CENTRAL BANK OF INDIA ANNOUNCES THE RESULTS OF WRITTEN TEST HELD FOR RECRUITMENT OF PROBATIONARY OFFICERS

Central Bank of India announced the list of candidates who have qualified in the written test held on 16th August 2009 for recruitment of Probationary Officers (JMG Scale-I). The date of interview would be communciated separately and also would be announced on its web site shortly.
We are providing herewith the link to view the results.
https://www.centralbankofindia.co.in/upload/WEB-PO.pdf

RBI PLANS TO PLAY OWN CARD AGAINST VISA, MASTERCARD

In its report on "Payment Systems in India: Vision 2009-12", RBI said that it would look into the concept of a domestic payment card (India Card) and a PoS (Point of Sale) switch network for issuance and acceptance of payment cards.
The report said "The need for such a system arises from two major considerations - the high cost borne by the Indian Banks for affiliation with International Card Associations like Visa, Mastercard and their association resulting in the need for routing domestic transactions, which account for more than 90%, through a switch located outside the country."
RBI is also planning to implement a 24 hour funds transfer system by extending National Electronic Fund Trasnfer (NEFT) to function on a 24 X 7 basis.
Source: http://www.financialexpress.com/news/rbi-plans-to-play-own-card-against-visa-mastercard/540867/

LARGE PUBLIC SECTOR BANKS MAY KICK-OFF MERGERS

As per the report appearing in The Economic Times, consolidation in the banking sector space might begin with large banks in which the Government holding is close to 51%. At present, the law bars government holding in Public Sector Banks falling below 51%. The Government's recent move to provide additional capital to these banks will help to meet their fund requirements upto 2012.
An Official said that the Government could start the consolidation process with banks in which its holding was close to the 51% floor. As of now, Government holds less than 55% share in six public sector banks - OBC, Dena Bank, Andhra Bank, BOB, IDBI and Vijaya Bank. In four banks - Allahabad Bank, UBI, Corporation Bank and PNB, Government holding is between 55 and 60%.
It is also reported that the Government was in the process of identifying potential merger targets, following which a framework would be laid down.
Source: http://www.business-standard.com/india/news/large-public-sector-banks-may-kick-off-mergers/376417/

BANK UNIONS TO STRIKE ON DECEMBER 16 PROTESTING MERGER

As per the report appearing in The Financial Express, All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) have called for country wide bank strike on December 16 protesting against the merger of State Bank of Indore with the State Bank of India. Sri C.H. Venkatachalam, General Secretary, AIBEA and Sri R.J. Sridharan, General Secretary, AIBOA, while announcing the strike, also said that the nation wide call has been given in support of various demands.
Source: http://www.financialexpress.com/news/bank-unions-to-strike-on-december-16-protesting-merger/540684/

I-T DEPT. SUMMONS UNION BANK OF INDIA CMD IN KODA SCAM CASE

As per the reports appearing in The Hindu Business Line, I.T. Dept. in Mumbai has summoned Mr. M.V. Nair, Chairman & Managing Director, Union Bank of India, for questioning him on why the bank did not do due diligence while accepting deposits of more than Rs.991 Crores from an alleged frontman of former Jharkhand Chief Minister Mr. Madhu Koda.
It is also reported that Mr. Manoj Punamia, an alleged Koda frontman, is understood to have deposited more than Rs.991 Crores in the Union Bank of India account of Balaji Bullion Bazar Branch, Mumbai during 2008 and 2009, including an amount of around Rs.500 crores in Cash.
However, Union Bank of India's Vigilence Official said that the bank officials had followed the specified procedures in terms of KYC Norms and cash transaction reports.
Source: http://www.thehindubusinessline.com/2009/11/14/stories/2009111451000400.htm

NO SPIKE IN BANK NPAs DESPITE LOAN RECAST - RBI

As per the report appearing in The Hindu Business Line, Mr. D.P. Rath, Director, Dept. of Economic Analysis & Policy, Reserve Bank of India said that Gross NPA to Gross Advances ratio of Public Sector Banks declined from 2.2% to 2% in 2008-09. He also said that Indian Banks recovered and written off an amount of Rs.38,828 crores in 2008-09, which was higher than Rs.28,283 crores in 2007-08.
Source: http://www.thehindubusinessline.com/2009/11/14/stories/2009111450990400.htm

UNION BANK TO ALLOW CASH WITHDRAWALS FROM POS TERMINALS

As per the reports appearing in The Hindu Business Line, Union Bank of India is planning to allow cash withdrawals to its customers from Point Of Sales Terminals, from next month. Initially the facility will be available only to the debit card holders of the bank and later will be extended to the cardholders of other banks. The bank is also planning to increase the POS Terminals from the existing 700 to 25000 by the end of the fiscal.
source: http://www.thehindubusinessline.com/2009/11/14/stories/2009111450930400.htm

INTEREST RATES MAY REMAIN STABLE TILL MARCH

As per the news report appearing in The Hindu Business Line, Mr. M.V. Nair, CMD of Union Bank of India and the Chairman, IBA has said that interest rates are likely to remain stable till March 2009 on low growth in bank credit and lack of consumer demand. He also expects the Net Interest Margin around 2.5% for the fiscal year ending March 2009.
Source: http://www.thehindubusinessline.com/2009/11/10/stories/2009111051380400.htm

BANKS TURN BACK TO RECURRING DEPOSITS

As per the report appearing in The Hindu Business Line, Banks which have been vying for CASA deposits, now turning their attention in building Recurring Deposit Base, which is neglected till now.
As per the report, Corporation Bank, Union Bank of India, Bank of India and Central Bank of India have renewed their focus on recurring deposits.
Central Bank of India plans to launch an Recurring Deposit product with an accident insurance feature later this month.
Source:http://www.thehindubusinessline.com/2009/11/08/stories/2009110851190100.htm

BANK UNION PLANS AGITATIONS TO PROTEST AGAINST CONSOLIDATION EFFORTS WITHIN THE BANKING INDUSTRY

As per the report appearing in The Hindu Business Line, AIBEA is planning agitations this month-end to protest against the consolidation efforts within the banking industry. This was told by Sri Ch. Venkatachalam, AIBEA's General Secretary to Business Line.
Source: http://www.thehindubusinessline.com/2009/11/07/stories/2009110751420600.htm