Spending
SBI launches 'signature' cards for HNIs

The SBI Signature Card is available at an annual fee of Rs5,000 and card holders are entitled to a full fare airline ticket or gift vouchers worth Rs5,000 from leading lifestyle brands upon enrolment

Mumbai: SBI Cards, the third largest credit card issuer in the country, said it has launched a 'signature' card targeted at the high net-worth individuals (HNIs), reports PTI.

"SBI Signature Card is another product innovation from our side and comes with a distinct value proposition. This product is in line with our plan to expand our presence in the premium customer segment," SBI Cards and Payment Services chief executive officer Kadambi Narahari said in a release.

Its competitors HDFC Bank and ICICI Bank already have offerings in niche segment but which are by invitation only.

The SBI Signature Card is available at an annual fee of Rs5,000. The card holders will also be entitled to a full fare airline ticket or gift vouchers worth Rs5,000 from leading lifestyle brands upon enrolment, the release said.

The card company is a joint venture between State Bank of India and GE of the US and already has a presence in 50 cities.

Set up in January 1998, SBI Cards is the third largest card issuer with a customer base of 2.2 million and a market share of nearly 13% in a 17-million cards market.

The average spend per card in India is one of the lowest at $755. It is as high as $3,352 in Australia and $2,084 in Thailand.

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Geojit to offer investment services to NRI clients of SBI

NRIs can visit any SBI branch in the Middle East to open accounts for repatriable and non-repatriable investments to commence investing in Indian stock market

Mumbai: Brokerage firm Geojit BNP Paribas Financial Services signed an agreement with State Bank of India to offer portfolio investment services to non-resident Indians (NRIs), reports PTI.

The facility is targeted at NRIs in the Middle East and they can purchase and sell shares or convertible debentures on the domestic stock exchanges, subject to limits prescribed by the RBI, the firms said in a joint statement.

NRIs can visit any SBI branch in the Middle East to open accounts for repatriable and non-repatriable investments to commence investing in stock market, it said.

The customers can trade through the offices of joint ventures in Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Al Ain, Riyadh, Muscat, Damam and Jeddah.

“At a time when the rupee has depreciated and valuations are relatively inexpensive, this service from Geojit BNP Paribas and SBI will be of immense use to NRIs to grow their wealth through Indian stock market,” Geojit BNP Paribas managing director CJ George said.

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Fight against corruption: Not many ready to undertake UNCAC study

Few firms have shown interest in assessing government's performance against corruption and many have asked to extend the deadline complicity and the wide gamut of responsibilities

New Delhi: The Indian government's move to review its fight against corruption by independent experts has received a cold response as not many of them have expressed interest to undertake a self evaluation study, reports PTI.

 

Official sources said the government has extended the last date for submitting a detailed proposal by this month-end from concerned agencies.

 

The Department of Personnel and Training (DoPT) had invited expression of interest (EoI) last month from registered Indian law schools, law firms, academic or research organisations to undertake the study which is a mandatory obligation of the country under the United Nations Convention Against Corruption (UNCAC).

 

UNCAC, which acts as a universal legal instrument to deal with the menace of corruption globally, was ratified by India on 9th May last year.

 

"There has not been a favourable response from the concerned people. We have decided to extend the due date by four weeks, which is by the end of this month", a source said.

 

However, when contacted a senior official dealing with the matter, wishing anonymity said a few agencies have requested for extension of the date, which was 31st May earlier, citing complicity and the wide gamut of responsibilities mentioned in the EoI.

 

As per the proposal, a selected agency will get 36 weeks for the project.

 

The task of the selected firm will be to find out whether Indian domestic laws are fully or partly compliant or non-compliant with the Convention. It would be expected to study, analyse and assess the requirements for compliance under the Convention by looking at the relevant documents.

 

The agency will also be mandated to find gaps and interact with ministries of Home Affairs, External Affairs, Law & Justice, Corporate Affairs; Central Vigilance Commission and CBI to gather inputs or clarifications while meeting requirements laid down under the UNCAC.

 

However, two major areas - bribery of foreign public officials and bribery in the private sector - will not be part of the proposed study.

 

UNCAC is an international legal instrument to deal with corruption and imposes obligations on member states to provide legal and administrative measures for facilitating recovery of assets in trans border corruption and among others, promoting international co-operation in combating trans-border graft through measures like mutual legal assistance, extraditions and joint investigations.

 

India is among the 160 nations who have either ratified or acceded to the UNCAC provisions.

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