The government has nominated Sudha Krishnan, who is joint secretary in the expenditure department, as its nominee director on the board of Canara Bank. "...the government, nominated Sudha Krishnan, joint secretary, Department of Expenditure, as government nominee director on the board of directors of Canara Bank with immediate effect and until further orders," Canara Bank said in a filing to the BSE. Krishnan would replace Thomas Mathew of the Department of Financial Services, Ministry of Finance, it added.
RCAM unveils portfolio SIP
Reliance Capital Asset Management (RCAM) launched Portfolio SIP (Systematic Investment Plan) on Tuesday. Portfolio SIP is first-of-kind comprehensive investment facility that will provide an opportunity for retail customers to invest systematically in multiple RMF schemes. RCAM Customers can choose and invest in desired set of RMF schemes at their convenient frequency (monthly or quarterly). Investors can choose to invest across all the asset classes-equity, debt or gold. Through this mode, investors can enter into disciplined approach which not only eliminates the risk of timing the market but also reduces the risk of market volatility and at the same time leverage the benefit of investing in multiple schemes with single payment, said Sundeep Sikka, RCAM CEO.
HDFC Bank starts Hindi M-banking
Targeting 560-million Hindi-speaking population, the second largest private sector lender HDFC Bank today launched a mobile banking application in the national language. Mobile banking services is part of the bank's overall strategy to use convergent communication platform to engage with customers, senior executive vice-president for Direct Banking Channels and Premier Banking Birendra Sahu said. Today 82% of all customer-initiated transactions happen on electronic channels, he said, adding the bank has launched mobile banking solutions ranging from SMS banking, browser-based and application-based applications for smartphones.