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Showing posts with label rural banking. Show all posts
Showing posts with label rural banking. Show all posts

Wednesday, 26 June 2019

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Monday, 26 March 2018

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Wednesday, 20 December 2017

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Monday, 13 November 2017

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Wednesday, 27 September 2017

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Monday, 18 September 2017

07:55

State Bank Of India reviewing minimum balance charges for savings accounts

State Bank Of India reviewing minimum balance charges for savings accounts
In rural areas, the monthly average balance requirement has been kept at Rs 1,000. Any shortfall in maintaining minimum balance in rural areas can attract penalty in the range of Rs 20 to Rs 50 plus GST
State Bank of India (SBI) said it is reviewing charges for certain categories of accounts for non-maintenance of monthly average balance (MAB) after receiving feedback from customers. In April this year, the country’s largest lender reintroduced charges on non-maintenance of monthly average balance (MAB) after a gap of five years. “We have received feedback from our customers on the issue and we are reviewing those. The bank will take into account those and make an informed decision,” the banks managing director (national banking group) Rajnish Kumar told PTI.
“We will internally debate whether any moderation for certain categories of customers like senior citizens and students needs to be done anywhere. The charges are never cast in iron.” As per the list of revised charges of SBI, failure to maintain monthly average balance in accounts will attract penalty of up to Rs 100 plus goods and services tax (GST). In metropolitan areas, there will be a charge of Rs 100 plus GST, if the balance falls below 75 per cent of the MAB of Rs 5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus GST.
In rural areas, the monthly average balance requirement has been kept at Rs 1,000. Any shortfall in maintaining minimum balance in rural areas can attract penalty in the range of Rs 20 to Rs 50 plus GST. Kumar said the bank has over 40 crore savings bank accounts, which includes 13 crore of Basic Savings Bank Deposit (BSBD) and Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts. The bank has exempted BSBD and PMJDY accounts from maintaining the minimum balance requirement. Out of the 27 crore normal savings bank accounts, nearly 15-20 per cent are those where customers are not maintaining monthly average balance.

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Sunday, 16 July 2017

10:29

RRB employees to observe one-day strike on June 30

RRB employees to observe one-day strike on June 30 

KOLKATA: Regional rural bank (RRB) employees are going to observe a one-day all-India strike on Friday demanding parity in pension and promotion rules with staff of nationalised bank, which are their promoter. 
They are also opposing privatisation and formation of state-level RRBs. 
Their employees organisation -- the All India Regional Rural Bank Employees Association -- said that a majority of the 90000-strong workforce in RRBs, is going to participate in strike. 




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Friday, 9 June 2017

18:12

Canara Bank to sell New India insurance products

Canara Bank to sell New India insurance products

Bengaluru: State-run Canara Bank on Friday signed an agreement with New India Assurance Company Ltd. to sell its general insurance products through bank branches in metros, tier-one and tier-two cities across the country. "Under the agreement, the state-run insurance firm will hard sell its various products to our customers through our 6,000-branch network across the country," the city-based bank said in a statement here. "A bouquet of products such as insurance for motor, home, health, travel, and commercial products like fire/marine/engineering insurance will be available through our branches," the bank said. The agreement was inked by the bank's General Manager Lalit Vaid and Bancassurance General Manager R.M. Singh here.

Source:Sify




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Monday, 1 May 2017

18:04

Agriculture loans to farmers by PSBs

Agriculture loans to farmers by PSBs

GOVERNMENT OF INDIA
MINISTRY OF  FINANCE
RAJYA SABHA
UNSTARRED QUESTION NO-4404

ANSWERED ON-11.04.2017

4404 .Kumari Selja

(a) whether Government has issued/fixed any target/guidelines/norms for Public Sector Banks (PSBs) to provide interest free/subsidy on agricultural loans to the farmers and if so, the details thereof;

(b) the details of the norms/targets fixed/ loans disbursed /interest rate charged by banks to the farmers along with the outstanding agricultural loans against farmers; 

(c) the steps taken by Government to waive off loans/interest free/subsidized interest rate to farmers in the country and if so, the details thereof, State-wise; and 

(d) the corrective steps taken/being taken by Government in this regard?

ANSWER
The Minister of State in the Ministry of Finance

(a) & (b): With a view to ensuring availability of agriculture credit at a reduced interest rate of 7% p.a. to farmers, the Government of India has been implementing interest subvention scheme from 2006-07. In 2016-17, Government in the Department of Agriculture, Cooperation & Farmers’ Welfarehas approved interest subvention scheme for short term crop loans up to Rs. 3.00 lakh. Under the said scheme, additional subvention of 3% is given to those farmers who repay their short term crop loan in time, thereby reducing the effective rate of interest to 4% p.a. for such farmers.

The agency wise details of agriculture loan outstanding as on 31st December, 2016 (provisional) as reported by National Bank for Agriculture and Rural Development (NABARD) are as under: 

Amt. in Rs. Lakh
Agency Crop Loan Term Loan # Total Loan
Cooperative Banks 1,29,95,911.90 31,50,562.32 1,61,46,474.22 
RRBs 1,03,43,948.31 31,24,628.81 1,34,68,577.12 
Commercial Banks 5,62,63,784.79 4,40,57,110.83 10,03,20,895.62 
Total 7,96,03,645.00 5,03,32,301.96 12,99,35,946.96 
# Data on agriculture term loan include agriculture and agriculture allied, agriculture infra and ancillary activities. 
(c) & (d): The Agricultural Debt Waiver and Debt Relief Scheme, 2008 (ADWDRS, 2008) was announced in the Union Budget 2008-09 and detailed guidelines were issued on 28.5.2008. The debt waiver portion of the ADWDRS, 2008 was closed by its due date i.e. 30.6.2008, while the debt relief portion of the Scheme was extended upto 30.6.2010. The Scheme benefitted 3.73 crore farmers to the extent of Rs. 52,259.86 crore. There is no proposal under consideration of the Union Government to waive off the loans of farmers in the country.
Further, in order to reduce the debt burden of farmers, increase the availability of hassle-free institutional credit for agricultural operations and mitigate the hardships faced by farmers, the following major steps have been taken by the Government :
•The Government has introduced the Kisan Credit Card (KCC) Scheme, which enables farmers to purchase agricultural inputs such as seeds, fertilisers, pesticides, etc. and draw cash to satisfy their agricultural and consumption needs. The KCC Scheme has since been simplified. It has the provision of ATM enabled debit card with, inter alia, facilities of one-time documentation and built-in cost escalation in the limit, etc.
•RBI has issued directions for Relief Measures to be provided by respective lending institutions in areas affected by natural calamities which, inter alia, include, restructuring/rescheduling of existing crop loans and term loans, extending fresh loans, relaxed security and margin norms, moratorium, etc. These directions have been so designed that the moment calamity is declared by the concerned District Authorities they are automatically set in motion without any intervention, thus saving precious time. The benchmark for initiating relief measures by banks has also been reduced to 33% crop loss in line with the National Disaster Management Framework.
• Loan to distressed farmers indebted to non-institutional lenders is an eligible category of farm credit under the Priority Sector Lending (PSL) directions issued by RBI. This is intended to provide hassle-free institutional credit to farmers for repaying their debt to moneylenders.
• RBI has conveyed to Banks to waive margin/security requirements of agricultural loans upto Rs.1,00,000/-.

Source:Rajya Sabha

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Tuesday, 28 February 2017

07:54

Repayment of Gold Loan

Repayment of Gold Loan

RBI/2016-17/229
DBR.RRB.BC.No. 53/31.01.001/2016-17

February 16, 2017

All Regional Rural Banks
Dear Sir / Madam,
Repayment of Gold Loan
Please refer to circular RPCD.CO.RRB.BC.No.22/03.05.34/2010-11 dated September 22, 2010 wherein Regional Rural Banks (RRBs) were permitted to grant gold loans up to Rs.1.00 lakh with bullet repayment option.
2. On a review, it has been decided to increase the quantum of loan that could be granted under the scheme, from Rs.1.00 lakh to Rs.2.00 lakh subject to the following conditions:
(i) The period of the loan shall not exceed 12 months from the date of sanction.
(ii) Interest will be charged to the account at monthly rests but will become due for payment along with principal only at the end of 12 months from the date of sanction.
(iii) RRBs should maintain a Loan to Value (LTV) ratio of 75% on the outstanding amount of loan including the interest on an ongoing basis, failing which the loan will be treated as a Non Performing Asset (NPA).
(iv) The valuation of gold would be as per instructions contained in para 3 of the circular RPCD.RRB.RCB.BC.No.08/03.05.33/2014-15 dated July 1, 2014.
3. It is clarified that crop loans sanctioned against the collateral security of gold/gold ornaments shall continue to be governed by the extant income recognition, asset classification and provisioning norms for such loans.
Yours faithfully,
(Saurav Sinha)
Chief General Manager

Source:RBI
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Thursday, 29 December 2016

18:44

CARD Bank employees threaten self-immolation

CARD Bank employees threaten self-immolation 

BHUBANESWAR: Employees of Cooperative Agricultural and Rural Development (CARD) Bank, who are struggling without salary or service allowances for the last five years, have threatened self-immolation at the State Capital on January 17.
The employees, under the banner of All Odisha Card Bank Employees’ Union, have put forth their demands of merger of the bank with Odisha State Cooperative Bank and implementation of mass VRS scheme. Senior officials of the Cooperation Department had promised to consider the demands of merger and VRS scheme during a meeting on November 26.
‘’We also met Cooperation Minister Damodar Rout and pleaded to bail out 75 employees of 45 CARD Banks in the State from financial distress,’’ general secretary of the association Mohan Gopal Panda said. 
Implementing the VRS scheme would incur a loss of `15 crore on the Government which can be sourced from `25 crore which is a surplus from ADWDR 2008 funds, he added.
The State Government may also liquidate 22 buildings and around 100 acres of cultivable land under the ownership of the CARD Bank to facilitate the VRS scheme, sources said.
“The Government has been indifferent to our demands. The association will sit on a hunger strike in front of the Registrar of Cooperative Societies from December 9 to 16. If our demands are still not met, the employees will immolate themselves,’’ a member of the association, who is suffering from renal failure, warned.


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Thursday, 18 August 2016

17:59

Bank unions decide to join national strike on September 2

Bank unions decide to join national strike on September 2

Nearly 5 lakh bank union workers and officers are set to join the strike called by trade unions on September 2 to protest against what they call anti-people policies of the Modi government and labour reforms.
Vadodara, Aug 18 :  Nearly 5 lakh bank union workers and officers are set to join the strike called by trade unions on September 2 to protest against what they call anti-people policies of the Modi government and labour reforms. “There have been increasing attacks in the banking industry and the government has been taking steps which are anti-people. It’s attempting to privatise state-run banks and merge associate banks with State Bank of India. It is also looting the public money in the name of bad loans,” All-India Bank Employees Association (AIBEA) General Secretary C H Venkatchalam said here today.
“To protest against all these, we will be joining the national strike called by other labour unions on September 2.” On March 30, all central trade unions such as INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, UTUC and LPF had given a one-day national general strike call on September 2 to protest against the Modi government’s “unilateral labour reforms and anti-worker policies”. The RSS-backed Bharatiya Mazdoor Sangh (BMS) has, however, decided to keep away. Last year too, the unions had gone on strike on September 2 to oppose the amendments in labour laws by the Centre as well as states, saying their 12-point charter of demands had not been met. 
The unions have been opposing certain proposed labour law amendments that allow hire and fire, make it tougher to form labour unions and dilute existing social security available to workers at different fora. Under the proposed Industrial Relations Code Bill 2015, companies with up to 300 headcount need not get government nod for retrenchment, lay off and closure.
The government is also working on a Small Factories Bill that seeks to exempt units with under 40 workers from 14 labour laws. These 10 unions claim a combined membership of 15 crore workers in public and private sector enterprises, including banks and insurance companies. On the massive rise in bad loans, which have touched the Rs 13 trillion mark, he alleged that instead of taking tough measures to book culprits and recover the money, more and more concessions are being given to defaulters.
He did not elaborate. He went on to say that “in the name of cleaning the bank balancesheets, these bad loans are being taken out of public glare so that they could be silently written off”. Making the point that while regional rural banks are being privatised and a central law has already been passed, he said primary agricultural co-operative societies are under the threat of closure and urban co-operative banks face delicensing.

Source:India.com
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Wednesday, 3 August 2016

07:50

Promotion Policy for Officers – Relaxation to Lady Officers for undergoing Rural/Semi-urban service.

Promotion Policy for Officers – Relaxation  to  Lady Officers for undergoing Rural/Semi-urban service.      

CIRCULAR TO MEMBERS NO.8 OF 2016                                                      10th June,2016

Dear Members,

Re: Promotion Policy for Officers – Relaxation  to Lady Officers for undergoing Rural/Semi-urban service.                                  
----o0o----
As you are aware, in terms of Promotion Policy for Officers in vogue, there is a mandatory requirement of completion of -2- years of continuous service in rural area for promotion   from JM G/S:I to MM G/S:II and a total service of -3- years in rural/semi-urban areas including the rural service in JM G/S:I  for promotion from MM G/S:II to MM G/S:III.

Of late, it has been observed that on account of various commitments towards family and non-availability of vacancies at the nearby rural centres, the lady officers have been reluctant and not opting for promotions to higher grades/scales. We have also been getting representations from lady officers in this regard.

This issue was discussed in the meeting held between the Bank and the Sub-Committee of our Association on Promotion Policy. We are happy to inform that the Bank has agreed to make the following amendment to Promotion Policy:

“.....there shall be no mandatory requirement of completion of the -2- years rural service for lady officers for promotion from JM G/S:I to MM G/S:II and -3- years of rural/semi-urban service (including -2- years of rural service in  JM G/S:I) for promotion from MM G/S:II to MM G/S:III. However, such lady officers will have to complete the required rural/semi-urban tenure of -3- years as mentioned above, to be eligible for promotion beyond Scale:III.”

The above amendment to the Promotion Policy shall be applicable from the ongoing Promotion Exercise for the year 2016-17 onwards. As a result, the lady officers will not be required to undergo rural/semi-urban service for promotions upto MM G/S:III and they will also  be able to cope up with the family commitments/responsibilities alongwith the career progression upto MM G/S:III in our Bank.

With greetings,

 Yours sincerely,
                                                                                                                             
 (K.K.NAIR)
GENERAL SECRETARY

Source:BOB

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Tuesday, 26 July 2016

17:26

Staff of RRBs to go on 3-day strike from July 27

Staff of RRBs to go on 3-day strike from July 27

The staff of 56 regional rural banks (gramin banks), which have thousands of branches across the country, will go on a three-day strike starting July 27.  The strike, called by the United Forum of Gramin Bank Unions, is to protest the alleged move by the Centre to privatise the RRBs and also to press for a pension scheme for the staff. The unions also the want the government to dump the Mitra Committee report which had recommended huge cuts in staff strength at branches...



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Sunday, 26 June 2016

09:24

Retired Regional Rural Banks staff seek hike in pension

Retired Regional Rural Banks staff seek hike in pension

Mysuru: Retired employees of Regional Rural Banks (RRBs) have urged Prime Minister Narendra Modi to provide them adequate pension. To push their case, around 300 members from 100 districts assembled near Law Courts premises took out a candlelight march here on Thursday.
They have planned a national-level rally will in New Delhi on June 27. Kaveri Grameena Bank Retired Staff Association general secretary
M Nagabhushana said that they, being RRB staff, had successfully implemented the state and central government schemes for the benefit of rural people. "We are senior citizens now, facing many difficulties. With the present pension, which is in Rs500-2,000 range, we cannot even meet medical expenses. In this regard, Rajasthan high court has approved reforms in pension for RRB retired staff. But the central government is not interested to implement new pension schemes," he said.

Source:TOI 
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Friday, 13 May 2016

08:04

Revised code for bank customers to include mobile payments

Revised code for bank customers to include mobile payments

The Code of Bank's Commitment to Customers could also include some advice regarding capping of charges

Given the rising popularity of mobile payments and wallets, the Banking Code and Standards Board of India (BCSBI) will include them in the revised code for individual customers to be released this year. The Code of Bank’s Commitment to Customers could also include some advice regarding capping of charges because maximum complaints received were in this regard, said A C Mahajan, chairman, BSCBI.

Currently, the BSCBI has 136 members, which includes 71 scheduled commercial banks (SCBs), 47 regional rural banks (RRBs) and 18 urban cooperative banks (UCBs).

The BCSBI releases a Banking Code Compliance Rating after carrying out a survey of select branches of member banks to verify implementation of the codes by the banks. In 2015, the level of compliance was 78 per cent and this year the aim is to increase the rating to 85-90 per cent, Mahajan said.

Banks are also given ratings based on parameters like information dissemination, transparency, customer-centricity, grievance redressal and customer feedback. The four categories of ratings are “high”, “above average”, “average” and “below average”. In 2015, public sector banks performed badly with 10 of them getting a rating of “average” and only one getting a rating of “high”.

Against this, 10 private banks and three foreign banks got a “high” rating. “There is a provision to suspend the bank from BSCBI membership if the rating is consistently average. But, that will take more time,’’ Mahajan said. One of the directives prescribed by BCSBI which now has to be followed by all banks is to give customers a copy of the terms and conditions while opening a savings bank account.

By following BCSBI’s code and getting a high ranking, banks would be able to attract customers. “Beyond a point, high interest rates lose their importance. Banks will be able to attract customers only by offering good service.

Code compliance does not cost anything,’’ he said.

The code also empowers customers to deal with sub-standard service. If banks which have adopted the code do not comply with it, customers must lodge complaints. Deficiency in service is a cognisable offence and banks can be pulled up by the Reserve Bank of India (RBI) for it. In fact, of the complaints received against banks, 29 per cent are related to non-compliance of the code. The BCSBI also releases a Code for Banks Commitment to Micro and Small Entrepreneurs. One of the recommendations was with regard to the treatment of “sick” micro and small entrepreneurs (MSEs). Following the BCSBI’s code, RBI had issued guidelines to banks saying that viable accounts of MSEs should be revived.

The code for customers was last revised in 2014. They included rules with regard to ATMs, credit cards, senior citizens, electronic banking and internet banking. One of the recommendations was that in case of a fraud where the customer had not contributed in any way, such as hacking or card-cloning, the liability should be capped at Rs 10,000. Another recommendation asked banks to provide a ramp at branches to make it easier for senior citizens or the physically challenged to access the branch.


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Saturday, 12 March 2016

22:34

Public Investment Essential to Boost Growth: Prime Minister Modi

Public Investment Essential to Boost Growth: Prime Minister Modi

NEW DELHI: Prime Minister Narendra Modi on Saturday said even as India is now the fastest growing economy and ranks at the top in terms of favoured investment destination, reforms will continue to be pursued in the right earnest.

"My agenda for reform to transform is yet to be finished," the prime minister told the "Advancing Asia" summit here co-hosted here by the International Monetary Fund (IMF) and the government of India. "Entrepreneurship is also booming, following a series of steps we have taken."

With IMF Managing Director Christine Lagarde on the dias, Modi said reform of global institutions such as the World Bank and the IMF has to be an on-going process. But even now they don't reflect the global economics realities.

"I am very happy that the IMF has decided to finalise the next round of quota changes by October 2017," he said, a day after his government tabled a supplementary demand of grant of Rs.69,575 crore in parliament for increasing India's quota in IMF with higher voting rights.

Modi said many knowledgeable people have said that the 21st century is and shall remain the Asian Century, where India has a special place. "We are a ray of hope for global economic recovery," he said.

"India has also dispelled the myth that democracy and rapid economic growth cannot go together," Modi said, adding his country has also shown the world that a large, diverse country like India can be managed in a way that can promote economic growth and maintain social stability.

The prime minister said along with focus on macro economic stability, removing corruption and also interference in decisions of banks and regulators, his government is also helping the farm sector but not based on giving hand-outs. 

"We aim to double farmer incomes," he said, adding: "We have increased investment in the rural and agriculture sector, because that is where a majority of India still lives."

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Thursday, 10 March 2016

07:47

RRBs to strike work on March 10-11

RRBs to strike work on March 10-11

A large number of regional rural banks across the country will remain closed for four days this weekend because of the two-day strike on Thursday and Friday.

The United Forum of Regional Rural Bank Unions has given a call for strike on March 10 and 11 to press for a host of demands, including dumping the move for nationalisation of RRBs.

Since the two-day strike is immediately followed by a second Saturday, which is now a full holiday for the banking sector, and a Sunday, the strike will hit the operations of RRBs for four consecutive days.
TG bank closed due to strike

 All branches of the Telangana Grameena Bank in Adilabad district remained closed on Thursday on account of the two-day all India strike of the officers and employees of Regional Rural Banks under the aegis of United Forum of Regional Rural Banks Unions. The UFRRBU demanded scrapping of the RRBs Amendment Act, 2015 which has paved way for private investment in the RRBs thereby diluting the social objectives with which these banks were started.

 According to TGB officers union general secretary K. Damoder Reddy, other demands include withdrawal of the affidavit filed by the Government of India in the Supreme Court to facilitate implementation of pension.

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Tuesday, 8 March 2016

07:26

Deposits in Post offices may decrease with new Interest Schemes

Deposits in Post offices may decrease with new Interest Schemes 

CHENNAI, March 6, 2016

Following the government’s decision to recalibrate the interest rate of small saving schemes from April 1, depositors have raise concern over the decrease in interest for their savings.

Last month, the government had announced that it would revise interest rates of small savings schemes on a quarterly basis to align them with the market rate of other government securities. If the move is implemented, new depositors will have to settle for a slightly lesser interest rate.

The rate of interest for some of the schemes such as recurring deposit, time deposit and kisan vikas patramay decrease by 0.25 per cent. In Chennai City region, there are over 60 lakh savings deposit holders now.

Postal agents too fear that the number of people depositing money in post offices may decrease if the decision is implemented.

S. Rajpandian, president of Tamil Nadu Postal Agents Welfare Association, said the maturity period ofkisan vikas patra might have to be revised according to the interest rate that is being provided. This may discourage some depositors as the amount invested will double during the maturity period. Time deposits and monthly income schemes (MIS) are some of the popular schemes.

However, interest rates of schemes like MIS, selvamagal semippu thittam, ponmagan podhuvaippu nidhiand those for senior citizens will remain the same. The association plans to submit a memorandum to the Postal Department seeking continuation of the existing interest rate and increase in the incentives given to them.

Many post offices are yet to receive any directives about the new move with regard to savings schemes. Officials said that the interest rate, even if revised, would still remain higher than those offered by financial institutions and banks. It would not affect the deposits as people, particularly those in rural areas, would prefer to invest in post offices, they added.

Source :Sapost
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Tuesday, 9 February 2016

19:51

Government urges Banks to pitch in for Swachhta Mission.

Government urges Banks to pitch in for Swachhta Mission. 

The government today asked the Banks and Micro-Finance institutions to come forward in a big way for credit-disbursal to achieve the goal of Swachh Bharat Mission of making India Open Defecation Free by 2019. Addressing a Conference on Innovative Financing for Clean India here, the Union Minister of Rural Development and Drinking Water and Sanitation Shri Birender Singh said that there is incentive of Rs 12,000 for toilet construction for BPL families, but to achieve the universal coverage, there is need for easy financing by banks and other financial institutions. He said that Finance Ministry has included water and sanitation as new sectors for priority sector lending by commercial banks, but this monumental policy change must translate from intent to action. 

Asserting that sanitation is closely linked with poor health, low education status, malnutrition and poverty, the Minister informed that since the launch of the Swachh Bharat Mission on 2nd October, 2014, more than 14.7 million toilets were constructed in the rural areas, but still close to 50 percent of our rural population still does not have access to a toilet. He said that the solid and liquid waste management component of the Swachh Bharat Mission, SBM provides scope for small and medium private sector institutions to engage in waste management and improvisation of village environmental management infrastructure. 

Addressing the gathering, Secretary, Rural Development Shri J. K. Mohapatra said that there is need for creating strong synergy between Self Help Groups, SHGs and Swachh Bharat Mission across the country. Urging the banks and Micro-Finance Institutions to extend credit for sanitation and water sectors, he said that the poor are not only credit-worthy and enterprising, but they are extremely responsible borrowers also. He also expressed happiness that SHG movement is gaining momentum in Indo-Gangetic belt and in Central India after its success in South India. 

Source:PIBNEWS

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