Tag Archives: Indian Banks Association

BANCON 2013: What lies in store for Safe eTransactions?

 

 

BANCON is one event, which all Bankers look forward too. The Annual Conference is the most prestigious conference held by Indian Banks Association.

BANCON 2013 will be held on 15th and 16th November 2013 at Renaissance Mumbai Convention Centre Hotel, Powai, Mumbai.

BANCON 2013 is being hosted by Bank of India, and McKinsey and Company is the knowledge partner.

Every year, the conference proceedings revolve around a central theme.

The theme of this year’s Conference is “Bank of the future – gearing up to meet the emerging environment”.

The Hon’ble Union Finance Minister, Mr. P. Chidambaram, will inaugurate the Conference on 15th November 2013.

Eight key sub-themes have been chosen as part of BANCON 2013:

1. Building a customer centric retail banking model:

2. Cracking the SME riddle – Driving profitable growth in SME:

3. Capturing the mass market banking opportunity profitably:

4. Corporate banking transformation:

5. Digital 2.0:

6. Risk & compliance management and capital optimization due to increasing stress on assets:

7. Big data and analytics – key to unlock hidden value:

8. Gearing up the human capital – building for the scarce skills:

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Indian Finance Ministry-Promoter of All-Women Bank approaches RBI

 

WOMANThe internal deadline set up by UPA for the All-Women Bank to go live is October 2013.

The concept of All-Women Bank was announced by Shri P.Chidambaram, Indian Finance Minister in the Annual Budget on February 28.

Finance Ministry being the main promoter of the All-Women Bank has approached RBI in the capacity of Promoters for necessary clearances for country’s first such bank.

“The committee set up to prepare the blueprint for all-women bank has submitted its report to the Finance Minister. We have sought in-principle approval from RBI for all women bank,” Financial Services Secretary Rajiv Takru told PTI.

The first all-women bank wholly-owned by Government is expected to start operations from November 2013 through six branches spread across the length and breadth of the country.

The bank mostly manned by women would start with an initial capital of Rs 1,000 crore.

The proposed bank will lend mostly to women and women-run businesses, provide support to women Self Help Groups (SHGs) and their livelihood.

Moreover, it will employ predominately women which addresses the gender-related issues and empowerment and financial inclusion. However, it will take deposits from men and women both.

Subsequently, in March, the Finance Minister constituted a committee of bankers and other experts to prepare a blueprint for all-women bank.

The committee was headed by former Canara Bank Chairman M B N Rao. Its members were M D Mallya, former CMD of Bank of Baroda, Jayshree Vyas, Managing Director SEWA, Arundhati Bhattacharya, MD & CEO of SBI Caps, Usha Ananthasubramanian, Executive Director, Punjab National Bank, and K Ramakrishnan, Chief Executive of Indian Banks’ Association.

Acknowledgement by Banks at the Time of Submission of Form 15G/15H. Have you got one?

 

A proper acknowledgment of any service request will help the consumer in case of any service dispute between the consumer and the service provider.

In this electronic era, majority of the service requests are placed on phone or websites. This is true for Banks too.  However at times, the Physical service request signed by the authorized signatory is necessary. This is   true also for Form 15-G/15-H

Forms 15G or 15H has to be submitted to your banks to avoid the tax deducted at source (TDS) on your investments, if your income is below the exemption limit.

Reserve Bank of India, has received numerous complaints that TDS (Tax Deducted at Source) was done, even when the Form 15G/Form 15H was provided to the Bank.

To reduce such complaints and to increase customer service levels RBI vide Notification No.BI/2012-13/516 DBOD.No.Leg.BC.100/09.07.005/2012-13 dt.May 31, 2013 has advised Banks branches to give an acknowledgment at the time of receipt of Form 15-G/15-H.

The notification was released in consultation with IBA (Indian Banks’ Association).

The key benefits of this notification are:

01) Build a system of accountability at bank end.

02)Reduce inconvience to bank customers.

03)Minimise resolution time for customer queries.

From this financial year, Income Tax department has asked for additional details as part of Form 15G/Form 15H, and hence it becomes still more important for customers as well as bank officials to hold the authenticated copies of the forms.

An informative article on Form15H/form 15G

The Dahod Mercantile Co-operative Bank Ltd., Dist. Dahod – Penalised

The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees One Lakh only) on the The Dahod Mercantile Co-operative Bank Ltd., Dist. Dahod.  The monetary  penalty was for violation of Reserve Bank of India directives on donation.

Like all commercial institutions, Banks in India too can make donations. However,RBI guidelines on Donations by banks have to be adhered to.

The profit making banks may make donations during a financial year, aggregating up to one percent of the published profit of the bank for the previous year.

However, the following contributions/ subscriptions are exempted from the 1% ceiling.

  1. Prime Minister’s Relief Fund,
  2. To professional bodies/ institutions like Indian Banks’ Association, National Institute of Bank Management, Indian Institute of Banking and Finance, Institute of Banking Personnel Selection, Foreign Exchange Dealers Association of India.

The banks cannot carry forward the un-utilized amount of the permissible limit of a year to the next year.

Dahod primary claim to fame is as the birthplace of Emperor Aurangzeb. Another chief educational attraction is the Dahod I.T.I which caters to the needs of the local tribal population.

The district shares two borders with neighboring states, hence the another name as  “Dohad“, which means “two boundaries”; called so as the States of Rajasthan (region of Wagad) and Madhya Pradesh (region of Malwa) borders the town.