SBI deploys technology platform for supply chain partners

The platform is web based and is capable of being fully integrate with corporate enterprise resource planning software, thereby dispensing with paper work

In its focus on further strengthening its relationship with the Indian corporates, SBI has put in place a state of the art technology platform for financing its supply chain partners. The platform leverages the highly secure Internet banking platform of SBI and provides a robust and operationally convenient platform to the industry majors for transacting with their channel partners.

The platform is web based and is capable of being fully integrate with corporate enterprise resource planning software, thereby dispensing with paper work. A Corporate can upload the details of invoices raised by their suppliers and the details of invoices covering the supplies made to the dealers on SBI internet banking platform, effecting real time of transfer and automated settlement of funds.  The platform provides for both the vendor financing (e-Vendor Finance Scheme) and dealer financing (e-Dealer Finance Scheme).  To date 43 industry majors from sectors like auto (passenger cars, commercial vehicles and tractors), petroleum and oil, steel, fertilizer, textiles and FMCG are using this platform for transacting with their vendors and dealers.

On Tuesday, SBI ended 1% down at Rs1,980 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.89% at 16,862.81.

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2G accused move petition to make TRAI report part of court records

The accused have petitioned the court that the TRAI stated there was no loss to the exchequer on the 2G allocation, and that while the CAG assessed a “presumptive loss”, the CBI had no expertise to determine the loss, if any

New Delhi: A Delhi court today sought the stand of the Central Bureau of Investigation (CBI) on a plea by all the 17 accused so far in the 2G spectrum case, including former telecom minister A Raja and DMK member of parliament Kanimozhi, to make the TRAI report a part of the court's records.

The accused, including three telecom firms and their promoters, proprietors and top executives, moved the court of Special CBI Judge OP Saini seeking a direction to the investigating agency to file the TRAI report, which has stated that there was no loss to the exchequer in allocation of 2G spectrum.

The report had also recommended against the auctioning of radio waves and revision of entry fee for telecom firms, PTI reports.

The Comptroller and Auditor General had assessed a "presumptive loss" of Rs1.76 lakh crore to the state exchequer, whereas the CBI in its probe pegged the loss at Rs309,884 crore.

The special judge issued notice to the CBI on the plea and scheduled the arguments for Friday.

Senior counsel Ramesh Gupta, who appeared for Mr Raja, sought the court's direction to the CBI to bring the latest TRAI report on court record. So did Vijay Aggarwal, counsel for Swan telecom promoter Shahid Usman Balwa, who told the court, "The CBI has no scientific or technical expertise to determine the loss. In fact, CBI has itself made an admission in the chargesheet that the TRAI report is awaited for calculating the quantum of loss."

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Morgan Stanley MF unveils Liquid Fund

Morgan Stanley MF new issue closes on 7th September

Morgan Stanley Mutual Fund has launched Morgan Stanley Liquid Fund, a close-ended income scheme.

The investment objective of the scheme is to provide returns, commensurate with low risk and high liquidity, through a portfolio of money market and short-term debt securities with residual maturity of up to 91 days. The new issue closes on 7th September. The minimum investment amount is Rs5,000.

CRISIL Liquid Fund Index is the benchmark index. Ritesh Jain is the fund manager.

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