State Bank of Bikaner and Jaipur (SBBJ) may witness a marginal 0.10% drop in its net interest margin during the third quarter, a top official said. We cut our base rate to 10.25% during the quarter, ahead of many other banks, and there was no climb down in deposit rates which will affect our margins, said State Bank of Bikaner and Jaipur managing director Shiva Kumar. He said the banks net interest margin (NIM), the difference between the interest earned and expended, stood at 3.9% in September quarter and could drop by 0.10% in Q3.
EPF rate meeting deferred to Feb 15
The meeting of central board of trustees to decide on the employees provident fund (EPF) rate for 2012-13 has been deferred to February from the earlier schedule of Jan 15. The delay comes amid speculation that Employees' Provident Fund Organisation was under pressure to raise the EPF rate to 8.5-9% for 2012-13 from the current 8.25%, to keep pace with public provident fund and bank fixed deposit rates even though it may not have accumulated enough surplus.
J&K Bank gives R85-cr cheques to J&K govt
Jammu and Kashmir Bank presented R85.34 crore dividends to the state government which is the major share holder of the bank. Bank's chairman Mushtaq Ahmad, on Thursday, presented two cheques worth over R85.34 crore to chief minister Omar Abdullah as dividends to the state government, which holds about 53% shares in the J&K Bank, official spokesman said here.
Use account in other banks for ASBA: Sebi
Market regulator Sebi on Thursday asked the banks providing ASBA (Application Supported by Blocked Amount) facility for public offers to use their accounts in other registered banks while making their own applications. The ASBA facility allows the application money to remain blocked in the applicant's bank account till the time the shares are actually allotted in the public offers and the banks seeking to provide these facilities need to first get registered with Sebi (Securities and Exchange Board of India).
ECS drives SBI ATM network expansion
ElectraCard Services, a leading electronic payments solution provider, announced accomplishment of a milestone with State Bank of India with over 10,000 ATMs and Kiosks and processing of 10 million transactions on a single day on electra platform. SBI, with the largest ATM network in India, had selected ElectraCard Services' electra payment platform to strengthen and support its plans to significantly grow its ATM and debit card base. The SBI has plans to increase its network to 60,000 ATMs in future, and has over 50 million debit cards on electra platform, making it the largest payments EFT switch installation in the world. The bank is rolling out all new cards and ATMs on electra platform.