#38
Bank of Punjab (BoP) has become the first bank in the private sector to launch a new mobile service that enable customers to access their account from any part of the globe using their cell phones from wherever they are India, New York, Singapore, London or Sydney. Under the new Mobile Service certain select services as per customers requirements are messaged to them at predetermined intervals or with predetermined transactions in their bank accounts.
Union Bank of India (UBI) has launched “Union Rent” loan scheme for the landlords and “Union Health” for the medical practitioners. Any qualified registered medical practioner/dentist with minimum three years of experience and in the age group of 25 to 60 will be eligible for the loan scheme for doctors with a minimum of Rs 2 lakh. In case of landlords, the bank will be providing an opportunity to extend loan against future rent receivable.
BNP Paribas has launched an international debit card in India. The card which does not have an annual fee, will provide BNP paribas customers online linkage to savings and current accounts. Account holders will also be able to get a free photo card. The debit card will enable cardholders worldwide acceptance at 10 million merchant locations and cash access in local currency at 6.5 lakh Visa Plus ATMs.
ICICI Bank has introduced a Web-based product that facilitates on-line conclusion of forex deals. FX Online provides real-time exchange rates for corporate customers, who will not only be able to view the exchange rates but also put through transactions. Whereas, with the on-line system, deals could be finalised immediately, covering the risk of price movement. However, the accompanying documentation would be done off-line in view of the existing regulations.
#37
SBI has introduced ‘corporate loans’, ‘general purpose loans’ to small scale industry (SSI) sector, ‘flexi-loans’ and ‘channel financing’ to traders on behalf of large corporates in the last six months. The bank has been financing some of the corporates to fund their voluntary retirement schemes (VRS) through its corporate loan package. SBI has a separate loan package for corporates going for restructuring also.
In case of channel financing, SBI provide loans to traders on recommendations of corporates. Banks were all along subscribing to debt of top-rated corporates under their PLR, but loans were not being offered at these rates.
Corporation Bank has introduced a new educational loan scheme -- CorpVidya for students who had completed their qualifying examinations or secured admission to professional/technical courses or even secured admission to foreign universities/institutions.
The quantum of the loan was up to Rs 7.5 lakh for studies in the country and Rs 15 lakh for studies abroad with no margin up to Rs 4 lakh.
For loans above Rs 4 lakh, the margin would be 5 per cent for studies in India and 15 per cent for studies abroad.
No security was stipulated for loans up to Rs 4 lakh. For loans above Rs 4 lakh, however, approved securities valued at 100 per cent of the loan amount or guarantee of a third-party ``acceptable to the bank'' would be required. The rate of interest for loans up to Rs 4 lakh would be at the PLR rate. For loans above Rs 4 lakh, it would be one per cent above the PLR rate. Interest would be charged on a simple basis up to the commencement of repayment and would be compounded thereafter.
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American Express Personal Financial Services (PFS), the retail banking division of American Express Bank, has launched `Money+' (M+), a cash management product. M+ mainly targeted at the business community is combination of a current account with an automatic sweep facility. Other facilities will include daily statements via e-mails, phone and home banking and a personalised cheque book.
Account holders could define a minimum amount or threshold for their current account and instruct the bank to invest the surplus in a liquid fund. The bank has pegged the minimum threshold at Rs 50,000. Customers could, however, define a threshold above this. The surplus above the minimum threshold can be invested in the instruments of the account holder's choice. Other than mutual funds, the product also offers investments in fixed deposits and the call money market. The shortfall in the account will simultaneously trigger redemption of investments, again according to instruction of the account holder.
Indian Bank is launching 'cash management services' for speedy collection of outstation cheques. The scheme also offers value additions like depositing the cheque at the drawee centre and collection of cheques from the doorsteps of the customer. The scheme works through electronic communication and is operative initially at select branches in major centres.
Citi Bank has launched its first co-branded card in the retail segment with Sales India, the consumer durables shop. Previous similar ventures have been with Indian Oil and Jet Airways.
State Bank of Travancore (SBT) has launched the mobile banking facility in association with Escotel Mobile Service. The service is available free of cost to customers at the bank's 100 branches with online facility.
#31
HDFC Standard Life Insurance has launched a 'Development Insurance Plan' a low cost life insurance product developed specifically to meet the needs of economically weaker sections. The cover will be sold to individual members of Self Help Groups affiliated to non-governmental organisations (NGOs) through the NGOs. The Development Insurance Plan insures the lives of the members of the Self Help Groups and provides their family members with a lump sum in the case of death of the self help group member. An additional amount of half the sum insured is provided in case of death by accident.
Oriental Insurance Company (Oriental) has tied-up with Karnataka government to provide insurance cover to school students, teaching and non-teaching staff is optimistic about extending this facility to other states. Under the policy cover, the premium for which would be paid jointly by the Rotary Club and the Karnataka government, the company would provide a sum of Rs 25,000 for personal accident and Rs 12,500 in case of loss of limb or sight. All school students from class 1 to 12 would be covered under the policy.
Citi Bank has launched CitiBusiness Direct, an Internet banking solution for the small and medium (SME) sector. Financial solutions in banking, insurance and other value-added services will now be available to the bank's customers in the small and medium segment on the Net.
With CitiBusiness Direct, customers only need a personal computer with internet access. The account can be accessed from anywhere in the world and facilitates a consolidated view across all CitiBusiness products that the customer uses. He can view details of his current account, make deposit enquiries as well as find out about other products such as export loans, hire purchase and channel finance reports.
Customers can also issue demand drafts, make account-to-account transfers, issue cheque books and deposit slip books. In line with business accounts, CitiBusiness Direct permits the customer two kinds of access to the account -- the first is restricted to account viewing only and the second permits account viewing as well as transactions over the net.
#30
SBI Cards has introduced `SBI Card against PPF account', a no-document offering, which enables anyone holding a public provident fund (PPF) account with the State Bank of India (SBI) or any of its associate banks, to apply for an SBI Card without documentation. An SBI account holder, who has had a PPF deposit for at least two years, of Rs 25,000 or more with a minimum deposit of Rs 5,000, in the last one year, can apply for an SBI Card without furnishing any income documents. This hassle-free process makes SBI Card extremely easy to apply for.
SBI Cards' has a card-base of over 6,00,000 spread across 41 cities and towns.
Birla Sun Life Insurance and Citibank have jointly developed credit insurance cover for loan products.The credit insurance products will offer the borrower protection to his family in the case of his death or inability to repay the loan. For instance, when one takes a Rs 5 lakh auto loan, premium for credit insurance will be levied at a fixed percentage of the outstanding amount. The premium amount will decrease as the loan is paid in installments. However, in the likelihood of the borrower's inability to repay the full loan, the bank would recover the balance from the insurance company. The product will cover personal loans, auto loans and credit cards, said P S Jayakumar. Citibank's sales and distribution head. The premium will be nominal and attractive to the borrower.
HCL Infosystems and Intel have announced partnership to launch an e-business solutions programme. The programme would target new market opportunities in internet service providers, application service providers, finance and banking by partnering with select ISVs/E-business solution providers and consultants. They will build solution centres to showcase solutions, capabilities and validate new solution stacks on Intel architecture like voice over internet protocol, call centre and unified messaging solutions for the service providers. They also plan to showcase internet banking, investment banking and business intelligence for the finance segment. The programme would enhance HCL Infosystems solution capabilities in the mid-tier and back-end server space and will increase focus on Intel architecture-based servers in these segments.
Tata Homefinance Ltd has announced the launch of `Swift', a faster process of sanctioning loans. The process will require only two documents for loan sanctions. Swift focuses on salaried individuals working with Government organisations and departments, public limited companies, public sector undertakings, corporates, multinationals and educational institutions.
IDBI Bank has extended its mobile banking service to 15 more cities , taking the total number of cities where this facility is available to 25. Among the new cities covered are Coimbatore, Kottayam, Thiruvalla, Bhopal and Chandigarh.
The India Today group has launched a co-branded credit card with American Express. The card, would enable the cardholder to avail of special offers from over 70 establishments apart from the regular credit facilities.
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Karur Vysya Bank (KVB) has unveiled its Rainbow Savings Deposit Scheme
(RBSB) and the KVB Happy Home Loan Scheme. The RBSB savings account offers both liquidity and high returns on fixed deposits, besides free personal accident and hospitalisation insurance
cover. The auto sweep facility will transfer the balance in excess of Rs
3,000 but in multiples of Rs 5,000 to a term deposit account every
Monday. The scheme comes with free personal accident insurance coverage of Rs 2
lakh, the entire premium on which is borne by the bank. The coverage is
available for one year.
Allahabad Bank has launched a personal loan scheme exclusively for the State and
the Central Government pension-holders.
Under the scheme, a pensioner up to the age of 65 years will be eligible
for a loan equivalent to his pension (with relief) for 10 months or Rs
75,000, whichever is lower. The loan, repayable in 36 months, will
attract interest at the rate of 15 per cent; but a rebate of one per
cent will be allowed for timely repayment of monthly installments.
An additional feature of the scheme is that a pensioner-loanee would be
covered under the Group Personal Accident Insurance policy of Rs 1 lakh.
ICICI Bank has tied-up with Visa International to launch an international debit card, christened ICICINCash Visa Electron card. Converting their ATM cards into debit cards will enable account holders to transact at over 11,000 merchant outlets and 600 Visa ATMs in addition to the 370 ICICI Bank ATMs that are already entitled to. Customers can transact without the hassles of settling bills as the purchase amount will be directly debited to the cardholders bank account and transaction details will be reflected on their monthly account statements. ICICI Bank will initially issue the cards in Mumbai and shortly make them available in all other centres.
The debit card holders will also benefit from a reward programme wherein for every Rs 100 spent through the card at an outlet, the customer will get one loyalty point. On the accumulation of 100 points, these can be redeemed to the customer's account. This facility, along with all other products, can use ICICI's 24 hour call centre. ICICI Bank has a tie-up with New India Assurance to cover for lost cards which protects against fraudulent use of the card.
The debit card will have the holders photograph and signature indented on the card for added security. The signature-based acceptance format will allow the card to be acceptable at all Visa accepting establishments across the world.
Already, HDFC Bank and Centurion Bank have launched debit cards.
Punjab National Bank and HSBC have launched cobranded International Credit Card. Card holders would have accident insurance cover against loss of life upto Rs 10 lakh for gold card holders and Rs 6 lakh for classic card holders in the event of air accidents. It offers all the benefits that an HSBC card has. The PNB card has both Mastercard and Visa franchises enabling. The card will be marketed through its 4,200 strong branch network in 14 cities initially. HSBC will manage the card programme and provide card issuance, credit and collection support. The card also offers free credit period upto 48 days without any charges being levied and extended credit facility. The consumers could pay a minimum of five per cent and the balance amount of payment could be rolled over.
American Express Bank will launch a co-branded global credit card for doctors with the Indian Medical Association. The co-branded card will have features including waiver of annual fee and a range of financial services such as preferential personal and car loans as well as free mutual fund advisory services.
Tata Finance Ltd has launched its credit card in association with American Express (AMEX)
This is first instance of a non-banking financial company
(NBFC) issuing a credit card in the country. The new card will be valid
globally and accepted on AmEx's global merchant network.
Tata Finance has 80 branches across the country. AmEx will provide
worldwide merchant network for Tata Finance. The company will be
responsible for issuing the cards and for all operations supporting the
cards in India - including billing and payment, customer service and
credit management as well as marketing the cards in the country.
It
will offer `Helpline Services' and year-end annual statements to the credit card holders giving
the total amount spent by categorising it, giving a detailed analysis of
the card-spend and letting customers know the services charges and
interest they have paid
Card members will have hospitalistion and educational benefits , competitive interest
rates, tele-ticketing service for both domestic and inernational flights
with special discounts as well as travel emergency assistance and
insurance coverage. and access to AMEX's automated
teller machines.
HDFC Standard Life Insurance, has launched 12 pre-packaged life insurance products positioning them as 'savings' schemes and not as a vehicle to avail tax benefits.These 12 products are "benefits bundled together and part of the bigger package" launched yesterday. The two main products are Endowment Assurance Plan and the Money Back Plan. Both the product offer six pre-designed packages to cater to the saving market. The objective is to enable the customers to choose a product that suits his/her requirements.
Each product contains a range which includes Classic and Value Plan A to E.The Classic product contains the basic benefits, while the Value Plan products have add-ons.
The Endowment Assurance Plan allows for a lumpsum payment to family member in case of the death of the insured person or once the policy matures. The lumpsum includes the basic sum assured along with any other benefits as per the product pick.
In case of the Money Back Plan, there is a payment of a cash lump sum at five year intervals till the end of the term, according to the term taken. On survival up to maturity the lumpsum that will be given will be basic sum assured plus the bonus additions minus the previous lumpsum given.
The Money Back Plan too carry the same benefits as those of Endowment Assurance Plan.
The Housing Development Finance Corporation (HDFC) has launched SURF ( Step Up Repayment Facility) in which the monthly repayment installments of the scheme are designed to grow in proportion to the increase in the repayment capacity of the customer. The loan comes with a flexible interest rate linked to its retail prime lending rate (RPLR). About 50 per cent of loan disbursals at present by HDFC is through the flexible interest rate scheme (PLR related lending schemes).
HDFC BANK is developing with GE Capital Services India (GECSI) "commercial paper-linked
Debentures". The instrument is currently being tested and will be launched for HDFC
Bank's clients at a later date. According to the bank, the instrument is expected to reduce interest
rate risk of investors by serving as a hedge against short-term interest
rate volatility. It is also expected to broaden the debt market by
introducing a benchmark for issuance of floating rate debentures.
The debentures, with a face value of
Rs 1 crore each, have a tenor of 12 months with a put and call option at
the end of three, six and nine months. The interest rate on the
debentures will be a daily average of the Reuters three-month CP
reference rate, plus 25 basis points. The Reuters three-month reference rate is an average of primary market
quotes contributed by 18 banks, primary dealers and corporates, of which
14 are called on random basis.
Citizen Credit Co-operative Bank and National Insurance Company (NIC) have jointly launched a medical
insurance product.
Scheme is `different' from traditional
mediclaim insurance in that the beneficiary gets up to 90 per cent of
the insurance claim upfront, and immediately upon intimation of the
medical emergency.
Another advantage the scheme offers is that after the first year of the
policy, it covers pre-existing diseases too. To get this benefit, the
person taking out the policy has to declare it at the time of joining
the scheme.
The scheme costs Rs 250 per year per member for insurance cover up to Rs
1 lakh. Higher covers get charged at an additional rate of Rs 2.50 per
Rs 1,000.
The cover includes complete reimbursement of hospital bills, including
surgical expenses, diagnostics and medication without any restrictions
on choice of hospitals.
MTV India and Citibank have launched a co-branded international credit card. This card will be targeted at the emerging youth segment in recognition of their lifestyles and interests.The card will provide the subscribers preferential rates on their favourite music, MTV style clothes and other party accessories. The card will also enable the card holder to gain exclusive entry to MTV events and gigs. The fun would be coupled with special offers at educational centres and the card holder would receive regular tips on ways to manage finance.
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NOTE:
we have earlier featured new products launched by: State Bank of India, Allahabad Bank, Dena Bank, IDBI Bank, Deutsche Bank, Standard Chartered Bank, HSBC, Indian Bank, Syndicate Bank, HDFC Bank, Citi Bank, AMEX, ANZ Grindlays, BNP, ICICI Bank, Bank of Baroda, Commerz Bank, Federal Bank, PNB, PSB, SBH, IndusInd etc.
.........To read about the major banking products introduced during the Year 2000, contact us for "Banknet Special 2000" click here
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