New private sector banks growing faster than the industry (The Hindu Business Line 26th Dec 2007)The country’s newly licensed private sector banks’ business has, in recent years, grown nearly twice (1.75 times) as fast as that of the banking industry as a whole. This is revealed by an analysis of the data from the RBI publication (Trends and Progress of Banking in India) on deposits and advances mobilised by the industry between 2001-02 and 2006-07. Growth rate
The banking industry’s business grew from Rs 18.51 lakh crore as of March 2002 to Rs 46.19 lakh crore by March 2007. The annual growth rate calculated on a compounded basis worked out to roughly 20 per cent.In contrast, the new private sector banks registered a growth of roughly 35 per cent per annum, having grown from Rs 1.64 lakh crore to Rs 7.36 crore during the same period. More
PSU banks see need for hiring specialists(The Hindu Business Line 26th Dec 2007) Faced with stiff competition from new generation private sector institutions, the public sector banks are increasingly looking towards specialists to man different positions right from the bottom of the pyramid.
The traditional recruitment method of filling the clerical positions through a common test for all graduates (generalists in banker’s terminology) is unable to cater to the operational needs of many a bank, according to top officials.
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The rupee on a roll(The Hindu Business Line 26th Dec 2007) This year was an eventful one for the rupee. The Indian currency advanced against the dollar despite galloping global oil prices.
Against the dollar, the rupee advanced 12.5 per cent during the year. Against the euro, another currency preferred for invoicing, the rupee has remained steady from April this year. But the euro is also losing flavour among domestic exporters in view of a possible depreciation. More
Insurance sector to grow to Rs2,000 bn by 2010: Assocham (Live mint.com 26th Dec 2007) India’s insurance sector business is likely to grow by over 200% and reach a size of Rs2000 billion by 2009-10. Private sector insurance business is expected to achieve a growth rate of 140% as a result of aggressive marketing technique against 35-40% of state owned insurance companies growth rate.
According to an Assocham report, ‘Insurance in next two years’, the last few years have seen the insurance sector grow by CAGR of around 175% and the trend will gain further ground as the insurance sector’s size crosses the estimated Rs500 billion figure. More
RBI moots free inter-ATM use(Business Standard 26th Dec 2007)
The Reserve Bank of India (RBI) today suggested that customers of one bank be allowed free use of ATMs of other banks, including for cash withdrawal, from April 1, 2009. The RBI move has made banks with large ATM networks cry foul.
In a draft approach paper on ATMs of Banks: Fair Pricing and Enhanced Access, RBI said the use of ATMs of own banks for any purpose and of other bank ATMs for balance enquiries should be free of cost, with immediate effect. More
The banking industry’s business grew from Rs 18.51 lakh crore as of March 2002 to Rs 46.19 lakh crore by March 2007. The annual growth rate calculated on a compounded basis worked out to roughly 20 per cent.In contrast, the new private sector banks registered a growth of roughly 35 per cent per annum, having grown from Rs 1.64 lakh crore to Rs 7.36 crore during the same period. More
PSU banks see need for hiring specialists(The Hindu Business Line 26th Dec 2007) Faced with stiff competition from new generation private sector institutions, the public sector banks are increasingly looking towards specialists to man different positions right from the bottom of the pyramid.
The traditional recruitment method of filling the clerical positions through a common test for all graduates (generalists in banker’s terminology) is unable to cater to the operational needs of many a bank, according to top officials.
More
The rupee on a roll(The Hindu Business Line 26th Dec 2007) This year was an eventful one for the rupee. The Indian currency advanced against the dollar despite galloping global oil prices.
Against the dollar, the rupee advanced 12.5 per cent during the year. Against the euro, another currency preferred for invoicing, the rupee has remained steady from April this year. But the euro is also losing flavour among domestic exporters in view of a possible depreciation. More
Insurance sector to grow to Rs2,000 bn by 2010: Assocham (Live mint.com 26th Dec 2007) India’s insurance sector business is likely to grow by over 200% and reach a size of Rs2000 billion by 2009-10. Private sector insurance business is expected to achieve a growth rate of 140% as a result of aggressive marketing technique against 35-40% of state owned insurance companies growth rate.
According to an Assocham report, ‘Insurance in next two years’, the last few years have seen the insurance sector grow by CAGR of around 175% and the trend will gain further ground as the insurance sector’s size crosses the estimated Rs500 billion figure. More
RBI moots free inter-ATM use(Business Standard 26th Dec 2007)
The Reserve Bank of India (RBI) today suggested that customers of one bank be allowed free use of ATMs of other banks, including for cash withdrawal, from April 1, 2009. The RBI move has made banks with large ATM networks cry foul.
In a draft approach paper on ATMs of Banks: Fair Pricing and Enhanced Access, RBI said the use of ATMs of own banks for any purpose and of other bank ATMs for balance enquiries should be free of cost, with immediate effect. More
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