Franklin Templeton MF launches Corporate Bond Opportunities Fund

Franklin Templeton MF new issue closes on 29th November

Franklin Templeton Mutual Fund has launched Templeton India Corporate Bond Opportunities Fund, an open-ended income scheme.

The investment objective of the scheme seeks to provide regular income and capital appreciation through a focus on corporate securities. The new issue closes on 29th November and reopens on 8 December 2011. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Umesh Sharma and Sachin Padwal-Desai are the fund managers.

User

SBI, MoneyGram tie up to provide cash remittances facility

According to the SBI, cash remittances facility will be provided in 100 branches of the banks in Chennai and Mumbai

State Bank of India (SBI) has tied-up with money transfer agency MoneyGram to provide in-bound cash remittances facility.

According to the SBI, the facility will be provided in 100 branches of the banks in Chennai and Mumbai. Under the facility, a non-resident Indian (NRI) can deposit money in any of the 0.25 million locations across the globe or online which can be availed by his relative in the 100 branches. SBI already has a tie-up with Western Union Money Transfer available across its network and is targeting to scale up MoneyGram to all of its 13,000 branches in two years.

To receive a money transfer, Indian nationals simply have to show a secure passcode of the transaction, along with a valid photo-identification and proof of residency. Per RBI guidelines, Indian nationals can draw up to Rs50,000 in cash immediately. Transactions above Rs50,000 are given in the form of a cheque. Foreign nationals can withdraw cash up to the equivalent of $2,500 after producing a valid passport and visa.

User

Defaulting industrialists list is already there buried on CIBIL site

The CIC through an order asked the RBI to publish list of top 100 defaulter industrialists. However, fearing backlash from judiciary, the central bank had handed over the job to publish list of defaulters against whom a suit has been filed to CIBIL

The Central Information Commission (CIC) has asked the Reserve Bank of India (RBI) to publish names and other details of top 100 industrialists of the country who have defaulted on loans from public sector banks. Central information commissioner Shailesh Gandhi told the apex bank to post complete information as part of suo-motu disclosure before December end on RBI's website.

Interestingly the RBI, till few years ago, used to publish the list on its site. However, following allegations of circumvention in the judiciary process and legislative supervision, the central bank handed over the task to Credit Information Bureau of India (CIBIL). RBI, in 2004 authorised the credit bureau to publish list of defaulters of Rs1 crore and above and provide details of wilful defaulters of Rs25 lakh and above, against whom suits have been filed.

CIBIL has been publishing the list of defaulters (http://suit.cibil.com/) against whom a suit has been filed, however, for a common person it is a big task to dig out specific information. Also, there is more information available on the lenders than those of defaulters.

Last year, RBI issued a master circular with all its instructions and directions against defaulters. This was issued with a view of providing credit information of wilful defaulters to banks which would help the lenders in denying further loans.

Replying to a Right to Information (RTI) application filed by Panipat-based PP Kapoor, the central bank said making the information (about defaulters) public is in fiduciary capacity and disclosing it would adversely affect economic interest of the state. Mr Kapoor had sought to know from the RBI the details of default in loans taken from public sector banks by various industrialists besides list of defaulters, top 100 defaulters, name of the businessman, address, firm name, principal amount, and interest amount, date of default and date of availing loan.

The CIC Mr Gandhi, while admitting that the information is fiduciary in nature said that such exemption does not stand when there is a larger public interest in the disclosure. “This (disclosure) could lead to safeguarding the economic and moral interests of the nation. The commission is convinced that the benefits accruing to the economic and moral fibre of the country far outweigh any damage to the fiduciary relationship of bankers and their customers if the details of the top defaulters are disclosed,” he said.

The CIC also said that while the RBI is sharing the information with CIBIL, it is difficult to understand their reluctance to share the same information with citizens under the RTI.

“In fact, information about industrialists who are loan defaulters of the country may put pressure on such persons to pay their dues. This would have the impact of alerting citizens about those who are defaulting in payments and could also have some impact in shaming them,” Mr Gandhi said in his order.

User

COMMENTS

Java

5 years ago

RBI's intent seems to be to make it extremely difficult for anyone to get the information. The CIBIL site does not allow the whole picture to emerge easily esp of directors involved in different companies.

REPLY

malq

In Reply to Java 5 years ago

Using the link in the message below, you can search by director's name also, but agreed - it could have been much simpler.

Why is CanBank Factor such a major apparent loser in this business? And who are all these people who've managed to salt away thousands of crores - and no track of their companies . . .

malq

5 years ago

Thank you for this, very interesting, and even deeper within the CIBIL website, you can search by name of Director or Company itself over here:-

http://suit.cibil.com/WSuitFiled.asp?Sel...

Agreed, CIBIL could have made this more user friendly, but it is a good tool. Maybe a shortlist of those over 10000 lakhs (100 crores), for example, could be co-published?

As an example, outstanding in lakhs:-:-

Andhra Pradesh:-

WISDOM STEEL TECH PRIVATE LIMITED 7,836,000.00
NIPPY CHEMICALS 2,606,000.00
UNITED ENTERPRISES 2,558,000.00

+++

Maharashtra:-

HIGHWAY CARGO CARRIERS 7,707,000.00
REPRO INDIA LIMITED 6,662,000.00
HARVEST INTERNATIONAL CORPORATION 5,668,149.00
LAXMI DRY CLEANERS 5,596,000.00
WEILER INTERNATIONAL ELECTRONICS PRIVATE LIMITED 5,574,000.00
INTERNATIONAL HOMETEX LIMITED 4,574,000.00
SPICER SALES CORPORATION 3,551,000.00
TIMELINE COMPUTERS PRIVATE LIMITED 711,000.00
VIBGYOR PAINTS PRIVATE LIMITED 32,000.00
PAREKH PLATINUM LIMITED 28,322.01
TAURUS EARTHMOVERS LIMITED 13,043.00
ROOFIT INDUSTRIES LIMITED 12,422.00
NIRU IMPEX 11,317.00

++++

Delhi:-

RATHI ISPAT LIMITED 10,927.44

++++

Uttar Pradesh:-

RAZA TEXTILES LIMITED 24,016.12
TRIMURTI FERTILIZERS LIMITED 11,301.69
MISHRA CARPET PALACE 10,149.68

+++++



We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)