Page 8 - BANKING FINANCE JANUARY 2016 ONLINE
P. 8
BANK UPDATE
Will not levy penalties on Four public sector banks get new CEOs
EMI: ICICI Bank
The Finance Ministry has appointed Ravi Krishan Takkar, who was ED at
ICICI Bank will not to levy penalties chief executives in four public sector Dena Bank, has now been appointed
for delay in banks (PSBs) - Andhra Bank, Indian MD & CEO of UCO Bank for a period
equated Bank, Corporation Bank, and UCO of three years.
monthly in- Bank.
stallment The Finance Ministry has
payments for Earlier in mid-Au- also appointed Jai Kumar
gust,2015 private sec- Garg, ED at UCO Bank,
its customers in Chennai. An ICICI tor bankers were ap- as MD & CEO of Corpo-
Bank spokesperson said the bank "will pointed to head five ration Bank. Garg will
also waive off charges for cheque PSBs - Bank of Baroda, Bank of India, assume charge on or after February 1
bounce in the same period." Punjab National Bank, Canara Bank 2016, when the incumbent chief is ex-
and IDBI Bank. They were given flex- pected to superannuate.
Bank of Baroda ties up ible salary packages. However, the
with Chillr current round of appoints of MDs and In 2014, as part of management re-
CEOs have been made from within forms at PSBs, the government de-
Bank of Baroda has tied up with mo- public sector banks. cided to split the post of Chairman and
bile applica- Managing Director. While splitting the
tion provider In the latest round, Mahesh Kumar Jain post, the concept of CEO was intro-
'Chillr' to has been elevated from the post of duced and tagged along with Manag-
provide in- Executive Director to MD & CEO of ing Director. Prior to this reform, there
stant money Indian Bank for a period of three years. were no CEOs in PSBs.
transfer facility to any contact in a
customer's phonebook. Once the app The Finance Ministry has also ap- Following this reform, the government
is downloaded and registered, it is pointed Suresh N. Patel as MD & CEO made appointments of MDs & CEOs in
directly linked to the customer's bank of Andhra Bank. Prior to this appoint- several banks, including Oriental Bank
account and can transfer money to ment, Patel was an Executive Director of Commerce, Vijaya Bank, United
any person in India. The sender selects at Oriental Bank of Commerce (OBC). Bank and Indian Overseas Bank.
the recipient from his contact list,
enters the amount to be transferred Norms relaxed for claiming personal accident cover
and mPIN, and the receiver instantly
gets the money in his bank account. under RuPay Cards
Whistleblower guilty in The Finance Ministry has increased the Mantri Jan Dhan Yojana (PMJDY) with
Absentia usage period of RuPay Cards to 90 days RuPay Cards have the Rs. 1 lakh acci-
from the earlier limit of 45 days for a dent insurance cover. The issue was
Herve Falciani, a former bank em- claim under the inbuilt accident insur- also taken up with the National Pay-
ployee who took client data from ance cover of Rs. 1 lakh. ment Corporation of India (NPCI) that
HSBC Holdings's Geneva unit, was
found guilty of corporate espionage "One stipulation for making operates the RuPay debit
and given a five-year prison sen- the claim under accidental Cards.
tence by a Swiss court in Absentia, death or permanent disabil-
making it unlikely he'll ever spend ity was that the RuPay Card "NPCI has extended 45 days
time inside a prison in the country. holder has to carry-out at least one usage condition to 90 days
successful transaction…up to 45 days for RuPay Classic cardholders with ef-
The Frenchman stayed out of Swit- prior to the date of incident resulting fect from November 25, 2015," said
zerland during the trial to avoid the into claim," said a Finance Ministry the release.
risk of getting arrested, preferring to release, adding that it was creating
stay in France, a country which problems for some of the subscribers. Of the 697 claims under accidental in-
doesn't extradite its own citizens. surance under the scheme, 644 claims
Account holders under the Pradhan have been disposed of by November
20.
8 | 2016 | JANUARY | BANKING FINANCE
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