 RBI confers Rajbhasha Shield on Canara Bank
MUMBAI, June 27:
Canara Bank, a leading nationalized Bank, was conferred with Reserve Bank Rajbhasha Shield for effective implementation of Official Language in Region 'C' for the year 2013-14.
Mr Harideesh Kumar B, Executive Director, Canara Bank, received the Award from Dr Raghuram Rajan, Governor, RBI, at a glittering function organised by RBI recently at RBI Central Office, Mumbai.
Si2 Microsystems emerges winner in ‘The Super Shopfloor' Awards 2015
BANGALORE, June 25: Bangalore based Si2 Microsystems emerged winners at The Super Shopfloor Awards 2015 in the ‘Super Shopfloor in Innovation’ category. Receiving fame for their innovative prowess over other SMEs, Si2 Microsystems Pvt. Ltd. was awarded the runner-up trophy to lift.
On being recognized for their dedication to innovation and commitment to truly integrate the system to one of ‘Made in India’, Mr. Nitin Ghodgaokar, Director of Operation explains, “It was a pleasure to be part of the well organized award ceremony of ‘The Machinist Super Shopfloor Awards 2015. We are proud to receive the award in the Innovation category as it recognises our true strengths and our skill in providing solutions to complex problems of clients be it in the commercial or military sectors’. It is a great start to recognize and appreciate the different activities in manufacturing sector.
The award categories touched each aspect of the industrial activities. ‘The Machinist’ will certainly play a catalytic role to unite the manufacturing eco system. Today, most of the equipment required for the Industry is imported. The ‘Make in India’ movement will be truly successful only if we Design and Manufacture in India and not just ‘Manufacture in India’.
The electronics manufacturing industry in India is still in nascent state. Almost 100% of electronics manufacturing equipment, components and the raw materials are imported making the cost of electronics high. Indigenous development of machines required for manufacturing of components and raw materials would certainly help.
‘The Machinist’ has a bigger responsibility to make the dream of ‘Make in India’ come true. My best wishes to the team in their endeavours.”
Si2 Microsystems has grown tremendously as a System-in-Package (SiP) and Microsystems Solutions Company. Providing Wireless, Wireline and Microsystems solutions for global customers, apart from Bengaluru, it even has design centers and manufacturing operations in San Jose (California), Netherlands and Thailand.
It aims to impart leading edge Microelectronics Solutions by Integrating Chip & System design capabilities with Manufacturing Technology to come up with SiP & Microsystems Solutions. Amassing over 250 employees globally supporting their SiP and system manufacturing facilities and design centers, Si2 Microsystemssings its own praises with a customer backing from the space and aerospace industry like Indian Space Research Organization, Aeronautical Defense Establishment and NAL.
Clients from commercial industries include IBM, Bosch and Redpine Networks. Other business associates of Si2 from the defense and military background are Bharat Electronics Limited (BEL), Advance Systems Private Limited (ASL), Research Centre Imarat (RCI), Anurag and MBDA, France.
Boasting a captive state-of-the-art fully automated chip level assembly line and a drive to match across their operations, Si2 has the manufacturing capability for quality products at competitive prices. Starting from Architectural Concept to Design, Prototyping, Qualification & Final Production, all turnkey solutions by Si2 are application specific and customer driven.Si2 follows the Industry Standard design methodology for delivery of critical programs to customers.
They choose to lead by example and as a result, a lot of emphasis is put on first time success of its solutions.Extensive simulation is carried out during the design process before design actualization of the intended solution. Boasting a very high first pass yield output, the quest for perfection in the design stage is complemented by extensive test facility in the Si2 production floor.
Canara Bank connects women running Micro Enterprises to Online Markets
By Deepak Arora
 BANGALURu, June 25: Canara Bank, Head Office Bengaluru, through it’s Department of Women Empowerment organised a Program on “Online Marketing Trendz- Connecting Entrepreneurs and Online Marketers" at the Corporate Office here on Thursday. This Program was designed not only to educate the women running Micro & Small Enterprises about the Online Marketing Process but also aimed at connecting them with a few Online Marketers who have already created their Websites.
Inaugurating the Program, S S Bhat, Chief General Manager, said “this program has been arranged in addition to the frequent Mela’s organised by the Bank and Mobile Sales Van facility to assist women market their products.
While emphasising that Online Marketing was the need of the day in today’s Market Scenario, he advised the Women to enter into E-Business with the help of Online Marketers as it creates awareness about the products amongst the online shoppers
widening their customer base.
M G Bhat, General Manager Canara Bank, added that Canara Bank has been assisting Women in all their endeavors since inception of the Bank and will continue the initiative with the same Zeal and Enthusiasm.
 Mrs Ajanta Chandan, Co-promoter of Foodz N Dreamz Ventures, successfully running the marketplace website Homemadeonline.in spoke on the demand for organic, no - preservative added food items and Handicraft items by the public and assured to assist the women market their products through their website.
Mrs Meera Tiwari, Proprietrix of the Firm Candyship Online Stores, to be launched in the near future made presentations to educate the ladies on present day online marketing Trends and insisted the need for popularizing their products through social sites for a better market.
The product samples presented by 60 women Entrepreneurs were well appreciated by the Online Marketers.
Mrs Suseela K, Assistant General Manager, and other Officials of the CSR division of the Bank were present on the occasion.
World risks Great Depression: Rajan
 LONDON, June 27: Warning that the global economy is on the brink of a situation similar to the Great Depression of the 1930s, Reserve Bank of India Governor Raghuram Rajan has asked central banks from across the world to define “new rules of the game” to avert a repeat of the recent global financial crisis.
“I do worry that we are slowly slipping into the kind of problems that we had in the thirties in attempts to activate growth,” Rajan said here at a London Business School conference on Thursday evening.
“We need rules of the game in order to effect a better solution. I think it is time to start debating what should the global rules of the game be on what is allowed in terms of central bank action,” the RBI governor said.
“And, I think it’s a problem for the world. It’s not just a problem for the industrial countries or emerging markets, now it’s a broader game,” he added.
Rajan, who had predicted the 2008 US financial collapse and has been warning that global markets are now at the risk of a crash due to the competitive loose monetary policies being adopted by developed economies, said an international consensus was needed to be built over time.
“I am not going to venture a guess as to how we establish new rules of the game. It has to be international discussion, international consensus built over time after much research and action,” he said.
When Rajan took charge at RBI in 2013, at a time the US Federal Reserve had declared its intent to wind down its stimulus programme, the rupee plunged in value in respect of the US dollar on fears about a spiralling current account deficit.
In a series of measures, Rajan managed to stabilise the currency that also brought back investors. “Rajan’s disciplined and focussed approach in leading the Reserve Bank during his first year as governor was remarkably impressive,” British magazine Central Banking said earlier this year giving Rajan their central banker of the year award for 2015.
In 2011, he published the acclaimed “Fault Lines” on how hidden financial fractures threaten the world economy.
Pointing to the very low interest rate policies of the US Federal Reserve, the Bank of Japan and the Bank of England in a bid to stimulate their economies, Rajan has been warning that emerging markets are especially vulnerable to big shifts in capital flows triggered by the unprecedented monetary accommodation in rich countries.
Canara Bank, United India Insurance settle first Claim under PMSBY
By Deepak Arora
 BENGALURU, June 26: United India Insurance Co. Ltd. (UIIC) settled its first claim to Canara Bank under Pradhan Mantri Suraksha Bima Yojana (PMSBY). Canara Bank & UIIC leading public sector organizations in the fields of Banking and General Insurance respectively partnered together to implement the PMSBY.
The scheme was launched by Prime Minister Narendra Modi on May 9 last.
Under the scheme, Bank account holders in the age group of 18 years to 70 years can be enrolled for insurance coverage due to any accident at a nominal premium of Rs 12 per annuum with a Sum Insurance of Rs 2,00,000 and Rs 1,00,000 for death and permanent disability respectively. The claim amount is payable to the Nominee of the deceased or to the insured depending upon the nature of the accidental death or disablement.
UIIC has enrolled 1.6 crore members under the scheme so far, from various Banks, of which Canara Bank has enrolled around 31 lakh account holders.
Canara Bank, received a claim from their Nawada Branch in Bihar State. The insured Moinuddin Khan was enrolled under PMSBY scheme on May 27. Khan, aged 54 years, who hails from Kena Panchayat, Nawada District, Bihar was a farmer and Kisan Credit Card holder of the Bank. He was also a very active Social Worker in the area and ready to help the needy. His wife Shahjadi Khatun, a house wife and was the Nominee under the scheme. They have 5 Children – 1 Son and 4 Daughters. Eldest Son is aged 30 years working as labourer in Saudi Arabia. Eldest daughter aged 22 years is Mentally challenged and unmarried. Second daughter is aged 20 years and married. Third and fourth daughters are aged 18 years and 16 years respectively and are studying.
Khan and his family members were returning home in two separate vehicles after attending a Marriage function on June 8. The vehicle in which khan was travelling met with an accident resulting in death of Khan and his nine relatives.
Incidentally, Moinuddin Khan was the only individual enrolled under the PMSBY scheme.
In this time of distress, Prashanth Sinha, Manager, Canara Bank, Nawada Branch acted swiftly and procured all the claim related documents including the FIR and postmortem reports and transmitted these documents to its Head Office at Bangalore. These documents were handed over to UIIC, Nodal Office at Bangalore and it has settled the claim amount of Rs. 2 lac as per the PMSBY Scheme, expeditiously on June 25.
The cheque was handed over to S.S.Bhat, Chief General Manager, Canara Bank by Mrs Usha Ramaswamy, DGM, UIIC, Regional Office, Bangalore in the presence of Mrs Snehalatha Johnson, DGM; Venugopal, Divisional Manager, Canara Bank and P Badmanaban, Regional Manager, D. Pandiyan, Divisional Manager, UIIC, Bangalore.
Nestle India says it will take a hit of more than Rs 320 crore from Maggi ban controversy
MUMBAI, June 15: Nestle's Indian unit said on Monday it would take a hit of more than Rs 3.2 billion (Rs 320 crore) from the continuing withdrawal and destruction of its Maggi instant noodles that have raised concerns over food safety.
Food giant Nestle has been battling its worst-ever branding crisis in India since a regulator in the northern state of Uttar Pradesh found monosodium glutamate (MSG) and excess lead in a sample of its hugely popular noodles.
The company on Friday challenged those findings in court but has to continue with the withdrawal until a verdict is reached.
On Monday, Nestle India said the estimated sales value of the stock in the market was worth around Rs 2.1 billion (Rs 210 crore). It also has Maggi noodles and related products in its factories and distribution centres worth Rs 1.1 billion (Rs 110 crore).
"There will be additional costs to take into account, for example bringing stock from the market, transporting stock to destruction points," Nestle said in a statement.
"The above, and other unforeseen costs associated with this withdrawal, will be dealt with in line with the applicable accounting standards at the time of announcing the financial results on the due dates."
Nestle withdrew all varieties of Maggi noodles on June 5, hours before the country's food safety authority (FSSAI) banned the snack, ruling it "unsafe and hazardous".
The company has maintained the noodles are safe, told the Bombay high court on Friday that FSSAI'S decision was arbitrary, and questioned the standards of testing behind it.
The company said it would deal with the associated costs at the time of reporting results. Nestle India reported its March quarter results on May 15.
India leads emerging economies in growth chart: World Bank
WASHINGTON, June 11: India may officially surpass China in its growth rate as it is now leading major emerging economies in growth chart, according to latest World Bank figures.
"With an expected growth of 7.5% this year, India is, for the first time, leading the World Bank's growth chart of major economies," said Kaushik Basu, World Bank Chief Economist and Senior Vice President after the release of the latest Global Economic Prospects (GEP) report on Wednesday.
China is projected to grow at 7.1%. Developing countries are now projected to grow by 4.4% this year, with a likely rise to 5.2% in 2016, and 5.4% in 2017, the report said.
In China, the carefully managed slowdown continues, with growth likely to moderate to a still robust 7.1% this year. In India, which is an oil importer, reforms have buoyed confidence and falling oil prices have reduced vulnerabilities, paving the way for the economy to grow by a robust 7.5% rate in 2015, the report said.
Basu said slowly but surely the ground beneath the global economy is shifting.
"China has avoided the potholes skillfully for now and is easing to a growth rate of 7.1%; Brazil, with its corruption scandal making news, has been less lucky, dipping into negative growth," he said.
The main shadow over this moving landscape is of the eventual US liftoff, he noted.
Growth in South Asia is expected to continue firming to 7.1% this year, led by a cyclical recovery in India and supported by a gradual strengthening of demand in high-income countries.
The decline in global oil prices has been a major benefit for the region, driving improvements in fiscal and current accounts, enabling subsidy reforms in some countries, and the easing of monetary policy, the report said.
In India, new reforms are improving business and investor confidence and attracting new capital inflows, and should help raise growth to 7.5% this year.
According to the report, developing nations face a series of tough challenges in 2015, including the looming prospect of higher borrowing costs as they adapt to a new era of low prices for oil and other key commodities, resulting in a fourth consecutive year of disappointing economic growth this year.
"Developing countries were an engine of global growth following the financial crisis, but now they face a more difficult economic environment," said World Bank Group president Jim Yong Kim.
Canara Bank sponsored RRBs launch Immediate Payment Service
By Deepak Arora
 BAGALORE, June 10: Pragathi Krishna Gramin Bank and Kerala Gramin Bank, RRBs sponsored by Canara Bank have launched the Immediate Payment Service (IMPS) service for their customers. The Banks have gone live on IMPS platform using Account No. & IFS Code (P2A- Person to Account No.).
With this, Bank account holders of any IMPS P2A enabled bank can send and receive money 24 x 7 via IMPS to/from these two Gramin Banks using Account No. and IFS Code of beneficiary. Immediate Payment Service (IMPS) is a unique interbank remittance processing service offered by National Payments Corporation of India (NPCI). This service offers instant, 24X7, interbank electronic fund transfer through mobile, internet and ATM.
Pragathi Krishna Gramin Bank (PKGB), with jurisdiction over 11 districts of Karnataka, and Kerala Gramin Bank (KGB), the only RRB in Kerala state having presence in all the 14 districts will be among the first two Regional Rural Banks in the country to offer the IMPS P2A service.
Pradyuman Singh Rawat, MD & CEO, Canara Bank in the presence of Balachandran, Chairman, NPCI and A.P.Hota, MD & CEO, NPCI officially launched the service on Wednesday.
Harideesh Kumar, Executive Director, Canara Bank, B. Sambamurthy, Director, NPCI, S.S.Bhat, Chief General Manager, Canara Bank, J.C.Das, General Manager, NABARD and
K.V.Shaji, Chairman, Kerala Gramin Bank were also present at the launch event.
In his address, Mr Rawat commended the efforts of both the Gramin Bank in taking the technology initiatives to the rural populace that could drive the financial inclusion. On behalf of RRBs, he also hailed the cooperation received from NPCI for implementation of various products in their sponsored RRBs.
Balachandran, Chairman, NPCI, appreciated the efforts of Canara Bank and their RRBs who are always in the forefront in implementing various technological initiatives to drive the financial inclusion. He exhorted that the payment services developed by NPCI would reach the last mile in inclusive growth when implemented by all banks in India thereby transform India as ‘Bharath’.
“IMPS is commendably penetrating in rural and urban areas, serving people with its instant money transfer service and ultimately backing the country’s much-needed financial inclusion objective,” said A P Hota, MD & CEO, NPCI.
Speaking about the new service of their RRBs, S.S.Bhat said, “Canara Bank is proud to support the RRBs in offering this service to their customers which is going to be a great help to the rural population and especially the migrant workers who want to transfer the funds to their relatives.”
K.V.Shaji, Chairman, Kerala Gramin Bank said, “In Kerala, the mobile users are very high as compared to other states and our bank has around 40,000 mobile banking customers which is going to increase upto one lakh in coming days. With IMPS, our
customers will get another channel for fund transfer which will be available 24x7.”
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