Money & Banking
SBBJ opens first Financial Super Market branch in Jaipur

The specialised banking outfit would primarily sell products like insurance, life and general, credit card and mutual fund instead of the traditional products of deposit and loan

Jaipur: The State Bank of Bikaner and Jaipur (SBBJ) on Thursday opened its first Financial Super Market branch in the city, aiming to sell non-standard products like insurance, credit card and mutual fund, reports PTI.

 

"This is a first-of-its-kind financial super market in the country. The focus of the well-equipped specialised banking outfit is primarily on selling products like insurance, life and general, credit card and mutual fund instead of the traditional products of deposit and loan," SBBJ Managing Director Shiva Kumar said.

 

The branch has been opened in a mall at Tonk Road.

 

"Cross selling of non-traditional banking products like insurance and mutual front is gaining momentum across the country and there is a need for specialised outfits to serve the needs of better educated diversifying customers," he said.

 

SBBJ Financial Supermarket will primarily sell and service products of its channel partners like SBI Life, Mutual Fund, SBI General and SBI Card, both across the counters and through electronic means.

 

The Channel partners have stationed their specialists at this Branch.

 

"Banking products are diversifying rapidly and the needs of customers are more varied now.

 

The attempt of SBBJ is an answer to the emerging needs of customers to approach a brick and mortar set up for services and resolution," he added.

 

"Customers desire a location to have the confidence of seeking resolution of any issue. The customer will get this satisfaction with the launch of this Financial Supermarket," Kumar said.

 

He informed that the Supermarket will not only serve the walk-in customers but also provide online and direct support to all its branches and customers across India.

 

"We expect to enhance our other income with the launch of the Financial Supermarket," he said.

User

COMMENTS

Dev Balic

4 years ago

Good to know that the focus of the well-equipped specialized banking outfit is primarily on selling products like insurance.

Should a wilful defaulter be awarded “Padma Shri” by the government?

Can the government give the Padma award to a wilful defaulter, as it came out in the case of Kinetic group chairman Arun Firodia, questions an RTI activist

 
Should a wilful defaulter be awarded “Padma Shri” by the government? This is a question asked by a Right to Information (RTI) activist about a well-known industrialist from Pune, who despite being declared as “wilful defaulter” by several banks, has been awarded the Padma Shri. According to the RTI activist, who does not want to be named, the industrialist in question is Arun Firodia, founder and chairman of the Kinetic Group of companies. Earlier in January 2012, Mr Firodia was awarded Padma Shri from the trade and industry category.
 
Padma Shri (also Padmashree) is the fourth highest civilian award in India and is awarded in recognition of their distinguished contribution in various spheres of activity including the arts, education, industry, literature, science, sports, medicine, social service and public affairs. The selection criteria for the Padma awards, however, has been heavily criticised as many highly deserving people have been left out in order to favour certain individuals.
 
There is a team of nine members for selecting individuals for the Padma awards. The Padma Awards Committee 2012, had cabinet secretary, home secretary, secretary to the president, Pulok Chatterjee, principal secretary to the prime minister, Amal Allana, Dr R Chidambaram, Jamshyd N Godrej, Girish Karnad and Leela Samson as members.
 
According to an RTI reply, the activist received from the ministry of home affairs, before announcing the awards, character and antecedents of all short-listed persons are verified by several intelligence and investigating agencies. It includes, Intelligence Bureau (IB), Central Bureau of Investigation (CBI), Central Board of Direct Taxes (CBDT), Directorate of Revenue Intelligence (DRI), Central Excise Intelligence (CEI), Research and Analysis Wing (RAW) and Securities and Exchange Board of India (SEBI).
 
However, despite all these checks and balances, neither the committee nor the agencies could report Mr Firodia’s bank defaults, the activist alleged. He said, “Despite the fact that several banks have declared Mr Firodia a “wilful defaulter” continuously between 31 March 2005 and 31 March 2012, how his name was  short-listed and forwarded to the PM and the president?"
 
In a report available on the website of Credit Information Bureau (India) or CIBIL, as of 31 March 2012, Mr Firodia's name has been shown associated with Kinetic Finance, Athena Financial Services, along with his daughter Sulajja Firodia Motwani. According to CIBIL data, as of 31st Match, Athena Financial Services has an outstanding of Rs54.60 crore, while Kinetic Finance owes Rs2.76 crore to debtors, mostly banks.

 

Several lenders like Bank of India (Rs8.98 crore), Tamilnad Mercantile Bank (Rs4.15 crore), Bank of Rajasthan (now ICICI Bank- Rs4 crore), Catholic Syrian Bank (Rs2.76 crore), United Western Bank (Rs4.81 crore), Union Bank of India (Rs10.34 crore), State Bank of Hyderabad (Rs4.82 crore), Development Credit Bank (Rs12.55 crore), IDBI Bank (Rs4.81 crore), UTI Mutual Fund (Rs21.67 crore) and Bank of Maharashtra (Rs14.98 crore) have reported Athena Financial Services and Kinetic Finance as wilful defaulters to CIBIL.
 
In 1999, 20th Century Kinetic Finance was set up as a joint venture between 20th Century Finance Corp and Kinetic Engineering. Kinetic, headed by Mr Firodia, bought majority stake in the company and changed its name to Kinetic Fincap. As per a Bombay High Court order dated 18 October 1999, Kinetic Lease & Finance and Kinetic Capital Finance, the two other group companies were merged with Kinetic Fincap and all the merged companies started as Kinetic Finance from 14 Match 2001. Mr Firodia was the chairman while Ms Firodia Motwani was the managing director of the company.
 
Then on 15 April 2004, the company changed its name to Athena Financial Services. Both Mr Firodia and Ms Firodia Motwani also resigned from the board of directors.
 
There are about 23 banks who have given loans to various companies of Mr Firodia, however only five banks, DCB Bank, Lord Krishna Bank (now HDFC Bank), Bank of Rajasthan (ICICI Bank), Jammu & Kashmir Bank and ING Vyasa Bank, have filed a criminal case against the company directors.
 
Moneylife sent a mail to Abhay Nevagi & Associates; counsel for J&K Bank, Bank of Rajasthan, ING Vyasa Bank and DC Bank and also to Adv Nandu Phadke who represented Lord Krishna Bank (now merged with HDFC Bank) in cases against Mr Firodia and his companies. We asked for the current status of court cases, however, till writing the story there was no reply from the lawyers. Similarly, our mails to Mr Firodia and Ms Firodia Motwani remained unanswered till date. 
 

User

COMMENTS

Black Mamba

4 years ago

Public Sector Bank facilitates its reported 'willful defaulter' http://www.bankofmaharashtra.in/press/Bo...

REPLY

Black Mamba

In Reply to Black Mamba 4 years ago

See the news and picture here :
http://www.bankofmaharashtra.in/photo_ga...

Why the Reserve Bank of India has kept its eyes closed to such irregularities of Public Sector Banks in (mis) handling loans ?

Who is the next responsible agency in India, if RBI willfully ignores such blatant irregularities in the operations of Public Sector Banks ?

I am sure there are enough knowledgeable people visiting and managing this forum, who can throw some light on this.

Black Mamba

4 years ago

Good ! Mr Rajkumar Singh, you made Mr VK Chopra aware of the contempt by posting my comments in his profile.

Indi Banker

4 years ago

A senior journalist is prefixing 'Padma Shri' on his facebook profile. http://goo.gl/AhGGK

This is in contempt of the Apex Court.

Hon'ble Supreme Court had ruled in Transferred Case (C) No. 9 of 1994, Decided On: 15.12.1995 that, "The National Awards do not amount to "titles" within the meaning of Article 18(1) and they should not be used as suffixes or prefixes. If this is done, the defaulter should forfeit the National Award"


ashok sen

4 years ago

If the senior most government functionaries,and eminent people overlook the repeated defaults of a person and award him the padmashri,will the people have any hope that only the deserving will get the highest award the country can give its deserving sons and daughters.
For our sakes, one hopes that Firodia is an exception,or are the awards, in line all the current scams of the government, in future for governments blue eyed corrupt people

Indi Banker

4 years ago

Since 11 banks have reported default. There is a large possibility that its a per-meditated default, further confirmed by the criminal cases by banks. What reply have you received from the solicitors?
Why reward willful default when we are facing crisis of NPAs. Send wrong signal to the public. This will motivate the citizens to cheat on the bank loans, further aggravating the economic crisis & Govt is in the denial mode. Instead of punishment and recovery a willful defaulter is rewarded.
National & Public interest always comes before the individual interest.

A blatant example of non-application of mind by the decision makers.

Anil Agashe

4 years ago

Its a shame that a defaulter gets an award like this. Also shows that the selection process leaves a lot be desired. Many get awards twice over for the same thing as well!
We really need to scrap these awards which are a feudal hang over.

REPLY

Rajkumar Singh

In Reply to Anil Agashe 4 years ago

Unfortunately, that right to delete or reject or scrap is hanging over. We can verbally abuse, but it will be a futile attempt and will only deform ourselves.

Rajkumar Singh

In Reply to Anil Agashe 4 years ago

Unfortunately, that right to delete or reject or scrap is hanging over. We can verbally abuse, but it will be a futile attempt and will only deform ourselves.

Ramesh Poapt

4 years ago

I Salute Moneylife for such true Breaking News(Report)! Satymev Jayate!

REPLY

Maharaj Singh Khanna

In Reply to Ramesh Poapt 4 years ago

I also join Mr Ramesh Poapt in giving a standing ovation to Moneylife Team for this brave step. Jai Hind !! Jai Bharat Mata !!

Maharaj Singh Khanna

4 years ago

Is it the same industrialist thrashing the union leader goo.gl/Vrjyx

REPLY

Rajkumar Singh

In Reply to Maharaj Singh Khanna 4 years ago

Yes.

Maharaj Singh Khanna

In Reply to Rajkumar Singh 4 years ago

'Mara-piti ki. 100 logon ka mob tha.'

Now 120 Crore mob will gherao the defaulter. ;-)

Rajkumar Singh

In Reply to Maharaj Singh Khanna 4 years ago

Yes.

Maharaj Singh Khanna

4 years ago

It is really scandalous, if the bank default information about Firodia is correct, which it should be, as already endorsed by the media. Mr. Navalmal Firodia was a noted freedom fighter, staunch Gandhian and a Philanthropist. He was sent to prison by British in 1932 and 1942 for taking part in freedom movement launched by Mahatma Gandhi. Mr. Firodia, should search his conscience, being a nephew of Late Sh. Navalmal Firodia. A descendant of such a notable family indulging in illegal short cut tricks to make money. It is the same Firodia family, who is associated with Mr Anna Hazare. Dr Abhay Firodia of Force Motors was in news for donating 2.20 Lac rupees to the Hind Swaraj Trust recently. And also Mr Hazare was in news in July 2012 for meeting Mr Salman Khurshid at Mr Firodia Guest House on Pune Nasik road. Mr Hazare should start exercising some restraint, for his own credibility's sake, in mingling with people of doubtful credentials.

I only shudder to think, if someone, files a petition with the SC demanding a CBI inquiry in the affairs of Firodias companies that led to the above bank defaults and also the circumstances in which a defaulter has been Rewarded with Padma Shri.

REPLY

Rajkumar Singh

In Reply to Maharaj Singh Khanna 4 years ago

A new chapter proceeding will start if someone files a writ petition. And we may anxiously await the outcome of the case, which may go on with the help of Taarikh Pay Taarikh.

I just shudder to think, who or what or whom or when to believe or follow or tweet or retweet!

Nem Chandra Singhal

4 years ago

Thanks for writing about a business man who may want Govt. recognition for his rememberence. May he search his conscience for want of fame, whether good or bad. It may give chance to other fellows to lobby with Govt. for recognitions, whether paid or borrowed and defaulted.
Nem Chandra Singhal

Rajkumar Singh

4 years ago

If the complainants are not replying to the enquiry raised by Moneylife, that shows that either they are not interested in or they have been taken care off by the said defaulters!

We are thankful to Moneylife for enlightening us about it.

I just hope that the readers do not imbibe such tricks, which appear to be a short cut for making illegal money and getting away scot free and also being rewarded.

And it should not send a wrong signal in its bid to curtail or expose corruption!

SANJAY SINVHAL

4 years ago

This is typical of Indians. If we recall, it was Sobha Singh (Builder ) & father of Khushwant Singh, who identified Shahih Bhagat Singh as the Bomber. Later Sobha Singh, the Traitor was the wealthiest Builder in Delhi & was Knighted by the Govt. So more corrupt or insuniating, more his chances of Govt Rewards

NDTV sues TAM: Why is the media industry quiet?

It’s time for big-budget advertisers to start asking a few questions before shareholders...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

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)