Page 7 - Banking Finance November 2021

BANK UPDATE

PMC Bank - with deposits of Rs 10,727 Act, opening up beach and sand min- EMIs on select home loan products,
crore - in 2019, it initially slapped a erals mining to the private sector and and discounts on various online pur-
deposit withdrawal restriction of Rs indigenous manufacture of low-cost chases as part of its festival offer.
1,000 per account which was later in- tablets to take education to poor chil-
Axis Bank is offering waivers of 12 EMIs
creased to Rs 50,000. About 78 per dren. on select home loan products and pro-
cent of the depositors have since been
As a follow-up of the September 18 viding on-road finance without any pro-
allowed to withdraw their deposits
interaction of the prime minister with cessing fee for two-wheeler custom-
within the withdrawal limit of Rs
secretaries of all union ministries and ers, it said in a release.
50,000. While this limit was further
departments, 60 ideas and suggestions
enhanced to Rs 1 lakh in June last year, across sectors have been identified as For business owners, it will offer sev-
many depositors who have bigger desirable. The Cabinet Secretariat has eral benefits on term loans, equipment
amounts parked in the bank are still identified the lead ministries to take loan and commercial vehicle finance.
not able to get their money back. these suggestions forward and furnish Announcing the launch of 'Dil se Open
action plans for their implementation. Celebrations : kyunki Diwali roz roz
India needs 4-5 SBI-size nahi aati', the bank said it will offer
banks, says Sitharaman J&K sings MoU with Dubai deals and discounts on shopping in res-
taurants and other retail loan products
India needs at least four or five differ- to develop real estate, in- on purchases made through Axis Bank
ent State Bank of India (SBI) size banks debit and credit cards.
to meet the growing needs of the dustrial parks
economy, said Finance Minister The J&K government signed MoU with
Nirmala Sitharaman. She also urged Dubai for real estate development, ISA to mobilise $1 trillion
Indian Banks' Association (IBA) to de- industrial parks and super-speciality in solar investment by
velop a digitised district-wise map of hospitals
bank branches so that locations with The Memorandum of Understanding 2030
no banking presence are identified to The fourth General Assembly of multi-
(MoU) was signed for real estate de-
ensure that they either have a physi- velopment, industrial parks, IT towers, lateral body International Solar Alli-
cal or digital footprint. multipurpose towers, logistics, medical ance (ISA) concluded with a promise to
"One of the driving forces for the amal- college, super-speciality hospitals. achieve USD 1 trillion global invest-
gamation (of banks) was that we need ments in solar energy by 2030. The
On the occasion, Union minister for
to scale up banking to meet the new commerce and industry Piyush Goyal fourth General Assembly of the ISA was
changing and growing requirements of held virtually between October 18 and
highlighted the significance of the day
the economy. But that was thought of October 21. It was presided over by
and said with the signing of the MoU
even before the pandemic. Now all the Union Power and New and Renewable
with Dubai, the world has started to
more reason why we would need four recognise the pace with which Jammu Energy Minister R K Singh, who is also
or five SBIs in the country," Sitharaman the president of the ISA General As-
said at the 74th AGM of the Indian and Kashmir was traversing on the sembly.
Banks' Association. development bandwagon. "The General Assembly approves a solid
"This MoU gives out a strong signal to action agenda to mobilize USD one
Govt seeks 60 ideas on the entire world that the way India is trillion... in solar investments by 2030,
transforming into a global power,
admin reform Jammu & Kashmir is having a signifi- including a blended finance risk mitiga-
The Centre has sought 'action plans' cant role into that as well," he said. tion facility," ISA said in a statement.
from various ministries on 60 new A total of 108 countries participated in
ideas such as bringing down the 'cost Axis Bank to waive 12 the assembly, including 74 member
of doing business' in India, replacing countries, 34 observer and prospective
multiple environmental legislation with EMIs for Diwali countries, 23 partner organisations and
a single Environment Management Axis Bank announced the waiver of 12 33 special invitee organisations.

BANKING FINANCE | NOVEMBER | 2021 | 7