BoB to open dozen branches overseas in 6 months

Overseas operations constitute 24-25% of the bank’s total business, BoB CMD MD Mallya said

Bank of Baroda (BoB) plans to expand its international operations by opening more than a dozen branches and representative offices overseas in six months, chairman and managing director MD Mallya said. At present, the bank has 87 branches and offices spread across 25 countries and this number is expected to touch 100 by June-July, Mr Mallya told reporters. Overseas operations constitute 24-25% of the bank's total business.

“Asset quality of international operations is very strong,” he said.

BoB will open branches in Kuala Lumpur (Malaysia), Surinam, Uganda, Tanzania and Botswana and couple more branches in New Zealand and the UAE, while its representative office in Australia will be converted into a branch, Mr Mallya said. He also said the government of India plans to infuse Rs775 crore into the bank to raise its holding from 57% to 58% by March-end.

Asked if the rising non-performing assets of Indian banks are a matter of concern, Mr Mallya, who is also chairman of the Indian Banks’ Association, said “stress and pain points” are anticipated, but the Indian banking system is strong and resilient enough to manage and absorb such bad loans.

He earlier opened the bank’s Brigade Road premises, where its retail and SME loan factories, along with corporate financial services and MG Road branches, were moved.

The bank will soon set up a mid-corporate branch in the new premises to help existing and potential entrepreneurs. This branch would finance business entities with an annual sales turnover of Rs150 crore to Rs500 crore.

The bank has 71 branches in Karnataka and this number is expected to cross 100 in a year or so, Mr Mallya added.

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Delhi Metro to bring automatic recharge facility for smart cards

The Delhi Metro system is aimed at not only reducing cash transactions at the ticket counters, but also help commuters to avoid long queues for the recharge of their cards.

Soon Delhi Metro commuters will be able to avoid standing in the queue for recharging their smart cards with authorities planning to introduce refilling facility at the automatic fare collection gates. As part of its efforts to provide cashless transactions to commuters, the Delhi Metro is also mulling to allow recharge of smart cards through net banking and credit and debit cards.

To reduce the queue at stations and to allow free movement, the Delhi Metro is procuring AFC gates with new technologies which will have the capacity of automatic top-up of smart cards through the bank accounts of card holders via electronic clearance system (ECS).

“By availing this facility, when the balance of a smart card goes down to the pre-defined value or the minimum amount, the specific AFC gates will add pre-defined amount into the card automatically,” Delhi Metro spokesman Anuj Dayal said. He said the deducted amount will be collected from the card holder’s bank account by the Metro fare collection system.

This system is aimed at not only reducing cash transactions at the ticket counters, but also help commuters to avoid long queues for the recharge of their cards. On the recharge of smart card through credit and debit cards, Mr Dayal said a new technology is being developed to provide Delhi Metro commuters this facility.

“The Delhi Metro is currently working on the finalisation of the technologies which will be used for this facility. It is expected that this facility will be made available to the commuters in another seven to eight months,” he said.

At present, tokens and smart cards can be purchased or recharged only by paying cash at the specified counters, machines or customer care centres at Metro stations.

More than 61 lakh Metro Smart cards have been sold since the Metro came into existence nine years ago and about 12,000 smart cards are being sold each day from the Metro stations.

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vivek

5 years ago

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TRAI asks operators to update subscribers about tariff plans

TRAI has directed operators to provide tariff plans in the prescribed formats at the customer care centres, points of sale and retail outlets as well as on their website. Any changes in the tariff plans should be updated on the website of the company and at customer care centres

New Delhi: Telecom operators have been asked to update their subscribers on a regular basis about tariff plans which should also be in prescribed formats for easy comparison, reports PTI.

The Telecom Regulatory Authority of India (TRAI) has also asked operators to provide tariff plans for pre-paid and post-paid subscribers in separate formats.

“These formats shall contain all the tariff plans offered by the telecom access service provider in a service area covering all tariff items along with tariff for the same in tabular formats at one place for facilitating easy comparison across tariff plans,” TRAI’s directive said.

TRAI has directed operators to provide tariff plans in the prescribed formats at the customer care centres, points of sale and retail outlets as well as on their website.

Any changes in the tariff plans should be updated on the website of the company and at customer care centres.

Operators will also have to provide the updated tariff plans on every seventh day of January, April, July and October at their points of sale and retail outlets.

Tariff plans should also be published in prescribed formats in at least one regional language and one English newspaper at an interval not more than six months.

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