State Bank of India rolls out Foreign Travel Card in Saudi Riyal

SBI Vishwa Yatra Foreign Travel Card in Saudi Riyal has been rolled out for the benefit of overseas travellers to the Kingdom of Saudi Arabia and would particularly benefit over 1,70,000 Haj Pilgrims and over 5,00,000 Umra Pilgrims from India, annually

State Bank of India (SBI) has introduced a foreign travel card namely Vishwa Yatra Foreign Travel Card in Saudi Riyal. The product was formally rolled out today by Hemant Contractor, managing director and group executive (international banking), State Bank of India.

Hemant Contractor said that the new product has been rolled out for the benefit of overseas travellers to the Kingdom of Saudi Arabia and would particularly benefit over 1,70,000 Haj pilgrims and over 5,00,000 Umra pilgrims from India, annually.

The travel card is a reloadable prepaid (store value) card and will help the pilgrims carry the foreign currency namely Saudi Riyal in a safe and secured manner obviating the need to carry the currency in cash.

The Saudi Riyal travel card has been launched in association with Visa International and shall be usable over a large number of ATMs and Point of Sale (PoS) at merchant establishments such as shops/stores/hotels etc. The pilgrims shall be able to use the travel card for withdrawing cash at ATMs or for shopping directly.

SBI also issues Foreign Travel Card in six other currencies namely US Dollar, Euro, Great Britain Pound, Canadian Dollar, Australian Dollar and Japanese Yen. SBI is also currently in the process of launching another variant in Singapore Dollar and the product is expected to be rolled out in November 2011. The Vishwa Yatra Foreign Travel Card has become quite popular among tourists, students and professional and business travelers for carrying foreign currency on overseas travel.

Dwelling on the security aspects of the card, Contractor informed that State Bank of India Foreign Travel Card is a Chip (Micro Processor) Card, a product which is fully compliant with the EMV protocol, issued by EuroPay, MasterCard & Visa International, already implemented in Euro Zone and certain other geographies which accept only chip-based cards and meets the local regulatory expectations. SBI was amongst the first to introduce a chip-based travel card in the Indian banking industry, he further added.



Maree Moyse

6 years ago

This was a very interesting article, the chip based travel card will no doubt be around for many years to come.

Share prices directionless: Friday Closing Report

Nifty to move in a range of 4,975 and 5,160

A huge sell-off in the post-noon trade, amid a volatile session, resulted in the market closing in the negative for the second day. Although the Nifty ended in the negative, it witnessed a higher high and a higher low today. Today’s fall on the NSE was again on a low volume of 46.07 crore shares. The index is at present in a directionless state. The support is at 4,975. The upside resistance is at 5,160.

The market opened with minor gains reflecting the cautious trend in the Asian markets in morning trade on doubts whether European policymakers would reach a consensus for expanding the rescue fund. The Nifty opened 15 points higher at 5,107 and the Sensex started the day at 16,976, up 39 points from its previous close.

Concerns about the Reserve Bank of India (RBI) continuing with its hawkish monetary policy in view of higher prices pushed the indices into the negative within minutes of the opening bell. However, buying in select sectors resulted in the market emerging into the green in the first hour itself.

Choppy trade continued throughout the session with the benchmarks bobbing in and out of the red as trade progressed. A huge bout of selling in post-noon trade saw the indices moving further southwards with the market touching its intraday lows in the last half hour of trade. At the lows, the Nifty fell to 5,038 and the Sensex went back to 16,752. The market closed off those levels but in the red for the second day in a row. The Nifty settled 42 points down at 5,050 and the Sensex closed the day at 16,786, a loss of 151 points.

The advance-decline ratio on the NSE was negative at 590:982.

Among the broader indices, the BSE Mid-cap index declined 0.68% and the BSE Small-cap index 0.60%.

Barring the BSE Consumer Durables index (up 0.22%), all other sectoral gauges settled lower. The top losers were BSE Realty (down 1.99%), BSE Capital Goods (down 1.88%), BSE Metal (down 1.36%), BSE TECk (down 0.88%) and BSE Fast Moving Consumer Goods (down 0.73%).

The top gainers on the Sensex were Maruti Suzuki (up 1.53%), Bajaj Auto (up 1.52%), Hero MotoCorp (up 1.15%), State Bank of India (up 0.73%) and BHEL (up 0.58%). The losers were led by Larsen & Toubro (down 3.54%), Bharti Airtel (down 3.08%), Tata Motors (down 2.81%), DLF (down 2.66%) and Hindalco Industries (down 2.48%).

Bajaj Auto (up 1.86%), Siemens (up 1.72%), Maruti Suzuki (up 1.57%), Hero MotoCorp (up 1.57%) and BHEL (up 1.02%) were the key gainers on the Nifty. The top laggards on the index were L&T (down 3.84%), Bharti Airtel (down 2.87%), Tata Motors (down 2.79%), Hindalco Ind (down 2.45%) and DLF (down 2.25%).

Markets in Asia settled mixed ahead of a meeting of European finance ministers in Brussels to discuss the expansion of the region’s rescue fund that would help member nations from defaulting on their debt. Meanwhile, death of Libyan dictator Moammar Gadhafi evoked hopes of resumption of suspended projects in the violence-ridden country.

The Hang Seng gained 0.24%; the Straits Times rose 0.68%; the Seoul Composite surged 1.84% and the Taiwan Weighted added 0.14%. On the other hand, the Shanghai Composite declined 0.60%; the Jakarta Composite lost 0.06%; the KLSE Composite fell 0.16% and the Nikkei 225 shed 0.04%.

Back home, institutional investors—both foreign and domestic—were net sellers in the equities segment on Thursday. While foreign institutional investors offloaded Rs472 crore, domestic institutional investors pulled out Rs125.27 crore.

Maruti Suzuki was among the top five gainers on both the benchmarks following an end of the 14-day strike at its Manesar plant early today. As per the deal terms, the carmaker would take back 64 permanent workers, but continue the suspension of 30 more on whom the allegations/charges were of a more serious nature. The stock closed at Rs1,094.40, up 1.57% on the NSE today.

Shares of DLF fell by over 2% on the bourses, after market regulator Securities and Exchange Board of India (SEBI) said it would probe certain allegations made by a Delhi-based businessman against the realty major in a years-old case. The scrip closed 2.25% down at Rs225.40 on the NSE.

Hinduja Group flagship company Ashok Leyland is targeting the sale of about 55,000 units of its DOST small commercial vehicle nationally by 2012. Towards this end, the production capacity of the plant where DOST is manufactured is being enhanced to 55,000 units by next year. The stock lost 0.41% to close at Rs24.50 on the NSE.


The cacophony over discovery of ‘unmarked graves’ in north Kashmir: The Army should speak up and act

The civilian population in India is not informed enough about the restraints, risks and operational necessities through which troops function. Despite these constraints, our forces have always been prompt by coming down hard on officers who have been convicted of misdemeanours. The Army should announce an impartial probe into the Kashmir episode—that’ll take the wind out of the sails of those crying foul

The good news is that tourists are pouring into Kashmir—and Dal Lake, Pahalgam, Gulmarg and other scenic places are once again humming with fun and charm. The bad news is the hue and cry over the alleged ‘discovery of 2,500 unmarked graves in north Kashmir’ implicating the Army for it and raising questions on its role in combating terrorism in the Valley. The mute response from the government and the Army has only lent credibility to these allegations. Adverse commentaries by organisations like Amnesty International and indigenous rights activists have also come as a shot in the arm for the decimated anti-India lobby and political poachers of peace in Kashmir. The Army’s stance of avoiding questions by issuing defensive, cryptic one-line denials of allegations have raised more suspicions than allaying baseless fears and curbing mounting rumours.  

Public curiosity demands answers to questions like, “Can the Indian Army really do this?” or “Are our soldiers so cruel and inhuman?” or “Is there no difference between the Indian Army and Gaddaffi’s?” Barring odd aberrations, the record of the Indian Army has been laudatory not only at home but also in foreign territories captured by it and where it held its sway in war or post-operational occupation like Bangladesh, Pakistan and the UN missions in Africa.

Having served as an Infantry Officer in the Army and the NSG, I have planned and conducted numerous operations at different occasions in J&K, Punjab, the North-East and special operations elsewhere. Fighting terrorists is a very complex operation because, no matter how much caution and care you exercise, the probability of collateral damage cannot be ruled out. This probability is further heightened when terrorists are holed up in densely populated built-up areas like towns and villages. The situation becomes even worse when the terrorists start shooting and throwing grenades with no regard to lives—military or civilian, their aim being to create chaos and confusion through which they can escape. Many gallant soldiers have sacrificed their lives fighting this menace, primarily because they moved with utmost restraint, risking themselves for the sake of the innocent local population, even as the terrorists sprayed the area with bullets and grenades. Despite abundant caution by the fighting troops, innocent civilians often get caught in this frenzy of fire. There have also been occasions when innocent civilians, even children and women, are held hostage and used by the terrorists to barter or cover their escape. It cannot be denied that innocent civilian lives have often been lost in such operations, not only in the Kashmir Valley, but in all terrorist-infested states in the country. Therefore, the onus of such deaths should be on the terrorists, not the Army.

Let’s also face it that there have also been aberrations where some extra ambitious sub-unit or unit commanders have tried to paint accidental civilian deaths as ‘terrorists killed in encounter’ to protect the wrongdoer and earn laurels for ‘a well-conducted operation’. Thankfully, whenever such episodes have come to light, the Indian Army has moved with terrific swiftness to enquire into the matter and punish wrongdoers. Officers and jawans indicted for serious offences have been dismissed from service and handed long jail sentences. It might surprise many to know that punishments awarded by Courts Martial have been so stern, that according to one researcher, nearly more than 93% of the punishments awarded by Courts Martial are mitigated and 40% acquitted by the appellate courts. And trials by Court Martial do not drag on for years like the cases going on for decades in our civil judiciary. Army officers involved in the ‘Tehelka’ scandal were sacked and punished even before formal enquiries commenced against the politicians and bureaucrats involved in the same episode. People also know what happened to the politicians and bureaucrats indicted for the same misdemeanour—sweet nothing! They were all back to business as usual until prevented by death or incapacitating diseases like Alzheimer’s. Let it also be widely known that stern action has already been taken against the serving army officers indicted for their role in scams like Adarsh Society in Mumbai and the Sukhna land deal—some have been demoted, sacked and punished summarily; some have been court-martialled while trials of the remaining few are in their final stages. What has happened to their civilian comrades-in-crime—ministers, bureaucrats and also those ex-military veterans now beyond reach of the Courts Martial? They are playing ball which keeps bouncing between this court and that. It is sad that the overflowing corruption in our bureaucracy and political life has spilled over to the military and smeared its image of pure professionalism, honesty, high ethics, discipline and selfless dedication to national safety, security and wellbeing. Candid analysis of the drift in character qualities at the top will surely suggest an urgent need for a comprehensive, sincere and ruthless self-cleansing operation to redeem the lustrous glow of the dimming top brass. The Army will delay this exercise at its own peril.

Unfortunately, the civilian population in India is not informed enough about the restraints, risks and operational necessities through which troops function. Local people do have a stake and responsibility in what happens in their vicinity and, therefore, they also have a right to know how the Army is delivering them from chaos and terror to peace, freedom and prosperity. It is sad that not enough is known about the Army even in the government echelons. Our political masters and bureaucrats who look towards the Army whenever in crisis do not have any idea about its capabilities and limitations—features that every citizen must know.

The age-old tradition of keeping the media and taxpayers insulated from all military matters in the name of security is now coming in direct conflict with the mood of the masses. We are living in the Information Age today, where transparency, connectivity and information-sharing are a rule rather than the exception. Spies and enemy agents no longer have to sneak into military Ops Rooms to steal traces and maps of our defensive layout. A click at Google Earth provides more detailed and accurate photographs of these defence works and terrain than the Top Secret war books and layouts locked up in strong room cupboards of the General Staff branch. Comprehensive details including photographs, blueprints and technical data of our classified weapon systems and equipment are also a click away on the Internet. Notwithstanding the dissatisfaction of the Armed Forces about the inadequate remuneration and
long-pending modernisation programmes, the defence budget is a huge chunk of taxpayers’ money. They have a right to know how their soldiers function, what they have, what they need et al. The Armed Forces stand to benefit more from the principle of transparency because their genuine needs will become a public concern too.

Thanks to the CAG (Comptroller and Auditor General) reports and RTI (Right to Information) activism, many wrongs in the government’s functioning have been exposed, leading to an unprecedented number of ministers, MPs, bureaucrats and corporate big-guns going to jail on charges of corruption. No doubt, transparency in the military context will have to have a limit beyond which it cannot be open to the public, keeping in mind highly sensitive matters of national security and operational imperatives. Yet, the blanket ban on sharing even routine military information with the people has only harmed the Army in many ways, including lowering its image and raising doubts in the public mind about the fairness in its conduct despite sacrificing gallant soldiers in selfless dedication to duty. Prompt and timely press briefings about successes and failures, if any, including misconduct by combatants—officers or jawans—and corrective actions contemplated or taken, would have stifled rumours that have thrived on military silence even as the media celebrated by scandalising ‘military crimes’. Imagine the positive effect on the people if the Army had shared the progress of inquiries and Court Martial proceedings in respect of those found guilty of offences in Kashmir Valley or, for that matter, anywhere else. In today’s transparent world, people neither expect nor believe that soldiers living and fighting terrorism under severe adversities will not commit mistakes, even crime, howsoever rare it might be. The ‘Army-does-no-wrong’ theory advanced as a line of defence is no more tenable. Persistent denials in the face of accusations have only damaged the Army’s credibility, whereas candid acceptance of such oddities would only reinforce people’s faith in the Army’s fairness.

While the aam Kashmiri is enthusiastically looking up to new vistas of hope and fresh opportunities in the dawn of normalcy now, the defeated alienists and power-hungry politicians will do anything to revive anarchy by provoking the masses against the Indian Army in the wake of the so-called ‘discovery’ of 2,500 unmarked graves. In the absence of plausible clarifications from the Army, rights activists within and outside the country have found it easier to lend their voice to a ‘cause’ in the Kashmir Valley. What if the Indian Army Chief, Gen VK Singh had offered—better still, demanded—an impartial probe into the discovery of unmarked graves with an unambiguous assurance that the military personnel found guilty shall be dealt with severely and swiftly? Hypothesising a worst-case scenario in which such a probe finds some, say 10, 20 or 50 of these corpses being those of the innocent villagers picked up and wrongly done to death by the Army, will such a finding itself not demolish the outrageously provocative accusation that implies that the Army had indulged in mass killings? Carrying the hypothesis a little further and assuming Gen Singh’s magnanimity to apologise for the odd military wrongs, the Army Chief orders enquiry to be followed up by general court-martial in respect of those found involved in the crime, howsoever rare. There will be three powerfully positive fallouts of such a bold action: one, the anti-Army propaganda will lose steam and people’s faith in the Army’s fairness will be largely restored; two, the wrongdoers within the Army will get the message loud and clear to steadfastly adhere to the laid-down ethics in operations; three, the reputation of the Army and its Chief will be greatly enhanced. Also, the Chief of the world’s third-largest Army has much bigger things to fight for and remembered by than mere personal battles seeking reconciliation between two conflicting dates of birth!

(The writer is a military veteran who commanded an Infantry battalion with many successes in counter-terrorist operations. He was also actively involved in numerous high-risk operations as second in command of the elite 51 Special Action Group of the National Security Guard (NSG.) He conducts leadership training and is the author of two bestsellers on leadership development that have also been translated into foreign languages).



Ameer Tarin

6 years ago

One million strong in uniform armed to teeth have pounced on hapless people of Kashmir right from October 26, 1947 when India orchestrated the occupation using falsehood as a base to finish the intrigue. Kashmir is the only place in the world on record having the largest concentration to troops ruthlessly trying to subjugate, coerce and intimidate the populace telling them that you are a conquered nation. Indian army does not need any draconian laws; it is strong enough to take on China and Pakistan simultaneously as per erstwhile Indian army chief Mr Kapur. Anybody visiting Kashmir would see army bunkers after every 100 meters and the perpetrators staring at the doors of houses of the occupied people. All these crimes against humanity have been documented and the world and UN is very well aware of whatever is happening in Kashmir. This so called "gallant army" should not be there in the first place and all these people without mercy burying head in sand like an Ostrich are trying to salvage the tarnished image of India's army and the heinous crimes committed by India's RAW (Research and Analysis Wing). It is just a matter of time and history shows that tables do turn and we the people of Kashmir are very patient.


6 years ago

Dear Author,
Please accept my appreciation for writing a very thoughtful article about a very burning issue. The comments on the article are also very thought provoking. I tend to agree with Mr Bhat that the Army soldiers have not always acted in a honorable way while fighting a very deadly and protracted war in a very hostile environment. The soldiers have to fight this war for at least three years before being reassigned to duties somewhere else. Soldiers of no other Army in the world fight wars for such a long duration. This surely is violation of the human rights of the law abiding soldiers. In fact no one cares about the human rights of soldiers who are forced to live and operate in sub human conditions. So it is difficult for the soldiers to understand the human rights of the locals who support the enemy of the state. I do not in any way want to justify the excesses committed by the soldiers but the point has been highlighted to bring about appreciation of the fact that the soldiers have not resorted any major crime against the Kasmiris in spite of all provocations. The Army soldiers have certainly not resorted to mass killings and the Army must welcome a probe by any agency in to the unmarked graves as suggested by the author. The probe will either find the Army not responsible for the crime and thus enhance its prestige and in case some rogues in uniform have committed the crime than it is the duty of the Army and India as a Nation to punish the criminals.


6 years ago

People of this country must be made aware of the challenges faced by the gallant people serving in the armed forces and their sacrifices


6 years ago

It is matter of time india will have to pay the price of its crimes in Kashmir. Muslims will not forget this and they never do.

Ameer Tarin

6 years ago

It amounts to crying the wolf. How can one expect perpetrators to conduct a probe, responsible for this mayhem in Kashmir in the first place. Draconian laws or no such laws; army will do what it is asked to do and it is not answerable to anyone. We need people, human enough, to understand the misery and agony that Kashmir is going through. We in Kashmir believe that there are more good people, lovers of humanity, in India who stress for promises made to Kashmir be honoured and to keep the commitment. Unfortunately, the people at the helm and the invisible force who play evil and treat Kashmir as conquered land are more visible and control the establishment. We are a patient people and have shown to the world the power of our forbearance and firmly believe that we will get what we want as it is our legal and genuine right.

SM Bhat

6 years ago

Dear author: I am a common man from Kashmir. I live in Karnataka & love peace, progress & development. I still remember, few years back I went kashmir (home). Around 4:am, our main door was knocked by Gurkha Regiment. They searched our house & picked up me for guiding them in the search operation in neighboring houses. But they used me as human shield. They were pushing me forward in the houses & hiding themselves behind me. Luckily, there was nothing & I am still alive before you writing this comment....... you mentioned about "restraint" & "operational Necessity"...... At that time, they terrorized me to come with them. They didn't try to kill me themselves but certainly they used me as human shield to save their life.... Is this what you call "restraint" & "operational Necessity"? you can call me a lier or a propagandist to glorify terror. This is the most recent memory of a least suffered man. What about the memories of the most suffered men?

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