Catholic Syrian Bank opens rural branches

As part of financial inclusion initiatives and on the occasion of the bank’s 94th foundation day today, Catholic Syrian Bank has opened 11rural branches.

According to the bank’s Managing Director & CEO, Rakesh Bhatia, the bank contemplates opening more rural branches in the current financial year.

All branches including rural branches are fully computerised and core banking/ABB enabled branches. They also assist to open Aadhaar-linked accounts facilitating customers to receive various government subsidies and other benefits under various welfare programmes.

Sandip Ginodia , Director

ABHISHEK SECURITIES

We deal in over 60 unlisted companies with 15 years of experience .

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

Tata Group exits banking race, withdraws application for bank licence

The Reserve Bank of India  today said that Tata Sons  has withdrawn its application  for a new bank licence. After Videocon, Tata Group is the second conglomerate to withdraw its application. Tata Sons has indicated that its current financial services operating model best supports the needs of the Tata Group’s domestic and overseas strategy, and provides adequate operating flexibility to its companies, while securing the interests of the Group’s diverse stakeholder base. Given Tata’s track record and the fact that people would ideally trust their money with such a large conglomerate, it is surprising that the Tata Group is exiting the race for a banking licence. Capital coming in from large corporates was seen as a positive for the sector. But now with such a large conglomerate exiting from the race, the shape of banking reforms is changing, said Ashwin Parikh of E&Y  in an interview with CNBC- TV18. Moreover, unlike many countries, permission for setting up banks isn’t given easily. For starters, minimum equity capital of Rs 500 crore is a must-have. RBI also requires that 25% branches opened be located in “unbanked” rural areas – typically those with a population less than 10,000. Although this rule is targeted to achieve financial inclusion, it means that deposit growth would be slow in a quarter of the branches

Sandip Ginodia , Director

ABHISHEK SECURITIES

We deal in over 60 unlisted companies with 15 years of experience .

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

Gujarat NRE Coke hits 20% lower circuit

Gujarat NRE Coke, the largest independent producer of met coke in India, dropped 20% on Wednesday.

Shares of the company are trading at Rs 8.44, down Rs 2.1, or 19.92% at the Bombay Stock Exchange (BSE) on Wednesday at 2:35 p.m.

The scrip has touched an intra-day high of Rs 10.70 and low of Rs 8.44. The total volume of shares traded at the BSE is 1,108,284.

In the earlier session, the shares declined 10.22%, or Rs 1.2, at Rs 10.54. Currently, the stock is trading at all time 52-week low, which is below 64.54% over the 52-week high of Rs 23.80.

Sandip Ginodia , Director

ABHISHEK SECURITIES

We deal in over 60 unlisted companies with 15 years of experience .

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

Unlisted Shares

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Sandip Ginodia

Abhishek Securities

Website : www.abhisheksecurities.com

Email : ginodiasandip1@gmail.com

Mobile : +91 9830271248