IDBI keen to expand in the North –eastern region

IDBI Bank (Industrial Development Bank of India Ltd.) is very keen to invest in the MSME Sector of the North Eastern states.

The bank has signed a Memorandum of Understanding (MoU) with Small Industrial Development Bank of India (SIDBI), according to which SIDBI funds the term loan components and IDBI funds working capitals.

The Executive Director f the bank Mr. SKV Srinivasan said “The whole objective is that one need not go to two people to get the project appraised. We are offering a joint appraisal and both documentation and credit delivery will be a very smooth process.”

The Chairman and Managing Director of the Bank Mr. R M Malla said “We will be too keen to finance all viable projects coming up in this region. I see huge potential not only of infrastructure, but also of micro and small enterprises in North-East.”

The bank is also planning to expand branch network in the North-Eastern states, the bank plans to open 7 more branches in the region by May 2011, taking the total branch count in the region to 17.

NABARD launches new scheme for Women Development in Kerala

NABARD has launched a new scheme that aims to set up Women Development cells in Co-operative bank in Kerala. The scheme primarily focuses on the inclusive growth initiated by the South Malabar Gramin Bank in the State.

The Chief General Manager of the bank (Kerala and Lakshadweep) Mr. K C Shashidhar said “We have also been conducting gender sensitisation camps and workshops for bankers at the district level to facilitate internalisation of gender concerns in credit and improve the outreach of banks to women clients.”

Lounge facility at airport for Federal bank customers

Federal Bank has announced to provide Business Class Lounge Facility at the Cochin International Airport Ltd. for the high net-worth customers of the bank.

The prestigious Taj Group will take care of the Lounge; the facility will be extended exclusively to the customers travelling to the foreign destinations.

To avail this facility the eligible customers have to get a admit card issued from the currency exchange bureau of the bank at the airport.

NCR Corp. launches four new GSM/GPRS based machines

NCR Corp. the leading ATM manufacturer in the country launched four new GSM/GPRS based machines. The company dominates the ATM manufacturing sector with 47.5 percent share. Amongst the four newly launched models, two machines are real-time cash depositor machines.

The Managing Director of NCR India Mr. Javinder Gill said "These launches further establish our commitment to this market, which by the number of our employees, is already the second largest market outside our home market US."

The Vice President of NCR Asia Pacific Mr. Frielcik said "We are very bullish about these products and have already received 3,000 bookings for these models. These models will increase our already dominant market position of 47.5 per cent in this country."

The company has launched these new models in order to tap the opportunities created by the Financial Inclusion Project.

20,000 villages to get banking facilities by this fiscal year

The Finance Minister of India Mr. Pranab Mukherjee has said that about 20,000 villages in the country will be brought under the basic banking system by the end of this fiscal year. The government has set a task of providing basic baking facilities to all the villages in the country with a population of above 2,000 under the Financial Inclusion Plan by March 2012.

"For the year 2010-11, we have set a target of rollout in 20,000 villages. I am confident that this target will be achieved," Mr. Mukherjee said.

The banks are adopting various new techniques and innovative ideas to speed up the process ,to do so the banks have appointed Business Correspondents in form of individuals or big corporate players that have good reach in the rural parts of the country.

The Finance Minister advised the banks to be very cautious in appointing these business correspondents as they are going to represent the bank to the population in the remote areas of the country.

The Business Correspondents are the link between the banks and the rural population. They help the rural population to make transactions through the machines that the bank provides them.

Andhra Bank figures ambitious under Financial Inclusion Plan

Hyderabad based public sector lender Andhra Bank plans to bring 1144 villages under Financial Inclusion Plan before March 2011. The bank plans to bring around 500 villages under Financial Inclusion Plan before the end of current Financial Year.

The lender plans to offer basic banking services to these villages through Business Correspondents. The bank has already opened 8.60 lacs “NO frills Accounts”. The lender has also launched a few schemes specially meant to benefit people from rural areas.

Andhra Bank Gramina Kranti Patakam is such a scheme launched by the bank under which the villagers are issued Smart Cards to receive payments under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and the social service schemes like the old-age pensions at the panchayat level.

The Deputy General Manager of the bank Mr. Regidi Appadu said "Out of 7.45 lakh beneficiaries in Srikakuam district in Andhra Pradesh, the bank has already issued the smart cards to 3.40 lakh people."