Bank's customers access to all these 61200 ATMs across the country and all the cardholders of the 44 member banks can also access 759 Federal Bank ATMs.(BL 11092010)

Axis Bank's remittance service

Axis Bank has launched a remittance service called Instant Money Transfer, in partnership with Empays Payment Systems. IMT will be avilable to Axis Bank customers in Mumbai,Bangalore, Ahmedabad, and Hyderabad to conduct transactions.The pan-India roll-out is expected to take place in the next 4-6 weeks, said a press release. IMT enables customers of the Bank to make instant cash payments to a receiver anywhere in India at low cost.The receiver need not be an account holder of Axis Bank, or for that matter any Bank. Once the receiver gets the notification of the remittance, he or she can go to the nearest Axis Bank ATM and withdraws the money. Remitters can conduct the remittance using mobile, net banking and ATMs.(BL 11092010)

Axis Bank in urban financial inclusion drive

Axis Bank has tied up with Bangalore- based Janalakshmi Social Services(JSS) to launch its urban financial inclusion initiative in India, the pilot of which will be done in Bangalore. It would be a branchless banking facility, and would follow the business correspondent model. JSS would be the business correspondent, while all accounts will be opened, maintained and serviced by Axis Bank. The Bank has enrolled 5,000 customers through this initiative, Ms Shikha Sharma, Managing Director and CEO, Axis Bank, said.(BS 10092010)