private banks

Stock Holding Corporation of India (SHCIL), the country's first and one of the
largest security custodians to financial institutions is merged with which among the
following bank?
[C]IDBI Bank

Master card and Thomas Cook Came up Together for Travel Prepaid Cards

Thomas Cook (India), the integrated travel and travel-related financial services company on 1 November 2012 launched prepaid foreign exchange borderless prepaid card in collaboration with MasterCard Worldwide, a global payments and technology company.

The borderless prepaid card is going to enable travellers with an option of loading eight currencies on a single card that is US Dollars, British Pounds, Euro, Australian Dollars, Canadian Dollars, Swiss Francs, Singapore Dollars and Japanese Yen.

The borderless prepaid card is basically a multi-currency card which has a validity of five years. The person carrying the card is liable for getting the visiting country’s currency loaded on the card which enables him to save money and time.

The borderless prepaid card come up with an embedded chip and PIN which ensures  security and increased protection against counterfeiting and skimming card frauds.

The company is also offering a free replacement of the card within 72 hours if in case it is stolen or had been lost. It also has 24x7 global emergency assistance via toll free access in over 80 countries.

The master card came to this idea after a Consumer Segmentation Study in which they had found that around 36.7 per cent affluent Indians want to go overseas for a holiday.

The collaboration with MasterCard, is supposed to grant an acceptance at over 34.3 million merchant establishments, e-commerce websites and access to 2 million ATMs

For ‘M-Pesa’ Vodafone partners with ICICI Bank

November 12th, 2012

Vodafone India has launched its mobile money transfer and payment service ‘M-Pesa’ in India. The telecom giant has inked a partnership with ICICI Bank to extend this service in India.

Vodafone will be offering its customers a mobile money account with ICICI Bank and a mobile wallet issued by MCSL (Mobile Commerce Solutions Ltd), via this service.

The ‘M-Pesa’ service will allow customers to make cash deposits and withdrawals from designated outlets as well as make cash transfers to any mobile phone or any bank account in India.

British Tax authorities probing charges against HSBC

The British tax authorities launched an investigation into allegations of money laundering against HSBC.

• HSBC Bank has been accused of opening offshore bank accounts in Jersey for serious criminals living in Britain.
• This move from British Tax authorities came after a whistle blower was secretly provided a detailed list of names, addresses and bank accounts of HSBC’s alleged clients.
• These were said to include names of several people with criminal convictions, including gun-runners and drug dealers.

Contrast with India

• Observers are contrasting the prompt action taken by British authorities with the Indian government’s response to similar allegations against HSBC involving Indian clients, where Indian government took no action against HSBC when India Against Corruption (IAC) charged HSBC for alleged involvement in Hawala (Money Laundering).
• Also, Indian Govt took no action since more than a year after the French government gave India a CD containing names of 700 Indian clients who had accounts in HSBC’s Geneva branch
  .

Arvind Kejriwal: HSBC Bank running ‘hawala’ (money laundering) transactions

November 14th, 2012

• India Against Corruption (IAC) charged HSBC Bank with unning ‘hawala’ (money laundering) transactions. IAC members alleged that Mukesh and Anil Ambani among others, had crores of rupees sitting in Swiss banks.  
• Those named were part of the list of 700 people who had accounts with HSBC banks in Switzerland. The list was shared by the French government with India, which, however, did not reveal any name, and the matter is pending in the Supreme Court.

Bob Diamond, Barclays Chief Executive resigned. (see april 28,2011)
Mr. Diamond and COO Jerry del Missier stepped down the day after Barclays Chairman Marcus Agius
resigned and b/w an intense and deepening political row over standards in the City of London financial
sector.
Why was Mr. Diamond pressurized to leave?
 There was an increased pressure on him to resign following the global interest rate manipulation scandal. The
scandal, which may entail other international banks and spark off criminal prosecutions, pertains to manipulation
of the Libor and Euribor inter-bank lending rates.
 These yardstick rates play a vital role in global markets, affecting what banks, businesses and individuals pay to
borrow money and serving as a standards for contracts.
What are LIBOR, EurIBOR and MIBID/MIBOR?
· Libor is a flagship London instrument used throughout the world and Euribor is the eurozone equivalent. The London
Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if
borrowing from other banks. It is a benchmark, along with the Euribor, for interest rates all around the world.
· The Euro Interbank Offered Rate (Euribor) is a daily reference rate based on the averaged interest rates at which
Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market (or interbank
market).
· On June 15, 1998, NSE launched the NSE Mumbai Inter-bank Bid Rate (MIBID)and NSE Mumbai Inter-bank Offer
Rate (MIBOR) for the overnight money market.
- The feat of the Overnight NSE MIBID MIBOR encouraged the Exchange to develop a benchmark rate for the
term money market and on November 10, 1998, NSE launched the 14-day NSE MIBID MIBOR.
- On December 1, 1998, NSE launched the longer term money market benchmark rates for 1 month and 3
months.
- NSE then introduced a 3 Day FIMMDA-NSE MIBID-MIBOR on all Fridays with effect from June 6, 2008 in
addition to existent overnight rate.

- The MIBID/MIBOR rate is used as a bench mark rate for majority of deals struck for Interest Rate Swaps,
Forward Rate Agreements, Floating Rate Debentures and Term Deposits. MIBOR is calculated by the
average of the interbank offer rates based on quotations at nearly 30 major banks.












the following country's tax authorities launched an investigation
against HSBC bank after the leaked data which showed that the bank is providing
tax haven for the alleged criminals in the country? United Kingdom







the Exim bank has signed a memorandum of understanding for extending a line of credit of $500 million to that country and also exploring options to set up a branch in that country---Myanmar



Federal Bank to open 100 branches in a single day



ALLHABAD BANK------The Chairman and Managing Director of the bank is Shubhalakshmi Panse. The bank has a branch in Hong Kong and a representative office in Shenzen.

State Bank of Patiala (SBOP) on 2 July 2012 launched gold loan (Swarn Shakti) for farmers against the security of gold ornaments to provide free loans to the farmers without taking loan on land. It would help farmers meet their small and long term agricultural needs with crop production, investment and consumption.

The maximum amount of loan is 10 lakh rupees and 30 percent margin will be given by the farmers. The loan for crop production will be charged at 7 percent per year up to 3 lakh rupees. Further, 3 percent interest of financial support will be given to farmers who refund their loans in time. Therefore, the actual rate of interest charged will be 4 percent. The total period to refund the amount will be 36 months counting with harvesting season.

HDFC launched Superia and Platinum Credit Cards for Doctors

the following Indian banks has entered into a
memorandum of understanding (MoU) with Ecobank Transnational Incorporated
(Africa) to serve the growing needs of Indian corporates in the continent? ICICI Bank








"My Ganga, My Dolphin"




In a collaborative effort World Wide Fund for Nature
(WWF)-India and the Uttar Pradesh forest department with
the support of HSBC Bank will hold a 3-day programme
"My Ganga, My Dolphin" to count the number of river
dolphins in the Ganges River in and around Uttar
Pradesh. The programme will also make people aware
about the endangered mammal.
Ganges River Dolphin:
Ganges River Dolphin or Platanista gangetica is the National Aquatic Animal
of India. This mammal is also believed represent the purity of the holy Ganges
as it can only survive in pure and fresh water. They are locally known as susu,
because of the noise it makes while breathing. This species are found in
various regions of the Ganges, Meghna and Brahmaputra rivers in India,
Nepal, Bhutan and Bangladesh, and the Karnaphuli River in
Bangladesh.
What is the current status of this species?
River dolphin is a critically endangered species in India and therefore, has
been included in the Schedule I for the Wildlife (Protection) Act, 1972. The
main reasons for fall in population of the species are poaching and habitat
destruction due to declining flow, heavy siltation, construction of dams
creating physical barrier for this migratory species.
these dolphins are found in assam,up,mp, rajastan.bihar,jarkhandand ,wb,(7 states) habitat of ganga, kosi, chambal,gaghra,gandak,bhrama,sone,kulsi






M&M, Oriental Bank sign MoU for Personal and Commercial
Vehicle Financing
An MoU was signed b/w Mahindra & Mahindra and the Oriental Bank of Commerce (OBC) for personal and
commercial vehicle financing.




Citi Group’s CEO Vikram Pandit gets $15 million package for 2011
Citigroup’s India-born CEO Vikram Panditreceived nearly $15 million (about Rs 75 crore) as his compensation for
2011, as he got his first cash bonus in about four years at the global banking giant







bank became the first bank to offer 'RuPay Kisan Card' with 'Aadhaar' authentication-----Oriental Bank of Commerce (OBC)






‘Jet Privilege-HDFC Bank Credit’: Jet Airways collaborates with HDFC
Bank launches credit cards
What is “Jet Privilege-HDFC Bank Credit” ?
 Jet Airways tied up with the HDFC bank to launch ‘Jet Privilege-HDFC Bank Credit’. This is a range of credit cards
which will offer benefits and rewards in the form of JP Miles.
 The unique travel option will make air travel for economical.
 The card will facilitate members to enjoy several lifestyle benefits, including six JP Miles for every Rs 150 spent
and another 10000 JP Miles with in the first ninety days.


D. Sarkar appointed as CMD of Union Bank of India
D. Sarkar appointed as Chairman and Managing Director (CMD) Union Bank of India




HDFC Bank, India’s second largest private sector bank, on 17 September 2012 commissioned its 10001st Automated Teller Machine (ATM) at Kovalam in Thiruvananthapuram city, Kerala. 

HDFC Bank on 5 September 2012 announced the launch of credit card for teachers, coinciding with the celebration of Teachers Day. The card offers special features like multiple reward points, weekend bonanza points, petrol surcharge waiver and 500 special gift reward points to be credited annually on the Teachers day.

With a combined market size of more than 450 million students and growth rates of 10-15 per cent expected over the next decade, education is one of the largest service sectors in India. In fact, it is the largest issuer of credit cards in the country with a customer base of 5.60 million as of 31 March, 2012.

HDFC Bank on 4 October 2012 tied up with Indian Oil Corporation where rural Petrol Pump Outlets of Indian Oil will act as HDFC Bank Business Correspondent (BCs).

It is unique and first kind of tie-up, where an oil distribution company is coming up with the bank to make available modern banking services to the people of remote areas.

The Indian oil is going to make it possible through Kisan Seva Kendra which is an retail outlet model pioneered by Indian Oil to cater to the needs of customers in the rural segment.

HDFC Bank planned to cover 1000 Kisan Seva Kendras in a phased manner and each of these outlets will be able to serve around 1,500 customers. The Kisan Seva Kendra outlets will offer banking services such as preliminary processing of loan applications, disbursal and collection of small value deposits, sale of micro-insurance, mutual funds and other investment instruments.

HDFC plan is to bring 10 million families into its banking Fold.

Axis bank on 18 September 2012 announced that 25 percent of its subsidiary, Axis Asset Management Company was acquired by Schroder Singapore Holdings. The deal value was not disclosed by the bank but the statement released by its spokesperson provides a detail that Schroder has an access to the global distribution network of the company and can advice it for making investment of overseas funds in Indian securities. The statement also cleared that the deal allows Axis Asset Management Company to distribute the funds of Schroder in India.

Schroder is the largest asset management company of UK with its operations in 26 countries worldwide. Schroder Singapore Holdings private limited is a subsidiary to Schroder, UK.

hsbc

PMI Designed to Measure Performance of the Manufacturing Sector released by HSBC

The HSBC Purchasing Managers' Index ( PMI) - a headline index designed to measure the overall performance of the manufacturing sector - registered 54.2 in December, up from 51.0 in November. The PMI was released by the banking major HSBC on 2 January 2012. The index indicated the strongest improvement in business conditions since June 2011. New orders from overseas clients also grew at a faster pace than November 2011, the second consecutive expansion after shrinking for four months.

India’s manufacturing activity was at a a six-month high in December 2011 on account of an increase in factory output and new orders from domestic and international firms. The HSBC Markit India Manufacturing PMI jumped to 54.2 from 51.0 in November, its biggest monthly rise since April, 2009.
The index stayed above the 50 mark that separates growth from contraction for 33 months now. The PMI or Purchasing Managers’ Index dipped to 50.4 in September 2011.

Data released by the government had showed a 5.1 per cent contraction in the IIP numbers in October 2011, its slowest since March, 2009. The successive rate hikes by the RBI and weak macroeconomic conditions domestically and globally were blamed for the contraction. The official industrial output data showed factory output plunged 5.1% in October, raising worries about the health of the manufacturing sector. This was the first fall in industrial output in nearly two years.

Manufacturing sector employment also increased slightly during December 2011, ending a period of job losses that had set in during August 2011. Costs went up on higher prices of raw materials and fuel on the input front, adding with higher demand. The demand from clients allowed manufacturing companies to increase output prices at an accelerated pace to pass on the costs.

ICICI Bank to launch net banking services via ‘Facebook’
ICICI Bank will launch its services through social website ‘Facebook’ in order to expand its internet
banking services. ICICI is among the first banks to start its online presence and facilitate non-cash
transactions i.e. requests for cheque books, account statement enquiry etc. The bank also plans to allow debit and
credit transactions.
The bank unveiled eLocker facility to wealth customers and started a 24*7 electronic branch. The bank has also
launched the Tab Banking Services for potential customers, who can open their accounts from any location. ICICI will
carry out the initiative of social network expansion under the tag line Khayaal Aapka (your care).