Having its own commercial bank will allow Alibaba greater control over many of its key services, including online payment and wealth management products
China’s e-commerce giant Alibaba, which completed the world’s largest ever initial public offering (IPO) this month, has won approval from Chinese authorities to establish a private bank as it diversifies into financial services.
Alibaba, through its subsidiary Zhejiang Ant Small and Micro Financial Services Group Co, will hold 30% of share capital of the new bank, the China Banking Regulatory Commission said.
Having its own commercial bank will allow Alibaba greater control over many of its key services, including online payment and wealth management products.
Alibaba is the latest company outside the financial sphere to win approval to start a bank in China. Beijing hopes private banks will help in its drive to open up the economy to more competition and get private capital to more parts of the economy.
Alibaba completed the biggest initial public offering ever this month by selling $25 billion of stock to investors keen to tap into the world’s biggest pool of Internet users.
Shanghai JuneYao Group, the parent of Juneyao Airlines, also received regulatory approval to set up its own bank and will own a 30% stake.
The CBRC made public in March to create five privately owned banks focused on smaller businesses that have limited access to credit.
On 25th July, the CBRC approved the establishment of three private banks, including Webank, funded by Chinese Internet giant Tencent.
Currently, China has only one private bank in service, China Minsheng Bank, which was founded in 1996 in Beijing.
Minsheng, listed in both Shanghai and Hong Kong, is the country’s first national bank founded by private capital.
Kavita Karkare, wife of slain ATS Chief Hemant Karkare, who was killed in the 26/11 terror attack, was a saviour to widows of constables as she took up their causes and fought for justice by visiting Mantralaya corridors
Kavita Karkare, wife of slain Anti-Terrorist Squad (ATS) Chief of Maharashtra, Hemant Karkare, passed away on Monday afternoon. She suffered brain hemorrhage after she collapsed, while having breakfast on Saturday morning. She slipped into a coma and was declared brain dead on arrival at the hospital. She was on artificial ventilation until this afternoon, before breathing her last.
Kavita transformed herself into a crusader for the wives and widows of the police constabulary fraternity; as she fought for their rights, be it their children’s education;
pension or any personal grievances. In fact, she played the role of an elder sister to Vinita Kamte, wife of Additional Commissioner of Police (ACP) Ashok Kamte who was also killed in the 26/11 terror attack along with Karkare and Vijay Salaskar.
Vinita, who is very upset with the news, said, “She (Kavita) gave me the moral courage to go ahead with my investigations of the call log records of the 26/11 attack, which pointed to criminal negligence by the Control Room in not responding to the requests of the three officers on Ground Zero. In fact, she was a friend and crusader for hundreds of wives of police personnel, pro-actively addressing their problems. Kavita helped Tukaram Ombale’s wife and family to get the appropriate pension and other promises that was made to them after Constable Ombale was killed after he caught Ajmal Kasab alive.’’
Kavita Karkare, shed all her inhibitions of having been a wife of a senior police officer and picked up the gauntlet to ensure justice for the wives and widows of constables by knocking at various government offices. She along with Smita Salaskar, wife of encounter specialist Vijay Salaskar, had also approached Congress President Sonia Gandhi to sort out indifference meted out to them by the Mumbai Police and the state government on certain issues.
Kavita had penned a foreword for the best seller book “To the last bullet” penned by Vinita Kamte and co-authored by this writer. Her opening line was, “Being a police officer’s wife, I have always believed that it is a crime to suffer injustice.” She indeed walked the talk.
Kavita was very proud at the guts shown by Vinita and stated, “Vinita Kamte, who, with undaunted tenacity and perseverance uncovered the truth behind the death of her brave husband, Ashok Kamte – and how he fell to terrorists’ bullets on 26/11 - has lived up to this belief (of not suffering injustice.)”
Kavita was very agitated when her husband’s valour was questioned during the 26/11 attack on him by the terrorists, along with Kamte and Salaskar. She had tenaciously pursued the case of `rejected’ bullet proof jackets, one of them which was finally used by her husband, leading to his inability to defend himself from the series of bullets fired on him. Kavita had then said she got her inspiration from Vinita. “It was her (Vinita Kamte’s) courage that gave me the impetus to raise my voice against the sub-standard bullet-proof jackets provided to the police and which Hemant wore on that fateful night.
Would he have been saved if the jacket was of international standards is a question that will haunt me for the rest of my life.’’ However, the state Home Ministry and the Mumbai Police ensured that her campaign met with a feeble end, as they have allegedly covered up the incident. Kavita was most distressed when a section of the media and a top bureaucrat in the Home Ministry belittled her campaign, asking her to go ahead in life.
Thanking Vinita for her investigations, she has stated in her Foreword, “I have always seen my husband’s leadership through the years and was therefore surprised when doubts were raised in this particular incident, wherein he along with Ashok and Mr Salaskar dared to take on terrorists, without support of reinforcement from the Mumbai Police, despite repeated requests by him. For several days, I was being fed with misinformation regarding the death of my husband. It was made to appear that my husband walked into the lane, sat inside a vehicle and was shot dead by terrorists. To Vinita and her twin sister Revati goes the credit of exposing one of the most shameful acts of cover-up attempted by the authorities to dismiss the officers’ bravery as foolhardiness.’”
Kavita leaves behind two daughters and a son. She will be remembered for her compassion and courage. Moneylife salutes her.
Due to holidays during this weekend and early next week, banks have decided to work on 30th September and 1st October
Bank customers across the country can heave a sigh of relief, as there will not be continuous holidays during this and early next week. This week, banks will have holidays only on 2nd and 3rd October, owing to Mahatma Gandhi Jayanti and Dussehra and would function as normal on 30th September and 1st October.
Officials from private and public sector banks told Moneylife that this time, there would be no half-yearly closing. Banks will have holidays only for two days this week and one day next week. According to Reserve Bank of India (RBI), both on 2nd and 3rd October, cheque clearing and Real Time Gross Settlement (RTGS) services would not be available.
Saturday, 4th October, is half-working day and due to two consecutive days of holidays, there would be huge rush in banks across the country. There would two day’s holiday again after Saturday.
On Monday, all banks would remain closed for Bakri Id (Id-ul-Zuha). However, on 6th October, only cheque clearance will not be available and customers with Internet or mobile banking can do transactions, like RTGS online.
Several trader organisations had advised members to complete all their banking transactions looking at the long list of holidays this week. This also means that the branch banking system would be back in full force only on next Tuesday.
According Confederation of All India Traders (CAIT), such a long spell of bank holidays will certainly hamper normal conduct of business operations across the country because during the season sales, traders do lot of purchasing for stocking materials.