Fidelity Mutual Fund unveils 366 days fixed maturity plan

Fidelity Mutual Fund new issue closes on 28th March

Fidelity Mutual Fund has launched Fidelity Fixed Maturity Plan Series V-Plan F, a close-ended income scheme.

The investment objective of the scheme is to seek to generate reasonable returns and reduce interest rate volatility primarily through investment in money market and short to mid term debt instruments having maturity, on or before the date of maturity of a plan. The tenure of Plan F shall be 366 days.

The new issue closes on 28th March. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Shriram Ramanathan and Mahesh Chhabria (assistant fund manager) are the fund managers.


StanChart launches SME banking world debit card

Standard Chartered Bank has launched its SME Banking World Debit Card, a cash management tool that provides convenience, savings and relationship rewards for small and medium enterprise customers

Standard Chartered Bank said that it has launched its SME Banking World Debit Card, a cash management tool that provides convenience, savings and relationship rewards for small and medium enterprise (SME) customers.

This debit card is available to all SME customers having a transactional account with the bank.

"The card is a feature of Standard Chartered's strengthened SME Banking offering launched last year," a press release stated.
The Standard Chartered SME Banking World Debit Card, designed to cater the specific needs of SMEs, has the feature of being a first-to-market proposition of enabling different limits for different cardholders, thus mitigating the risk due to multiple cards.

The other feature is that a debit card for each account signatory is now possible, thus enabling greater convenience and flexibility in transacting, the release said.

It also a high daily cash withdrawal and spending limit of up to a maximum of Rs5 lakh to support business spends, which the bank said is the highest in the market. The card also provides international access with global payments at over 30 million establishments and cash withdrawal from more than 1 million ATMs worldwide.

Card holders also get to enjoy complimentary privileges, including Kingfisher Airlines King Club membership, Accor Hotel offers, Hertz Club membership, MasterCard Moments (exclusive offers for spas, golf, wine clubs and tours) and a host of other local privileges pertaining to travel, stay, business solutions, communications and office support, which would be of utmost benefit to SME customers, the release said.

"The strengthened SME banking offering aims to seamlessly meet the evolving financial needs of India's fast growing SMEs and power their aspirations for growth in the Indian and international markets," Standard Chartered Bank SME Banking India general manager Rakesh Singh said.

Standard Chartered's strengthened SME Banking offering is based on customer-research and aims to provide a comprehensive suite of solutions to cater to the evolving needs of SMEs. It offers one-stop-banking solutions to enterprises and their owners by leveraging the strengths of the bank's consumer and wholesale banking businesses, the release said.


Banking licence draft guidelines by end of this month: Govt

The finance ministry will have a look at the draft guidelines for giving new banking licences, which would be announced by the RBI in a few days, and invite comments before the final norms are notified

New Delhi: The Reserve Bank of India (RBI) will announce draft guidelines for giving new banking licences in the next few days, reports PTI quoting the finance ministry.

"RBI will come up with the guidelines by the end of this month," Department of Economic Affairs secretary R Gopalan told reporters on the sidelines of a CII function.

He further said the finance ministry would have a look at the draft guidelines and comments would be invited before the final guidelines were notified.

In the Budget 2011-12, finance minister Pranab Mukherjee had said the RBI plans to issue guidelines for the grant of new banking licences before the close of this financial year.

In the last budget, it was announced that the RBI would consider giving traditional banking licences to private sector players, he had said.

Following the announcement made by the finance minister, the central bank had brought out a discussion paper in August 2010, on giving out new banking licenses to business houses and non-banking finance companies, besides regulations for the same to foster greater competition.

The RBI also sought to know "whether industrial and business houses could be allowed to promote banks." Furthermore, it sought stakeholders' views on whether NBFCs should be allowed to convert into or promote banks.

The RBI has received comments on its discussion paper from all stakeholders.

Various entities like Reliance Capital, Indiabulls, Religare, IL&FS, IDFC, IFCI and Aditya Birla Financial Services are reported to be mulling an entry into the banking space.

At present, India has 26 public sector banks, seven new private sector banks, 15 old private sector banks, 31 foreign banks, 86 regional rural banks, four local area banks, 1,721 urban cooperative banks, 31 state cooperative banks and 371 district central cooperative banks.


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