Axis Bank unveils ‘Mohur Silver Bars’

The Mohur silver bars carry a 99.99% purity Assay certification.

Axis Bank, India's has launched Mohur Silver Bars. According to the Bank, Mohur Silver Bars are 24 carat and are imported from PAMP (Produits Artistiques Metaux Precieux) Switzerland. The bars carry a 99.99% purity Assay certification. In order to ensure zero damages, the Bank said, these silver bars are packaged in a tamper proof cover.

In the launch phase Axis Bank will offer Mohur Silver Bars in 100gm denomination at its branches in major cities of Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad and Ahmedabad. Subsequently, other cities will also be covered.  The rectangular Silver Bars can be purchased by all Axis Bank /non-Axis Bank customers either by Cash, Credit/Debit Card or through Account debit.

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RBI raises bank rate to 9.5% for urban co-op banks

“It has been decided that with effect from the close of business of 13 February 2012, the bank rate (for UCBs) will stand increased by 350 basis points, from 6% per annum to 9.50% per annum," RBI said in a notification.

The Reserve Bank has hiked bank rate for Primary (urban) Co-operative Banks (UCBs) by 3.5% to 9.5% with effect from 13 February 2012.

"...It is determined that the bank rate should normally stay aligned to the MSF (marginal standing facility) rate.
 
"Accordingly, it has been decided that with effect from the close of business of 13 February 2012, the bank rate (for UCBs) will stand increased by 350 basis points, from 6% per annum to 9.50% per annum," RBI said in a notification.

As the bank rate is a discount rate, "it should technically be higher than the policy repo rate," said a notification issued to CEOs of all Primary (Urban) Co-operative Banks.

The RBI repo rate currently stands at 8.5% while reverse repo rate is at 7.5%. Bank rate is the standard rate at which the Reserve Bank buys or re-discounts bills of exchange or other commercial paper. It is used as a penal rate which the banks have to pay for their failure to meet the mandatory Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR).

Earlier on 13 February 2012, RBI had increased the bank rate for all scheduled commercial banks to 9.5% from 6%, after a gap of nine years. The bank rate has been kept unchanged at 6% since April 2003.

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RBI: Banks to develop unique customer identification

The unique customer identification in the banking system is highly essential as banks have limited knowledge on borrowers’ credit histories

At a seminar organised by the Credit Information Bureau (India) Ltd on 7th March, the Reserve Bank of India (RBI) has asked banks to develop a unique system of customer identification across the banking system. The system could be used by all banks while evaluating loan proposals.

According to RBI, the unique customer identification in the banking system is highly essential as banks have limited knowledge on borrowers’ credit histories.
Some banks have already started the process, however the system is not present across the banking system, that is, on a shared database. The RBI stated that the system would solve the issues of the multiple lending model, one in which a customer can avail loans from more than one bank. RBI had asked banks to share information with each other and obtain declarations from borrowers about all loan facilities availed of by them, however this was not followed. According to RBI, the unique identification should eventually graduate to a legal entity. The central bank’s financial stability board had backed the idea and the G-20 also favoured it.

RBI said it expected banks to use credit bureau information not just for retail borrowers, but for corporate houses as well.

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COMMENTS

Hajare arvind

5 years ago

plese new bank opening information ?

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