IDBI Mutual Fund floats Gold Exchange Traded Fund

IDBI Mutual Fund’s open ended Gold Exchange Traded Scheme closes 2nd November

IDBI Mutual Fund has launched IDBI Gold Exchange Traded Fund, an open ended Gold Exchange Traded Scheme.

The investment objective of the scheme is to invest in physical Gold and Gold related instruments with the objective to replicate the performance of gold in domestic prices. The ETF will adopt a passive investment strategy and will seek to achieve the investment objective by minimizing the tracking error between the Fund and the underlying asset. The scheme will invest 95% to 100% of assets in gold and gold related instruments and up to 5% of assets in debt and money market instruments.

The new issue closes on 2 November 2011. The minimum investment amount is Rs10,000.The domestic price of physical gold is the benchmark index. Gautam Kaul is the fund manager.

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SBI launches NRI services in UAE

SBI is helping thousands of Indians in the UAE who transact business regularly to their home country

Strengthening its presence in Gulf region, State Bank of India (SBI) is launching a range of services for non-resident Indians in the UAE, including opening of NRI accounts, a senior bank official said.

"These services include opening of NRI accounts. The bank would retain its focus on corporate products, trade finance and consolidate its operations from the Dubai International Finance Centre," SBI's DIFC branch CEO Debajyoti Ray Chaudhuri said.

SBI, which has a big branch network in India, is helping thousands of Indians in the UAE who transact business regularly to their home country. SBI's Dubai office was set up in 2007 in the DIFC under licence from the Dubai Financial Services Authority. The licence was upgraded in 2009, allowing the bank to expand its operations. According to Chaudhuri, the bank will be able to provide all facilities that a representative office can extend in the UAE.

"SBI has presence in Bahrain and Oman with full banking licences. Its operations in Saudi Arabia have already commenced, with a branch in Jeddah. Its office in the Qatar Financial Centre is likely to start operations very shortly," he said.

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COMMENTS

hardeep

5 years ago

Nice Info. I think It helps people to think about the Dreams Homes

State Bank of Patiala launches SMS ‘unhappy’ service

If you are unhappy with the service of State Bank of Patiala, you can just send an SMS to vent your grievance and hope it would be redressed

The State Bank of Patiala has launched a new service for customers whereby they can send an SMS mentioning 'unhappy' about banking service to senior officers for redressal of their grievances. The SMS can be sent to mobile no 9779933333.
The complaints will be tracked to their logical conclusion by senior functionaries of the Bank, a senior official of the bank said.

He said the Bank has also launched Aadhaar enrolment for Punjab. The 'Aadhaar' numbers will serve as a proof of identity and address anywhere in India. State Bank of Patiala is the national registrar for enrolling of Aadhaar number under the UID project of Centre. The Bank will collect the demographic, biometric data and other allotted work as per the guidelines of UIDAI.

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COMMENTS

OM VEER

5 years ago

Thank's

jatinder kumar

5 years ago

bast service

OM VEER

5 years ago

SMS

manish

5 years ago

bakwass unhappy service

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