A concern over food price volatility globally:Jim Yong Kim

World Bank President, Jim Yong Kim has expressed concern over food price volatility globally and the impact it might have on the poor as a result of the drought like situation in countries like the United States and India.

The impact of the US drought on global markets is exacerbated by other countries also currently suffering from weather-related production issues.

Almost continuous rain is causing problems for the wheat crop in many European countries, whereas the wheat crops in Russia, Ukraine and Kazakhstan have been hit hard by a lack of rain.

"In India, monsoon rainfall is about 20 per cent below the long-term annual average. July is the critical planting month and there may be major negative implications if rains do not pick up," Kim said.

"When food prices rise sharply, families cope by pulling their kids out of school and eating cheaper, less nutritious food, which can have catastrophic life-long effects on the social, physical, and mental wellbeing of millions of young people, the World Bank Group President said.

In 2012, prices have risen across all the non-rice grains - wheat, corn and soybeans: wheat prices are up over 50 per cent since mid-June; price for corn has risen more than 45 per cent since mid-June; and soybeans are up almost 30 per cent since the beginning of June and up almost 60 per cent since the end of last year.

The World Bank, he said, is monitoring this situation closely so that they can help governments put policies in place to help people better cope.

"In the short-term, measures such as school feeding programs, conditional cash transfers, and food-for-work programs can help to ease pressure on the poor," Kim said.

"In the medium- to long-term, the world needs strong and stable policies and sustained investments in agriculture in poor countries."

"We cannot allow short-term food-price spikes to have damaging long-term consequences for the world's most poor and vulnerable," he added.

Though thus far, crop projections do not indicate the potential for actual shortages in the major grains; stocks are low, and the harvests will continue to be dependent upon global weather, which leaves prices more vulnerable to higher volatility, he said.

Food price volatility creates unpredictability in the market and poses fundamental food security risks for consumers and governments, he said adding that volatility also discourages needed investment in agriculture for development due to increased financial risks and uncertainty for producers and traders.

While the prices of many food staples have risen sharply, the Bank noted that the current conditions differ from the 2008 crisis.

In 2008, while other grains increased in price, rice and wheat prices rose the most, although the price fell quite substantially in 2009 due to a notable supply response by farmers seeking to benefit from higher price.

Pentagon has a $1 billion contract with Rosoboronexport,

Letter from the President and CEO

Imagine if, during this politically divisive presidential campaign season, Republicans and Democrats in Congress found a way to work together. Now imagine that they took united action on one of the world's most pressing and challenging issues.
Imagine no longer. In the last Rightswire, I told you about a budding bipartisan effort to block the flow of Russian weapons into Syria, where the Assad regime is using them to commit atrocities. Now, as I discussed in the Houston Chronicle, the effort is growing. A group of Senators, led by Sen. Cornyn (R-TX) and Sen. Durbin (D-IL), are pressing for a resolution condemning Russia for arming Assad.
The resolution builds on the bipartisan push for the United States government to cut its own ties to the Russian state arms dealer. We helped expose the fact that the Pentagon has a $1 billion contract with Rosoboronexport, and both Republican and Democratic members of Congress are calling on the Obama administration to cancel the contract and impose sanctions on Rosoboronexport.
These bipartisan actions are drawing attention to the key role that third parties play in mass atrocities. Historically, those seeking to stop the worst human rights abuses have focused on the direct perpetrators. But mass atrocities are not simply spasms of hatred and violence. They are organized crimes requiring infrastructure, planning and resources. For several years, we've urged the U.S. government to target enablers—the countries, companies and individuals who provide the means to attack civilians. The idea is to disrupt the supply chain that fuels these atrocities.
It's encouraging that Members of Congress from both parties join forces to take up this important challenge.
Sincerely,
Elisa Massimino
President and CEO
Human Rights First

Ukraine FTA with the CIS.

Ukrainian parliament ratified a free trade zone agreement on Monday with the Commonwealth of Independent States (CIS).The Economic Council of the CIS states approved in April 2011 a draft agreement on a free trade zone that would move the grouping of most of the former Soviet republics further toward liberalized trade. The agreement was signed in October 2011. Ukraine became only the third country which ratified it after Russia and Belarus.The CIS includes Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine.

The document was originally drafted by Russia's Economic Development Ministry in 2008. The agreement stipulates cutting import duties to a minimum, and suggests that export duties be harmonized and eventually abolished.
Ukraine, whose trade with the CIS countries amounts to $140 billion a year, also intends to go ahead with its plans to create a free trade zone with the European Union. EU-Ukrainian relations were damaged by last year’s jailing of former Ukrainian Prime Minister Yulia Tymoshenko over a gas deal with Russia, which was declared by the government of harming the country's economy.
European authorities have declared Tymoshenko’s trial politically motivated and have called for her to be released.

Ukraine:Yulia Tymoshenko is chosen opposition leader

Yulia Tymoshenko, who resigned as prime minister after losing the presidential election to Viktor Yanukovych in February 2010, is charged with illegally diverting $425 million meant for environmental projects into pension funds. A second case includes accusations of spending 100 million euros ($131 million) from government reserves to buy cars that she later used in her presidential campaign.

Jailed Ukrainian ex-prime minister Yulia Tymoshenko has been chosen by the country’s main opposition parties to lead them to victory in parliamentary elections slated for October.
A statement issued at the end of the united opposition parties’ congress on Monday endorsed the candidacy of the former prime minister to head the opposition parties' electoral lists in the elections.
The move may be simply symbolic for the embattled former prime minister because Ukrainian law prohibits people who are serving a prison term from running in national elections.
Tymoshenko was sentenced in October 2011 to seven years in prison for abuse of office in concluding a natural gas contract with Russia in 2009, in a case her supporters claim is politically motivated.
Hearings on a second criminal case are expected to resume in Kharkov District Court on Tuesday, after it was postponed in June to allow Tymoshenko, 51, who is suffering from back pain, to undergo a medical examination to see whether she can physically attend further hearings.
Tymoshenko is being accused of tax evasion, embezzling state funds and forgery, which caused the country multimillion-dollar losses during her term as the head of United Energy Systems of Ukraine in the mid-1990s.
The united opposition is expected to field candidates for all 450 seats at stake during the October 28 parliamentary elections.Half the deputies will be elected in single-mandate constituencies using a single-round, first-past-the-post system. The other 225 will be elected nationwide based on party lists, with a 5% threshold to gain representation.

Registration of candidates began on July 30 and runs until August 9, according to the country’s Central Election Commission. Political parties are expected to submit lists of their candidates to the CEC by August 13, while registration must be completed by August 20.The two largest opposition parties in Ukraine – Tymoshenko’s Fatherland and People's Self-Defense led by former Speaker Arseny Yatseniuk - teamed up with five smaller parties in April to form a united opposition against the pro-government Party of the Regions.

 Recent polls suggest that both the pro-government parties and the opposition are running neck and neck.
Prominent opposition figures, including Yatseniuk and former Internal Affairs Minister Yury Lutsenko will be running alongside Tymoshenko. Lutsenko, 47, a member of the People’s Self Defense bloc, was sentenced to four years in prison in February for embezzlement and abuse of office while in government. Like Tymoshenko, Lutsenko has denied the charges, saying they are politically engineered by President Viktor Yanukovych.

Others in the top-ten bracket include leader of the opposition "Ukraine" Vyacheslav Kirilenko, ex-Deputy Prime Minister on Foreign Affairs Grigory Nemyria, leader of the Party "Reforms and Order" Serhiy Sobolev and leader of the Popular Movement of Ukraine Borys Tarasyuk. Mykola Tomenko, a Batkivschyna leader and the deputy speaker of parliament, has resigned his post to contest on the opposition platform.
Fugitives
The united opposition is also fielding a number of fugitives, including former Economy Minister Bohdan Danylyshyn, who was granted political asylum by the Czech Republic last year after the authorities in Kyiv accused him of squandering almost $2 million of public funds.
Arsen Avakov, the governor of the eastern Kharkiv region in 2005-2010 and a Tymosehnko ally, also made it to the opposition list. Avakov was detained in Italy in March after a request to send him back to Kiev to face charges of abuse of power. He still faces a legal battle to avoid extradition.
Lutsenko's wife Irina is also expected to contest under the opposition banner.
"We believe that these people will win the election and form a Democratic majority that will confront the Yanukovych regime," said Oleksander Turchinov, deputy chairman of the Fatherland party.
Meanwhile, the united opposition has vowed to punish all those responsible for political repression in the country and fully rehabilitate incarcerated opposition leaders, including Yulia Tymoshenko and Yuriy Lutsenko, if it wins the October parliamentary elections.
"We would like to warn that once the united Fatherland opposition party wins the elections and forms a democratic majority in the Verkhovna Rada, all those found guilty of political repression in Ukraine, [and] those engaged in criminal activity and committed fraud are going to be prosecuted to the full extent of the law," the united opposition party said in a statement posted on its website.
The medical treatment of Ukraine’s jailed former Prime Minister Yulia Tymoshenko has been successfully completed, Health Minister Raisa Bohatyriova said on Friday.
Tymoshenko, who is serving seven years in jail for abuse of office, had severe back pain that prevented her from walking. Doctors from Germany's Charite clinic who examined her in early May diagnosed Tymoshenko with “an acute form of disk herniation."
“The rehabilitation process has been successfully completed,” Bohatyriova told Ukraine’s Fifth TV channel, citing the international commission of German and Ukrainian doctors that oversaw Tymoshenko's treatment.
Tymoshenko is now very active, she said. "This indicates the patient's health is improving and that her treatment has had a positive outcome," Bohatyriova said.
But she also said there are now no grounds for Tymoshenko to have a long-term stay in hospital based on established standards of treatment.
"For unknown reasons, German doctors from the Charite Center have canceled visits to Tymoshenko by their representatives. None of the German doctors have come to Ukraine and examined Tymoshenko for 16 days. They have communicated with the patient only by phone. That makes it impossible to adopt a plan for Tymoshenko's further treatment with the German doctors," Bohatyriova said.

Verkhovna Rada votes for Yanukovich’s Russian-speaking support base

Ukraine’s Parliament, the Verkhovna Rada, voted on Monday against repeal of a controversial bill granting Russian language official status in about half of Ukraine’s regions.
Opposition members unsuccessfully introduced four different draft resolutions aimed at abolishing the Rada's July 3 approval of the bill, which critics say was rushed through the Rada unconstitutionally by the ruling Party of Regions to score political point with President Viktor Yanukovich’s Russian-speaking support base.
The Rada also voted against the resignation of its Speaker Volodymyr Lytvyn, who stalled the passage of the original language bill by refusing to sign it into law. Lytvyn tendered his resignation on July 4 in protest.
The bill requires the signature of both the parliament speaker and the president to become law. Today’s extraordinary session of Parliament, which had gone on recess earlier this month until September, provided another opportunity for Lytvyn to sign the legislation.

Joe Biden:Romney has spending advantage

Naresh --

This isn't hyperbole or exaggeration:

If we don't win this election, it will be because we didn't close the spending gap when we could.

Because right now we're seeing that voters have a choice between two very different men.

And the only way someone like Mitt Romney -- who's asking Americans to put him in charge of their taxes while refusing to come clean about his own, who wants to repeal Obamacare, end Medicare as we know it and give more tax breaks to billionaires who don't need them -- defeats someone like Barack Obama, is if the other side spends us into oblivion.

Tomorrow is the most urgent fundraising deadline of this campaign so far. Will you make a donation of $3 or more today to make sure we can keep this close over the last 100 days?

It's already starting on TVs and radios in swing states, and it's not going to stop.

In the last two weeks of this month, Romney and his allies had an almost 2:1 spending advantage in Florida, Iowa, New Hampshire, North Carolina, and Virginia -- and that could be the election right there.

We've got more than 2.4 million grassroots donors building this the right way.

But we're running out of time to close the money gap when it really matters.

Please donate $3 today, and help make sure our message can get through to as many voters as Mitt Romney's does:

https://donate.barackobama.com/July-Deadline

Barack and I honestly wish we could thank everyone who contributes to this campaign personally. You're our second family, you know.

Thanks,

Joe

IAC Day 5 collection is Rs 7.5 lakhs at Jantar Mantar

On the donation front, yesterday's collection was approximately Rs 7.5 lakhs. 

Day 6 of the indefinite fast by Anna Hazare, Arvind Kejriwal, Manish Sisodia and Gopal Rai again saw large crowds at Jantar Mantar. The myth that the crowds turned yesterday due to weekend broke when nearly 75,000 thronged the venue.

Annaji and Manish Sisodia clarified stand on Salman Khurshid and Narayansamy's statement that Anna had "secretly reached an agreement with him and took a U turn due to Arvind Kejriwal's interference". Strongly condemning the statements as a bunch of lies they openly challenged the Ministers to hold an open debate with them in front of TV and media. Annaji said, this government has always deceived the public on Lokpal Bill.

 The day ended with Annaji's speech in which he spoke about his life so far. He explained how he had joined the army in the sixties. He spoke about how he fought the Pakistan Army in which all his colleagues were killed. It was then that he decided to dedicate his life for the country. He began his work in his village and turned into a model village. Kiran Bedi requested Annaji to hold such sessions on a daily basis. She gave a call to Delhites to come out on the streets in large numbers as some important questions need to be discussed.

After yesterday’s demonstration outside Union Minister, P Chidambram’s residence in Chennai, today some protestors held a demonstration outside Agriculture Minister Sharad Pawar’s residence. The protestors carried with them rice and pulses as a gift.

The health of the anshankaris stabilized today. The health report in the evening was as under:
Annaji: Pulse- 91, BP-139/87, Sugar-92
Arvind Kejriwal: Pulse-76, BP-101/67, Sugar-85, Ketone -2+
Manish Sisodia: Pulse-77, BP-115/77, Sugar-78, Ketone -3+
Gopal Rai: Pulse-77, BP-120/72, Sugar-85, Ketone-3+

As spirits remained high, Day Six saw two anshankaris at Delhi’s Chhatrasal chowk - Amit Bhatnagar and Rajendra Gupta - face failing health. They however refused to break their fast and go to a hospital. Instead, Gupta got himself admitted in the Nilanchal Prakritic Chikitsalaya.

Hi Naresh,Wishing you many happy returns of the day.

YOUMINT
Hi Naresh, Wishing you many happy returns of the day. Have a fabulous year ahead. Happy Minting :-) Team YouMint
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Press Conference:CMD Oriental Bank of Commerce declares Q1 Results 2012

Press Conference: Syndicate Bank CMD declares Q1 Results 2012

PRESS INVITATION 31st July, 2012 (Tuesday)

Union Minister for Road Transport & Highways, Dr. C.P.Joshi will inaugurate “ State Transport Ministers meeting on Road Safety”. The Minister of State for RT&H Shri Jitin Prasada and Transport Ministers of many States will participate in the meeting  as per the programme given below:

                        Date:               31st  July, 2012 (Tuesday)   

                       

                        Time:              11 A.M.

                     Venue:         A.P.Shinde Symposium Hall, Indian Council of  Agricultural Research (ICAR),NASC Cpmplex,

                                        ( opposite Todapur village),New Delhi.

PRESS INVITATION

Chief Economic Advisor, Dr. Kaushik Basu will have a media interaction tomorrow as per the following schedule:

Date                :           July 31, 2012 (Tuesday)

Time                :           11.30 a.m.

Venue              :           Room No. 72, North Block, New Delhi.

                       

Oriental Bank of Commerce – Q1 Financial Results

 FINANCIAL RESULTS FOR Q1 OF FY-2012-13
                                                                           Amt.                            (YoY Growth) 

                                      Business Mix           Rs. 2,72,100 crore      (12.06%)

                                      Deposits                     Rs. 1,58,200 crore      ( 9.41%) 

                                      Core Deposits          Rs. 1,16,200 crore      (19.61%)

                                      Advances                  Rs. 1,13,900 crore      (15.97%)

                                      Net Profit                    Rs. 391.42 crore         (10.35%)

CD RATIO AT 72.21%

GROSS NPA AT 2.97%

NET NPA AT 2.05%

                                                                              

Performance Highlights for the First Quarter of FY 2012-13

Ø  Yield on Advances increased by 76 bps (Q1 to Q1) to reach 12.38% from 11.62%.

Ø  Interest Income increased by 19.20% (Q1 to Q1).

Ø  Non Interest Income increased by 26.11% (Q1 to Q1) mainly due to recovery of Rs. 196.73 crore in Technical Write Off Accounts.

Ø  Net Interest Margin (NIM) stood at 2.79% (Sequential Increase of 11 bps over Q4 of FY 2011-12).

Ø  CRAR of the Bank is at 12.29% under BASEL-II (Tier-I Capital: 9.92%; Tier –II Capital: 2.37%).

Ø  Bulk Deposits reduced from Rs. 47,180 crore to Rs. 41,478 crore showing a reduction of 12.08%.

Ø  Provision Coverage Ratio has improved to 64.42%.

Ø  Total Delivery Channels: 3100 (1808 Branches/ECs plus 1292 ATMs).

PROFIT

Ø  Net Profit of the Bank stood at Rs. 391.42 crore for Q1 of FY 2012-13 as compared to a profit of Rs. 354.70 crore for Q1 of FY 2011-12, showing an increase of              Rs. 36.72 crore and 10.35% (YoY).

Ø  Operating Profit of the Bank stood at Rs. 896.54crore for Q1 of FY 2012-13 as compared to a profit of Rs. 801.37 crore for Q1 of FY 2011-12 showing an increase of   Rs. 95.17 crore and 11.88% (YoY).

BUSINESS

Ø  Total Business of the Bank increased to Rs.2,72,048 crore as on                            30^th June, 2012 from Rs. 2,42,770 crore as on 30^th June, 2011, registering a YoY growth of 12.06 %.

Ø  Total Deposits increased to Rs. 1,58,152 crore as on 30^th June, 2012 from                  Rs. 1,44,554crore as on 30^th June, 2011, registering a YoY growth of 9.41%.

Ø  Core Deposits increased to Rs. 1,16,247 crore as on 30^th June, 2012 from                  Rs. 97,192crore as on 30^th June, 2011, registering a YoY growth of 19.61%.

Ø  Retail Term Deposits increasedto Rs. 52,012 crore as on 30^th June, 2012 from                  Rs. 40,614crore as on 30^th June, 2011, registering a YoY growth of 28.06%.

Ø  Advances of the Bank increased to Rs. 1,13,896 crore as on 30^th June, 2012 from Rs. 98,216 crore as on 30^th June, 2011, registering a YoY growth of 15.97%.

Ø  CASA Deposit increased by Rs. 4235 crore to Rs. 37,990 crore as on 30^th June, 2012 from Rs. 33,755 crore as on 30^th June, 2011, registering a YoY growth of 12.55% .

Ø  CASA Deposits to Total Deposits at 24.02%.

Ø  Credit Deposit Ratio at 72.21%. 


INCOME

Ø  Total Income during Q1 of FY 2012-13 increased by 19.77% to Rs. 4696 crore from Rs. 3920 crore in Q1 of FY 2011-12 due to healthy growth of 19.20 % in Interest Income which reached Rs. 4287 crore and 26.11% growth in Non Interest Income.

Ø  Non Interest Income during Q1 of FY 2012-13 increased by 26.11% to                        Rs. 408 crore from Rs. 324 crore in Q1 of FY 2011-12 mainly due to recovery of Rs. 196.73 crore in Technical Write Off Accounts.

Ø  Net Interest Income during Q1 of FY 2012-13 increased by 10.56% to                         Rs. 1126 crore from Rs.1018 crore in Q1 of FY 2011-12.


IMPORTANT RATIOS

Ø  Gross NPA ratio stands at 2.97% as at 30^th June, 2012 and Net NPA ratio at         2.05%.

Ø  Provision Coverage Ratio at 64.42%.

Ø  Net Interest Margin (NIM) at 2.79% (Sequential Increase of 11 bps over Q4 of  FY 2011-12) .

Ø  Return on Assets (RoA) at 0.87 %.

Ø  Cost of Deposit is at 7.98% for Q1 ofFY 2012-13.

Ø  Yield on Advances is at 12.38% for Q1 ofFY 2012-13.

Ø  Cost to Income Ratio is at 41.57%.

Ø  Book Value Per Share at Rs. 377.24 as on 30^th June, 2012 as against                        Rs. 337.93  as on 30^th June,2011.

Ø  CRAR of the Bank is at 12.29% under BASEL-II (Tier-I Capital: 9.92%; Tier –II Capital: 2.37%).

Ø  Business per Branch increased to Rs. 151.64 crore from Rs. 147.67 crore registering a growth of 2.69 % (YoY).

Ø  Business per Employee stood at Rs. 14.72 crore.

DELIVERY CHANNELS

Ø  Bank’s Branch Network stood at 1794 Branches besides 14 Extension Counters.

Ø  17 Branches opened and 5 Extension Counters upgraded by the Bank during Q1 of FY-2012-13.

Ø  Bank Installed 22 New ATMs during Q1 of FY-2012-13. The total number of ATMs as on 30^th June, 2012 stood at 1292 (including 09 Mobile ATMs, 333 offsite ATMs and 06 Biometric ATMs).

Ø  ATM Coverage isat 72% vis-à-vis Branch Network.

Ø  Over 1 lac ATM Cards were issued during the quarter taking the total ATM customer base to 33.72 lac.

Ø  4.70 lac internet banking users and 27.51 lac customers availing SMS facility.

Ø  82.42% of eligible cash transactions happening through ATMs.
  

RETAIL CREDIT

Ø  Retail loans at Rs. 11,872 crore constituted 10.42% of Total Advances and grew by 16.98 %(YoY).

o   Vehicle Loan Portfolio grew by 29.21% (YoY) to reach Rs. 1230 crore as on 30^th June, 2012 from Rs. 952 crore as on 30^th June, 2011.

o   Education loan Portfolio grew by 4.79% (YoY) to reach Rs. 1173 crore as on30^th June, 2012 from Rs. 1120 crore as on30^th June, 2011.

o   Direct Housing Loan Portfolio grew by 19.36% (YoY) to reach                          Rs. 5481 crore as on 30^th June, 2012 from Rs. 4592 crore as on 30^th June, 2011 .

 PRIORITY SECTOR

Ø  PS Advances grew by 10.35% (YoY) to Rs. 40,244 crore as on 30^th June, 2012 from Rs. 36,469 crore as on 30^th June, 2011.

o   Agricultural advances grew by 11.91% (YoY) to Rs. 15,010 crore as on                    30^th June, 2012 from Rs. 13,412 crore as on 30th June, 2011.

o   Bank issued 24,198 Kisan Credit Cards (KCCs) during the Quarter ended                      30^th June, 2012 with an amount of Rs. 550 crore. Total number of KCCs as on 30^th June, 2012 was 4,32,242 KCCs with an amount of  Rs. 9007 crore.

MICRO,SMALL & MEDIUM ENTERPRISES

Ø  Number of MSE (Micro & Small Enterprises) Accounts increased to 1,83,996 from 1,69,137and Bank’s Fund Based exposure under MSE to Rs. 17,900 crore from            Rs.15,886 crore thereby registering a growth of Rs. 2014 crore i.e. an increase of 12.68% (YoY).

Ø  Number of MSME (Micro, Small & Medium Enterprises) Accounts increased to 1,85,963 from 1,70,142 and Bank’s Fund Based exposure under MSME to                    Rs. 20,288 crore from Rs. 17,716 crore thereby registering a growth of                        Rs. 2572 crore i.e. an increase of 14.52 % (YoY).

Ø  During Q1 of FY 2012-13, 4896 MSE Accounts with an amount of Rs. 343 crore & 4951 MSME accounts with an amount of Rs. 370 crore were opened.

Ø  17 MSME Specialised Branches and 51 MSME focused Branches were functional as on 30^th June, 2012.
 
FINANCIAL INCLUSION

Ø  1,09,183 NO FRILLS Accounts were opened during Q1 of FY 2012-13 taking the total number of NO FRILLS Accounts to 22,44,482 as on 30^th June, 2012 with an outstanding balance of Rs. 426.29 crore.

Ø  569 Villages have been allotted to the Bank with population of more than 2000 and all of them were already covered during the last Financial Year itself.

Ø  4,89,522 No Frill/ Other Savings Accounts have been opened in 569 covered villages  up to 30^th June, 2012 covering 3,35,038 households.

Ø  2,16,997 Biometric Cards have been issued in FIP allotted villages and 4,51,030 transactions have been done through the same.

Ø  A campaign was launched on 16.05.2012 to ensure at least one bank account of each household in 569 villages allotted to the Bank under Financial Inclusion Plan.  Under the campaign, a structured survey of all households in villages allotted under FIP was carried to identify all households without a bank account. Simultaneously, accounts have been opened preferably in the name of head of the family during the survey. Under the campaign, a total number of 30,486 new accounts were opened completing coverage of 100% households in 569 FIP allotted villages.     

 HR INITIATIVES

Ø  Bank recruited 187 personnel including 20 Specialist Officers during Q1 of                   FY-2012-13.

Ø  The process for recruitment of 325 Probationary Officers and 100 Agriculture Officers is under process.

Ø  808 Employees promoted during the quarter ended 30^th June,2012.


NEW INITIATIVES

Ø  Bank came out with Attractive Features in Oriental Home Loan & Oriental Vehicle Loan Schemes with reduction in Rate of Interest, Lowest EMI, Higher Loan Eligibility, Flexible Repayment Period and special concessions in interest rate to loyal customers.

Ø  Leading initiative was taken by the Bank in waiving the NEFT Charges on transactions up to Rs. One Lac. This initiative of the Bank was also appreciated by Shri Pranab Mukherjee, the then Hon’ble Finance Minister during his meeting with the Chief Executives of Public Sector Banks and Financial Institutions on 12.06.2012.

Ø  The Bank has recently launched ORIENTAL DOUBLE DEPOSIT SCHEME where as per the existing interest rates the money gets doubled in 90 Months (Senior Citizens) and in 96 Months (Others).

Ø  An MoU was signed on 18^th June,2012 with E-Billing Solutions Pvt. Ltd (EBS) for offering aggregator services.  EBS is a neutral payment gateway solution for merchants to facilitate online shopping across a spectrum of banks debit & credit cards and Utility Bill Service provider’s viz. IndiaIdeas.com Ltd (BillDesk), Techprocess Ltd, CCAvenue, and IRCTC thereby facilitating Net Banking customers to make online payments. 

IT INITIATIVES

Ø  Unclaimed Deposits / Inoperative Accounts displayed at Bank’s website in compliance with RBI Guidelines.

Ø   Loan EMI Payment – The new functionality will enable our retail Net-Banking customer to make online payment of their Loan EMI installments.

Ø   Payment gateway to Haryana Urban Development Authority (HUDA) and SGSITS Indore.

Ø   Online CBS Connectivity through Laptops at Mobile Branches & Ultra Small Branches.

Ø   Implementation of Centralized MIS project.

Ø  SMS alert for customers for SMA/NPA Accounts.

Ø  M/S STQC, a wing of Ministry of Information Technology has renewed “ISO27001” certification. It confirms that our Bank is adopting international best practices for processes and security framework for Data Centres.

Ø  At Mewat District field test has been successfully completed for inter-operability of Smart Cards for Financial Inclusion.


CSR INITIATIVES

Ø  As a part of its Corporate Social Responsibility, the Bank has set up a Trust in the name of ‘OBC Rural Development Trust’ on 09.12.2005 for setting up of Rural Self Employment Training Institutes (RSETIs). The Trust has set up Institutes in five Districts, viz., Jaipur, Sriganganagar, Ferozepur, Dehradun and Palwal. Since inception, a total of 793 training programmes have been conducted benefiting 27,285 candidates. During the Financial Year 2012-13, 40 training programmes have been conducted benefiting 1,437 candidates.

Ø  The Bank has opened 4 Financial Literacy & Credit Counselling (FLCC) Centres in Karnal and Palwal districts of Haryana, Sriganganagar in Rajasthan & Ferozpur in Punjab. A total of 14,635 persons were counselled in these FLCCs, out of which 91 cases were referred for debt restructuring.

Ø  A Project for extending social welfare schemes such as NREGA, Pension, etc. has been launched in 6 Districts viz. Sriganganagar and Hanumangarh in Rajasthan, Amritsar, Gurdaspur and Muktsar in Punjab and Jind in Haryana. A total number of 2,75,766 smart cards have been issued and activated up to 30^th June, 2012.

Ø  A Skill Development Program for probable women entrepreneurs on tailoring & embroidery has started in FIP village Marora, District Mewat, Haryana. Initially, 40 women are undergoing training for a period of 30 days.

Ø  Installation of 8 solar lights in Village Rasoolpur Jatan, District Muzaffarnagar, UP and construction of toilets at Primary School.

Ø  Tri-cycle was provided to a physically challenged student of primary school, FIP village Kasmandi Kalan, Block Malihabad, District Lucknow. Ceiling fans were provided to Panchayat Bhawan and Primary School in that village.

Posted 1 minute ago by Nksagar

Invite you to make an application for the Porter Prize

Dear Colleague, 

 

It was a pleasure for me to share the details pertaining to the Porter Prize. Porter Prize is named after Michael E Porter who is the living legend and father of modern strategy field. The award would look at recognizing the best of Indian companies whilst assessing them on a robust framework. The central idea of the Porter Prize is to propel companies to compete on the basis of value creation, innovation and strategy. 

 

This year we are looking at recognizing organizations operating in India who have shown exemplary strategic acumen under the categories of distinctive positioning, tradeoffs, fit, industry architectural shift etc. 

 

We do invite you to make an application for the Porter Prize at http://www.porterprize.in/apply. The Porter Prize event and strategy round table are scheduled for September 28, 2012. You could write back to me in case you wish to participate or speak at the event. You can look at further details pertaining to the awards at http://www.porterprize.in and download the brochure from  http://www.slideshare.net/amitkapoor/porter-prize-brochure-13387949.

 

Regards

 

Amit

 

--

Dr. Amit Kapoor
Honorary Chairman of Institute for Competitiveness, India

U – 24 / 8, DLF Phase – 3, Gurgaon – 122 002, Haryana, India.
e: amit@amitkapoor.com |f: +91 124 4376676 | t: +91 124 4068076 | m: +91 98104 02639 | skype: amitkapoor | magicJack: +1 480 684 3340

Institute for Competitiveness
Institute for Competitiveness, India is the Indian knot in the global network of the Institute for Strategy and Competitiveness at Harvard Business School. Institute for Competitiveness, India is an international initiative centred in India, dedicated to enlarging and purposeful disseminating of the body of research and knowledge on competition and strategy, as pioneered over the last 25 years by Professor Michael Porter of the Institute for Strategy and Competitiveness at Harvard Business School. Institute for Competitiveness, India conducts and supports indigenous research, offers academic and executive courses, and provides advisory services to the Corporate and the Governments. The institute studies competition and its implications for company strategy; the competitiveness of nations, regions & cities and thus generate guidelines for businesses and those in governance; and suggests and provides solutions for socio-economic problems.

 

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5th edition, India Art Fair 31 January – 3 February 2013

Now in its 5th edition, India Art Fair continues to support the long term growth of the India art scene

28 July, 2012, New Delhi: India Art Fair, the country’s single largest modern and contemporary art fair, is delighted to announce its 5th edition, taking place from 31 January – 3 February 2013 including a VIP Preview on 31 January at NSIC Exhibition Grounds in New Delhi. Founded in 2008, India Art Fair (formerly India Art Summit) is widely recognized as the country’s premier art fair, and as being representative of the country’s promising art market. Since its inception, the fair has sought to provide a relevant and sustainable platform for the development of the Indian art scene including providing infrastructure, access and transparency, contributing to the overall growth of the domestic market and helping put India on the global map for art.

Established in 2008 at the beginning of a global economic down turn, the art fair has sustained an impressive 3-fold growth rate in terms of scale, footfalls, and participation amidst a challenging economic environment. 260,000 visitors from 67 cities around the world, over 4 years, made India Art Fair one of the world’s most attended art fairs. International participation grew from 3 foreign galleries in 2008 to 44 in 2012, while the total number of exhibitors grew from 34 to 91. The total size of the fair has increased from 1500 sq meters in 2008 to 20,000 sq meters in the upcoming edition. The fair’s continued growth has been representative of key trends in the development of the overall Indian art scene including an increased international interest in India, with international galleries taking a long term view of educating and cultivating interest amongst Indian collectors. Further, the art fair’s increasing regional participation created access for a greater number of artists, galleries and collectors from around the country, and contributed to the rising interest in multiple regional art scenes within India.

2012 marked a significant turning point with the fair drawing in international partners, Sandy Angus and Will Ramsay, who collectively own 22 art fairs in key markets around the world including the Hong Kong International Art Fair. The fair also moved out of the state run Pragati Maidan into a custom built exhibition tent built up by international art fair production consultants 20:20 Events, and designed by highly regarded Indian space designer Sumant Jayakrishnan.

India Art Fair is considered to be the single largest destination for art in the region, and its extensive VIP programme has drawn reputed private and institutional collectors from India and all over the world including the Ullens Center for Contemporary Art, Kiran Nadar Museum of Art, the Samdani Art Foundation, (Bangladesh), Outset India, Tourism Development and Investment Company (TDIC, Abu Dhabi), Tate, Guggenheim, New Museum, San Jose Museum of Art, Pompidou Centre, Museum of Modern Art (MOMA) and the Singapore Art Museum amongst others.

The forthcoming 5th edition will showcase approximately 100 galleries displaying over 1000 established and emerging artists. The fair will feature a number of leading galleries from around the world, in particular from Asia. The fair will also see a larger and broader representation of Indian art, with Indian galleries taking up larger spaces and many galleries exhibiting booths in both the General Exhibition section and Solo Projects this year. The 5th edition will include a highly tailored VIP programme for collectors and museums attending from around the world and daily business hours, which were introduced to the fair schedule last year, will be continued as a result of positive exhibitor feedback. The expanded Solo Projects will be an opportunity to see in-depth individual presentations of a diverse set of artists.

This edition of India Art Fair will also unveil exciting curated art projects in public spaces on the fair’s premises and around the city of Delhi. As it has in previous years, the fair will be held for 4 days including a VIP preview (by invitation only) on 31 January, followed by 3 public days from 1-3 February. Visitors will also have access to the Speakers’ Forum, curated walks, a video lounge, book launches and an art book store. For more information on visiting India Art Fair, please visit  www.indiaartfair.in.

Neha Kirpal, founder and co-owner of India Art Fair said “This year we have been focused on sustaining scale, as well as the quality of the art being shown at the fair. We have seen a significant increase in interest from Asia, which includes galleries, museums, and individual collectors from China, Japan, South Korea, Taiwan and Singapore; this is a first for India and a development we feel will be an important contributor to the global market for Indian art. Collectors can also look forward to the strongest presentation of South Asian art shown to date at the fair, particularly with Indian galleries showing some of their best works of both modern and contemporary artists.”

Sandy Angus, co-owner of India Art Fair said “We are very committed to India and truly believe in its potential as one of the most promising emerging art markets in the world. We feel our international network which includes new art fairs launching next year in Shanghai, Istanbul and London, as well as initiatives in Latin America, will also help support India Art Fair’s international outreach.”

For more information please contact prianka.sen@flint-pr.com or +91 11 47119812

Thanks and Regards,
Nidhi Awasty
Account Executive
Flint Asia

4th Floor I Sharda Fortune Tower
198/2/1 I Ramesh Market
East of Kailash
New Delhi-110065
M: 9899598586

GFAIR - KOREA EXHIBITION 2012

Invitation to GFAIR - KOREA EXHIBITION 2012 ( Semi Sponsored Business Trip to Korea's biggest SME Expo)

Friday, 20 July, 2012 12:16 PM

From:

"Shubhangi Gurav" <shubhangi.koreantrademeet@gmail.com>

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Invitation to 2012 G-FAIR KOREA – Trade Fair & Expo in South Korea”

Welcome to 2012 G-FAIR KOREA

2012 G-FAIR KOREA, the largest trade fair for small and medium enterprises(SMEs) in Korea, attended 802 exhibitors last year, resulting

in sales meetings with some 36,000 buyers from within and outside the country. Presenting more than 1,000 exhibitors this year, the event is

expected to attract even more buyers. Since GFAIR is supported by the provincial government ofKorea, It offers a lot of benefits to Indian

buyers.

After the signing of the Comprehensive Economical Pact Agreement (CEPA) between India and Korea the custom duties of many Korean products

have been reduced allowing a competative edge for Korean products in India.

Korea, a tiny East Asian Country, is now the world’s seventh largest exporter. This growth is driven by new innovation in Korean companies, who here rapidly developed from ‘Fast Follower’ statues to leading edge technology, design and execution. You will find Korean products attractive in terms of not only pricing but also quality, design, functionality.

For any question, please do not hesitate to contact the GBC Mumbai or visit the official website of 2012 G-FAIR KOREA to view the exhibitors (http://www.gfair.or.kr/english.asp)

OVERVIEW 

• Date: October 17^th ~ 18^th, 2012
• Venue: KINTEX 2^nd Exhibition Hall(6~10 Hall, 54,508㎡)
• Main Exhibits: Electricals & Electronics, Machinery Components & Material,Living goods, Industrial Equipments, Agro-Fishery food products, Furniture & Textile products
• Exhibitors: 1,000 Companies, (1,300 Booths)
• Overseas participants: 500 Buyers from 26 Countries

 
 

BENEFITS FOR OVERSEAS PARTICIPANTS (Free services)

·         Pre-arranged 1:1 meetings with exhibitors and local companies
·         Complimentary Free Accommodation for 3 nights in 5 Star hotel with breakfast (October 16th~18th)
·         Complimentary Transportation (Airport Hotel, October 16th and 18th)
·         Complimentary Interpreter for one-on-one meeting (October 17th and 18th)
·         Welcoming Luncheon (October 17th)

 2012 G-FAIR KOREA -  Application form

Company Name Registration No.
Company address
Representative of Company
Company’s authority to communicate	Name:		Establishment year
	Designation:
Details of participant traveling to Korea.	Name: Mr.(  ), Ms (  ) Date of Birth: Designation: Passport No.: Language: English (   ), only Local language (  ) Vegetarian(   )  Non-Vegetarian (   )		Cell Phone: Email: Check-in: Check-out: Arrival Time & Flight No.: Departure Time & Flight No.:
Company Web Site			Sales Amount (USD)	USD
Telephone No.			No of Employee
Fax No.
Product Detail	- Line of Your Business: ·Buying product Description : ·How is your product used, and who uses it?
Annual value of Import (US$) / Countries	USD
Distribution Coverage
Preference to meet type of Counterpart In Korea. *Please write details
Import product details - HS Code - Image of Product	Please fiil out this column with detailed information about product.(more than half page)

Shubhangi Gurav
Team Event

Gyeonggi Business Center, Mumbai
Representive  Office of the Gyeonggi Province - Govt of Korea) 
411,Sagar Tech Plaza 'A' Wing,Nr. Saki Naka Jn., A.K.Rd.,
Andheri(E), Mumbai - 400 072( India)
Ph:+91 22 61437400 / Direct - 91 22  61437408
Fax:+91 22 61437410
E-mail: shubhangi.koreantrademeet@gmail.com
web : www.gsbc.or.kr