Tamilnad Mercantile Bank to offer express money transfer service

Tamilnad Mercantile Bank also has a tie-up with Western Union Financial Services Inc of the USA to offer money transfer service

Tamilnad Mercantile Bank (TMB) has entered into a memorandum of understanding with UAE Exchange and Financial Services to offer express money transfer services in India.

The MoU will enable instant transfer of money from NRIs to Indian customers and the general public at all the lender’s branches using ‘Xpress Money’ services.

UK-based Xpress Money is an instant money transfer service present in more than 100 countries across five continents with one lakh agents worldwide.

The MoU was exchanged between TMB Ltd Managing Director & CEO, Mr A.K. Jagannathan, and UAE Exchange & Financial Services Ltd Country Head – India, Mr V. George Antony, TMB’s headoffice here said in a press release.

The bank also has a tie-up with Western Union Financial Services Inc of the USA to offer money transfer service since May 2005. TMB also has rupee drawing arrangement with UAE Exchange Centre LLC since May 2007, the release said.

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IDBI Bank, MasterCard launch IDBI Bank Global Currency Card

The Global Currency Card will be issued on MasterCard platform and will be available in USD currency

IDBI Bank Ltd, has launched its new variant of pre-paid travel card—“IDBI Bank Global Currency Card”. The Global Currency Card will be issued on MasterCard platform and will be available in USD currency with similar features as IDBI Bank’s existing Prepaid Travel Card—World Currency Card (WCC) which is issued on Visa Platform. Currently, Bank is issuing WCC in 8 currencies.

The Global Currency Card (GCC) will have access to over 1.9 million MasterCard/Maestro/Cirrus ATMs for cash withdrawal and balance inquiry. The card can also be used for purchases at over 32.9 million acceptance locations across 210 countries and empowers the cardholders to shop online. The GCC also comes with a slew of insurance benefits.

The GCC offers cardholders the convenience of a traveller’s cheque, the safety of an ATM card and the acceptance of a credit card, all rolled into one. The same can be bought by any IDBI Bank customer as well as by walk-in customers from any of the IDBI Bank Branches or the associate full fledged money changers. The maximum amount which can be loaded into GCC is $10,000 per annum for individuals and USD 25,000 per business trip (as prescribed under extant RBI/FEMA regulations).

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FM seeks opposition help to improve growth beyond 7%

Contending that economic growth has been high during UPA rule, finance minister Pranab Mukherjee admitted that GDP of 7% was “not adequate” but refused to accept the opposition contention that it was all-time low

New Delhi: Acknowledging that 7% growth was inadequate, finance minister Pranab Mukherjee today sought opposition cooperation to improve investment climate, reports PTI.

The government, he said, was keen to step up growth while tackling inflation which is perilously close to double digit, even though food prices have shown declining trend over the last seven weeks.

Replying to a debate on inflation, Mr Mukherjee said price rise was linked to international situation but made it clear that the government was not in a position to increase subsidy to address the price situation.

Contending that economic growth has been high during United Progressive Alliance (UPA) rule, he admitted that gross domestic product (GDP) of 7% was “not adequate” but refused to accept the opposition contention that it was all-time low.

“There is no link between inflation and growth. We shall have to contain inflation, we shall have to go for higher growth... Please don’t say that nothing has happened,” he said.

Mr Mukherjee said the government would endeavour to bring down inflation to 5%-6% from 9.73% in October.

NDA and Left parties were not satisfied with his reply and staged a walkout with leader of the opposition Sushma Swaraj saying that arguments offered by Mr Mukherjee were stale, oft-repeated and did not offer any relief to common man.

The economy registered a growth of 7.3% in the first half of the current fiscal. The annual growth is projected to be 7.5%, down from 8.5% recorded in 2010-11.

Mr Mukherjee said there was need for creating confidence to encourage investment. “That can be done by allowing institutions to function... We can create that confidence even though we have divergence of views on issues.”

Referring to an article which said industrialists were saying ‘tata to India, hello to world’, he said if investor confidence is created, industrialists will say ‘tata world, home sweet home’.

About inflation, the finance minister said India, which is the fourth largest economy in the world, cannot remain oblivious to global developments.

“When we discuss price rise, we shall have to keep in mind the state of the world economy... no country lives in isolation,” he said, adding oil and commodity prices have gone up and were impacting the price situation at home.

Crisis in smaller countries like Greece, Portugal and Spain, he said, would have implications for the rest of the world, including India although the country’s financial sector has no direct link with these countries.

Rejecting the opposition allegation that nothing was done by the government to check price rise, the minister said food inflation has come down from 22% in February 2010 to 6.6% in November.

He also said food production, because of the efforts of the government, increased from 198 million tonnes in 2004-05 to 241.56 million tonnes now.

On the opposition’s continued attacks, Mr Mukherjee said they could say it was not enough and “humbly accept it. But please don’t say nothing has happened.”

Mr Mukherjee also recalled how prime minister Manmohan Singh had dealt with difficulties in 1991 after he took over as the finance minister.

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