Union Bank subsidiary permits MF transactions through bank’s ATMs

The facility christened as [email protected] Bank will be available to all the customers of Union Bank, who have a debit card

Union KBC Asset Management Company Pvt Ltd (Union KBC), a subsidiary of Union Bank of India, is to introduce mutual fund-related transactions through ATMs.

Initially, the facility christened as [email protected] Bank will be available to all the customers of Union Bank, who have a debit card. The facility will be launched nationwide this month, Mr G. Pradeepkumar, CEO of Union KBC, said on Monday.

It will also be launching online facilities for mutual fund-related transactions shortly. Union Bank KBC has also introduced UB KBC Prabodh, a series of investor awareness programmes for mutual fund investors.

According to Union KBC, Prabodh is a commitment to provide 1,000 AMFI Investor Awareness Programmes for investors across India over the next 12 months.

Prabodh is a multi-layered initiative, not only focused on education, but also the practical goal of getting more informed clients to invest in mutual funds.

The company, which already has two mutual fund products - equity fund and liquid fund - would be coming out with a tax-saving mutual fund product soon. The company could able to collect Rs166 crore from the equity fund since its launch in June.

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Oriental Bank of Commerce introduces mediclaim policy

Oriental Bank Mediclaim policy is a cash-less family floater covering the members of the beneficiary's family

Oriental Bank of Commerce has signed a memorandum of understanding with Oriental Insurance Co Ltd for selling mediclaim policies to the bank's customers through its pan-India network.

Oriental Bank Mediclaim policy is a cash-less family floater covering the members of the beneficiary's family. The policies are available for Rs 1 lakh to Rs 5 lakh. For a policy of Rs 5 lakh, the premium is Rs 6,705 a year.

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MCX introduces cotton futures trading

The cotton futures contract will meet the needs of the whole cotton value chain including farmers, ginners, traders, spinners and textile manufacturers

For bringing more value to the trade, commodity bourse Multi Commodity Exchange of India (MCX) on Monday launched futures trading in cotton. Currently, the contracts for October, December 2011 and January 2012 have been offered for trading.

The trading unit of the cotton futures contract is 25 bales (170 kg a bale) and price quote for the contract is ex-warehouse Rajkot (within 100 km radius) excluding all taxes, duties, levies, and charges, as applicable, a MCX statement said.

"India is a major producer and exporter of cotton. The cotton futures contract will meet the needs of the whole cotton value chain including farmers, ginners, traders, spinners and textile manufacturers. It will bring about a large gamut of benefits to all stakeholders of the cotton industry," Ramesh Abhishek, chairman, forward markets commission said after launching the contract.

The cotton futures contract is a compulsory delivery contract. The physical delivery would be available in multiples of 100 bales. The basis delivery center is Rajkot. The additional delivery centers include Jalgaon (Maharashtra), Aurangabad (Maharashtra), Kadi (Gujarat), Abohar (Punjab), Bhatinda (Punjab), Sirsa (Haryana), Burhanpur (Madhya Pradesh), Adilabad and Guntur (Andhra Pradesh).

An individual broker can trade on behalf of his clients up to 1,50,000 bale and the individual trader can trade up to 50,000 bale on the exchange platform.
 
"The cotton futures can effectively provide a benchmark price for cotton in India, and also help the diverse cotton trade and industry functionaries in managing price risks on their spot and forward transactions in the domestic as well as export markets. Futures trading in cotton will also go a long way in stabilising cotton prices by reducing the short-term and seasonal variations in them, to the benefit of millions of cotton growers in the country," Venkat Chary, chairman, MCX noted.

India, the world's second biggest producer of cotton, is estimated to have produced a record 33.42 million bale in 2010-11 season that ended last month compared with 24.02 million bale in the previous fiscal.

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