The Economic Times
a day
NEW DELHI: Benefits from the merger of five associate banks of the State Bank of India (SBI) into itself, which will come into effect from April 1, will accrue only from the third quarter of 2017-18 as the initial two quarters may see some increase in costs, the country's largest lender has said. "We should start seeing the benefits of the merger after the end of the second quarter," SBI Managing Director Dinesh Kumar Khara told IANS. "There will be some increase in costs of SBI because of the merger as we will relocate people. What I expect is that costs may go up temporarily. But costs will not be the real representative in Q1, where it will merely be the aggregation, or consolidated balance sheet," he said. Khara said the costs are likely to show up in the second quarter as SBI rationalises the regional offices of the associate banks. "But once we start leveraging productivity gains, costs are likely to go down.
The Economic Times
2 days
The Economic Times
2 days
By Meghna Mittal NEW DELHI: State Bank of India (SBI), which will see five associate banks merge into it on April 1, has decided to shut down almost half the offices of these banks, including the head offices of three of them. This process will start from April 24. "Out of the five head offices of the associate banks, we will retain only two. Three head offices of the associate banks will be unbound along with 27 zonal offices, 81 regional offices and 11 network offices of the associate banks," SBI Managing Director Dinesh Kumar Khara told IANS in an interview. "We will keep their structure in place till April 24 and, post that, we will start dismantling the associate banks' controlling offices, which includes head offices, regional offices, zonal offices and network offices," Khara said. The five associate banks that will merge with SBI are: SBBJ (State Bank of Bikaner and Jaipur), SBM (State Bank of Mysore), SBT (State Bank of Travancore), SBP (State Bank of Patiala) and SBH (State Bank of Hyderabad).
The Economic Times
2 days
By Meghna Mittal NEW DELHI: State Bank of India (SBI), which will see five associate banks merge into it on April 1, has decided to shut down almost half the offices of these banks, including the head offices of three of them. This process will start from April 24. "Out of the five head offices of the associate banks, we will retain only two. Three head offices of the associate banks will be unbound along with 27 zonal offices, 81 regional offices and 11 network offices of the associate banks," SBI Managing Director Dinesh Kumar Khara told IANS in an interview. "We will keep their structure in place till April 24 and, post that, we will start dismantling the associate banks' controlling offices, which includes head offices, regional offices, zonal offices and network offices," Khara said. The five associate banks that will merge with SBI are: SBBJ (State Bank of Bikaner and Jaipur), SBM (State Bank of Mysore), SBT (State Bank of Travancore), SBP (State Bank of Patiala) and SBH (State Bank of Hyderabad).
The Economic Times
11 days
The Iran Project
12 days
Mathrubhumi In a clear instance of adversity being turned into an opportunity, mango varieties from northern India, which arrive in the market much after those from western and southern India have satiated the appetites of aficionados, could now get a leg-up with the government promoting their export and the first lot could be headed for Iran later this year. When the mango season starts in March, varieties such as alphonso, badami and banganapalle hit the market and they get attractive rates and export opportunities. However, when mangoes from the northern parts arrive by late June and July, there is no demand, which results in poor returns to farmers, Agricultural and Processed Food and Products Export Development Authority (APEDA) Chairman D.K. Singh told IANS. So we have decided to promote these varieties (daseri, chausa, langda) globally and locally.
The Economic Times
16 days
The Economic Times
20 days
Similarly, for rural areas, the penalty for non-maintenance of minimum balance ranges from Rs 20-50 plus service tax, it said. The public sector lender would also renew from April 1, the Rs 50 charge for people carrying out over three cash transactions at its branch within a month. This charge is applicable currently as well. However, there is no upper limit on the amount of cash transacted. "These cash transaction charges at branches are already existing. The same have been renewed for the next financial year from April 1. It is to deter the customers from visiting the branch but the charges are very nominal. As it is, the customer does not need to visit the branch often because we provide 10 free withdrawals in a month from ATMs," a SBI official told IANS.
The Economic Times
21 days
Maximum limit is nil for self but Rs 50,000 per day for third party," according to the list of ICICI Bank transaction charges. Axis Bank said that five transactions or Rs 10 lakh, whichever is earlier, for cash deposits or withdrawals are free. Beyond that Rs 5 per Rs Rs 1,000 or Rs 150, whichever is higher will be applicable for Axis Bank customers. Public sector lender State Bank of India (SBI) said it charges nominal Rs 50 beyond three transactions in a month, though there is no upper limit on the amount of cash transacted. "These charges are already existing. The same have been renewed for the next financial year from April 1. It is to deter the customers from visiting the branch but the charges are very nominal. As it is, the customer does not need to visit the branch often because we provide 10 free withdrawals in a month from ATMs," a SBI official told IANS.
The Economic Times
25 days
The relaunch will be accompanied by some Android-based phones like the Nokia 6 -- to be launched in China on February 26 -- and the Nokia 8, to be showcased at the upcoming Mobile World Congress in Barcelona, which begins on February 27. Are the ever-evolving, 4G-conscious Indian smartphone consumers likely to embrace an upgraded 3310, which is expected to cost a little over Rs 4,000? "We have to understand that, in India, we still have people who don't have a mobile phone. And if Nokia, with its adequate distribution network, is able to tap that near-edge market, the 3310 has the potential to do wonders and become a leading handset," Faisal Kawoosa, Principal Analyst, Telecoms, CyberMedia Research (CMR), told IANS. "There is still enough of India that can consume it. After all, in India, three of the top 20 handsets that are deployed are still from Nokia," Kawoosa added.
The Economic Times
a month
"The Governor has given appointment to Edapadi K. Palanisamy at 11.30 a.m. Beyond this there is no information now as to the meeting agenda," he told IANS.
The Huffington Post
a month
The Economic Times
2 months
"Akhilesh has come out of the shadow of his father and uncles (Shivpal Yadav and Ramgopal Yadav)," Dinesh Lal, a businessman in his late 60s, told IANS.
The Economic Times
2 months
The Economic Times
2 months
The Economic Times
2 months
NEW YORK: US President Donald Trump's mantra of "Buy American" and Indian Minister Narendra Modi's 'Make in India' are not mutually exclusive because trade need not be a zero sum game, according to Shalabh Kumar, an Indian American Republican leader and the founder of the Republican Hindu Coalition (RHC). A harder line by Trump to stem the huge trade surplus with China and correct Beijing's unequal terms of trade will provide India with an opportunity to fill the void by exporting more manufactured goods, Kumar told IANS. "Increasing trade between the United States and India is my passion," he said and asserted that balanced trade can help both countries increase their exports to each other and create jobs and boost investments. He said that he expects the trade between India and the US that is over $100 billion now to rise to at least $300 billion by the end of Trump's current term and to $1 trillion in the four years after that in "Trump's second term".
The Economic Times
2 months
Many students and professionals whom IANS spoke with said they wanted a youth-oriented budget that will help underprivileged students pursue higher studies.
The Economic Times
2 months
The Economic Times
2 months
MUMBAI: The Reserve Bank of India has admitted it has no confirmed data of the number or value of fake currencies detected since the demonetisation of Rs 500 and Rs 1,000 notes, a RTI query has revealed. "We presently don't have the confirmed data on this query," said a reply from the RBI's Department of Currency Management (Forged Note Vigilance Division), to prominent activist Anil V. Galgali. In a pointed query, Galgali had asked RBI to provide details of the number or value of the fake currencies detected post-demonetisation, the name of the banks, dates, etc, between November 08-December 10, 2016. "However, the RBI has made it clear that nearly 11 weeks later, it has simply no data available on this crucial aspect. So the government's claims to demonetise as a weapon to kill fake currency is proving hollow," Galgali told IANS. He pointed out that Prime Minister Narendra Modi had said that demonetisation would help wean out counterfeit currency notes and choke terror fundings.
The Economic Times
2 months
5 per cent per annum on the due amount (Rs 6,203 crore) retrospectively since the case was admitted on July 26, 2013. "As the Tribunal has decreed banks to recover the dues from the airline and its holding company (UBHL), it is for them (banks) to decide on how to go about it," a lawyer associated with the case told IANS on condition of anonymity. Mallya can, however, appeal against the order in the Debt Recovery Appellate Tribunal in Chennai after paying 50 per cent of the amount and interest as decreed by the DRT. Since the loans were given against various sureties, including shares of the holding company and its assets as collaterals, the banks have to assess their value to recover the amount specified by the Tribunal, hinted the counsel. "The Tribunal's debt recovery officer will decide on the recovery process in consultation with the banks and the guarantors to the loans," said the counsel.
EDIS Emergency & Disaster Alert
2 months
At least 40 school children were injured early on Monday when a bus carrying them turned turtle in Mathura in Uttar Pradesh, a police officer said. The condition of 10 injured children was said to be serious. According to district officials, the accident prima facie appeared to have taken place due to the failure of the steering wheel. The children were sent to a nearby medical facility, an official told IANS.
Beijing Bulletin
2 months
Beijing Bulletin
2 months
Beijing Bulletin
2 months
Chennai, Jan 15 (IANS) Thrilled with the response to his maiden production venture "Khaidi No 150", actor Ram Charan says the love the film has been getting from audiences is "overwhelming and humblin