INDIA: ATMs Out of Cash on Second Day of Bank Strike

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="line-height: 18px;"><br /> </span></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">NEW DELHI, India (NNN-Bernama) -- A number of ATMs ran out of cash on the second day of strike by bank unions to protest against reforms in the banking sector and outsourcing of non-core services to the private sector. <o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Although private sector banks such as HDFC Bank and ICICI Bank functioned as usual, operations such as cash transactions, cheque clearances and foreign exchange dealings were affected, Press Trust of India reported. <o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The ATMs, which operated as usual on the first day of strike, ran out of cash on Thursday. <o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"The strike was successful as all bank employees have gone on strike over wage cut. The government should come forward and discuss with us. The unions will be meeting shortly to talk about future course of action," All India Bank Employees' Association (AIBEA) general-secretary C H Venkatachalam said. <o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"ATMs have run dry as the banks have not been able to refill them with cash," he added. <o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The AIBEA said banking transactions have been affected in more than 70,000 branches across the country as about 1 million employees and officers from 24 public sector banks and 12 private banks participated in the strike. <o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">State bank of India (SBI) chairman Pratip Chaudhuri said that the banking sector had incurred huge losses as a result of the strike. <o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Bank unions are protesting against reform measures such as the Banking Sector Laws Amendment Bill which seeks to remove restrictions on voting rights of foreign shareholders and increase voting rights of private investors in private sector banks. <o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The unions have demanded for the revision of pension and housing loan and a 5-day working week among other issues. -- NNN-BERNAMA <o:p></o:p></span></div></div>

INDIA: ATMs Out of Cash on Second Day of Bank Strike

NEW DELHI, India (NNN-Bernama) -- A number of ATMs ran out of cash on the second day of strike by bank unions to protest against reforms i...

Read more »

Bank Strike in India

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhEKu80hFWXbLpl1an6FnmF2YKwNoUfEaD85ucOTWs4aj0tKjln1XX3IabPUQKyN6-nWmmG8mcXHU98YeUDs7RHSbUriFEP8BIvYJEWbm2OOKu-C7tkc9lwy-XsS_Uw9E1HMh6EiZYvnU/s1600/2012082313021533.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="236" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhEKu80hFWXbLpl1an6FnmF2YKwNoUfEaD85ucOTWs4aj0tKjln1XX3IabPUQKyN6-nWmmG8mcXHU98YeUDs7RHSbUriFEP8BIvYJEWbm2OOKu-C7tkc9lwy-XsS_Uw9E1HMh6EiZYvnU/s320/2012082313021533.jpg" width="320" /></a></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: 16px; line-height: 18px;">Bank employees shout slogans during a two-day strike in Mumbai, India. Employees of public sector banks began a two-day nation wide strike starting on 22 August 2012 to protest against proposed reforms that would ease mergers and allow more private capital, including foreign investment, in the banking sector. The strike will involve about one million employees and affect 70,000 bank branches of state-run and some private and foreign banks including the country's biggest lender, State Bank of India. Photo courtesy Rafiq Maqbool---NNN</span></div></div>

Bank Strike in India

Bank employees shout slogans during a two-day strike in Mumbai, India. Employees of public sector banks began a two-day nation wide strike ...

Read more »

Pakistan Central Bank Allows 2 Lenders to Open Branches in India

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">ISLAMABAD (NNN-PTI) -- Following India's move to allow investments from the neighbouring country, Pakistan's central bank has allowed two banks to open branches in India as part of efforts to normalise economic and trade relations between the two countries. <o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">State Bank of Pakistan (SBP) Governor Yasin Anwar told the media that the National Bank of Pakistan and the United Bank Ltd had been given the "green signal" to operate in India.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Anwar's remarks came in the wake of India's decision to allow investments by Pakistanis in all sectors except defence, space and atomic energy.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">He said the Reserve Bank of India had been informed of SBP's decision of allowing the Pakistani banks to explore opportunities in India.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">In a major decision, India on Wednesday allowed investment from Pakistan paving way for Islamabad to normalise bilateral economic ties by implementing much-delayed Most Favoured Nation (MFN) status for New Delhi.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">India's move to allow Pakistani investments has been welcomed by businessmen on both sides of the border.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Earlier this year, Pakistan switched over to a negative list regime for trade with India, paving the way for giving the Most Favoured Nation-status to the neighbouring country.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">However, recent reports have indicated that Pakistan has decided to link progress in normalising trade relations to the resolution of other issues, like the Kashmir issue and the Sir Creek border dispute.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Trade between India and Pakistan is worth a little more than USD 2 billion dollars and the two sides have agreed to increase it to $6 billion dollars by 2014. -- NNN-PTI<o:p></o:p></span></div></div>

Pakistan Central Bank Allows 2 Lenders to Open Branches in India

ISLAMABAD (NNN-PTI) -- Following India's move to allow investments from the neighbouring country, Pakistan's central bank has allo...

Read more »

Will Get to Bottom of HSBC Staff Violating Safety Norm: Indian Govt.

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial;">NEW DELHI (NNN-PTI) -- India on Thursday said it will "get to the bottom" of the alleged violation of safety compliance by HSBC's staff in the country against money laundering and terrorist financing as it was "serious" matter.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial;">New Delhi also said it would seek more information from Washington on the probe by the US Senate's Permanent Sub-committee on Investigations which found that HSBC's<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Anti-Money Laundering (AML) Compliance Department, that included employees in India, was highly inadequately staffed.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span dir="LTR"></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial;"><span dir="LTR"></span>"I think this is a very serious matter and we will get to the bottom of it. We need to get some more information from the Americans. We will get that very soon. This has been worrying us," Home Secretary R K Singh told reporters here.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Singh was reacting to reports that HSBC's India staff have come under the scanner for deficiencies in their role as "offshore reviewers" of the global banking giant's compliance to safety mechanism against money laundering and terrorist financing.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span dir="LTR"></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial;"><span dir="LTR"></span>"To tackle this, we have set up a Financial Intelligence Unit," he said.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial;">The Home Secretary said terrorists were using new methods to carry out money laundering to fund their nefarious activities and the security agencies too had to resort to new strategies to catch them.<o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><span dir="LTR"></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial;"><span dir="LTR"></span>"Any financial institution that does not follow the international guidelines set by the Financial Action Task Force makes the entire world vulnerable," he said. -- NNN-PTI</span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div><div class="MsoNormal" style="direction: ltr; text-align: justify; unicode-bidi: embed;"><br /> </div></div>

Will Get to Bottom of HSBC Staff Violating Safety Norm: Indian Govt.

NEW DELHI (NNN-PTI) -- India on Thursday said it will "get to the bottom" of the alleged violation of safety compliance by HSBC...

Read more »

Rich Hoarding Banknotes, Gold and Art Works in Swiss Banks

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal" style="text-align: justify;"><span style="color: red; font-family: 'Trebuchet MS', sans-serif;"><span style="line-height: 18px;"><br /> </span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">NEW DELHI  (NNN-PTI) -- Amid a global crackdown against alleged black money in secret accounts of Swiss banks, their bankers are selling a new safe-haven idea to their rich clients from India and other countries -- the high-value 1,000 franc notes to be stored in safe deposit boxes. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">These boxes -- kept inside the premises of Swiss banks -- are also said to be being used to stash gold, diamond, paintings and art works among other valuables – apparently because of limited risk of catching the preying eyes of foreign governments having signed banking information exchange treaties with Switzerland. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">According to industry sources, bankers are telling their rich clients that Switzerland's tax and information exchange treaties with India and other countries are mostly limited to funds in customers' savings, deposit and investment accounts, and do not apply to the safe deposit boxes. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">As a result, the demand has soared to record high levels for the safe deposit boxes and the 1,000 Swiss franc banknotes in Switzerland, as rich of the world are rushing to get them. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">As per the data available with Switzerland's central bank SNB (Swiss National Bank), the thousand-franc notes now account for 60 per cent of total value of all Swiss banknotes in circulation, up from about 50 per cent a year ago. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Replying to PTI queries, SNB confirmed that there was a significant surge in demand for thousand-franc notes and admitted that this could be due to a trend to store the money and a higher demand was being noticed from abroad for these high-value currency notes. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">SNB did not reply to specific queries about demand from India and said that it did not have any data on deposit boxes. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Just one thousand-franc banknote is worth about Rs 60,000 in Indian currency, making it easier to store large amount of money in form of these notes. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The total value of thousand-franc notes currently in circulation is Rs two trillion (32.5 billion Swiss francs). <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Also, Switzerland is among the few major countries to have denomination of as high as 1,000, while the highest value banknotes in the UK and the US are only 50 pounds (about Rs 4,300) and 100 dollars (Rs 5,500), respectively. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The US used to have high-value notes like USD 500, USD 1,000, USD 5,000 and USD 10,000 earlier, but these currency bills were printed for the last time in 1945 and were not even in circulation since 1969. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Amid allegations of Indians stashing huge amounts of illicit wealth abroad, including in Swiss banks, the Indian government said in a White Paper in May that it is making various efforts to bring back the unaccounted money. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">As the global pressure mounts on Switzerland to give access to their banking account details, the demand is growing for thousand-franc notes as these high-value currency bills make it easier to store large amount of cash. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Besides, the secrecy measures attached with safe deposit boxes are leading to many banks running short of these boxes and are now offering them only to very rich clients. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">While there are no official figures for these boxes, the commission and fees earned by banks for such facilities appear to be rising. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">During 2011, Swiss banks registered a decline in their overall commission earnings, as also in their commission income from core banking operations, the SNB data shows. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">However, their 'other commissions', which includes royalty and rental fees for safe deposit boxes, rose sharply. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Switzerland government's tax department did not reply to PTI queries about the soaring demand for safe deposit boxes and thousand-franc notes, as also about the possible use of safe deposit boxes to store illicit wealth. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">They also did not respond to queries about the possible use of these safe deposit boxes to circumvent the tax treaties and information exchange agreements between Switzerland and other countries, including India. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">While Indians are alleged to have stashed billions of dollars worth black money in Swiss banks, the official SNB data puts the funds of Indian clients in Switzerland's banks at a modest 2.18 billion Swiss francs (Rs 12,700 crore) -- which is just 0.14 per cent of total foreign wealth there. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Indians' money in Swiss banks rose for the first time in five years in 2011. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">These official figures, described by SNB as 'liabilities' of Swiss banks towards their clients from various countries, do not indicate towards the quantum of the much-debated alleged black money held by Indians or other nationals in the safe havens of Switzerland. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Also, SNB's figures do not include the money that Indians or other nationals might have in Swiss banks in others' names. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">Noting that there was no single all-explaining reason for the increasing demand for 1,000 franc notes, an SNB spokesperson told PTI from Zurich: "We assume that the higher demand is in parts due to the trend to store value in Swiss franc notes -- which is a phenomenon often observed in phases of low interest rates. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"We further think that the higher demand is to some extent originating from abroad," the spokesperson said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The SNB did not reply to specific queries about the demand coming from Indian clients of Swiss banks for thousand-franc notes and safe deposit boxes. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The treaty between India and Switzerland, which was revised this year, allows India to seek information on banking account details of Indians in Swiss banks after providing some concrete details of the alleged offenders. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">However, the treaty explicitly disallows any 'fishing expedition' -- a term used for searching across the database of Swiss banks with an aim to find something interesting. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">The total overseas funds in Switzerland's banking system stood at 1.53 trillion Swiss francs (about Rs 90 trillion) at the end of 2011, which included 2.18 billion Swiss francs (Rs 12,700 crore) belonging to Indian individuals and entities. -- NNN-PTI<o:p></o:p></span></div></div>

Rich Hoarding Banknotes, Gold and Art Works in Swiss Banks

NEW DELHI  (NNN-PTI) -- Amid a global crackdown against alleged black money in secret accounts of Swiss banks, their bankers are selling...

Read more »

India's First 'Talking' ATM for Visually Impaired Inaugurated

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br /> </div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">AHMEDABAD (NNN-Bernama) -- India's first "talking" Automated Teller Machine (ATM) for visually impaired was on Wednesday inaugurated in west Indian Ahmedabad city. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br /> </div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">Press Trust of India reported that the ATM by the Union Bank of India is the first of its kind for the visually challenged and 4,000th in the countrywide network of the state-run bank. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br /> </div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">"The foundation stone of Union Bank building in Mumbai had been laid by Mahatma Gandhi. I am happy that the first accessible ATM is being started in the state of Gujarat, janambhumi and karambhumi of Gandhi," Union Bank of India Chairman and Managing Director D Sarkar said after inaugurating the ATM at the Blind People's Association (BPA) here. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br /> </div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">According to BPA functionaries, the users have to plug-in a headphone into the ATM which has a unique voice interface and once it is done the machine guides them into further operations. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br /> </div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">The ATM can be operated by wheelchair-bound persons as well. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><br /> </div><div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;"><span lang="EN-US" style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-size: 11.0pt; mso-hansi-theme-font: major-latin;">There are about 20,000 blind persons in Ahmedabad and they can use the ATM which can also be used by general public for transaction, the BPA said. -- NNN-BERNAMA <o:p></o:p></span></div></div>

India's First 'Talking' ATM for Visually Impaired Inaugurated

AHMEDABAD (NNN-Bernama) -- India's first "talking" Automated Teller Machine (ATM) for visually impaired was on Wednesday ina...

Read more »

Islamic Banking May Attract More Funds to India

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">NEW DELHI <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>(NNN-Bernama) – Islamic banking, if allowed, may attract more funds to India, especially in the infrastructure field, says former Indian High Commissioner to Malaysia R.L Narayan. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">He said with a Muslim population of about 200 million people, the alternative-banking segment had potential in India. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">"Islamic banking has gained acceptance not only in Islamic countries but also in other countries, considering the fact that we have huge needs for infrastructure investment (such a system could augur well with the needs)," he told Bernama. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">India plans to spend US$1 trillion over the next five years on developing infrastructure projects such as road building, railways, aviation and energy. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%;">There are many issues within the Islamic banking sector and a study is necessary, besides an establishment in a format acceptable to the Indian context, to help generate more development funds, said Narayan. -- NNN-BERNAMA<o:p></o:p></span></div></div>

Islamic Banking May Attract More Funds to India

NEW DELHI     (NNN-Bernama) – Islamic banking, if allowed, may attract more funds to India, especially in the infrastructure field, says fo...

Read more »

Qatar National Bank Named One of the World's 50 Safest Banks

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman";">DOHA (NNN-QNA) -- The Qatar National Bank (QNB) has been named one of the World’s 50 Safest Banks and one of the Safest Banks in the Middle East, according to the latest update published by Global Finance in April 2012. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman";">The ranking was created through an evaluation of long-term credit ratings from Moody’s, Standard & Poor’s and Fitch Ratings and total assets of the 500 largest banks worldwide. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman";">The World’s 50 Safest Banks ranking is a recognized and trusted standard of credit-worthiness for the entire financial world. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman";">The QNB Group’s leading role in the banking sector and the high quality of its assets, along with its capabilities to achieve sustained growth in all activities, are demonstrated clearly in its credit ratings, with Standard & Poor’s (A long term, A1 short term, stable), Fitch (A long term, A1 short term, stable) and Moody’s (Aa3 long term, P1 short term, stable) affirming the bank’s ratings during 2011, which are among the highest in the region. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="color: #333333; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman";">The QNB was established in 1964 as the country’s first Qatari-owned commercial bank. It has an ownership structure split between the Qatar Investment Authority (50 per cent) and the private sector (50 per cent). -- NNN-QNA<o:p></o:p></span></div></div>

Qatar National Bank Named One of the World's 50 Safest Banks

DOHA (NNN-QNA) -- The Qatar National Bank (QNB) has been named one of the World’s 50 Safest Banks and one of the Safest Banks in the Middl...

Read more »

India: Unclaimed Deposits with Banks

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman";">New Delhi (PIB): The Minister of State for Finance, Namo Narain<span style="mso-spacerun: yes;">  </span>Meena in Lok<span style="mso-spacerun: yes;">  </span>Sabha (Lower house of the Indian Parliament),<span style="mso-spacerun: yes;">  </span>said that, the as on 31st December, 2011, a total amount of around Rs. 2481.39 crores in 11249844 accounts is lying as unclaimed deposits with the Scheduled Commercial Bank<span style="mso-spacerun: yes;">  </span>(SCBs). The information was provided by the Reserve Bank of India (RBI). <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman";">RBI vide its circular dated August 22, 2008 and July 01, 2011 directed the banks to play a more proactive role in finding the whereabouts of the account holders, whose accounts have remained inoperative and has provided detailed guidelines to the banks dealing with inoperative accounts.<span style="mso-spacerun: yes;">  </span>These circulars are available on the RBI website www.rbi.org.in.<span style="mso-spacerun: yes;">  </span>Banks have been advised to make an annual review of accounts in which there are no operations for more than one year.<span style="mso-spacerun: yes;">  </span>Banks have been advised to consider launching a special drive for finding the whereabouts of the customers/legal heirs in respect of existing account which have already transferred to the separate ledger of “Inoperative Accounts”.<span style="mso-spacerun: yes;">  </span>These instructions, inter-alia, include operations in such accounts to be allowed after due-diligence and no charge to be levied for activation of inoperative accounts.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman";">RBI has, vide their circular dated 7th February, 2012 adivsed the banks to display the list of unclaimed deposits/inoperative accounts which are inactive/inoperative for ten years or more on their respective website.<span style="mso-spacerun: yes;">  </span>The list so displayed on the websites must contain only the names of account holder(s) and his/her address in respect of unclaimed deposit/inoperative accounts.<span style="mso-spacerun: yes;">  </span>Banks<span style="mso-spacerun: yes;">   </span>have been advised to give on the same website, the information on the process of claiming the unclaimed deposit/activating the inoperative account and the necessary forms and documents for claiming the same.<span style="mso-spacerun: yes;">  </span>The hanks have been advised to complete this process by June 30, 2012 and keep their websites updated at regular intervals.<span style="mso-spacerun: yes;">  </span>Banks have been advised to have adequate operational safe-guards to ensure that the claimants are genuine.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div></div>

India: Unclaimed Deposits with Banks

New Delhi (PIB): The Minister of State for Finance, Namo Narain   Meena in Lok   Sabha (Lower house of the Indian Parliament),   said that,...

Read more »

India Holds Interest Rates Steady Amid Economic Slowdown

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><b><span style="background: white; font-size: 8.0pt;">By </span></b></span><span class="apple-style-span"><b><span style="background: white; color: windowtext; font-size: 8.0pt;">Anjana Pasricha </span></b></span><span class="apple-style-span"><b><span style="background: white; font-size: 8.0pt;">from</span></b></span><span class="apple-style-span"><b><span style="background: white; color: windowtext; font-size: 8.0pt;"> <st1:city w:st="on"><st1:place w:st="on">New Delhi</st1:place></st1:city><o:p></o:p></span></b></span></div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;"> </span><span style="background: white;"> </span></span><span class="apple-style-span"><span style="background: white; color: windowtext;"><o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">As <st1:place w:st="on"><st1:country-region w:st="on">India</st1:country-region></st1:place> struggles with an economic slowdown, the central bank has decided to hold interest rates steady. A series of aggressive rate hikes in the last 18 months have been partly blamed for dampening growth.<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">Five months ago Trishna Chaudhuri, 33, and her husband took a loan to buy an apartment in Gurgaon near <st1:city w:st="on"><st1:place w:st="on">New Delhi</st1:place></st1:city>. But since then, interest rates have gone up. As a result, says Chaudhuri, they have to fork out nearly ten percent more every month toward the repayment of their home loan.    <o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">"It has increased twice since our loan started.  For a household budget, it does disrupt it," Chaudhuri said.   <o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">That is why Chaudhuri was relieved by the Central Bank's announcement on Friday that interest rates will not be raised. <o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">Millions of middle-class Indians, who were snapping up cars and homes months ago, have since slowed down on their purchases. Loans have become more expensive with 13 interest rate hikes since last March.  <o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">These aggressive hikes were meant to cut inflation. But economists say they have slowed down an economy which was racing along at nearly 9 percent, and which relies heavily on domestic consumption. Industrial output fell by as much as 5.1 percent in September. <o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">Indian Finance Minister Pranab Mukherjee, who has been stressing on the need to revive growth, is welcoming the central bank's decision to pause interest rate hikes.    <o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">"I am hopeful today's announcement should help in regaining our growth momentum with improved macroeconomic parameters," said Mukherjee.<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">However business leaders are not satisfied. They want the central bank to cut interest rates to encourage investment and give businesses access to more affordable financing. They say lowering interest rates will also bring consumers back into the market. <o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;"><o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">Business leaders point out that a key barometer of consumer confidence, car sales, has taken a hit.  Auto sales are expected to grow by less than 5 percent this year compared to 30 percent last year.    <o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">Economists say that the central bank will begin to lower interest rates once inflation is under control. Inflation has slowed to a one-year low of about 9 percent, but still remains high. However, officials are confident that it will moderate even further in the weeks to come.<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">Inflation, particularly high food prices, is a politically sensitive issue in <st1:place w:st="on"><st1:country-region w:st="on">India</st1:country-region></st1:place>, where more than two-thirds of the population lives on less than $2 a day.</span><span style="background: white;"> ---VOA News</span></span><span class="apple-style-span"><span style="background: white; color: windowtext;"><o:p></o:p></span></span></div></div>

India Holds Interest Rates Steady Amid Economic Slowdown

By Anjana Pasricha from New Delhi     As India struggles with an economic slowdown, the central bank has decided to hold interest rates ...

Read more »

UNDP: 30 Million Rural Poor in India, South Africa to Benefit from Banking Services

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><st1:state w:st="on"><span class="apple-style-span"><span style="background: white; color: windowtext;">NEW YORK</span></span></st1:state><span class="apple-style-span"><span style="background: white; color: windowtext;"> (NNN-UNDP) -- Two companies have announced that they will be providing banking services to more than 30 million low-income people in <st1:country-region w:st="on">India</st1:country-region> and <st1:country-region w:st="on"><st1:place w:st="on">South Africa</st1:place></st1:country-region> by 2015 through their commitments to the Business Call to Action (BCtA).<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">BCtA, a global initiative that encourages private sector efforts to fight poverty, is supported by several international organizations including the UN Development Programme (UNDP).<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">India-based Vortex Engineering is pioneering the dissemination of solar-powered cash machines tailored to rural communities’ needs, while <st1:country-region w:st="on"><st1:place w:st="on">South Africa</st1:place></st1:country-region>’s WIZZIT Bank is expanding access to credit to help address a critical development issue: lack of access to finance and banking systems in poor communities.<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">“Lack of access to banking and credit impedes the economic empowerment of low-income individuals and hinders growth in the developing world,” said Susan Chaffin, BCtA’s Programme Manager.<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">“We welcome Vortex and WIZZIT as they seek to scale up activities that not only represent a business opportunity but also have tremendous potential to positively impact low-income communities in <st1:country-region w:st="on">India</st1:country-region> and <st1:country-region w:st="on"><st1:place w:st="on">South Africa</st1:place></st1:country-region>.”<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">More than half of the adult population in <st1:country-region w:st="on">South Africa</st1:country-region> and <st1:country-region w:st="on">India</st1:country-region> lacks access to formal banking, in contrast to the <st1:country-region w:st="on"><st1:place w:st="on">Netherlands</st1:place></st1:country-region>, for example, where the entire adult population has access to banking services, according to a World Bank study.<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">Vortex is linking up with local banks in <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> to address this gap by placing 10,000 solar-powered ATMs designed to withstand difficult weather conditions, erratic power supply, and lower literacy levels among cash dispenser users. <o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">The machines are expected to provide access to formal banking for 30 million people mostly in rural and semi-urban areas—many earning as little as US$1-4 a day—over the next four years.<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">Powered by solar energy, the cash dispensers consume 90 percent less energy than a conventional ATM, making them both affordable for poor communities and profitable for banks to employ.<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">“Lack of access to financial services can carry a high cost for the people who can least afford it, so delivering access to formal banking presents a significant economic opportunity for poor, rural communities,” said V. Vijay Babu, CEO of Vortex. “In partnership with banks and other stakeholders such as the Business Call to Action, Vortex can make financial inclusion a reality for millions of people.”<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">In <st1:country-region w:st="on"><st1:place w:st="on">South Africa</st1:place></st1:country-region>, WIZZIT, a banking provider that offers low-cost customer accounts using cell phones for payments, transfers and purchases, have committed to provide personal loans to 10,000 people. More than 340 loans will go to small and medium size enterprises and nearly 3,000 loans to micro-entrepreneurs by 2015 through a new loan offering that will be available through mobile phones and WIZZIT’s agent network.<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">Since 2004, WIZZIT’s customers have been using mobile phones for making and receiving payments, along with a debit card which can also be used at ATMs and stores. The company is now expanding its range of services to allow users, who typically live far from bank branches, to access microloans and credit through their phones.<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span class="apple-style-span"><span style="background: white; color: windowtext;">“The availability of credit can make the difference between success and failure, growth and stagnation for small, medium and micro-entrepreneurs,” said Charles Rowlinson, Chairman of Wizzit. “Small loans at affordable rates can be vitally important for low-income working families as well, who use them to pay for education, healthcare and other fundamental services.” -- NNN-UNDP<o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div></div>

UNDP: 30 Million Rural Poor in India, South Africa to Benefit from Banking Services

NEW YORK (NNN-UNDP) -- Two companies have announced that they will be providing banking services to more than 30 million low-income peop...

Read more »

India To Press For Automatic Sharing Of Banking Data At G-20

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal"></div><div class="MsoNormal" style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS';"><br /> </span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">NEW DELHI <span> </span>(NNN-Bernama) -- Taking the fight against black money to global level, India will impress upon the G-20 nations to persuade tax havens to do away with their secrecy laws and adopt mechanism for automatic sharing of <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">taxation and banking data. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">Besides, Finance Minister Pranab Mukherjee, who is leading the Indian delegation at the two-day ministerial meeting in <st1:city w:st="on"><st1:place w:st="on">Paris</st1:place></st1:city> beginning Friday, will also pitch for an effective regulatory regime to deal with volatile global commodity prices, reports Press Trust of India (PTI). <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">"It has been emphasised at the London Summit of G-20 (in 2009) that days of banking secrecy were over ... However, some countries are still maintaining that they cannot share data retrospectively," said a senior official accompanying the <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">minister. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">Mukherjee, the official said on board Special Aircraft, would emphatically raise the issue of sharing of banking and tax-related information during his interventions at the ministerial meeting of G-20, a club of rich and developing nations accounting for 85 per cent of global output and two thirds of the world's population. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><st1:country-region w:st="on"><st1:place w:st="on"><span style="font-family: "Trebuchet MS";">India</span></st1:place></st1:country-region><span style="font-family: "Trebuchet MS";">, the official said, wants the countries to adopt mechanism for automatic exchange of information "irrespective of whether it relates to tax evasion, tax avoidance or tax fraud ... and also ensure recovery of assets stashed abroad." <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">Regretting that the issue of black money has not been taken up "aggressively" by the G-20 members, the official said India would impress upon other members to devote sufficient space on the issue in the communique, which would be issued at the end of the two-day ministerial meeting. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">The ministerial meeting will be followed by a summit of G-20 leaders at <st1:city w:st="on"><st1:place w:st="on">Cannes</st1:place></st1:city> on November 3-4, which among others, would be attended by Prime Minister Manmohan Singh. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><st1:country-region w:st="on"><st1:place w:st="on"><span style="font-family: "Trebuchet MS";">India</span></st1:place></st1:country-region><span style="font-family: "Trebuchet MS";">, the official said, will also be taking up the issue of volatility of global commodity prices and impress upon the need for better regulation of the commodity markets. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">"The volatility in global commodity prices is on account of monetisation and not due to demand-supply mismatch as is being advocated by some developed countries," the official said. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">The volatility in commodity prices can be attributed to large injection of funds by developed countries to combat the impact of the slowdown. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">Among other important issues, the official said the issue of Tobin Tax (a tax on cross-border financial transactions) is likely to come up for discussion at the ministerial meeting. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">Initially, he added, several countries have opposed the financial transaction tax "but now there seems to be some rethinking on the issue." <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">The issue of Tobin Tax had come up for discussion at the <st1:city w:st="on"><st1:place w:st="on">Toronto</st1:place></st1:city> summit last year. It has assumed significance in view of the need to control the disruptive cross-border capital flows. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">"We can address the global financial problems either by having strong regulations or by adopting light regulations backed by financial transaction tax," he said, adding global leaders are yet to reach any consensus on the issue. -- NNN-BERNAMA<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><br /> </div>

India To Press For Automatic Sharing Of Banking Data At G-20

NEW DELHI   (NNN-Bernama) -- Taking the fight against black money to global level, India will impress upon the G-20 nations to persuade ta...

Read more »

India: Govt. to Infuse Rs. 2 Lakh Cr Capital in Banks by 2020: Mittal

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">Implementation of the Basel III norms is scheduled to commence from January 1, 2013, and has to be completed by January 1, 2019.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">The official further said the Government would like to keep a buffer in its shareholding of banks at around 58 per cent as it would provide it"enough legroom"to maintain a controlling stake even it does not participate in the capital raising exercise by any bank.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">The government is required to keep a minimum of 51 per cent equity in public sector banks.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">Basel III is the new international regulatory framework designed to correct the deficiencies in regulation that led to the global financial crisis of 2008. It seeks higher capital adequacy ratio to meet any financial exigency.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">The RBI is examining the Basel III regulations and would issue guidelines to the extent applicable for banks operating in <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> in due course of time.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">There are 26 public sector banks, including SBI and its subsidiaries.-NNN-PTI<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">Non-voting shareholders get better returns than normal shareholders on their investment but have no voting rights.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">NEW DELHI (NNN-PTI): The government plans a whopping Rs 2 lakh crore capital infusion into the state-owned banks spread over 10 years, to help them meet fund requirement and comply with the Basel-III capital adequacy norms.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">"(Capital infusion is) estimated at Rs 2 lakh crore by 2020 in public sector banks,"D K Mittal, Secretary Department of Financial Services told PTI.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">The government, sources said, will be looking at various instruments to pump more capital into the state-owned banks.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Trebuchet MS";">"One of the instruments being looked into is non-voting shares,"an official said, adding the efforts would help the banks to meet Basel III requirements.<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div></div>

India: Govt. to Infuse Rs. 2 Lakh Cr Capital in Banks by 2020: Mittal

Implementation of the Basel III norms is scheduled to commence from January 1, 2013, and has to be completed by January 1, 2019. The offic...

Read more »

KERALA BECOMES FIRST INDIAN STATE WITH TOTAL BANKING

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">THIRUVANANTHAPURAM (NNN-Bernama): Kerala has become the first state in India to achieve total financial inclusion with each household in the state having at least one bank account and the facility for need-based credit. </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">At a meeting of bankers here on Friday, Chief Minister Oommen Chandy distributed certificates to the banks that had participated in a drive to take banking services to every corner of the State. </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Chandy said banks had a lot more to do for the state and its people, according to Press Trust of India (PTI). </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Lending to the agriculture sector should go up from the present 22 per cent of the total lending to priority sector, even more than RBI's norm of 18 per cent, he said.-NNN-BERNAMA</span></div><div style="text-align: justify;"><br /> </div><div style="text-align: justify;"><br /> </div></div>

KERALA BECOMES FIRST INDIAN STATE WITH TOTAL BANKING

THIRUVANANTHAPURAM (NNN-Bernama): Kerala has become the first state in India to achieve total financial inclusion with each household in t...

Read more »

Guidelines Issued to Enable Banks to Effectively Manage Risks Arising Out of Outsourcing

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"></span><br /> <div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><a href="http://www.amazon.com/Bank-Management-Financial-Services-ebook/dp/B005J6BQLW?ie=UTF8&tag=glob036-20&link_code=bil&camp=213689&creative=392969" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;" target="_blank"><img alt="Bank Management & Financial Services" height="216" src="http://ws.amazon.com/widgets/q?MarketPlace=US&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL160_&ASIN=B005J6BQLW&tag=glob036-20" width="320" /></a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=bil&camp=213689&creative=392969&o=1&a=B005J6BQLW" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" />Reserve Bank of India (RBI) has issued Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks on 3rd November, 2006, to enable the banks to effectively manage the risks arising out of outsourcing. As per these guidelines, the banks are required to put in place a Board approved comprehensive policy detailing all relevant aspects such as the services to be outsourced, criteria for selection of such activities as well as service providers, parameters for defining material outsourcing, delegation of authority depending on risks and materiality and systems to monitor and review the operations of these activities. </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">However, the guidelines specify that banks should not outsource core management functions including internal audit, compliance function and decision-making functions like determining compliance with Know Your Customer (KYC) norms for opening deposit accounts, according sanction for loans, management of investment portfolio etc. Further, it is entirely for the banks to take a view on the desirability of outsourcing having regard to all relevant factors, including the commercial aspects of the decision. </span></div><br /> <div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Government has granted autonomy to the public sector banks in respect of human resource issues relating to them including staffing pattern, recruitment, placement, transfer, training, promotion, etc. Accordingly, the banks evaluate their manpower requirement and undertake the recruitment process in accordance with their Board approved policies. </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">This information was given by the Minister of State for Finance Shri Namo Narain Meena in a written reply to a question raised in Rajya Sabha today. (PIB)</span></div></div>

Guidelines Issued to Enable Banks to Effectively Manage Risks Arising Out of Outsourcing

Reserve Bank of India (RBI) has issued Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks on ...

Read more »

Branch Expansion of Foreign Banks in India

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184; width: 52.86%;"><tbody> <tr style="height: 5.0in; mso-yfti-irow: 1; mso-yfti-lastrow: yes;"><td style="height: 5.0in; padding: .75pt .75pt .75pt .75pt; width: 98.8%;" valign="top" width="98%"><div class="MsoNormal" style="text-align: justify;"><a href="http://www.amazon.com/PERFORMANCE-EVALUATION-FOREIGN-BANKS-OPERATING/dp/3639337107?ie=UTF8&tag=glob036-20&link_code=bil&camp=213689&creative=392969" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;" target="_blank"><img alt="PERFORMANCE EVALUATION OF FOREIGN BANKS OPERATING IN INDIA: Introduction, Review, Profile of Foreign Banks India, Analysis of Growth, Profitability, Productivity and Solvency and Findings, Suggestions" src="http://ws.amazon.com/widgets/q?MarketPlace=US&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL160_&ASIN=3639337107&tag=glob036-20" /></a><span style="font-family: 'Trebuchet MS', sans-serif;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=bil&camp=213689&creative=392969&o=1&a=3639337107" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" />As on 29.8.2011, 38 foreign banks are functioning with 321 branches in India.  Reserve Bank of India has given following  approvals for opening maiden branch/branch expansion in India during 2010 and 2011:<o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: #660000; font-size: x-small;">Branch/Branch expansion in India during 2010 and 2011: </span><o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: #660000; font-size: x-small;"><br /> </span></span></div><table border="1" cellpadding="0" cellspacing="0" class="MsoTableMediumShading2" style="border-collapse: collapse; border: none; mso-border-bottom-alt: solid windowtext 2.25pt; mso-border-top-alt: solid windowtext 2.25pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;"><tbody> <tr style="height: 46.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: -1;"> <td style="background: black; border-bottom: solid windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 2.25pt; height: 46.5pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: .4in;" valign="top" width="48"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 517;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white;">Sl. No.<o:p></o:p></span></span></div></td> <td style="background: black; border-bottom: solid windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 2.25pt; height: 46.5pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 101.7pt;" valign="top" width="170"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 1;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white;">Name of the Bank<o:p></o:p></span></span></div></td> <td style="background: black; border-bottom: solid windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 2.25pt; height: 46.5pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 1;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white;">Approvals given in 2010<o:p></o:p></span></span></div></td> <td style="background: black; border-bottom: solid windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 2.25pt; height: 46.5pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 1;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white;">Approvals given in 2011<o:p></o:p></span></span></div></td> </tr> <tr style="height: 15.5pt; mso-yfti-irow: 0;"> <td style="background: black; border: none; height: 15.5pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: .4in;" valign="top" width="48"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 68;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white;">1<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 15.5pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 101.7pt;" valign="top" width="170"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">DBS Bank<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 15.5pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">2<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 15.5pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">-<span class="Apple-style-span" style="color: white;"><o:p></o:p></span></span></span></div></td> </tr> <tr style="height: 15.5pt; mso-yfti-irow: 1;"> <td style="background: black; border: none; height: 15.5pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: .4in;" valign="top" width="48"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 4;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white; font-size: x-small;">2.<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.7pt;" valign="top" width="170"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">Shinhan Bank<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">1<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">-<span class="Apple-style-span" style="color: white;"><o:p></o:p></span></span></span></div></td> </tr> <tr style="height: 15.5pt; mso-yfti-irow: 2;"> <td style="background: black; border: none; height: 15.5pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: .4in;" valign="top" width="48"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 68;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white; font-size: x-small;">3.<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 15.5pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 101.7pt;" valign="top" width="170"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">Barclays Bank<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 15.5pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">2<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 15.5pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">-<span class="Apple-style-span" style="color: white;"><o:p></o:p></span></span></span></div></td> </tr> <tr style="height: 15.5pt; mso-yfti-irow: 3;"> <td style="background: black; border: none; height: 15.5pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: .4in;" valign="top" width="48"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 4;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white; font-size: x-small;">4.<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.7pt;" valign="top" width="170"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">ANZ Bank <o:p></o:p></span></span></div><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">Australia<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">1<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">-<span class="Apple-style-span" style="color: white;"><o:p></o:p></span></span></span></div></td> </tr> <tr style="height: 15.5pt; mso-yfti-irow: 4;"> <td style="background: black; border: none; height: 15.5pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: .4in;" valign="top" width="48"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 68;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white; font-size: x-small;">5.<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 15.5pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 101.7pt;" valign="top" width="170"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">Credit Suisse<o:p></o:p></span></span></div><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;"> AG,Switzerland<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 15.5pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">1<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 15.5pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">-<span class="Apple-style-span" style="color: white;"><o:p></o:p></span></span></span></div></td> </tr> <tr style="height: 15.5pt; mso-yfti-irow: 5;"> <td style="background: black; border: none; height: 15.5pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: .4in;" valign="top" width="48"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 4;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white; font-size: x-small;">6.<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.7pt;" valign="top" width="170"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">National Australia<o:p></o:p></span></span></div><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;"> Bank<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">1<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">-<span class="Apple-style-span" style="color: white;"><o:p></o:p></span></span></span></div></td> </tr> <tr style="height: 31.0pt; mso-yfti-irow: 6;"> <td style="background: black; border: none; height: 31.0pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: .4in;" valign="top" width="48"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 68;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white; font-size: x-small;">7.<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 31.0pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 101.7pt;" valign="top" width="170"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">Industrial and <o:p></o:p></span></span></div><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">Commercial Bank of <o:p></o:p></span></span></div><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">China Ltd.<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 31.0pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">-<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border: none; height: 31.0pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">1<span class="Apple-style-span" style="color: white;"><o:p></o:p></span></span></span></div></td> </tr> <tr style="height: 15.5pt; mso-yfti-irow: 7;"> <td style="background: black; border: none; height: 15.5pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: .4in;" valign="top" width="48"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 4;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white; font-size: x-small;">8.<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.7pt;" valign="top" width="170"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">Rabobank<o:p></o:p></span></span></div><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;"> International<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">-<o:p></o:p></span></span></div></td> <td style="border: none; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">1<span class="Apple-style-span" style="color: white;"><o:p></o:p></span></span></span></div></td> </tr> <tr style="height: 16.15pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;"> <td style="background: black; border-bottom: solid windowtext 2.25pt; border: none; height: 16.15pt; mso-background-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: .4in;" valign="top" width="48"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 68;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="color: white; font-size: x-small;">9.<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border-bottom: solid windowtext 2.25pt; border: none; height: 16.15pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 101.7pt;" valign="top" width="170"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">Woori Bank<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border-bottom: solid windowtext 2.25pt; border: none; height: 16.15pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">-<o:p></o:p></span></span></div></td> <td style="background: #D8D8D8; border-bottom: solid windowtext 2.25pt; border: none; height: 16.15pt; mso-background-themecolor: background1; mso-background-themeshade: 216; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="top" width="98"><div class="MsoNormal" style="line-height: 115%; margin-bottom: 10.0pt; mso-yfti-cnfc: 64;"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">1<o:p></o:p></span></span></div></td> </tr> </tbody></table><div class="MsoNormal"><span style="font-family: 'Trebuchet MS', sans-serif;"><span class="Apple-style-span" style="font-size: x-small;">  </span><o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: 'Trebuchet MS', sans-serif;">This information was given by the Minister of State for Finance, Shri   NamoNarain Meena in written reply to an Unstarred Question in Lok  Sabha today. (PIB)<o:p></o:p></span><br /> <span style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span><br /> <span style="font-family: 'Trebuchet MS', sans-serif;"><a href="http://www.amazon.com/s/?ie=UTF8&tag=glob036-20&link_code=btl&camp=213689&creative=392969&search-alias=aps&field-keywords=Foreign%20Banks%20in%20India" target="_blank">Search Amazon.com for Foreign Banks in India</a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=btl&camp=213689&creative=392969&o=1&a=" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" /></span></div><div class="MsoNormal" style="text-align: justify;"><br /> </div></td> </tr> </tbody></table></div>

Branch Expansion of Foreign Banks in India

As on 29.8.2011, 38 foreign banks are functioning with 321 branches in India.  Reserve Bank of India has given following  approvals f...

Read more »

PayPal denies plans to launch business in Russia in September

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div style="text-align: justify;"><br /> </div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody> <tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEip9mAY8SUPCEintyOFh_iJKthcnSxFDzl3DHSjactOGX_rhqQVy-1deMVL7tCHnnb4gsuV74TGJzP0tnJCl2PSHlz1JWTbsjNzFr7oreE_LV_LmJBqUGLr-gwlTljpo8sIa90FWVLWEXY/s1600/paypalccflickr.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEip9mAY8SUPCEintyOFh_iJKthcnSxFDzl3DHSjactOGX_rhqQVy-1deMVL7tCHnnb4gsuV74TGJzP0tnJCl2PSHlz1JWTbsjNzFr7oreE_LV_LmJBqUGLr-gwlTljpo8sIa90FWVLWEXY/s1600/paypalccflickr.jpg" /></a></td></tr> <tr><td class="tr-caption" style="text-align: left;"><a href="http://www.flickr.com/photos/steveganz/100857816/"><span class="Apple-style-span" style="color: black; font-size: xx-small;"><b>©flickr.com/steveganz</b></span></a></td></tr> </tbody></table><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">MOSCOW (RIA Novosti)- Online payment company PayPal denied on Tuesday plans to start business in Russia and Ukraine in September.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Last week PayPal said on its website Russian and Ukrainian users could start accepting money on their PayPal accounts from foreign users from September 24, but its spokesman said that it was a mistake.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><a href="http://www.amazon.com/PayPal-Wars-Battles-Media-Planet/dp/0977898431?ie=UTF8&tag=glob036-20&link_code=bil&camp=213689&creative=392969" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;" target="_blank"><img alt="The PayPal Wars: Battles With Ebay, the Media, the Mafia, And the Rest of Planet Earth" src="http://ws.amazon.com/widgets/q?MarketPlace=US&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL160_&ASIN=0977898431&tag=glob036-20" /></a><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Russian users can only send money via PayPal but they cannot withdraw money from the<img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=bil&camp=213689&creative=392969&o=1&a=0977898431" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" /> system.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Russia is one of the fastest growing payment markets in the world with online payments turnover skyrocketing 75 percent to about 70 billion rubles ($2.43 billion) in 2010.</span></div><div><br /> </div><div><br /> </div><div><a href="http://www.amazon.com/s/?ie=UTF8&tag=glob036-20&link_code=btl&camp=213689&creative=392969&search-alias=aps&field-keywords=PayPal" target="_blank">Search Amazon.com for PayPal </a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=btl&camp=213689&creative=392969&o=1&a=" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" /></div></div>

PayPal denies plans to launch business in Russia in September

©flickr.com/steveganz MOSCOW (RIA Novosti)- Online payment company PayPal denied on Tuesday plans to start business in Russia and Uk...

Read more »

BANK INDONESIA (BI) READY WITH NEW MECHANISM FOR MONEY MARKET STABILIZATION

<div dir="ltr" style="text-align: left;" trbidi="on"><br /> <div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">  </span></div><div style="text-align: justify;"><a href="http://www.amazon.com/Lonely-Planet-Indonesia-Country-Travel/dp/1741048303?ie=UTF8&tag=glob036-20&link_code=bil&camp=213689&creative=392969" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;" target="_blank"><img alt="Lonely Planet Indonesia (Country Travel Guide)" height="320" src="http://ws.amazon.com/widgets/q?MarketPlace=US&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL160_&ASIN=1741048303&tag=glob036-20" width="204" /></a><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=glob036-20&l=bil&camp=213689&creative=392969&o=1&a=1741048303" style="border: none !important; margin: 0px !important; padding: 0px !important;" width="1" />JAKARTA (NNN-ANTARA) - Bank Indonesia (BI) has prepared a combination of dollar sales and purchase of state securities (SBN) in the secondary market to maintain financial market stability, a BI official said.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><br /> <div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">The central bank`s director of monetary research and policy, Perry Warjiyo, said here on Friday so far the mechanism was selling US dollars and buying SBI (Bank Indonesia Certificates) at a different time when the rupiah exchange rate and the price of government securities (SBN) were under pressure.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">"With the new policy BI could act simultaneously namely selling US dollars while at the same time buying SBNs. This is a new mechanism and will be taken in case of pressure such as capital outflow," he said.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">He said if a huge capital outflow occurs the new mechanism would be applied so that the exchange rate of the rupiah and the price of SBNs could be maintained.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">"We have never done it before because so far the intensity of pressure has never been very big and could still be overcome using the old procedure," he said.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">He said BI would apply the new mechanism based upon indicators such as how much investors withdraw their funds in shares, bonds and SBI and the drop in the price of SBN and shares and the development of liquidity in the money market and interest rates.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">"We would monitor the indicators every day and weekly," he said.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">In view of the current world economic situation Perry said BI would continue maintaining the stability of the rupiah exchange rate which tends to continue to appreciate.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /> </span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">"The rupiah is already stable. We will keep maintaining it as capital inflows have started to happen again through bonds although its volatility would tend to be high," he said. -- NNN-ANTARA</span></div><br /> </div>

BANK INDONESIA (BI) READY WITH NEW MECHANISM FOR MONEY MARKET STABILIZATION

   JAKARTA (NNN-ANTARA) - Bank Indonesia (BI) has prepared a combination of dollar sales and purchase of state securities (SBN) in the sec...

Read more »