State Bank of India (SBI) on 1 July 2014 launched six digital branches across the nation to serve tech-savvy customers. These branches are named sbiINTOUCH. One of such branches in Delhi was inaugurated on this day by Finance Minister Arun Jaitley. These sbiINTOUCH branches will include instant account opening with personalised debit cards, instant loan approvals for education, car and home and remote expert advisors available via video links. The new branches will be located in malls and will be primarily aimed at youth, who look for digital banking.
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The Banking and Economics Conclave 2014
The State Bank of India (SBI) organised ‘The Banking and Economics Conclave 2014′, a national level banking conclave, at Mumbai from 17 June 2014. The conclave was organised for the first time and was on the lines of ‘Bancon’, an event organised by Indian Bank’s Association (IBA) each year. It was also the first time that a commercial bank has organised an event of this magnitude.
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RBI for sector-wise bank disclosures for advances
The Reserve Bank of India (RBI) on 17 June 2014 asked banks to make sector-wise disclosure of their advances from 2014-15 onwards with a view to encourage them to actively manage exposure to various segments. This direction was based on the recommendations made by the Dr. Nachiket Mor Committee on Comprehensive Financial Services for Small Businesses and Low Income Households. This committee in its report had recommended that banks actively manage their exposures to various sectors, including priority sectors.
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IDBI celebrates Golden Jubilee
Public sector financial entity IDBI (formerly called Industrial Development Bank of India) celebrated its 50th anniversary (Golden Jubilee) during July 2014. IDBI was established in 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India (RBI). In 1976, the ownership of IDBI was transferred to the Government of India and it was made the principal financial institution for coordinating the activities of institutions engaged in financing, promoting and developing industry in India. IDBI provided financial assistance, both in rupee and foreign currencies, for green-field projects as also for expansion, modernisation and diversification purposes. During September 2004 the RBI incorporated IDBI as a ‘scheduled bank’ under the RBI Act, 1934. Consequently, IDBI, formally entered the portals of banking business as IDBI Ltd. from 1 October 2004. The commercial banking arm, IDBI BANK, was merged into IDBI in 2005.
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BCSBI proposes to put performance ratings of banks in public domain
The performance ratings of banks operating in India would be put on the public domain from next year. Banking Codes Standards Board of India (BCSBI) would share this information in public domain. BCSBI was set up as an independent and autonomous body in 2007 by the Reserve Bank of India (RBI) to ensure that the common consumer of financial services from the banking industry gets what he/she has been promised. BCSBI is rating banks on customer services on five parameters – information dissemination, transparency, customer-centricity, grievance redressal system and customer feedback. Of the 48 banks rated for customer service, only five received high ratings; 25 were rated above average; 17 average; and one below average. The ratings have been shared with the banks. The ratings were given based on a survey conducted by BCSBI across 69 cities, involving 3,000 branches and 6,000 customers.
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Revival of Kisan Vikas Patra
The revival of the Kisan Vikas Patra (KVP) was announced in the Union Budget 2014-15 on 10 July 2014. The KVP was discontinued from November 2011 on the recommendation of the Shyamala Gopinath Committee.
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TCS becomes first Indian company to cross Rs. 5 lakh crore market capitalization
Tata Consultancy Services (TCS) on 23 July 2014 became the first Indian company to cross market capitalization value of Rs. 5 lakh crore. TCS’s market capitalization crossed 5 lakh crore mark on account of appreciation in the price of TCS scrip following good financial results and record dividend declaration by the company. State-held ONGC’s market cap of around Rs. 3.5 lakh crore is way behind that of TCS. It is worth mentioning that TCS’ market cap is more than the combined market cap of its nearest three rivals – Infosys (Rs 1.90 lakh crore), Wipro (Rs 1.39 lakh crore) and HCL Tech (Rs 1.07 lakh crore).
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Kotak Mahindra Bank purchases 5% stake in MCX
Private sector bank Kotak Mahindra Bank agreed to buy a 15% stake in beleaguered Multi Commodity Exchange of India Ltd (MCX), announcement of which pushed the stock value of MCX by more than 10% on 21 July 2014. The commodity market regulator, Forward Market Commission (FMC), had ordered MCX to reduce its promoter- Financial Technologies’ (FT’s) stake from 26 to 2% in December last year after FT was found not fit and proper to own stake in any exchange, following the NSEL crisis. However, since the promoter repeatedly missed the deadline for reducing its stake, the regulator said it would not allow the exchange to issue any new contracts beyond August, unless they did so.
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TARC recommends abolishing the post of Revenue Secretary
The Tax Administration Reform Commission (TARC) headed by Parthasarathi Shome in its first report presented during June 2014 recommended abolishing the post of Finance Secretary in the Ministry of Finance. It thus endorsed the recommendations given by the Raja J Chelliah Committee of 1992 for abolishing this post. Raja J Chelliah was instrumental in bringing about the early reforms to the direct taxation structure.
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SEBI brings consultation paper in Crowd Funding
The Securities and Exchange Board of India (SEBI) on 17 June 2014 came out with a consultation paper on crowd funding, an alternative funding source to help start-ups struggling to raise funds. Under this, funding (in small amounts) is sought from multiple investors through a web-based platform or a social networking site for a specific project, business venture or social cause. According to SEBI’s consultation paper SEBI wants the issue fund-raising capped at Rs. 10 crore a year for each start-up. Only national stock exchanges and SEBI-registered depositories are eligible to set up a crowd-funding platform.
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IEO recommends scrapping Planning Commission
Independent Evaluation Office (IEO) in its report presented during June 2014, recommended that the Planning Commission should be replaced by a reforms and solution body as it has exceeded the scope of its authority by acting as a control commission. IEO in its report stated that since the Planning Commission has defied attempts to reform it to bring it in line with the needs of a modern economy and the trend of empowering the States, it is proposed that the Planning Commission be replaced.
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Rangarajan Panel on studying the methodology of Tendulkar Committee
Rangarajan headed the committee on Tendulkar Committee methodology for estimating poverty, the report of which was submitted to Planning Commission on 1 July 2014. C. Rangarajan, the former chief of Prime Minister’s Economic Advisory Council (PMEAC), submitted the report to planning minister Rao Inderjit Singh. The Planning Commission in May 2012 had constituted the expert group under the then PMEAC chairman C Rangarajan to review the Tendulkar Committee methodology for estimating poverty, following an uproar over the number of poor in the country. The Planning Commission’s estimates had drawn flak in September, 2011 when in an affidavit to the Supreme Court it was stated that households with per capita consumption of more than Rs. 32 in urban areas and Rs. 26 in rural will not be treated as poor.
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HR Khan re-appointed as RBI Deputy Governor
Harun Rashid Khan was re-appointed as the Deputy Governor of the Reserve Bank of India (RBI) on 3 July 2014 by the Union Govt. The appointment was made for two years with effect from 4 July 2014 or until further orders, whichever is earlier. Khan was appointed deputy governor in July 2011 for a three-year term, which was set to expire on 3 July.
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CONCOR becomes 17th Navratna status company
PSU-company Container Corporation of India Limited (CONCOR) on 23 July 2014 became the 17th Navratna status company. CONCOR is a PSU engaged in providing comprehensive logistics solutions. It has the largest network of 62 inland container depots (ICDs)/container freight stations in India. In addition to providing inland transport by rail for containers, it has also expanded to cover management of ports, air cargo complexes and establishing cold-chain. The Government of India (GoI) holds 61.80% stake in CONCOR (as per the shareholding pattern as on 30 June 2014).
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