Applications for Exim Bank CMD

CURRENT AFFAIR july2013

Bollywood’s Cop Jagdish Raj passed away

Jagdish Raj (85), a noted veteran actor passed away. Raj had the record of playing a police officer 144 times in various Bollywood films. He was an ideal police officer for generations in Indian films.

About Jagdish Raj – The Bollywood’s Cop:

Born on 1928 in Sargodha, Pakistan. Acted in films from 1960 till retirement in 1992. He was best known for being cast a record 144 times as a police officer. Some of his popular movies include “Deewar”, “Don”, “Shakti”, “Mazdoor”, “Imaan Dharam”, “Gopichand Jasoos”, “Silsila”, “Aaina” and “Besharam“.

Indian Bank to set up 9 more branches in Vizag zone

Indian Bank is setting up nine more branches in the Visakhapatnam zone and is also focussing on financial inclusion to take banking services to villages, according to Chief Manager M. Sudhakar Reddy.

He said here on Sunday that the bank was adding nine more branches to the existing 62 in the zone covering Srikakulam, Vizianagaram, Visakhapatnam, East Godavari and West Godavari districts.

Branches would be opened at Gopalapatnam in the city, Chitrada near Kakinada and at Tantikonda near Gokavaram in East Godavari before September.

“We are opening branches at Anandapuram near Vizag and Penumantra near Tanuku (West Godavari), and also at Rajahmundry, Sarpavaram, Draksharamam and Jaggampeta in East Godavari. These branches would be set up before the end of the financial year,” he said.

Sudhakar Reddy said the bank was setting up 52 ultra small branches in villages with population above 2,000 and business correspondents in 153 villages with population below 2,000. The bank has advances of Rs 2,500 crore and deposits of Rs 2,300 crore in the zone.

Applications for Exim Bank CMD

 

 

 

The Finance Ministry has invited applications for the post of Chairman and Managing Director of Exim Bank of India.

The candidates should be suitably qualified and experienced and not more than 55 years of age, as on December 1, 2013, the Finance Ministry has said.

Applicants will be screened and shortlisted by a screening committee, whose decision will be final. The Exim Bank CMD shall hold office for a term up to five years from the date on which he assumes his office or until he attains 60 years, whichever is earlier.

Besides experience of at least two years as wholetime directors in the financial sector with sufficient experience in financing of international trade, the applicant should have experience of institutional development in financial, banking, services sector or a public sector undertaking.

Muthoot Finance plans NCD issue

 

 

  

Gold loan company Muthoot Finance Ltd plans to tap the market with a public issue of non-convertible debentures (NCDs), its Managing Director, George Alexander Muthoot, said.

“We are going to soon file the papers (with the regulator) for this issue. The actual amount to be raised has not been decided as yet,” Muthoot told Business Line. The issue may take place in the next 10 days, he indicated.

For Muthoot Finance, this will be the fifth NCD issue. The company had already come up with four listed NCD issues in recent years.

Muthoot, however, pointed out that the company was comfortable on the capital front and there was no urgent requirement for funds.

The company is eyeing a 10 per cent increase in assets under management this fiscal, he added.

HDFC Bank to open more branches in rural areas

HDFC Bank will be focusing on having a greater number of new branches in the semi-urban and rural areas, and is targeting to take the total proportion of such outlets to 60 per cent in three years, according to a top official.

“In the next three to four years, the number of semi-urban and rural branches will go up till 60 per cent from the present 54 per cent,” HDFC Bank Executive Director Paresh Sukthankar told PTI in an interaction.

He said around 80 per cent of the approximately 300 new branches which the bank will be opening this year will be in such areas.

It can be noted that due to the excessive concentration of banking in the urban areas, and the neglect of the un-banked or the under-banked areas thereof, the regulator has asked banks to open a fourth of their new branches in such areas. The stipulation applies even for the new banks.

Sukthankar said apart from meeting the regulatory requirements on the number of branches and contributing to its priority sector lending requirements.

With a newer set of banks expected to enter business, it will also help in securing better customers, he said.

When asked about the costs associated with such a move and if this focus will hurt the operations cost, Sukthankar said that the cost of opening such branches is lower than that in the city.

Unlike other banks, which enter such areas with offering only a few products, HDFC Bank goes with its entire bouquet of products which helps it increase the income and fees from a particular branch, he said.

The rural branches will also help the bank in its sustainable livelihoods banking initiative, wherein it gives micro credit to skilled people, trains them in a discipline and also marketing the goods, he said.