Page 5 - Banking Finance May 2021

BANK UPDATE

Banking

News

Bank of India and Punjab over the Zones in Madhya Pradesh us as we upgrade our digital banking
State & effective monitoring, efficient platforms to provide a better online
& Sind Bank offer management of issues associated with banking experience. During this time,

cheapest gold loans business complexities and overall digital banking platform YONO, YONO
growth. It was made functional from Lite and UPI services will not be
As per the recent data, Punjab & Sind
Bank offers interest rate of 7% on a April 1, 2021. available."
gold loan of Rs. 5 lakh, with repayment The new NBG - Madhya Pradesh &
tenure of 3 years. Bank of the India is Chhattisgarh is with a total of 6 Zones Bank unions threaten to
the second on the list of cheapest viz Bhopal (97 Branches), Indore (100 intensify protests against
lenders, charging an interest rate of Branches), Khandwa (86 Branches),
7.35%. SBI, BoB gold loans carries an Ujjain (111 Branches), Jabalpur (45 privatization
interest rate of 7.5% and 9% per Branches) & Raipur (61 Branches) Bank unions across the country have
annum respectively. totaling 500 Branches. threatened to hold more strikes
against the Union Government's
Non-banking financial companies that The present business Mix of NBG- proposal to privatize some state-run
are highly active in this space offer Madhya Pradesh & Chhattisgarh is banks. In the recent general council
loans at comparatively higher rates. more than Rs. 67,875 crore. The share meeting of the All India Bank
IIFL Finance's gold loans come at an of Agriculture, MSME and total Retail Employees' Association (AIBEA), the
interest of 9.24%, which is the to total Advances is 43%, and RAM members were asked to intensify their
cheapest amongst NBFC gold loans. (Retail, Agriculture &MSME) which is agitation.
Gold loan rates of Bajaj Finance start priority & thrust area is 76%. Further,
at 11%, while the two major players this new NBG will also improve BOI's The union said in a statement, "The
in this space - Muthoot and functioning under the SLBC framework. general council meeting has called
Manappuram levy interest rates of upon all our unions and members all
11.90% and 12%, respectively. SBI digital platform over the country to continue the
struggle against bank privatisation,
upgrade hampers services get ready for prolonged strikes and
BOI opens National Customers of SBI recently faced issues intensify our campaign to defend

Banking Group in Bhopal while accessing the net banking public sector banking and defeat
services after the bank announced a attempts of privatization."
Bank of India has recently inaugurated
scheduled maintenance and upgrade
its new National Banking Group in Around one million bank employees
Bhopal. BOI has created new NBG of its digital platforms during that day. took part in the last strike, on 15 and
with an objective to facilitate effective SBI informed via tweet, "We request 16 March, 2021 to show their
business management, better control our esteemed customers to bear with opposition to the privatization plan.

BANKING FINANCE | MAY | 2021 | 5