Page 8 - Banking Finance JANUARY 2017
P. 8

BANK  UPDATE


          SBI cashier dies of heart         SBI slashes deposit rate by 1.75%
          attack  amid  customer            State Bank of India has slashed bulk deposit rates by as much as 1.75% following
                                                               the surge in deposits resulting from withdrawal of high
          rush                                                 denomination currency. The new rates apply to deposits
          A 45-year-old cashier at the Neelbad                 ranging from Rs 1 crore to Rs 10 crore.
                              branch  of
                                                               The highest rate in this segment was offered to senior citi-
                              State  Bank                      zens on tenure  ranging from one-three years at 6.5%,
                              of  India  in
                                            which has been reduced to 4.5% for deposits up to 455 days and 4.75% on de-
                              Bhopal  re-   posits up to two years. The best rate available to non-senior citizens on bulk
                              p o r t e d l y  deposits is 4.25% as against 6% earlier.
                              died of heart
          attack at Ratibad locality. He was
          taken to a nearby hospital where he  IPPB can bring individuals into banking network
          was declared  brought dead.  The  India Post Payments Bank (IPPB) has tremendous possibilities as it can bring
          cashier was working as banks stayed  millions of individuals and small businesses into the
          open  on Sunday,  11 November to  formal banking channel by offering savings ac-
          cope with the rush of customers seek-  counts of up to Rs. 100,000 and current accounts
          ing  to  exchange  demonetized    with a special focus on micro, small and medium
          banknotes of  Rs  500  and  Rs  1000  enterprises, small merchants, village panchayats,
          denominations.                    etc.
                                            It can also be the vehicle for the direct benefits transfer of social security pay-
          Banks should install 10           ments of various ministries and pay utility bills.
          lakh  card  swipe  ma-
                                            Gunmen loots J & K bank of Rs 13.38 lakh
          chines in 3 months: Govt
                                            The Jammu and Kashmir Bank at Arihal in South Kashmir's Pulwama was looted
          The government is pushing banks to
          install 10 lakh                                         of Rs 13.38 lakh by unidentified gunmen. The attack-
          credit  card                                            ers reportedly fired shots while leaving the branch.
          swipe  ma-                                              According to sources, the gunmen looted around Rs
          chines in  the                                          11.15 lakh in new notes while Rs 2.23 lakh in old notes.
          next three months. SBI alone is ex-                     Four gunmen beat up the employees, broke some com-
          pected to install 6 lakh.                               puters, took away mobile phones and also fired in air.
          To incentivise banks and the manu-  They looted all the cash available at the bank which was around Rs 13.38 lakh as
          facturers of point-of-sales (PoS) ter-  reported by the authorities,'' said Rayees Ahmad Bhat, Superintendent of Po-
          minals, the government has waived  lice, Pulwama.
          the 12.5% excise duty and 4% special
          excise duty on these machines. There  NPAs in PSBs increases to Rs 80,000 in Sept 2016
          are 14.6 lakh PoS terminals in India.  Public sector banks have seen nearly Rs 80,000 crore increase in gross non-per-
          But the number of outlets that accept  forming assets (NPAs) in the three months ended Sep-
          card payments  is  estimated at  10  tember 2016. As on September 30, gross NPAs of public
          lakh, since many outlets have multiple  sector banks rose  to Rs 6,30,323 crore as against Rs
          devices  and some are inactive.  To  5,50,346 crore by June end, an increase of Rs 79,977
          achieve this network of a million shops  crore on quarter-on-quarter basis.
          equipped with cashless transactions,  "The government has taken sector-specific measures (in-
          banks have taken over five years and  frastructure, power, road textiles, steel etc) where in-
          the same target is now sought to be  cidence of NPA is high," minister of state for finance Santosh Gangwar said in a
          achieved in three months.         written reply to the Rajya Sabha.


            8 | 2017 | JANUARY                                                             | BANKING FINANCE








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