Standard
Chartered Bank has
invested $250 million to expand operations in India and has applied
to the Reserve Bank of India (RBI) for opening 40 new branches
and 300 ATMs across the country in the current financial year.
The bank already has 83 branches and 231 ATMs across the country.
The bank recently celebrated its 150th anniversary of its Indian
operations......
As
per the guidelines issued by RBI local commercial banks with overseas office had
to implement Basel II norms latest by March, 2008 and others
to completely adhere to the Basel II norms which come into effect
from fiscal year 2007-08. The Basel II norms have been put in
place by the Bank for International Settlements -BIS, which is
the central bank of all central banks .Under the Basel II - Capital
Adequacy Norms-banks will have to set aside more capital to tackle
a variety of risks.But Local banks are not yet ready and have
asked the RBI for additional time to implement these norms
Reliance
Capital (ADAG) launched its microfinance venture in Mumbai with tie-ups with two Gujarat-based
microfinance institutions -MAS Financial Services Ltd and Vardan
Trust operating initially in Maharashtra and Gujarat and later
expand nationally.The Microfinance venture is a part of ADAG
initiative to provide access to finance at the grassroot level
and meeting the growing needub for finance by micro-entrepreneurs
such as agriculture labourers, farmers, small shop owners, artisans,
unskilled labourers, small enterprise workers amongst others
In an
aim to bring more transparency in the auditing process in the -corporate sector
ICAI -The Institute of Chartered Accountants of India has made
rotation of audit partners compulsory from April 1, 2009. This
is in line with the international auditing standards set by IAASB-
International Auditing and Assurance Standard Board. More than
100 countries have adopted the global practices of IAASB which
is also mandated by the US SOX- Sarbanes-Oxley Act
The
private sector bank Centurion Bank of Punjab is in talks with financial institutions
and some large banks for possible merger.Earlier Centurion Bank
had merged with Bank of Punjab and took over BankMuscat's India
operation and followed it up with a deal with Lord Krishna bank.The
major challenge for Indian Banks is to raise resources for meeting
the demands of a growing economy.Indian banks are gearing up
to adapt to the changing scenario and mergers and acquisitions
in the Indian banking sector is here to stay.
Companies
from the finance sector made the maximum offer to MBA students
from FMS.Banks offered opportunities across all divisions
including treasury, M&A, corporate finance, retail, operations,
corporate and institutional banking, business banking, financial
advisory and financial markets.Some global roles were also
offered by MNC banks.Experienced candidates were offered higher
packages of Rs. 25 Lakhs per annum and average package rose
to approx Rs 16 lakhs per annum
The Institute of Computer Accountants (ICA),
is partnering with the Bengal State Government in providing training
in accounts and finance to the youth registered with the state
employment exchanges. There is a projected requirement of 11
lakh accounts and finance professionals at the national level
for the jobs generated over the next three years
The Micro finance sector in India is changing
rapidly.Along with rapid growth, Micro financiers are
rapidly introducing modern technology in their operations and
structure. Technology is becoming a major driver for the microfinance
sector, from using mobile phones to micro-deposit machines,
which are similar but cheaper to automated-teller machines
to biometric cards, which detect fingerprints.
Indian banks have become strong, healthy,
dynamic and resilient — a necessary condition
for sustained economic growth and financial stability although
other institutions such as the regional rural banks and urban
co-operative banks will have to be strengthened. The major
challenge for Indian Banks is to raise resources for meeting
the demands of a growing economy- according to the Reserve
Bank of India's annual report on banking in India
There are still more players waiting to
enter the fast growing Indian insurance sector. Bank
of Baroda along with Andhra Bank has entered into an agreement
with UK-based Legal and General Group to set up a life insurance
venture in India. Canara Bank-HSBC-Oriental Bank of Commerce
combine has also applied to IRDA .There are currently 18 players
in the life insurance sector
Banks may soon no longer need RBI approval
for opening new branches or ATMs. This was one of the
suggestions for reforming the financial sector. At present,
the opening of new branches is governed by the provisions of
the Banking Regulations Act, 1949 and banks need a RBI approval
to start a new branch in India or abroad
Reliance Money is expanding its retail
network across the country. It has also annouced a tie-up
with McDonald's for explaining its financial products from
a financial desk to be located at various outlets of the fast
food chain in the northern region.
RBI has disapproved third party recovery
agents using abusive practices and asked banks to use
their own staff to recover loans, warning banks of imposing
temporary or permanent ban if such practices persisted. State
Bank of India is seeking to use its own people and has advertised
to directly hire 3,000 marketing and recovery officers on "contractual" basis
Trading in carbon credits is an emerging
business globally as the cost of purchasing carbon credits
from developing countries like India or China is much less
than earning the credit through emission reduction in the developed
countries. Carbon credits are earned by reducing carbon emissions
from plants etc. Indian companies can also profit by selling
their carbon credits in dedicated exchanges in Europe and the
US at a much higher price. Europe-based Fortis Bank is finalizing
the Indian bank partner for its carbon credits business.The
carbon job market is expected to be valued at $60 billion this
year.Openings for specialist jobs in the carbon credit sector,
including climate change analysts, managers, and carbon traders,
tripled in the financial year 2006/07.
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