SBI's Israeli branch breaks even in 2nd year

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.


Equifax launches credit information service in India

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.


InstaWILL — an instant Will for your estate and succession planning

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.

It is a poignant reminder that even the greatest of minds can commit basic blunders. The moral for everyone - young or old - is the will to do your succession planning and a Will. But drafting a Will and succession planning, including estate handover is a minor area of work for most of the legal fraternity. This is the reason people find themselves at sea, while drafting or making a Will.

The solution is standardised Wills, at a fraction of the normal cost, delivered over the Internet. It's InstaWILL, the fast, online solution of Warmond Trustees and Executors Pvt Ltd. According to Sandeep Nerlekar, MD and CEO of Warmond, "Small loopholes in the Will can cause bigger problems. We have a professional team that comprises experts from (the) investment, banking and legal (professions) who can provide specialised tailor-made advice and solutions in estate planning and a Will. We are serving a market that is overlooked by lawyers busy with lucrative corporate law practice. Moreover, we made a decision to stay away from wealth management so that it does not dilute our business purpose," said Mr Nerlekar.

Anyone who wants to make an InstaWILL can log into and send their instructions to Warmond's team of experts. The team then reviews it and sends a customised draft through an email to the customer, who after checking the same can take a printout and sign. Warmond offers free custody of the Will for one year.

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.



Narendra Doshi

6 years ago

Fair comments from readers & Sucheta. Keep going. Will appreciate from Sucheta on comments of Milind Karnik on the simple format of will available with Mumbai Grahak Panchayat.

Milind Karnik

6 years ago

Mumbai Grahak Panchayat has a simpe and easy to understand draft of will.


6 years ago

A Good article with a tilt on marketing. I checked out the site of InstaWill and saw that it costs almost Rs. 10,000/- for InstaWill in which they will offer LIMITED 2 DRAFT ONLY. What you have done through this article is good and that is making every individual with reasonable assets aware of the need of a Will. But what I would have expected from Moneylife Team is that in the article itself it should have been explained that making a Will is not a difficult and complicated task. Rather the article should have focussed on simplifying or demystifying making of a Will, by highlighting or giving points which should be taken care of. Further, Moneylife should conduct a seminar as it conducts on various issues, for the same and call prominent Lawyer/s to address the gathering to drive home two things a) Making a Will is a Must and b) it is easy to make a Will on your own.

I have very high regards for Moneylife Team and that is why my expectations are also high from them. Had the InstaWill been priced more reasonably it would have been justified to focus solely on their product in the article, but since it is priced so high, majority of the readers will take home the feeling that making a Will is indeed very complex and a Lawyer's guidance is a must. In majority of the cases it is not. My own father and mother have their Wills which had been made without any lawyers help.

Rather it would have been ideal if Moneylife would offer few standard drafts of Will for people to tweak little bit and then inspite of that if people require help, may go for lawyer's services.



In Reply to Prakash 6 years ago

Well said,Mr.Prakash.Your suggestions,esp. in the last para are really very practical.Since your parents have done the wills on their own,it would be very educational for lay men like me to try and attempt the same if you will share your thoughts and process.My e-mail Id is "[email protected]" and I would be grateful for your help.Thank you.

Sucheta Dalal

In Reply to ASundaram 6 years ago

Dear Mr Praksh/ Mr Sundaram

Thank you for both your comments. We at Moneylife are very keen on finding a way to help people make Wills effectively and in a way that cannot be challenged.
Indeed, we did consider the fact that we have reported only one product, but so far as we know, it is the only fixed price product offered by anyone in the market today. Also, when we checked, we found that costs are often far higher than the Rs 10,000 product offered by this company. Thirdly, this is an information piece not a Moneylife recommendation. We believe information on such products is also of value to our readers.

Having said that, we have been on the lookout for easy solutions to making Wills for the past three years. We find that the only help available to people is usually part of wealth management services and can often cost a lot if it involves several rounds of dialogue with lawyers.
As for demystifying the Will, we accept your suggestion and will work on it. We have already conducted a workshop for senior citizens through Moneylife Foundation that addressed the issue. It showed that most people do not have the confidence to tweak a draft Will without help from an expert; they worry that it may not stand legal scrutiny when they are no longer around.
I do appreciate that expectations from Moneylife run high and we are value your feedback.
Sucheta Dalal


In Reply to Sucheta Dalal 6 years ago

Thanks for the response.

I appreciate the efforts gone in bringing the article for the readers and the underlying concern for investors.

Some time back, I had attended a seminar on "Will-Nomination" conducted by Council for Fair Business Practices with speakers such as CA Vimal Punmiya, Mr. Anil Harish (D M Harish & Co.), Mr. S C Kothari (Kanga & Co). It was very informative seminar during which they educated the audience that making will is not at all difficult (Inspite of they being from Lawyer firm). Since you mentioned that you have already conducted similar seminar but for senior citizens, then I would like to point out that actually people should know that for making Will one need not be nor wait to be OLD. Ideally once one gets married, he/she should prepare a Will. One only needs to take care while preparing the Will that it should clearly mention what one wishes to do about his assets as to whom to distribute what. Also, one need not fret much about it, as just like a Nomination in a Demat a/c or Mutual Fund investment, one can change the Will as many times as one wants, as situations change in his life. Secondly, one should ensure that it is signed (with date and addresses) (also preferably signed/initials on every page) by two Witnesses, preferably, but not necessarily, at the same time. It is not necessary that the two witnesses know what is in the Will. It is not mandatory that a Will should be registered. A simple worded Will on a plain paper is also valid.

Another point which I feel is important is that ideally, a married person should give a general PoA in favour of the spouse. In an unfortunate event that the person is alive but not fit to do anything (such as coma, etc.) it comes very handy. Ofcourse, this is for those people who trust their spouses as much as they trust themselves.

I have mentioned few guidelines which I think will help. Hope it is helpful to the readers.

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