Page 21 - Banking Finance October 2020

CO-OPERATIVE BANK NEWS

banks falling in the constituencies of Bank, was underway, the ACB said in "Ashokanagar Co-operative Bank re-
Yogi Adityanath and Prime Minister a release. cently announced the launch of 'Rupay
NarendraModi are in the red. Debit Card' facility to our customers
He had demanded Rs 15 lakh as a bribe
with the sponsorship of Jana Small Fi-
Earlier, the state government formed to sanction Rs 2.5 crore to an account
an Academic Technical Committee on holder and was nabbed in a trap laid nance Bank, based out of Bengaluru.
merger under the Chairmanship of IIM by the ACB's Aurangabad unit while he The bank has already provided RTGS/
NEFT, Bharat Bill pay facilities to our
Prof Vikas Srivastava and the commit- was accepting an installment of Rs 10
tee has submitted its report. lakh at his foodgrain shop in customers. To encourage
ParliVaijnath, the release informed. cashless transactions, the bank is ac-
Kerala Bank posts Rs. tively working out plans to introduce
Jana Bank to be sponsor IMPS, UPI with Jana small finance Bank
374.75-cr profit despite for the benefit of our customers."
bank for Ashoknagar Co-
pandemic-led slowdown Jana Small Finance Bank will provide a
Kerala Bank, the merged entity of the operative Bank host of services to the partnering Co-
apex Kerala State Cooperative Bank Jana Small Finance Bank has joined operative bank which will lead to cre-
with 13 District Cooperative Banks in hands with Ashoknagar Co-operative ation of a micro payment infrastruc-
the State, has reported a net profit of Bank Limited under the Bank Sponsor- ture reaching out to the deeper coun-
Rs. 374.75 crore, as per the first au- ship Program. Jana Bank becomes the try side. This will lead to financial in-
dited financial results after amalgam- first Small Finance Bank to go live un- clusion of the rural population in true
ation on November 29, 2019. der this Program. sense. These services include providing
ATM network, IMPS branch, UPI pay-
RBI has permitted co-operative banks
Co-op bank chief held in which are CBS enabled, to issue ATM ment through PSP apps, NEFT/RTGS,
NACH and Virtual accounts.
Maharashtra's Beed for Rs cards/ATM-cum-debit cards in tie-up
with a sponsor bank. Ashoknagar Co- Jana Small Finance Bank is a scheduled
10 lakh bribery operative Bank Limited in association commercial bank catering to more

The chairman of a cooperative bank in with Jana Small Finance Bank can now than 40 lakh customers served by over
Parli in Maharashtra's Beed district, extend ATM, POS &ECommerce Ser- 15,000 employees over 475 bank
125 kilometers from here, was held for vices to its customers. branches and over 125 Asset centres
allegedly demanding and accepting a This association marks the fulfilment of in 22 states and union territories. The
bank has been serving the
bribe of Rs 10 lakh to sanction Rs 2.5 Jana Bank's endeavour to promote full
underbanked customers through vari-
crore to an account holder, a state suite of services to co-operative banks. ous products including zero balance
Anti Corruption Bureau official said. The bank's digital capability will now
savings accounts, fixed deposits with
The process of registering a case be available to all its partner banks. attractive interest rates, collateral free
against Ashok Pannalal Jain, chairman Ashoknagar Cooperative Bank Ltd loans and affordable housing loan
of the Vaidyanath Urban Co-operative President K M Nagraj said, schemes. T

EPFO to sell Rs. 9,000 crore ETFs to meet fund shortfall

The Employees' Provident Fund Organisation (EPFO) will sell more than Rs. 9,000 crore of investments in exchange-
traded funds (ETF) to bridge a shortfall by booking profits and keep its promise to millions of subscribers. In Septem-
ber, the board of the retirement fund manager had said almost 0.35% of the 8.5% interest rate promised for 2019-
20 would be fulfilled by selling ETFs. According to documents seen, EPFO will sell Rs. 9,017 crore of ETF investments
made in 2016, in 15 to 20 tranches. The earliest investments will be sold first, to be followed sequentially by the later
ones. The EPFO expects to make Rs. 2,850 crore profit from the sale, which will be sufficient to make up its shortfall.

BANKING FINANCE | OCTOBER | 2020 | 21