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Federal
Bank unveils global Visa debit card
Kochi: Federal Bank has launched its international
debit card in association with Visa International. Bank
chairman KP Padmakumar said it is the first Kerala-based
bank to provide such a facility to its customers which
was part of the its effort to enable them have a convenient
and secure mode of payment across the world. The cards
would be offered free of cost enabling the customers to
withdraw cash at any of the over 8,10,000 Visa-enabled
ATMs across 150 countries and also pay for their purchases
at over 120 lakh retail outlets globally by direct debit
to their bank accounts in India. He felt that the NRI
segment which accounts for the majority depositors would
be the most beneficial.
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RBI
one-time settlement schemes a failure
New Delhi: The Reserve Bank of India devised one-time
settlement (OTS) schemes are turning out to be major flop
shows. Latest figures available with the Government and
the RBI on the public sector banks' (PSBs) performance
on the OTS front shows that while the `powerful' big borrowers
merrily continue cocking a snook at the banks, the smaller
and the less influential ones too are steadfastly refusing
to fall into the trap laid down for them. Details of the
four categories of OTS schemes listed out in a consolidated
form in a paper available with the authorities shows that
the only moderately successful scheme to be the banks'
own negotiated settlement efforts, with the three other
RBI/Government schemes hardly evoking any response from
the target categories. The three other schemes are the
one for non-performing assets (NPAs) up to Rs 10 crore,
for NPAs of loans up to Rs 50,000 for small and marginal
farmers and the scheme for small loans with limit up to
Rs 25,000.
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FRBs
2017 to fetch 5.26 pc
Mumbai: The rate of interest on the floating rate
bonds (FRBs) 2017, applicable for the half-year 2 July
2003- 1 January 2004 shall be 5.26 per cent per annum.
The interest rate on FRBs 2017 was set at a mark-up (as
decided in the auction held on July 1, 2002) over and
above the variable base rate, said the Reserve Bank of
India in a press release. The variable base rate based
on the average rate of the implicit yields at cut-off
prices of the last six auctions of Government of India
364-day Treasury bills held up to June 25, 2003 works
out to 4.92 per cent. The mark-up decided in the auction
held on July 1, 2002 was (+) 0.34 per cent. The coupon
rate has been fixed accordingly. The variable base rate
for payment of interest is the average rate (rounded off
up to two decimal places) of the implicit yields at cut-off
prices of the last six auctions of Government of India
364-day Treasury bills held up to the commencement of
the respective half-yearly coupon period.
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