Moneylife Events
Union Bank identifies with Moneylife on customer service

To strengthen new initiative through staff training programme across 250 branches starting this month

Union Bank of India plans to strengthen its customer service mechanism, according to AA Thakur, the bank's deputy general manager in Kolkata. "The bank is going to institute a training programme for its officials and create an intelligence unit for this," Mr Thakur said.

Mr Thakur was speaking at the Moneylife Foundation seminar, titled "Investor, Empower Yourself", in Kolkata, on Saturday, 4th June.

The new initiative marks the sequel to UBI's 'Nav Nirman' customer assistance programme. Branches will be revamped, call centre services made more efficient and the grievance redressal system made faster, said Mr Thakur.

"Beginning this month, these initiatives will be rolled out across about 250 branches over the next one year, and this will be scaled up to cover the rest of the organisation," Mr Thakur said.

He lauded the efforts by Moneylife towards achieving greater consumer satisfaction and spreading financial literacy. "Without consumer awareness, we cannot ask for consumer satisfaction. It is good that Moneylife has taken the responsibility to educate people on financial issues," Mr Thakur said.

Debashis Basu, editor, Moneylife, described simple investment principles that can lead to substantial wealth creation over a long period of time. He explained how to invest smartly in equity schemes and stocks, and pointed out the merits of compounded interest over a long term. The key, he said, was to start early and with modest expectations and hold on for a long term.

Mr Basu also warned investors about investing in portfolio management schemes. Citing historical data, he also showed what would be the ideal mutual funds and stocks to invest in. He said, "The market is full of names, but barring a few, none have yielded substantial returns over the long run. There are many schemes with fancy names, but one has to look at how they have performed over the years, and the margin by which they have beaten the market."

Sucheta Dalal, managing editor, Moneylife, and trustee of Moneylife Foundation, focused on scams in investment schemes and how to avoid them. She warned people against getting involved in chain-marketing schemes and to be alert about internet scams that have landed many people in trouble and cost them considerable money.

Ms Dalal also spoke on the importance of wills and basic house-keeping like updating nominations for bank deposits, capital market instruments and in cooperative and housing assets that could save a lot of hardship to heirs and relatives.

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COMMENTS

Nagesh KiniFCA

5 years ago

It was a sheer co-incidence that the Mahim West Branch of the Union Bank invited me to a Customer Meet on Saturday. An enlightened entrepreneur- corporate customer came up with a request for educating his employees on Financial Literacy.
Having just participated at a meet at the Money Life Foundation and its vision and successful track record at Financial Literacy I had no hesitation in handing over the Money Life Foundation membership application and asked him to get in touch with MLF. A good start.

shanti mn

6 years ago

Yes, hats off to Union Bank & moneylife.
This was not a bank training, but a truly non-partisan overview on a variety of issues and a new way of looking at investment opportunities - in fact it wasnt an investor literacy meet but one that covered issues faced by every single individual who earns and saves. Important to notice the difference because you get distilled information packed into a neat one-day session. AND it was FREE

Muthu

6 years ago

Good coverage of basic but very essential aspects of personal finance by Mr.Debashis and Ms.Sucheta. Infact, if we get our basic rights, the rest would fall in place automatically.

I think it is Einstein who said that what you explain should be understandable by a 6 year old kid. Probably he was extending it too far. In personal finance and investments, if anything looks complex and beyond one’s comprehension, I feel that then it is most likely mis-selling or the seller himself has no clue about the product he is suggesting.


CJyoti

6 years ago

Congrats. It is UBI which is the gainer. I hope, the poorest in customer-satisfaction and the most customer-unfriendly bank in India-UCO should follow suit.

REPLY

Tira T

In Reply to CJyoti 5 years ago

UCO Bank is a farce in the banking industry! I recently learnt that, in a case of HBA, the bank entered into a contract/agreement with the applicants for the loan and sanctioned the loan on the mortgage of a property worth several times the amount of loan. The bank, however, will issue the loans in installments only through cheques drawn in favour of the contractor engaged by the property-owner though the contractor IS NOT A PARTY TO THE AGREEMENT for the loan. The ways of business of UCO Bank and its business ethics are worth being looked into by the RBI and the CBI too. It is highly suggestive that the bank will disburse the loan amounts to one who is unknown to and has no locus standi in the bank or the loan agreement.

Govind Shanbhag

6 years ago

Sirs - this type of centralised training was initially started by ICICI Bank which was later adopted by SBI and Associates through their (1)Pariwartan (2) Citizen - two capsule programmes. In SBI group these programmes were attended by all employees of all cadres.

Adani Power synchronises second unit of 660MW at Mundra

"With the synchronisation of the 600MW unit and having total capacity of 2,640MW, Adani Power has become the largest thermal power producer in the country in the private sector," Adani Power CEO Ravi Sharma said

Ahmedabad: Adani Power, a subsidiary of the Adani Group, today said it has synchronised the second super critical power unit of 660MW at Mundra in Kutch district of Gujarat, taking the total generation capacity to 2,640MW, reports PTI.

"We at Adani Mundra have synchronised the second super critical power unit of 660MW. With this synchronisation and having total capacity of 2,640MW, Adani Power has become the largest thermal power producer in the country in the private sector," Adani Power CEO Ravi Sharma told newsmen.

This 2,640MW consists of six units of which four unit are of 430MW and two units of 660MW.

"We had synchronised the first 660MW in record time of 36 months and we have yet again achieved the second benchmark once again by synchronising the second 660MW unit within 90 days," he said.

"We are well on track to commission 6,000MW in this financial year, out of which 4,620MW will be in Mundra and 1,320MW shall be at Tiroda in Maharashtra," Mr Sharma said.

The next three units of 660MW at Mundra are projected to be commissioned within this financial year.

"We are currently in the process of developing an overall capacity of 9,400MW, out of that nearly 7,200MW has already been contracted," Mr Sharma said.

The company has contracts for power supply with the states of Haryana (1,424MW), Maharashtra (2,520MW), Gujarat (2,000MW) and Rajasthan (2,000MW).

The company has completed financial closure for 13,200MW out of the total 16,500MW proposed in development.

"We have been commissioning one unit almost every quarter and I feel that in coming quarters, that rate will get increased," Mr Sharma said.

He exuded confidence that with this pace of commissioning, the company's target of establishing 20,000MW of capacity could be met ahead of the deadline of 2020.

The company has also entered the renewable energy segment and has proposed to commission a 40MW solar power plant at Bitta, in Kutch district of Gujarat.

"We shall be commissioning a 40MW solar power plant at Bitta, in Kutch, in this financial year, which shall be expandable to 100MW," Mr Sharma said.

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March quarter results: Shipping one of the worst-performing sectors

India’s exports and imports are booming but Indian shipping companies are hardly doing very well. Shipping was the worst-performing of the 29 sectors Moneylife tracks in sales, operating profit and net profit

Out of the 29 major sectors (out of 49) which are tracked by Moneylife in its database of 1,300 companies, the shipping sector had aggregate quarterly sales of Rs3,003.41 crore (down 8%); operating profit of Rs545.4 crore (down 25%) and net profit of Rs49.02 crore (down 87%) in the March quarter.

This is indeed surprising, considering the fact that India's exports jumped 34.42% in April 2011 to $23.80 billion continuing the robust growth from the previous fiscal. Imports also went up at around 13% to $32.80 billion.

In fact, shipping was the only sector among the 29 major sectors which recorded a negative sales growth for the March 2011 quarter over the previous year-ago quarter.

Government behemoth Shipping Corporation of India (SCI) was the best performer with a quarterly revenue figure of Rs865.13 crore (down 3%) and the lowest sales was reported by Chowgule Steamships with a quarterly revenue of Rs9.08 crore (up 60%).

On the revenue front, Bharati Shipyard was up 25% at Rs441.34 crore.

The aggregate quarterly operating profit of the shipping sector in March 2011 was Rs545.40 crore (down 25%) and aggregate quarterly net profit was Rs49.02 crore (down 87%). Bharati Shipyard managed to clock a decent operating profit growth figure. Its operating profit for the March 2011 quarter grew to Rs156.57 crore (up 90%) and the profit was Rs38.23 crore (up 7%). SCI reported an operating profit of Rs100.63 crore (down 33%) and a net loss of Rs6.17 crore (down 105%).

The second-lowest performer in sales growth of all the major sectors tracked by Moneylife was real estatewith quarterly revenue of Rs4,658.66 crore (up 4%). The sector's operating profit was Rs1,461.17 crore (up 2%) and its quarterly net profit was Rs1,371.84 crore (up 7%). One decent performer in terms of sales and operating profit growth for March 2011 was Anant Raj Industries, whose sales rose to Rs61.77 crore (up 75%) and operating profit rose to Rs43.80 crore (up 62%). Similarly, Mahindra Lifespace Developers was also an all-round good performer on all three aspects. Its sales rose to Rs163.83 crore (up 62%); operating profit rose to Rs40.36 crore (up 36%) and its net profit went up to Rs30.49 crore (up 29%).

The third-lowest sales growth was registered by the saturated telecom services sector with aggregate revenues of Rs15,020.43 crore (up 4%). The falling average revenue per user (ARPU) and stiff competition is pulling down this sector, on the sales front. Bharti Airtel and Tata Communications were the only companies (out of the five companies in the sector who have give out March 2011 quarter results) reporting positive sales growth. Bharati Airtel's revenue was Rs9,828.50 crore (up 10%), Tata Communications' sales rose to Rs863.60 crore (up 2%).

The second-lowest performer in operating profit growth was the oil & gas sector, with aggregate quarterly operating profit of Rs10,504.24 crore (down 10%). Its quarterly aggregate sales were Rs27,827.37 crore (up 12%) and quarterly net profits were Rs4,299.22 crore (down 17%). The best growth in operating profit was achieved by Indraprastha Gaswhose operating profit rose to Rs137.18 crore (up 45%) with net profit of Rs69.16 crore (up 34%). It was followed by Oil India whose operating profit rose to Rs937.18 crore (up 31%) and net profit was Rs562.61 crore (up 31%). Its quarterly sales were Rs1,488.40 crore (up 13%).

The hospitality sector, the third lowest in terms of operating profit, reported a figure of Rs437.65 crore (down 6%). Leelaventure managed overall good performancesales grew to Rs172.13 crore (up 18%), operating profit rose to Rs43.64 crore (up 28%) and net profit rose to Rs11.31 crore (up 21%).

The second-lowest performer in net profit growth of the major sectors was the pharma sector with an aggregate quarterly net profit of Rs2,137.10 crore (down 36%), while its operating profit was Rs3,009.79 crore (down 4%), and its quarterly sales were Rs18,066.65 crore (up 7%). Out of the 75 pharma companies we track, 72 companies have come out with their results.

Out of these, 36 companies have reported positive net profit growth and 36 were in the negative. Glenmark Pharmaceuticals was one of the 36 positive performers in net profit (Rs 65.89 crore, up 133%). Lupin and Sun Pharmaceutical were also high performers with net profit figures of Rs243.75 crore (up 64%) and Rs372.78 crore (up 46%).

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