Singapore Govt picks up 1.06% in Muthoot Finance

The Government of Singapore has picked up a 1.06 per cent stake in gold loan company Muthoot Finance Ltd (MFL). This share purchase transaction was part of the recent institutional placement programme by the company raising ₹418 crore.

The stake purchase has been done through GIC, which is the fund manager of the sovereign wealth fund set up by the Singapore Government in 1981, sources close to the development said.

The Government of Singapore now owns 42.06 lakh shares of Muthoot Finance, the latest filing by the company with the BSE showed.

The other investors under the public category who hold investments of more than 1 per cent are Birla Mutual Fund, Wellcome Trust London, Baring India Private Equity Fund, Allard Growth Fund and Matrix Partners India.

http://www.thehindubusinessline.com/markets/stock-markets/singapore-govt-picks-up-106-in-muthoot-finance/article6075525.ece?ref=wl_markets

Banking licence for corporate houses will be a retrograde step: AIBEA

Nearly two dozen corporate houses and business enterprises in the country have been waiting for more than six months to obtain permission from the Reserve Bank of India (RBI) to start their own banks. In turn, the RBI has approached the Election Commission to permit them to issue the new banking license.

Terming the present move of RBI as ‘unfair’ as the Parliamentary elections were on, the All India Bank Employees’ Association (AIBEA) general secretary C.H. Venkatachalam said allowing private sector to open banks would lead to ‘profiteering’ and there were chances of public money being diverted by the corporate and business houses to run their ventures without any hindrance.

Substantiating his statement, he said: “Any industry house with Rs.500 crore can open a bank. Thereafter they would become the absolute owner of the bank and can have access to huge cash deposits of public. The funds can be transferred between the bank and their firms swiftly. Accounts can be fudged easily. We don’t want such a thing to happen.”

As per the proposed list, Aditya Birla, IDFC Ltd, IFCI, India Bulls, India Post, India Infoline, LIC Housing Finance, L&T Finance Holding, Muthoot Finance, Reliance Capital, Religare Enterprises, Shriram Capital, SREI Infrastructure, Tourism Finance Corporation and UAE Exchange India others have applied for the banking license.

“Prior to nationalisation of the banks in 1969, most of the banks were owned by one or the other industrial or business house. Their mismanagement and abuse of people’s money resulted in nationalisation of banks. Hence, handing over banking licenses to the corporate and business house is a clear retrograde step. Particularly, when the country is moving towards general elections to elect a new Parliament, RBI’s hurry in this regard overlooking the political views of the Parliament would be unfair,” he said.On Monday, AIBEA sent a letter seeking the intervention of Chief Election Commissioner, V.S. Sampath not to approve such a move stating that would result in conflict of interest and banking institutions cannot be left to the corporate whims.

It may be recalled that AIBEA has been openly criticising corporate houses for being wilful defaulters that led to banks setting aside a large portion of its profits to write off bad debts.

Mr. Venkatachalam quoted the report of Parliamentary Standing Committee on Finance which said: “Banking being a highly leveraged business involving public money and public welfare, the Committee are of the considered opinion that it will be more in the fitness of things to keep banking and industry separate. The Committee therefore desires the Government and RBI to review the licensing guidelines accordingly.”

SIB expects to cross over Rs 1 lakh cr business this fiscal

http://www.thehindubusinessline.com/industry-and-economy/banking/sib-expects-to-cross-over-rs-1-lakh-cr-business-this-fiscal/article4587995.ece

Private sector lender South Indian Bank Limited would be in a position to cross over Rs 1 lakh crore business in the current fiscal, said a top bank official.

The Bank’s Managing Director and Chief Executive Officer Dr V A Joseph told PTI that total business for fiscal 2013 had crossed over Rs 76,000 crore as against the target of Rs 75,000 crore.

SIB expects to increase its branches up to 800 and 1000 ATMs this fiscal with a total business of Rs 1 lakh crore, he added.

Joseph said SIB had made good strides in performance in the past eight years despite all odds and the global economic downturn.

SIB was forced to skip the dividend for fiscal 2004-2005.

Net profit went up from Rs 50 crore in 2006 to Rs 402.66 crore in 2012 while payment of dividend increased from 18 per cent in 2006 to 60 per cent in 2012.

To a query on hike in dividend for fiscal 2013, he said under no circumstance would it be less than 60 per cent as the performance audit was not yet over.

He said net profits for fiscal 2013 was likely to be over Rs 500 crore, a record profit in the 85-year old history of SIB. The target for the fiscal was to increase the number of branches to 750 and 750 ATMs and a business turnover of Rs 75000 crore.

Joseph said that in the past eight years SIB had purchased property worth several crores of rupees in Delhi, Mumbai, Calcutta, Chennai, Bangalore and Kochi.

A mobile app to keep track of jewellery assets virtually

http://www.thehindubusinessline.com/industry-and-economy/banking/a-mobile-app-to-keep-track-of-jewellery-assets-virtually/article4547227.ece?ref=wl_industry-and-economy

Muthoot Fincorp has launched — My Jewel Box — an android-based mobile application that enables gold consumers to consolidate jewellery assets virtually at one place.

It also helps consumers, a majority of them being women, to evaluate the current value of gold within few seconds.

According to Thomas George Muthoot, Director - Muthoot Pappachan Group, My Jewel Box is a part of the company’s endeavour to offer innovative products and services using new age technology.

The app is a very innovative and a tech-savvy option to store gold jewellery on a virtual platform, and enable customers to assess the value of their jewellery at fingertips. The initial response has been encouraging and the company would be releasing an iOS version soon, he added.

The mobile application’s user friendly interface helps in easily evaluating the current value of gold jewellery by mentioning the total weight of the gold and per gram rate at which it was purchased.

The application immediately calculates the net value of the gold as per the current rate and provides quick information on the eligibility for gold loan.

The data stored is secure as the user’s jewellery is stored only on the user’s phone. The mobile application also allows gold consumers to click pictures of their jewellery and categorise it in segments such as bangles, necklaces, rings etc.

Consumers can download the application on Google Play or give a missed call on 0484 4074668 to get the download link.

Federal Bank to add 100 more branches in 2013

http://www.thehindubusinessline.com/industry-and-economy/banking/federal-bank-to-add-100-more-branches-in-2013/article4538038.ece

Federal Bank would add another 100 branches to its current 1,067 branches across the country this year, a top bank official said on Friday.

The bank has plans to take the branches to 175 from the present 120 in Tamil Nadu, with a business of Rs 7,105 crore representing 7.36 per cent of the Bank’s total business, in the same period, M Manoharan, DGM and Head of the Chennai Zone, Federal Bank, told reporters here.

Manoharan, here to launch 21 branches located in rural unbanked areas across Tamil Nadu, said Tamil Nadu being the preferred destination, another 25 branches would be added by June 2013 and by 2013-end, it would be 175 branches in the State, including tier-two and three towns.

With the addition of 21 branches, the bank today joined hands with Tamil Nadu Agricultural University as sponsors to impart training on Hi-tech Banana cultivation in the State, he said.

The bank proposed to impart training in many other crops in Hi-Tech cultivation across Southern States, Manoharan said.

Federal Bank launches National Auto loans hub

http://www.thehindubusinessline.com/industry-and-economy/banking/federal-bank-launches-national-auto-loans-hub/article4361141.ece

Federal Bank launched a National Auto Loans Hub at Kochi on Wednesday.

The Hub has been set up as a single window for processing and sanctioning of auto loans on fast track.

With the launch of the National Auto Loan Hub, the bank has addressed two key points that affect consumers — pricing and speedy processing.

The bank has slashed the interest rates on car loans to 10.45 per cent, one of the lowest rates offered by any Bank in the industry. The Auto Loan Hub is committed to speedy processing and will enable the Bank to reduce turn—around—time [TAT] to less than a day, a bank release said.

The steps taken by the lender would make it the most aggressive player in the car loan market and provide customers best deals in the space.

The central hub has started operations and is currently handling all applications from Kerala. The bank proposes to spread its operations countrywide.

Federal Bank disburses car loans through all its 1029 branches across the country. Apart from this, bank’s subsidiary Fedfina, is also receiving applications directly from customers in all centres other than Kerala.

The bank’s own sales channel will supplement the efforts of the centralised hub to extend personalised service to clients for acquiring vehicles.

Federal Bank is entering into tie-ups with leading auto manufacturers and dealers across the country to offer best of services to prospective auto-clients. The launch of an online facility to give spot sanctions for car loans is also in the pipe-line.

Federal Bank launches `Federal Manipal School of Banking'

http://www.thehindubusinessline.com/industry-and-economy/banking/federal-bank-launches-federal-manipal-school-of-banking/article4328760.ece

Private sector lender, Federal Bank launched the Federal Manipal School of Banking at the Manipal University Bangalore Campus to provide student training on various areas of banking and management.

The Federal Manipal School of Banking will offer full-time programme for one year that includes nine months of campus training and three-month internship at a branch of Federal Bank, which will be coupled with grooming and soft skills training, the bank said in a statement.

Students will earn a monthly stipend of Rs 2,500 for the first 9 months and Rs10, 000 per month during their three month internship with the bank. Federal Bank will support full fee financing through education loans and loyalty bonuses, the statement added.

A post graduate diploma in banking and finance will be awarded by Manipal University to students at the end of the course and will be absorbed as probationary officers by the bank.

Abraham Chacko, Executive Director, Federal Bank said “This programme is aimed at providing the officers with that extra mile of knowledge and skills which will in turn aid to their excellence in banking and services.”

Muthoot Pappachan Group forays into housing finance, to target low-income group

http://www.thehindubusinessline.com/industry-and-economy/banking/muthoot-pappachan-group-forays-into-housing-finance-to-target-lowincome-group/article4290070.ece

Targeting the lower and middle income group the Muthoot Pappachan Group has forayed into the housing finance segment in Kerala.

Considering the need for housing loans in the State and particularly in the lower income segment, the company aims to build a loan book size of over Rs 250 crore over the next five years.

Thomas Muthoot Executive Director Muthoot Pappachan Group told presspersons here on Wednesday that the housing loans would be offered through branches in Kochi, Kottayam, Thrissur and Kozhikode.

“We see great need and immense scope in the home loan market, especially in the low income segment. The idea is to be a facilitator to every Indian’s dream of owning a house,” he said.

People in the lower middle to lower income group, especially in the informal segment, face difficulties in procuring housing loans as they do not have any income proof. The aim is to reach out to this informal segment through the company’s vast network, he added.

Maneesh Srivastava, CEO, Muthoot Housing Finance Company Ltd said the company would mainly cater to the housing finance needs of customers whose income ranges from Rs 10,000 to Rs 30,000 each month and would offer loans ranging from Rs 3 lakh to 15 lakh, up to 80 per cent of the property value.

The loan repayment period would be up to 15 years and loans would be offered for the purchase of ready property, under-construction houses/ flats, for self construction on owned plots of land and for home extensions.

Over a period of five years, MHFCL aims to lend Rs 1,000 crore to housing finance customers nationally through calibrated growth in the target markets.

South Indian Bank business set to touch Rs 75,000 cr

http://www.thehindubusinessline.com/industry-and-economy/banking/south-indian-bank-business-set-to-touch-rs-75000-cr/article4240757.ece

South Indian Bank is all set to achieve a business target of Rs 75,000 crore by March 2013 as envisaged in the Vision Document 2008.

SIB's five-year business plan — Vision 2013 — was drawn up in 2008 to achieve Rs 75,000 crore business, 750 branches, 750 ATMs and 7,500 employees.

V. A. Joseph, Managing Director and CEO, toldBusiness Line that the bank has been able to clock Rs 67,000 crore in total business as on date.

Its employee strength is at 6,800, the number of branches 740 and ATMs 775.

“We hope to achieve the target of Rs 75,000 crore and 7,000 people by the end of March 31. We might just exceed some of the targets,” he said.

Ten more branches are to be opened shortly in Gujarat, West Bengal and Maharashtra, he said. The bank hopes to open another 25 ATMs by March 2013 taking the total to 800.

Muthoot Finance applies for white label ATM licence

http://www.business-standard.com/india/news/muthoot-finance-applies-for-white-label-atm-licence/493753/

Gold loan non-banking financial company (NBFC) Muthoot Finance is planning to enter the white label ATMs (WLAs) space to consolidate its presence in financial services. It has applied to the Reserve Bank of India for this.

White label ATMs are the ones owned and operated by non-banking entities. According to the current policy, only banks can establish and operate the ATMs.

Earlier this year, the central bank had decided to allow non-banks, whose net worth is at least Rs 100 crore, to set up and operate ATMs to increase the per capita availability and also increase their penetration in tier-III to tier-VI towns and villages.

In June, RBI had issued the detailed guidelines for WLAs.

RBI had proposed three schemes for companies which wished to apply for WLAs. In the first (Scheme A), a company has to set up at least 1,000 WLAs in the first year. In the second year, it should at least double the number of WLAs it set up in the first year. In the third year, the company is required to set up at least three times the WLAs it installed in the second year.

For every three WLAs installed in tier III-VI centres, a company can install one WLA in a tier-I or tier-II centre.

Muthoot has applied for the WLA licence under Scheme A.

Dhanlaxmi Bank continues to see senior-level exits

http://www.business-standard.com/india/news/dhanlaxmi-bank-continues-to-see-senior-level-exits/493178/

Dhanlaxmi Bank continues to witness senior-level exits, with three more top management executives resigning from their positions in recent months.

Muralidharan Rajamani, the chief operating officer, left the bank last month. “It was a personal choice and there was no specific reason as such,” Rajamani told Business Standard, confirming the development.

Rajamani was the chief executive officer (CEO) of Brics Online Services prior to joining the Bank and has also worked with ICICI Bank and State Bank of India. He joined the Thrissur-based private lender in 2009 under Amitabh Chaturvedi, the former chief executive and managing director of Dhanlaxmi Bank.

Bipin Kabra, who has been the chief financial officer at the Bank since 2009, tendered his resignation and left the bank in October. Manish Kumar , the president and head of human resources and corporate social responsibility at the bank, also resigned. While Kumar was not immediately available for comments, Kabra confirmed his resignation. With these exits, the entire top management team, set up by Chaturvedi, has now left the bank.

In February, 2012 Chaturvedi had resigned from his position, as CEO, following serious disagreement with other board members over the functioning and management of the bank’s operations. P G Jayakumar took charge as the new chief executive of the bank.

Since then several senior executives have put in their papers. Salil Datar, head of branch banking and non-resident business, Rajrishi Singhal, head of policy and research, Rajeev Deoras, head of wholesale banking, and Arvind Hali , head of retail banking, have all left the bank.

The controversial exit of Chaturvedi was preceded by a series of allegations over the functioning of the bank.

The All India Bank Officers' Confederation had accused the bank of window dressing its accounts to show inflated profits. The bank's management had dismissed these allegations and claimed that it was a motivated attempt to de-recognise the bank's performance.

The bank’s financial position has shown signs of improvement in the last couple of quarters, though it continues to incur losses. In July-September quarter, the bank reported a net loss of Rs 18.6 crore.

Xpress Money plans to offer more cash transfer channels

http://www.thehindubusinessline.com/industry-and-economy/banking/xpress-money-plans-to-offer-more-cash-transfer-channels/article4006425.ece

Xpress Money, a global money transfer brand which currently operates in the cash-to-cash remittances market, plans to get into other channels for money transfer.

The company is looking to offer remittance facility through channels such as cash-to-account and cash-to-mobile on getting requisite approvals from the Reserve Bank of India.

According to Sudhesh Giriyan, head of Xpress Money Business, as per RBI’s Money Transfer Service Scheme (MTSS), the company is currently permitted to operate only in the cash-to-cash segment.

“We are in talks with the RBI. Once it gives us a go-ahead, we will launch these services,” he said.

TICKET SIZE

In 2011, India received remittances worth $66.13 billion. Of this, nearly $15 billion was through the cash route.

The company holds a 10 per cent share in the cash-to-cash market, he said.

“The average ticket size is small for cash remittances and they primarily come from countries such as United Arab Emirates, Qatar and Oman,” he said.

The entry into other channels will help the company grow its business and tap in a big way the markets of, among others, North America, Europe and Australia which largely operate through the cash-to-account channel.

The average ticket size in this channel is nearly four-to-five times higher than by way of cash remittances.

Xpress Money is also eyeing a 30 per cent growth in remittances business this year.

The depreciating rupee and the recent increase in the inward remittance limit will aid the growth, he said.

Shriram Transport Finance Company - Enters Gold Loan Business

http://www.business-standard.com/india/news/stfcto-foray-into-gold-loan-business/489731/

Truck finance company Shriram Transport Finance Company (STFC) plans to enter the gold loan business from November. But the company will not compete with established players such as Muthoot Finance and Manappuram Finance, as the new service will be limited to existing customers.

“We are doing this entirely for the benefit of our existing customer, so he doesn’t need to go out for a gold loan if he needs it,” said Umesh Revankar, managing director and CEO.

The company targets a disbursal of Rs 5 crore a month. “As more customers become aware, probably the disbursals can go up,” said Revankar.

STFC had started disbursals of gold loans in May 2010 on behalf of its group company Shriram City Union Finance, (Scuf), whose main presence is in south India. Compared with Scuf, STFC has more branches in other parts of the country.

Revankar said: “Earlier we were doing gold loans in very small numbers for Scuf. Now we have decided to do gold loans, which would be in our books from this quarter.”

According to a Reserve Bank of India (RBI) order issued in March 2012, loan to value (LTV) is capped at 60 per cent for non-banking finance companies (NBFCs) that have more than 50 per cent of financial assets in gold.

The apex bank has also barred these companies from lending against primary bullion and gold coins. The guidelines have hit the existing gold loan companies, which saw a negative growth in their assets under management (AUM) sequentially in the first quarter.

“These guidelines are not applicable to us,” Revankar said.

A recent Icra report says that organised gold loan industry in the country has grown at a compound annual growth rate of 78 per cent in the past two years to reach Rs 1,25,000 crore.

According to the Icra report, recent regulatory pronouncements such as the RBI guidelines are bound to impact the growth and margins of the NBFCs whose main business is gold loan. Margins could come down by about 100-150 basis points, the report said.

Two biggest players in organised gold loan industry, Muthoot Finance and Manappuram Finance, showed a negative growth in the first quarter in assets under management (AUM). “We would like to maintain our margins 9-9.5 per cent” George Alexander Muthoot told Business Standard.

Reiterating that the company is not looking at competing with the biggies, Revankar said: “We are looking at our existing customers. We are giving them an additional service. Therefore, we won’t go building business beyond our existing customers and there is no question of competition with other companies.”

Apart from financing commercial vehicles, STFC also provides tyre loans, engine replacement loans and working capital.

The company’s net profit as of June 2012 was Rs 322 crore, dropping 7 per cent year-on-year.

Dhanlaxmi Bank plans to raise Rs 200 crore

http://www.business-standard.com/india/news/dhanlaxmi-bank-plans-to-raise-rs-200-crore/189258/on

Dhanlaxmi Bank plans to raise around Rs 200 crore to strengthen its capital base. The board of directors of the bank at meeting last month has taken in-principle decision to raise the funds by issuing equity shares.

The move is part of the Thrissur-based private lender's turnaround plan under the new management. Earlier the bank's new chief executive PG Jayakumar had told shareholders that the lender was "leaving no stone unturned" to raise fresh capital.

The bank closed the first quarter of this financial year with a capital adequacy ratio of 10.36%. 

Senior officials of the bank said the lender aims to raise the funds by the end of this calendar year.

ICICI Bank to offer reward points to SB accountholders

http://www.thehindubusinessline.com/industry-and-economy/banking/article3951911.ece

In a bid to stave off competition from the likes of Kotak Mahindra Bank, IndusInd Bank and YES Bank, ICICI Bank has unveiled a rewards programme for customers transacting through savings bank (SB) account.

The rewards programme comes at a time when the abovementioned banks are paying higher interest rates, ranging from 5.5-6 per cent on SB balance up to Rs 1 lakh and 6-7 per cent on balance over Rs 1 lakh.

All public sector banks and majority of the private sector banks, including ICICI Bank, HDFC Bank, and Axis Bank, have left their SB interest rate unchanged at 4 per cent. This is despite the Reserve Bank of India deregulating the SB interest rate last year.

Industry experts say India’s largest private sector bank, besides responding to the challenge posed by smaller rivals on the SB deposits mobilisation front, is possibly targeting multiple objectives through the rewards programme, called ‘MySavings Rewards’.

The bank may be seeking to get existing retail depositors to maintain higher balances, attract new ones, migrate transactions to alternate channels — Internet and mobile, give a thrust to e-commerce, and cross-sell loans to retail depositors.

REWARD POINTS

Retail customers of ICICI Bank will get reward points for various transactions including activating Internet banking, shopping online/ paying utility bills with Internet banking, and auto-debit from savings account towards equated monthly installments for home/ auto/ personal loan/ recurring deposit.

Further, customers will get points for activating mobile banking, shopping though mobile, consolidating family banking accounts, and activating demat account.

For example, a customer will get 100 points when he logs in to ICICI Bank’s Internet banking for the first time. The bank is offering one point for every Rs 100 spent online and 10 points every time a registered biller is paid using Internet banking.

MONTHLY AVERAGE BALANCE

Rolled out from September 1, ICICI Bank’s SB customers, maintaining monthly average balance of Rs 15,000 or more, will automatically earn reward points. This will be reflected in their SB statements from October onwards. These points can also be clubbed with points earned on credit card transactions.

The points can be redeemed by a customer by logging in to his internet banking account and clicking on the ‘redeem’ option. The customer can redeem his points from a wide range of lifestyle products to household items to travel to auto accessories.

COMPETITION FOR SB DEPOSITS

The competition to mobilise low-cost SB deposits seems to have prompted ICICI Bank to throw down the gauntlet to its smaller rivals. It has extended the strategy used to market credit cards to SB accounts.

After Kotak Mahindra Bank increased the interest rate on SB deposits by 50 per cent last year, it clocked a robust year-on-year (y-o-y) growth of 67.5 per cent in these deposits from Rs 3,307 crore (June-end 2011) to Rs 5,540 crore (June-end 2012.

On a larger base, ICICI Bank’s SB deposits grew at a slower clip — 16.1 per cent y-o-y growth — from Rs 66,858 crore (June-end 2011) to Rs 77,923 crore (June-end 2012).

HDFC Bank launches 10,000th ATM at Ajmer Sharif

http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/hdfc-bank-launches-10000th-atm-at-ajmer-sharif/articleshow/16351023.cms

HDFC Bank, India's second largest private sector bank, launched its 10,000th Automated Teller Machine (ATM) in the country today. The 10,000th ATM is located near Ajmer Sharif Dargah, a sacred shrine revered by people of all faith. To celebrate the milestone, HDFC Bank invited the 10,000th customer of its Ajmer branch to inaugurate the ATM. 

HDFC Bank is now the third Indian Bank and the second private sector Bank to have a network of 10,000 ATMs across India. As HDFC Bank forays deeper and deeper into the country, Direct Banking Channels like ATMs, Internet and Mobile banking acquire great importance. As a Bank that lays immense impetus on customer centricity, the endeavour, through a wide network of ATMs therefore, is to make banking easier and convenient for our customers. 

On the achievement of an important milestone, Mr. Rahul Bhagat, Country Head, Retail Liabilities, Marketing & Direct Banking Channels, HDFC Bank, said, "Over the years, HDFC Bank has built its electronic channels to offer choice and convenience to its customers across geographies with 70% of our ATMs being outside the four metros. The testimony lies in the fact that 82% of our total transactions happen on our electronic channels and 83% of our active customers use the ATM atleast once in a month."

Federal Bank’s gold loan access facility

http://www.thehindubusinessline.com/industry-and-economy/banking/article3871179.ece

Private sector lender Federal Bank has introduced a gold loan access facility for customers through the use of their debit card. 

The product ‘Easy Gold’ enables customers to withdraw or use loan amount through any ATM or at POS (point of sale) terminals. Level of finance goes up to 75 per cent of the market value of gold with an upper limit of Rs 75 lakh. An interest rate of 14.75 per cent will be charged on the amount utilised or withdrawn by the customer.

The loan will be sanctioned for a period of up to 3 years, “The loan, which amounts to 75 per cent of the total gold pledged with the bank, is offered by opening a separate overdraft account and can be availed through an ATM debit card according to the requirement of the customer,” said D Sampath, Head Retail Banking, Federal Bank. 

In addition, a customer can utilise their pledged jewellery for personal use for up to five times a month. However, they will have to maintain a balance with the bank which is equivalent to the value of the gold being used.

Rs 4.51 crore tax evasion by Muthoot Precious Metals

Muthoot Precious Metals Corporation, a sister concern of Kochi-based Muthoot group, has evaded Rs 4.51 crore in central excise duty in manufacturing and selling of branded gold and silver coins during one-year period up to March this year. 

Read More:

http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/rs-4-51-crore-tax-evasion-by-muthoot-precious-metals/articleshow/16301478.cms

ICICI Bank planning to allow transactions via Facebook

http://www.thehindubusinessline.com/industry-and-economy/banking/article3862441.ece

ICICI Bank today said it is working towards allowing its customers to carry out transactions through social networking site Facebook.

The bank is close to 8 lakh Facebook likes and is the only bank in the world which has an application to see bank statement as well as put some servicing request on Facebook, the Mumbai-based bank’s Chief Technology Officer Mukesh Kumar Jain said.

“It would be premature to say anything on this now. But we are working on that (allowing transactions through Facebook). Over a period of time, say next few months or so, you will hear some news about it,” he told reporters here at an event.

“We have got into the Facebook because the younger generation will be visiting that place. We are able to give them secured account information,” Mukesh Kumar Jain added.

ICICI Bank is one of the early movers to tap social media platform to let customers access online banking features through Facebook.

The largest private bank allows its customers see bank statements, check account details, place request for cheque books and upgrade debit card from Facebook homepage.

On security aspects with regard to the Facebook Apps, he said account information is well secured.

“We don’t see security as a big challenge. ICICI Bank will not have taken the step if we were not sure of security. We will never put customer data in danger,” he replied.

Now, Internet to rule at ICICI Bank

http://www.financialexpress.com/news/now-internet-to-rule-at-icici-bank/992207/0

The country's third largest lender by assets, ICICI Bank today said Internet-based transactions have grown to constitute a third of its total and the segment may grow to become the largest channel in future.

"More than one third of our transactions take place through Internet, making it the second most used medium. With the increase in Internet usage, it may also grow to occupy the number one position," the bank's chief executive and managing director Chanda Kochhar told.

She said handheld devices like mobile phones and tablets segment, which is growing at over 100 percent every year as compared to the 20 percent growth in desktops, will help drive this growth.

The bank, the country's largest private sector lender, today launched a slew of products like an electronic branch which will do all the operations of a branch across the clock, tablet-based banking which will fasten account opening, a better point of sale terminal which can conduct a host of transactions and an e-locker for storing important documents.