Tel Aviv: State Bank of India's (SBI) branch here has broken even in just second year of its operations, defying speculations by some analysts who saw it as an unwise move to open a branch at a time when other foreign banks were shutting down their offices in the country reports PTI.
SBI became the first bank to open a branch in the Israeli diamond exchange in June 2007 to encash on the burgeoning Indo-Israel trade.
Sources at the Bank of Israel confirmed SBI's remarkable progress, and also executives of other Israeli companies working with the Indian bank.
"After fulfilling all obligations and paying desirable taxes to the authorities concerned, the Indian bank still seems to have made an incredible progress by registering some profits during its early years of operations.
"It has set an example for other foreign banks to follow," a senior executive of a leading Israeli company doing business with India said.
Outgoing CEO of SBI, V Sashikala, speaking to PTI did not comment on this but said that "the bank has managed to successfully prepare its client base across various sectors and as per its strategy made sure that there is no overwhelming reliance on one particular sector".
Indo-Israel trade has been diversifying over the years and even though trade in diamonds still constitute some 50% of the bilateral trade, other sectors have picked up in a big way. The bilateral trade figures between the two countries continue to increase, registering $4 billion in 2008 and is projected to reach $5 billion this year.
"None of the sectors can claim a share of more than 20% in our portfolio", Ms Sashikala said.
Given that the significant portion of bilateral trade between the two countries was in diamonds, SBI's chairman, O P Bhatt, during the inauguration ceremony had said that the bank had operations in all the major diamond trading centres of the world and Tel Aviv completed the loop.
With India and Israel discussing a Free Trade Agreement (FTA), bilateral trade is likely to get a new push which will enhance the scope for the Indian bank's presence in the Jewish state.
Mumbai: Equifax Inc, a global leader in information solutions, today said that it has begun providing its in-depth credit information solutions across India, using member-contributed data from the country's largest banks and financial institutions, reports PTI.
Equifax Credit Information Services (ECIS) brings Equifax's global experience to the growing Indian economy through its joint venture with six leading Indian financial institutions.
These are Bank of Baroda, Bank of India, Kotak Mahindra Prime Limited, Religare Finvest Limited, Sundaram Finance Limited and Union Bank of India.
Equifax applied to the Reserve Bank of India (RBI) for a certificate of registration to establish the new credit information company under The Credit Information Companies (Regulation) Act, 2005, and was approved for a license in March of this year.
"The emergence of India as a major influence in global commerce, and India's own internal growth, require world-class customer insights and risk-management systems," Equifax Chairman and CEO, Richard F Smith, said in a statement here.
"Our joint venture combines Equifax technology and international experience with a very large and growing database, managed and delivered entirely within India, to give our customers unmatched data and insights, in the most efficient and effective manner," he added.
ECIS has implemented the most stringent standards in the industry for the verification of the information within its database, ensuring its high quality, the statement said.
ECIS is one of only a select few companies granted a license to operate a credit information company in India.
"Our in-country staffing, local hosting, volume and depth of files we already have, allows us to understand the Indian business community and its needs better than any other service provider," ECIS managing director & CEO, Samir Bhatia, said.
"Lenders have told us they want new ways to be able to manage their portfolios," Mr Bhatia said, adding "we will be providing a comprehensive suite of credit risk; customer retention/cross-sell and collection products based on the highest calibre data in the industry."
Equifax's database includes information on more than 572-million consumers and more than 81-million businesses globally.
Leaving your wealth to your loved ones is a wonderful gift, but do you wish to leave them in a tangle of paperwork as well? There is one company, which has developed a specialisation that makes it stand out from a mass of lawyers for whom succession planning is a minor area of work
The clichéd story in India regarding problems due to lack of succession planning and Wills is about the legendary Dhirubhai Ambani. Mr Ambani was a brilliant man who planned for all adversities in his lifetime but not for a smooth succession after death. He left no valid Will which led to one of the most bitter and public fights between his two sons.
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Apart from InstaWILL, Warmond also provides tailor-made solutions on succession planning, which include Will-writing services, executor services, trust formation and trust-management services, document safe custody services, escrow services, real-estate management and other auxiliary services.