Discrimination faced by Mumbaikars...

If the housing societies in Mumbai (Bombay) are only meant for families (married couples), then the government of Maharashtra should make marriage compulsory in the state/city.
Or else the government should tell its citizens where will Unmarried, Divorcees, Bachelors, Spinsters live in the city of skyscrapers or is Bombay only for those who have families.
This is one of the greatest mental blocks of Mumbaikars, who otherwise want to bask in the FALSE HALO of Cosmopolitanism.
This disease (of not giving apartments to Bachelors, Muslims, etc on rent) is specially prevalent in housing societies where the Gujaratis, Marathis and North Indians (to some extent) abound; while the rest of the population is more or less okay with the concept.
The government of Maharashtra should take this matter seriously and devise laws to eradicate this malice ASAP, so that BOMBAY (and its suburbs) becomes free of discrimination based on Marital Status, Religion, etc. Or else the Honourable Supreme Court of India should step in, and give directions to the state or central governments -- so that the fundamental rights of its citizens enshrined in the constitution of India is not violated.

Friday, June 07, 2013

Central Bank of India: Momentum Building Up
Central Bank of India, one of the leading Public Sector Banks in the country, has renewed the CBS (core banking solution) agreement with Tata Consultancy Services (TCS). Earlier in June 2005, the bank had given the contract to TCS to implement CBS in over 1,000 branches of CBI. The renewed agreement is the extension of the same contract.

Moreover, Central Bank of India has started an exercise to profile its defaulting borrowers. With this initiative, the bank aims at assessing whether the defaulters are cordial to repay their overdue debt or should be proceeded against under the recovery law. The bank has taken this step as its bad loans increased by 16% year-on-year to Rs 8,456 crore as at March-end 2013

Meanwhile, IBM announced recently that Central Bank of India is leveraging IBM analytics to radically transform its financial management processes which includes activities ranging from budgeting to forecasting to liquidity management. The Central Bank of India is now one of the few public sector banks achieving complete automation of corporate performance management activity on a bottoms-up approach, as per what the announcement added.

The convergence of a number of factors including the constantly changing regulatory environment, as well as the desire to uncover deeper customer insight from massive data, were the key drivers behind the Bank's decision to streamline its financial systems. The company states that as a result of IBM's solution for corporate performance management, the company is now able to gain better insight into branch and regional office performance, allowing for further flexibility and quicker shifts in strategy to drive improved results while also maintaining regulatory compliance.

"With the use of analytics, the Central Bank of India has moved away from spreadsheet based planning to a smarter process that analyzes daily financial data based on actual performance and potential for growth. Equipped with specialized planning features, and simplified data capturing at the branch and regional office level, the IBM solution has helped the Bank to uncover new sources of customer value."

"With the rapid explosion of Big Data, collecting, sourcing and analyzing real-time data from multiple sources is a growing challenge for banks," said Jeby Cherian, Vice President and Managing Partner, Global Business Services, IBM India/South Asia.

The entire budgeting exercise of the Bank, as further added, is now conducted through IBM's solution which cuts planning cycle time in half and significantly improves accuracy of financial reporting by automating previously time consuming manual processes and ensuring that systems across the Bank's locations and product lines are interconnected. This enables the Bank to get real-time insight on performance efficiency as well as the capability to track deposits, loans and non-performing loans data on a daily basis.

Another key part is the implementation of Static Asset Liability Management Solution which enables the company to reduce liquidity risk and also minimize impact of interest rate and foreign exchange rate movements. As such, the Bank has achieved total automation of this tedious and time consuming process by consolidating approximately 7.5 million deals and trade positions across the company.

"The power of analytics is that it gives us more confidence in our financial reporting, leading to faster, more responsive decision-making." said M V Tanksale, Chairman and Managing Director, Central Bank of India.

"With Single Data Repository solutions, the Bank can gain more visibility inside its own business as well as identify more profitable customers. Thus, these solutions provide great levers for us to identify cross-sell and up-sell opportunities and increase customer wallet share."

Besides, the public sector lender Central Bank of India will soon launch a flexible card that will perform the dual function of being both a debit and credit card.

What's more, such a card will switch automatically from debit to credit mode when cash runs out in an account.

The card will act as a credit card in case of unavailability of funds in a customer's account and debit card when the account has sufficient funds.

Unlike the current practice of a maintenance fee, this card will be given free to customers.

"We are in the process of making kits for these cards. We expect to launch the card within a month," said S Das Gupta, general managing, Central Bank of India.

"We haven't worked on the details of the card yet but initially the card will be given free to customers."

With the use of plastic money on the rise in India, banks are betting big on credit cards

For the year ended March 31, 2013, the bank's net profit rose 90.41% at Rs 1014.96 crore as compared to Rs 533.04 crore for the year ended March 31, 2012. Bank's total Income has increased by 14.52% to Rs 23,527.98 crore for the year under review from Rs 20,544.80 crore for the previous fiscal. Central Bank of India earlier informed BSE that the Dividend will be paid to shareholders on July 08, 2013, subject to declaration by shareholders at Annual General Meeting.

Sources: CIOL, Hindustan Times and India-Commodity