SBI may continue with teaser rates post September

Kolkata: The country's largest lender State Bank of India (SBI) might continue with its 8% concessional home loan rate even after September, reports PTI quoting a top official of the bank.

"Eight per cent rates is a viable proposition and there is no reason why it should not continue," managing director of the bank S K Bhattacharya said.

"A decision will be taken at the bank's ALCO meeting next," Mr Bhattacharya told reporters on the sidelines of a Ficci meet here today.

On the proposed rights issue, he said that it was likely to hit the market by the end of the current financial year. Government holding in the bank stood at 59.41%.

Mr Bhattacharya said that by 2013, 20% of the bank's income would come from overseas operations.

He said that the bank was having 70 overseas branches, out of which 20 were in Singapore.

"The response in Singapore is great," he said.

Asked about the credit offtake, he said that it would be good in the coming months.

User

HDFC’s Net banking site crashes

The lender’s Net banking site has been down since yesterday, leaving a number of customers feeling completely helpless, that too when a strike call has been given by labour unions tomorrow

The Net banking facility from HDFC Bank Ltd is down since yesterday, due to 'maintenance related' work. Since all workers including bank employees have called for a strike tomorrow, the non-availability of Net banking from HDFC Bank could give more trouble to its customers.

This is the message HDFC Bank's site has been flashing since yesterday:

"Due to system maintenance, Certain Account related features on Net Banking would not be available till Monday 6th September 17:00 hrs. Credit Card Enquiry, Demat, and Debit Card details would continue to be available. We regret the inconvenience caused."

Even till writing the story, the site was down. HDFC Bank officials were not immediately available for comments.

Earlier in July, ICICI Direct's trading site crashed due to technical glitches, leaving numerous customers feeling completely helpless. The magnitude of the technical problem was such that the brokerage was not even taking orders over the phone, another customer had said.
(See: http://www.moneylife.in/article/8/6939.html).

User

COMMENTS

sanjay

4 years ago

Have been trying since morning to depsoit money into my daughters account in bangalore , they say they cannot accept as erver is down , try after an hour , have been to 3 branches and still trying but it seems it canot be done today and it was very important to deposit today.in todays world such an excuse is inpardonable .....they should be dragged to consumer court

Sundar

6 years ago

I am amazed how they can run a business with a website down continuously for several days in a row.
So much for the IT prowess in our land.

simon jeya sunder raj

6 years ago

i really accepted in hdfc credit cards in world level

SNK

6 years ago

Bank web site is still down. They have been extending outage time since Sunday.

Vidooshak

6 years ago

Surprisingly, the site is STILL down. More than 24hrs of downtime and not even an announcement on their webpage as to what's the expected resolution time. HDFC is breaking the first rule of customer service in the cloud....

ajay kala

6 years ago

really demonstrates the degree to which we are dependent on these emerging technologies.

nothing normative about it, just signs of interesting things to come !!

an occasional outage is something we should allow an organisation to survive unscathed, and live it out :)

cheers !!

REPLY

raghavendra shenoy

In Reply to ajay kala 6 years ago

Agree with Ajay-this shows the dependence on technology. As regards the article itself, i think as long as the back gives a heads-up to their customers on planned outage, its fine. Problem is with unplanned outages and especially when the concerned officials go clueless/are incommunicado.

In this case, HDFC Bank had flashed info regarding the outage at their netbanking page a day or two in advance-i think that was sufficient.

Simon John

In Reply to raghavendra shenoy 6 years ago

I agree with you in the matter that HDFC gave notice 'a day or two in advance'. However in that notice they said it will be up by sunday eveing. Subsequently they have kept on delaying and presentlt it is now "Tuesday 7th September 12:00hrs" with no hope that it won't be delayed further.
In Reply to Ajay, This is not an occassional outage with HDFC but has become quite frequent.

Doubts raised on election of Kunal Dalmia as SBBJ director

Shareholder complains about irregularities in election process to the post of shareholder director of the State Bank of Bikaner and Jaipur

A complaint has been registered with the State Bank of Bikaner and Jaipur (SBBJ) against the election of Kunal Dalmia as shareholder director of the bank. The complaint by Mukesh Bansal, who is a shareholder, raises questions about the eligibility of Mr Dalmia and the manner in which the election process was conducted.

The complainant, Mr Bansal has alleged that Mr Dalmia is a defaulter and did not meet the 'fit and proper' criteria laid down by the Reserve Bank of India (RBI) for such a post. He says also that the proxy applications filed by several institutional shareholders were rejected on unexplained grounds, although they were lodged in time with valid documentation.

When Moneylife asked SBBJ about the complaint, an official said that the matter has been referred to the parent bank, the State Bank of India, which will constitute a committee to investigate the allegations.

Mr Dalmia was elected to the post of director of the bank for a period of three years, at a general meeting on 11 August 2010. Mr Dalmia replaces Dr Sanjiv Agarwal who completed his term on that date.

It appears that the bank did not carry out the required due diligence while deciding on the candidature and appointment of Mr Dalmia as shareholder director. According to the guidelines of the Reserve Bank of India (RBI), the Nomination Committee of the bank is required to meet and decide whether the person's candidature is acceptable, based on a broad criteria which includes educational qualifications, field of expertise, experience, track record and integrity.

The bank is required to undertake a process of due diligence to determine the 'fit and proper' status of the existing elected directors/persons to be elected as director under section 25 (1)(d) of the SBI (Subsidiary Banks) Act, 1959.

Mr Bansal, who works with NIIT, has complained that Mr Dalmia concealed material information (that should have been given in the nomination form) which has been reported on the websites www.watchoutinvestors.com, www.reportjunction.comwww.sbec.gov.in/defaulters/kerla-1.htm. Mr Bansal has also accused SBBJ of failing to obtain independent verification or confirmation from various regulating agencies, besides taking a confirmation from the candidates.

Mr Bansal has also questioned procedural aspects of the election which seem to have directly and substantially affected the election. Giving an example, Mr Bansal says that proxy documents from one of India's largest mutual funds and a shareholder of SBBJ, UTI-Unit-linked Insurance Plan, which has 2,63,300 shares of SBBJ, were rejected on unexplained grounds, even though they were lodged in time and had valid documentation. Besides, the bank didn't convey the status despite repeated follow-ups in person and over the phone. UTI is understood to have filed objections to the rejection of their proxy.

It is understood that the proxy or authorisation documents of some other eligible shareholders of the bank were also rejected and that despite follow-ups with the bank authorities no reason was given to these entities for the rejection, till the commencement of the general meeting. Among these entities are India Capital Fund Ltd (holds 10,00,010 shares), India Institutional Fund Ltd (1,86,700 shares) and India Capital 1 Opportunities Ltd (1,82,550 shares).

Mr Bansal says that that the procedure adopted by the bank for scrutiny of the nomination forms and the election process was not fair and transparent and appears to have favoured a particular candidate. In the light of these issues, he has requested that the candidature of Mr Dalmia be declared null and void and that he should be disqualified.

User

COMMENTS

SK Sharma

6 years ago

What is RBI doing in this . They should have taken some immediate step like restraining Mr Dalmia from participating in the board. Also, let mr Dalmia explain his defence, if any.

ASHOK KUMAR

6 years ago

A public sector bank is the pillar of confidence for all investing public. The matter must be investigated at the highest level and RBI, SEBI, Ministry of Finance and right action must be taken. If any one is in default, must be removed. The election is a democratic process and must prevail in right sense whether it is Shri Kunal or Shri Mukesh.

Ram Prakash

6 years ago

Cannot belive, a public sector bank management can favour for a candidate in such a way, and that too, a defaulter candidate who has given loss to SBBJ itself. Where is the Corporate Governance, Where is RBI, Where are the watch dogs?
People will loose confidence in banks this way.

Vibha Nath

6 years ago

Such kind of a behaviour is definitely not expected from a public sector bank which enjoys the trust and confidence of the public. The shareholders of the have infact been given an unfair deal. The bank should have completed all its checks and due diligence must have been done. The credentials of the candidates for such an election which in fact represent the share holder of the company should have been thoroughly checked which clearly in the present case has not been done!! The guidelines laid down by the RBI have been flouted!! The matter which has now been brought to the notice of everybody, should be thoroughly investigated so that justice is done to the aggrieved shareholders and proper and appropriate action must be taken against the persons at fault.

RAKESH BHANDARI

6 years ago

I connot belive that a public sector bank is doing like this., This type of act certainly demage the image of public sector and also the confidance of share holder of that company. matter must be investiaged and action should be taken by appropirate authority against the responsible persons.

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