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.
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.
Lower offtake by exporters and arrival of the ‘kharif’ harvest crop has brought down prices by Rs200/quintal in the wholesale market. But there has been a dip in demand
Onion prices have come down across key markets after the fresh arrival of the kharif harvest in addition to the already adequate supply of the produce in the market. Lower offtake by exporters due to higher minimum export price (MEP) has also impacted wholesale prices.
RP Gupta, director, National Horticultural Research and Development Foundation, told Moneylife, “In the Lasalgaon market, wholesale prices are currently in the range of Rs800-Rs900 per quintal—down by Rs200 (per quintal) from the earlier average price. The current price level will remain stable for a few months now.”
He added, “There is adequate supply—but at the same time, it has been noticed that there is a dip in consumption and demand. Around 80% of the current supply is from the stored onions, and 20% is the fresh kharif harvest. So there shouldn’t be any (major) impact on (future) prices.”
Today, at the Lasalgaon market, the country’s leading onion-growing region, around 8,000 quintals of onions arrived at the modal rate of Rs851 per quintal.
A few traders say that these prices are mainly due to poor exports because of the high MEP—and the lower quality of the produce available in the market, as it was stored in anticipation of higher prices. But experts maintain that exports are going on and the quality of the onions is “good”.
“The supply of the onions—both from the fresh harvest and the stored crop—has been of good quality,” says Mr Gupta.
Ashok Walunj, director, onion-potato market, APMC (Agricultural Produce Marketing Committee), Vashi, Navi Mumbai, told Moneylife, “Prices have come down because of the excess supply. Fresh crop has also arrived in the market.”
When asked about the effect of lower exports on the prices and quality of the onions, Mr Walunj explained, “There has been good arrival of good-quality produce in the market. There have also been sufficient exports.”
In the Mumbai market, wholesale prices of onion are in the range of Rs6-Rs12/kg and in the retail market it is between Rs15-16/kg.