Banking Power-Pack October 2014 1

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BANKING - 2014 OCTOBER

October 1
** RBI to issue final norms on small, payments banks by end-November.
Background
* Nachiket mor committee recommended formation of small, payments banks for achieving financial inclusion faster.
October 2
** Banks open 5.29 crore accounts under PM Jan Dhan, issued 1.78 crore RuPay cards.
* Pradhan Mantri Jan Dhan Yojana is an ambitious scheme for comprehensive financial inclusion launched by the Prime Minister of India, Narendra Modi on 28 August
2014.
Exceptions:
* This is being done excluding the states of Haryana and Maharashtra where survey work has been temporarily suspended in view of Assembly Elections.
Main Features:
* The main features of the PMJDY scheme include an overdraft facility worth Rs. 5,000 for Aadhar-linked accounts, a RuPay Debit Card.
* With in-built accident insurance cover of Rs. 1 lakh.
* Besides, account holders under the scheme will get a life insurance cover of Rs 30,000. This is an additional benefit that was announced by PM Modi during the launch of
the scheme.
October 3
** Banks need USD 200 billion in next 5 years to meet Basel - III norms, says Fitch.
* Domestic banks will need US $200 billion additional capital over the next five years to meet Basel - III norms for capital adequacy and the demand for funds as growth
picks up, Fitch Ratings.
About Capital requirements: CAR
* Capital Adequacy Ratio (CAR) or Capital to Risk (Weighted) Assets Ratio (CRAR) is calculated in risky assets of banks to ensure that it can absorb a reasonable amount of
unexpected losses.
* The original Basel - III rule from 2010 was supposed to require banks to hold 4.5% of common equity and 6% of Tier I capital of "risk-weighted assets" (RWA).
* Basel - III introduced "additional capital buffers", (i) a "mandatory capital conservation buffer" of 2.5% and (ii) a "discretionary counter-cyclical buffer".
Risky assets in Indian banks
* Public sector banks reported stressed assets of around 12 per cent in 2013-14, versus around 4 per cent of private banks and 10 per cent for the banking system,
according to Fitch.
* Last date for implementation of the Basel - III regulations is March 2019.
October 4
** Commercial bank credit growth remains sluggish at 9.7 per cent.
* Credit growth of commercial banks continued to remain weak with a growth of just 9.7 per cent at Rs. 61,46,526 crore against Rs. 56,02,021 crore last year.
* Deposits grew 13.33 per cent to Rs. 81,06,633 crore in the fortnight to September 19 as compared with Rs. 71,50,374 crore in the year-ago period.
* Demand deposit expanded 12.40 per cent to Rs. 7,36,751 crore as of September 19 from Rs. 6,55,428 crore in the same period a year ago.
* Time deposit rose 13.47 per cent to Rs. 73, 69,898 crore as against Rs. 64,94,947 crore in the same period last year.
October 6
** Online NEFT transactions will be chargeable in PNB.
* Punjab National Bank has unveiled that bank has decided to charge its customers all online transfer of funds, irrespective of the amount.
* The bank stated that any transaction made to other bank account through National Electronic Fund Transfer (NEFT) will be charged.
* From the beginning of the October the bank has decided to charge the customers for NEFT transactions made online, whereas Inward NEFT remittances will continue to
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remain free.
The charge list is as follows:
For the NEFT Charges
Up to Rs. 10,000 Rs. 3
Rs. 10,001 to Rs. one lakh Rs. 6
Greater then Rs. one lakh Rs. 17

** PF subscribers can monitor PF accounts online.
* From the 16
th
October the EPFO subscribers will get the facility to monitor their PF funds online on the real time basis.
* It is being informed that on 16
th
October Mr. Modi is launching UAN number which will make the PF account number portable and easily accessible.
* The EPFO would provide more value added services like paperless settlement of provident fund withdrawal claims like during retirement and fixing of pension after
attaining the age of 58 years.
* To make the services more better under the UAN scheme all the members are asked to the bank account number to be seeded with the portable PF account number
which will make the make PF withdrawal and other claims settlements less time consuming.
** YES BANK launches first-of-its kind discounts/ deals offers on ATMs.
* YES BANK has launched a first of its kind offer at its ATMs, whereby discounts and deals are offered to anyone who transacts at the Banks ATMs.
* To avail this delightful offer, one has to simply walk into any YES BANK ATM across the country, withdraw cash or transfer funds, and choose any one of the great offers
across categories such as books, entertainment, clothing, food & beverages, gifting, kids, lifestyle and online shopping.
* This facility is available for YES BANK accountholders (cash withdrawal and funds transfer transactions) and non-YES BANK accountholders (only cash withdrawal
transactions).

** In addition to this, YES BANK has also introduced a new facility for non-YES BANK account holders to request their account statement or request for a
cheque book at a YES BANK ATM.
* This facility is currently availed to account holders of Saraswat Cooperative Bank using the NPCI Network (National Payments Corporation of India) and will soon be
offered to account holders of other banks also.
October 7
** ICICI bank has rolled out a new special account for the NRI customers.
* To make the banking facilities more convenient and hassle free the bank has introduced the new 'Easy NRI account'.
* This new account offers various benefits to the customers. It will provide the facility of low monthly average balance requirement of just Rs. 2,000. Further there will be
no charges for the minimum balance maintenance.
** The Finance Ministry considering RBI proposal for creating additional posts of a COO and a fifth Deputy Governor.
* The Finance Ministry is considering amendments to the RBI Act 1934 to enable the central bank appoint a fifth Deputy Governor and a Chief Operating Officer (COO).
* Finance Ministry sources confirmed that both the sides had reached an informal agreement to appoint a COO and create the post of a fifth Deputy Governor in the RBI,
but with a condition.
The condition for COO:
* The criteria for appointment COO would be from among the two Deputy Governors from the RBIs quota.
The condition for fifth Deputy Governor
* The key criteria for appointment of fifth Deputy Governor would be a person with at least 25 years of experience in public administration and governance.
Objective of COO:
* The COOs appointment is part of the RBIs human resources (HR) restructuring exercise.
* The proposal also talks about creation of an additional position of a COO in the rank of Deputy Governor to head one of the five functional clusters.
About Central Board of Directors:
* RBI is governed by Central Board of Directors.
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The 20-member Central Board of Directors consists of:

No. of posts Post names
1 The Governor(Dr. Raghuram Rajan)
4 Deputy Governors
1 Finance Ministry representatives
10 Government-nominated directors to represent important elements from India's economy
4 Directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi.
* Each of these local boards consists of 5 members who represent regional interests, and the interests of co-operative and indigenous banks.
About Deputy Governors appointment:
* In order to formalise the arrangement, the Finance Ministry is likely to move a Bill to amend the RBI Act during the Budget session.
* Traditionally, two Deputy Governors are from the ranks of the RBI (i.e, RBI quota), third is an economist and the fourth one is from the commercial banking space.
* The criteria for appointment COO would be from among the two Deputy Governors from the RBIs quota.
* At present, among the four Deputy Governors, H.R. Khan and R. Gandhi are from the ranks of the RBI, Urjit Patel is a well-known economist, while S.S. Mundra was
earlier Chairman and Managing Director of Bank of Baroda.
October 8
** Karnataka Bank has signed MOU with TVS motors.
* Karnataka Bank has planned to work with TVS motors ltd. in order to assist the authorized dealers of TVS motors with financial assistance. Through this tie- up the bank
will extend its inventory channel finance facility to the authorized dealers of TVS Motors Ltd.
* Headquarters: Mangalore.

** SBI to launch ATM cum Pos terminals.
* State bank of India has tied up with Ezetap Mobile Solutions Pvt Ltd. In association with Ezetap the bank has planned to roll out ATM cum POS terminals.
Objective of ATM cum Pos terminals:
* To make payments and withdraws at the retail shops easier for the customers, the bank has planned to launch this.
How ATM cum Pos terminals works?
* Through this the customers will be able to make payments through their bank accounts like any other debit card payment. In addition to this withdrawals can be made
through this fresh and innovative measure similar to the ATM which will also help the shopkeepers.
* The maximum limit is Rs. 1000. For the time being the customers can en-cash a sum of Rs. 1000 which is paid by the store owner from his cash holding. The money gets
deducted from the consumers bank account and gets deposited in the current account of the merchant.
About Ezetap:
* Ezetap is a Bangalore-based mobile payments service provider. It has also worked in association with the well renowned companies like Flipkart, Bajaj Allianz, book my
show and shoppers stop. With the help of this people can shop more comfortably and conveniently.
October 9
** ICICI Lombard has rolled out ''self service kiosk'' for the customers.
* The private insurance company has established self service kiosk in three major metropolitan cities Delhi, Bangalore and Mumbai.
* With the help of the kiosk the customers will be easily able to print policy certificate, query regarding update, make policy endorsement etc. In addition to this it also
offer the facility to renew their existing motor insurance and health insurance policies.
Objective:
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* The kiosk will make the purchase of policy, renew or claim related transactions hassle. Within seconds customer will get the facility to resolve their query, access their
ICICI Lombard General insurance policies.
** UCO bank signed MOU with PSFC and PAIC
* UCO bank and Punjab State Farmers Commission (PSFC) with Punjab Agro Industries Corporation (PAIC) signed a MOU.
Objective:
* To boost the National pension scheme (NPS) in villages and under privileged sections of the country.
* UCO bank and PSFC decided to work together to attract more people specially farmers towards the NPS. Through this bank will also offer a proper platform to the people
for their savings by providing the facility of savings account.
October 10
** FIR against the officials of AXIS bank for fraud of 20 crore.
* The Golf Technologies (P) Ltd has registered a case against the officials of axis bank for alleged fraud worth nearly Rs. 20 crore.
* Reason: The Bank forged the signature of the time in the absence of the companys head.
* It has been claimed that the senior officials - Chief executive officer, chief operating officer of the banks are responsible for the fraud. The company stated that the
bank has imitated the fake signature of the companys head to withdraw a sum of Rs 19. 89 crore from the companys current account to a different companys account.
** IDBI bank organised camp to help differently disabled people.
* As a part of its corporate social responsibility (CSR) IDBI bank organized a camp in Guwahati. The camp was organized to help the physically challenged person. Through
the camp different appliances were distributed to the physically and mentally challenged people.
* Headquarters: Mumbai.
* Chairman: M.S. Raghavan.
* Founded: 1964.
About IDBI:
* IDBI Bank is on a par with nationalized banks.
* It was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry.
* In 1964, it was started as development bank, later on recommendations of RBI committee headed by S.H. Khan it was converted into commercial Bank.
* Currently, Government of India held 76.72% shares in IDBI Bank.
October 11
** Punjab National Bank has decided to support the Prime Ministers Swachh Bharat Abhiyan by contributing to cleaning fund of Ganga River.
* The Bank has plans to put his contribution in making or country clean.
* With the intent to do so the PNB bank has taken up the responsibility of two ghats in Varanasi to keep them clean throughout the year.
* From the 2
nd
October, 2014 onwards the bank has taken up the drive to maintain the cleanliness at these two ghats. Mr. jha DGM (circle head), stated that All our officers
and employees participated in this movement.
* Further the bank will also look after in repairing of its structure, paintings and others.
** SBI signs MoU with NABARD for organizing a financial literacy camp in Nagaland.
* State bank of India in association with National Bank for Agriculture and Rural Development (NABARD) has organized a financial literacy camp in Tseminyu.
* In order to aware the people regarding the banking services and their advantages the banks organize such camps. Chunlikha is a village where the people are unaware
about the banking.
* With aim to give the knowledge reading banking SBI along with NABARD organized financial literacy camp highlighting the need of savings account, importance of fixed
deposits and various other banking facilities
October 12
** All India Bank Officers' Confederation (AIBOC) has planned to go on two days strike along with the other constituents of UBFU for the wage revision.
* From long back the banks are demanding for the revision in their wages Further the AIBOC has also decided to stick to their working hours they will not be working on
the weekends and holidays.
* In the first week of November through the two days strike they will urge their protest for the settlement of early revision in their wages. Since IBA is not considering
their demand to make any revisions in their salaries the banks commission has planned to withdraw their cooperation and not do any extra work or work after their office
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hours. The workers are quite upset with the IBAs behavior towards their genuine demand of wage revision.
* In addition to this there will also be a massive rally at Jantar Mantar on October 13 protesting demonstrations along with UBFU constituents.
** Clarification regarding 'free transactions at non home ATM branches'.
* RBI has unveiled that the number of free transactions at non-home ATM branches will remain to be five.
* Previously it was expected that the free transactions will be reduced to three, but now RBI has cleared that free transactions will remain five at both the metro centres
and other locations.
* But for the six metropolitan cities Delhi, Mumbai, Chennai, Banglore, Kolkata and Hyderabad the number free of cost transactions at non home branches of ATMs would be
three only.
* Other than these six cities there will be facility of five free transactions. Banks are, however, free to offer more number of free transactions a month at other bank ATMs
as well as own ATMs in any geographical location.
** Federal bank joined hand with IIFL group to offer broking services.
* Federal Bank has planned to join hands and work with India Infoline, a part of IIFL Group. Through this tie up the bank aims to offer improved broking services to the
customers.
* The bank has reported that, this initiative of the bank will assist the customers with the enhanced quality broking service in India as well as abroad. The customer will be
provided with IIFL broking services. Appraising the services provided by IIFL group, President, Treasury and Head, Network II, Federal Bank stated that IIFL is one among
the best broking service provider. Through this tie up the Federal bank customers will get the opportunity to link with IIFL group.
October 13
** First-of-kind ''kayPay'' FB based money transfer system launched by Kotak Mahindra bank.
* Kotak Mahindra bank has rolled an innovative payment system for facebook users customers. To make the payments instantly the bank has introduced Kaypay payment
system. This system will allow the facebook users to send money to each other.
* The bank reported that this system will eliminate the need to have net banking, details of the bank account of the payee. Bank account holders can now transfer money at
any point of the day or night. This is an innovative system launched by bank to make the payment system hassle free. After the transaction both the sender and receiver
will get a notification through facebook.
* This is a free of cost system. The user simply needs to register his/her bank account which participates in the IMPS on the Facebook or www.kaypay.com. After
getting successful registration the customers can enjoy the benefit of this secure and payment system.
* Technology used IMPS.
** IOB bank to work with Naturals to assist women entrepreneurs.
* Indian overseas bank has planned to work with Naturals a hair and beauty chain. The bank is planning to expand its services in the northern India, with the help of
naturals. The bank will be providing the women with the collateral free loan who are planning to set up Naturals salon, Spa or lounge.
* Through this tie the women entrepreneurs will be offered with collateral free loan and in addition to this the third party guarantee would not be necessary. The bank will
assist all the first time women entrepreneurs with financial assistance to start up their Naturals salon.
* The bank has already received an overwhelming response for this in south India by help the women over there. In south the bank has assisted in setting up 46 Naturals
salon. Now with the same criterion the bank will provide loan facility in north India to women entrepreneurs.
October 14
** IRDA set-up committee for ''corporate governance, disclosure norms''.
* Insurance Regulatory and Development Authority (Irda) will align its corporate governance and disclosure norms in accordance with the new Companies Act, 2013.
* For this, IRDA has set up a 12-member committee under its member R.K. Nair.
Objective:
* In order to bring harmony between the corporate governance and disclosure requirements of the Authority and the Companies Act, 2013, the Authority has decided to
constitute a working group harmonising IRDA Corporate Governance Guidelines and Disclosures with Companies Act, 2013.
About CSR
* In 2014, India became the world's first country to enact a mandatory minimum CSR spending law. Under Companies Act, 2013, any company having a net worth of 500
crore or more or a turnover of 1,000 crore or a net profit of 5 crore must spend 2% of their net profits on CSR activities. The rules came into effect from 1 April 2014.

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Criteria (in Crores) Contribution of Company

net profit 5 2% of their net profits
net worth 500 2% of their net profits
turnover 1000 2% of their net profits

October 15
** First women oriented banking branch in Himachal Pradesh.
* Kangra Central co-op bank is launching its ever women oriented branch.
* For the first time a bank in Himachal Pradesh is launching a women oriented branch in the state. On the New Year occasion 1
st
January 2015 the branch will become
operational. The branch will be launched in Depot Bazar locality.
* After this branch bank will further set up 5 new such branches in 5 different districts of the state. The bank is also extending its ATM services to all the customers of the
country and abroad from 16
th
of this month. For this bank has already issued 3,000 ATM cards.
** Union bank of India introduced bill payment service for MTNL users.
* Union bank of India has launched a new bill payment service for the MTNL subscribers. The bank has reported that for the MTNL subscribers bank the bank has
introduced facility that will make their bill payment system easier. The Customers will be able to pay their bill using mobile banking applications of their respective banks.
How it function?
* Technology used IMPS.
* It is First-of-kind by a bank to introduce a bill payment service through mobile banking application.
* Intially this scheme is for the MTNL subscribers only, futher the bank will extend it upto the mobile phone users as well.
* The bank has assigned 9969009700 as the mobile number and 9026263 as the MMID (mobile money identifier) for MTNL. In order to make the bill payment Customers
need to type mobile number and MMID of MTNL along with the bill amount and landline number through which payment is being made.
** SBI customers with large account balance will get unlimited free ATM transactions.
* The bank has decided to offer the free ATM transactions on the basis of account balance of the users.
* If the banks own ATM if the customers is having an account balance of more than Rs. 25000 then will get unlimited free transactions.
* In case customer rarely visits the bank branches the customer will get 9 free transactions per month.
* In case the balance is less than 25,000 then only 5 free transactions, above this the customer will charged with a fee of Rs. 20 for each transaction.
October 16
** Non-Scheduled UCBs are permitted to Internet Banking (View Only) Facility for Customers.
* Non-Scheduled UCBs are permitted to provide Internet Banking (View Only) facility to their customers may ensure.
* Online facility offered is strictly non-fund based service such as balance enquiry, balance viewing, account statement download, request for supply of cheque-books etc.
and no online fund-based transactions are allowed.
* UCBs commencing internet banking (view only) facility should report to our Regional Office within one month of operationalisation of the facility.
BackGroud:
* About Internet Banking in UCBs.
* Complete Internet Banking is provided to only Scheduled UCBs which satisfy certain criteria.
* Scheduled UCBs satisfying certain criteria such as minimum net-worth of Rs. 100 crores, CRAR of at least 10%, net NPA less than 5% and continuous profit during the
last three years, were permitted to provide internet banking facility to their customers with prior approval of Reserve Bank of India.
** Canara Bank to help Women- entrepreneurs through its facilitation centres
* The bank will be providing collateral free loans to the women wishing to stat up their business.
* The MSME facilitation centres of the bank are set up to serve the needs of the entrepreneurs basically.
* Bank is having five MSME facilitation centre located at Hyderabad, Chandigarh, Noida, Mumbai and Coimbatore.
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October 17
** RBI inks MoU with Kenya's central bank for info exchange.
* The Reserve Bank has signed a pact with Central Bank of Kenya for exchange of information and supervisory cooperation.
* The Reserve Bank of India signed the Memorandum of Understanding (MoU) on Supervisory Cooperation and Exchange of Supervisory Information with the Central Bank
of Kenya.
* With this, RBI has signed 22 such MoUs and one Letter for Supervisory Co-operation, it added.
* The MoU was signed by RBI Governor Raghuram Rajan and Central Bank of Kenya Governor Njuguna Ndung'u.
** NABARD sets up Rs. 2,000 crore funds for mega food parks.
* The National Bank for Agriculture and Rural Development (Nabard) will commence direct lending to food processing industries in mega food parks and designated food
parks by end of October. The Bank has set up a fund with a corpus of Rs. 2,000 crore for this purpose.
* The government announced in this year's budget setting up of a Fund and gave the responsibility to Nabard to promote food processing sector through mega food parks.
Nabard has been allocated Rs 2,000 crore fund, which will be utilized to lend to state government entities and private sector.
Objective:
* Under the new Fund, Nabard would provide loans for a period of seven years at an attractive interest rate of 7.8 per cent to 8 per cent. Nabard would provide loans for
large food chains and food processing units in a food park and also for creation of infrastructure at food parks, he said.
* Chairman: Harsh Kumar Bhanwala.
About MFPS:
* Mega Food Parks Scheme (MFPS) was introduced by UPA government in 10
th
five year plan.
* Based on extensive feedback and consultations with various stakeholders the earlier Scheme of Food Parks under the 10
th
Five Year Plan has been revised and
reformulated as Mega Food Parks Scheme (MFPS) for the 11
th
Five Year Plan period.
* Land for the project shall be purchased/ arranged by the SPV. The registered value of such land would be taken as part of the project cost and contribution/ share of
the SPV. The GOI grant shall not be used for procurement of land and will be 50% of non-land component of the project.
* First MFPS was started in Ananthapur, Andhra Pradesh.
October 18
** Andhra Bank accounted account number for Hud hud cyclone relief fund.
* With the intent to help the people in flood affected area of Andhra Pradesh, the govt. of the state has planned to collect the donation fund for the people with the help of
the Andhra Bank. In association with the Andhra Bank the donations will be collected to help the people victims of Hud hud cyclone.
* All the people can contribute for the donation, the donation will be accepted at all the branches of the bank in the form of cash/ cheques without any charges. Further it
is also reported that Remittance can also be made through NEFT/ RTGS.
* The account is CM Relief Funds (AP Cyclone Relief) bearing the number 110310100029039 in Andhra Banks AP Secretariat branch. Through this initiative bank wanted to
support the affected people in the state.
** Corporation Bank launches e-Mandate service.
* To provide robust platform for large volume of repetitive payments, Corporation Bank has launched the e-Mandate (digital mandate) service.
* The e-Mandate service will be beneficial to the utility companies for monthly subscriptions/ bill payments; insurance companies for premium payment by policy holders;
NBFCs and other finance companies for instalment payments; education institutions for school fee payment; and manufacturing companies.
* Now most of these transactions are done either through post-dated blank cheques or through Electronic Clearing Services (ECS). Both the above payment modes involve
physical handling and movement of paper-based instruments such as cheques and mandate (in ECS).
About ''e-Mandate'' activities
* The activities under e-Mandate include collection of mandate, and scanning and uploading of scanned image to NPCI (National Payments Corporation of India).
October 19
** Federal Bank bagged excellence banking award.
* Federal Bank has won four out five IDRBT Banking Technology Awards for 2014-15.
* For its excellent performance the bank has been awarded with four awards. The bank has been announced as the best bank for use of Technology for Financial
Inclusion, Social Media and Mobile Banking.
* In addition to this bank has been entitled best bank for Business Intelligence Initiatives and for Best IT Team.
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* Since 2001, IDRBT recognizes the best bank for its performance in banking and use of technology and honour them with the award. The Bank reported that it is a pride
moment for the bank to won the maximum awards for the year. The governor of the apex bank Mr. Rajan awarded the CMD of the bank Mr. Shyam Srinivasan with the
awards.

** And the winners for the IDRBT Banking Technology Excellence Awards 201314 are:
Award Category The Winner
Best Bank Award for Use of Technology for
Financial Inclusion
Large Banks State Bank of India
Mid-Size Banks Federal Bank Ltd.
For Social Media and Mobile Banking
Large Banks ICICI Bank
Mid-Size Banks Federal Bank Ltd.
For Electronic Payment Systems Large Banks State Bank of India
For Business Intelligence Initiatives
Large Banks ICICI Bank
Mid-Size Banks Federal Bank Ltd.
Small Banks The Karur Vysya Bank Ltd.
For Managing IT Risk
Large Banks Bank of Baroda
among Mid-Size Banks Bank of Maharashtra
among Small Banks IndusInd Bank Ltd.
For IT for Business Innovation among Large Banks Axis Bank Ltd.
For Best IT Team among Large Banks HDFC Bank Ltd.

October 20
** NHB made home loan borrowing easier.
* National Housing bank has asked the Housing finance companies to to provide housing loans above Rs. 20 lakh with a loan-to-value (LTV) ratio of up to 90 per cent if
such loans are supported by a mortgage guarantee.
* After this measure the housing finance companies will offer the loan at the lower rates. In result this would increase the retail housing loan in the market.
* The borrowers will now be happier to know that in case they want to loan of Rs. 20 lakh and above, they will be required to pay 10% of the total loan upfront and the
remaining will be financed by the Housing finance company.
** New multi-currency travel card of KVB bank.
* This is a prepaid reloadable card. This card will offer the customers easier and convenient spending in their foreign tours.
* The card will provide the facility to loading the 3 currencies such as US$, Euro and Singapore Dollar (SGD) in one card. In addition to this the customer will also get the
facility of net banking through which they can check the balance in the card.
* This will make the payments for the customers while shopping in abroad hassle free. They can easily withdraw cash from VISA enabled ATMs and can shop online as well.
Customers can avail the card from the selected branches of KVB bank. The card will have the validity of 5 years.
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October 21
** SBI determined to continue retail banking in UK.
* State Bank of India is still determined to carry out the carry out the retail banking operations in UK. The SBI has been operating in UK since past 95 years.
* The bank has reported that tough the bank of England has halted on the operations of foreign-owned banks in the country, but bank is determined to continue. The SBI is
having 900 million pounds of deposits in Britain. The bank is very well established in the country.